Pace Select Advisors Trust (PREEF) N-CSR/A Certified annual shareholder report (management investment company) (amended)

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

(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 10036-6796

Registrant’s telephone number, including area code: 888-793 8637

Date of fiscal year end: July 31

Date of reporting period: July 31, 2024

Item 1. Reports to Stockholders.

           (a)       Copy of the report transmitted to shareholders:

 

TABLE OF CONTENTS

 

PACE® Global Fixed Income Investments Class A - PWFAX
PACE® Global Fixed Income Investments Class P - PCGLX
PACE® Global Fixed Income Investments Class Y - PWFYX
PACE® High Yield Investments Class A - PHIAX
PACE® High Yield Investments Class P - PHYPX
PACE® High Yield Investments Class P2 - PHDTX
PACE® High Yield Investments Class Y - PHDYX
PACE® Intermediate Fixed Income Investments Class A - PIFAX
PACE® Intermediate Fixed Income Investments Class P - PCIFX
PACE® Intermediate Fixed Income Investments Class Y - PIFYX
PACE® International Equity Investments Class A - PWGAX
PACE® International Equity Investments Class P - PCIEX
PACE® International Equity Investments Class P2 - PWITX
PACE® International Equity Investments Class Y - PWIYX
PACE® Large Co Growth Equity Investments Class A - PLAAX
PACE® Large Co Growth Equity Investments Class P - PCLCX
PACE® Large Co Growth Equity Investments Class Y - PLAYX
PACE® Mortgage-Backed Securities Fixed Income Investments Class A - PFXAX
PACE® Mortgage-Backed Securities Fixed Income Investments Class P - PCGTX
PACE® Mortgage-Backed Securities Fixed Income Investments Class Y - PFXYX
PACE® Small/Medium Co Growth Equity Investments Class A - PQUAX
PACE® Small/Medium Co Growth Equity Investments Class P - PCSGX
PACE® Small/Medium Co Value Equity Investments Class A - PEVAX
PACE® Small/Medium Co Value Equity Investments Class P - PCSVX
PACE® Small/Medium Co Value Equity Investments Class Y - PVEYX
PACE® Strategic Fixed Income Investments Class A - PBNAX
PACE® Strategic Fixed Income Investments Class P - PCSIX
PACE® Strategic Fixed Income Investments Class Y - PSFYX
PACE® Alternative Strategies Investments Class A - PASIX
PACE® Alternative Strategies Investments Class P - PASPX
PACE® Alternative Strategies Investments Class P2 - PAPTX
PACE® Alternative Strategies Investments Class Y - PASYX
PACE® Global Real Estate Securities Investments Class A - PREAX
PACE® Global Real Estate Securities Investments Class P - PREQX
PACE® International Emerging Markets Equity Investments Class A - PWEAX
PACE® International Emerging Markets Equity Investments Class P - PCEMX
PACE® International Emerging Markets Equity Investments Class P2 - PWETX
PACE® International Emerging Markets Equity Investments Class Y - PWEYX
PACE® Large Co Value Equity Investments Class A - PCPAX
PACE® Large Co Value Equity Investments Class P - PCLVX
PACE® Large Co Value Equity Investments Class Y - PLVYX
PACE® Municipal Fixed Income Investments Class A - PMUAX
PACE® Municipal Fixed Income Investments Class P - PCMNX
PACE® Municipal Fixed Income Investments Class Y - PMUYX
UBS Government Money Market Investments Fund Class P - PCEXX

 

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Annual Shareholder Report

July 31, 2024 

PACE^® Global Fixed Income Investments

PWFAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Global Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$104	1.03%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• The overweight position in agency mortgage-backed securities (MBS), held due to attractive yields and cheap valuations, contributed to performance.

• The overweight to investment-grade corporate credit, held primarily through banks, contributed over the period on the back of stronger balance sheets and improved profitability.

• Duration positioning in US securities contributed to performance over the period.

What didn’t work:

• In the second quarter of 2024, the portfolio's overweight duration positioning in United Kingdom securities, driven by attractive valuations, detracted from performance due to delayed rate cuts and persistent economic uncertainties.

• The currency overlay detracted from performance primarily driven by the sizable short positions held in US dollar and Canadian dollar against long positions held in Australian dollar, New Zealand dollar, Swedish krona, and Japanese yen.

The Fund utilized derivatives for efficient portfolio management and to hedge specific risks in the Fund. Government bond futures were used to manage duration risk as well as positioning along the yield curve. Foreign exchange forward contracts were used to hedge currency risk and to manage active currency exposures.

PACE^® Global Fixed Income Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Bloomberg Global Aggregate Index	Bloomberg Global Aggregate ex USD 50% Hedged Index
7/31/2014	$9,626	$10,000	$10,000
8/31/2014	$9,680	$10,055	$10,017
9/30/2014	$9,483	$9,774	$9,591
10/31/2014	$9,483	$9,776	$9,526
11/30/2014	$9,474	$9,740	$9,418
12/31/2014	$9,476	$9,673	$9,304
1/31/2015	$9,446	$9,658	$9,133
2/28/2015	$9,407	$9,579	$9,062
3/31/2015	$9,340	$9,487	$8,873
4/30/2015	$9,374	$9,588	$9,065
5/31/2015	$9,207	$9,417	$8,791
6/30/2015	$9,113	$9,375	$8,799
7/31/2015	$9,128	$9,396	$8,787
8/31/2015	$9,172	$9,407	$8,818
9/30/2015	$9,196	$9,455	$8,855
10/31/2015	$9,239	$9,475	$8,884
11/30/2015	$9,032	$9,318	$8,637
12/31/2015	$9,113	$9,368	$8,744
1/31/2016	$9,110	$9,449	$8,788
2/29/2016	$9,395	$9,659	$9,094
3/31/2016	$9,766	$9,920	$9,466
4/30/2016	$9,998	$10,052	$9,659
5/31/2016	$9,729	$9,918	$9,429
6/30/2016	$10,074	$10,207	$9,788
7/31/2016	$10,203	$10,284	$9,869
8/31/2016	$10,132	$10,234	$9,789
9/30/2016	$10,185	$10,291	$9,889
10/31/2016	$9,764	$10,005	$9,459
11/30/2016	$9,218	$9,607	$8,960
12/31/2016	$9,199	$9,563	$8,874
1/31/2017	$9,286	$9,671	$9,041
2/28/2017	$9,323	$9,717	$9,067
3/31/2017	$9,335	$9,732	$9,094
4/30/2017	$9,433	$9,841	$9,224
5/31/2017	$9,562	$9,994	$9,425
6/30/2017	$9,562	$9,985	$9,417
7/31/2017	$9,735	$10,153	$9,669
8/31/2017	$9,794	$10,253	$9,773
9/30/2017	$9,726	$10,161	$9,650
10/31/2017	$9,698	$10,123	$9,578
11/30/2017	$9,786	$10,235	$9,781
12/31/2017	$9,807	$10,270	$9,807
1/31/2018	$9,915	$10,393	$10,105
2/28/2018	$9,811	$10,301	$10,019
3/31/2018	$9,898	$10,410	$10,163
4/30/2018	$9,765	$10,244	$9,932
5/31/2018	$9,620	$10,166	$9,746
6/30/2018	$9,565	$10,121	$9,678
7/31/2018	$9,567	$10,104	$9,643
8/31/2018	$9,541	$10,114	$9,613
9/30/2018	$9,494	$10,027	$9,510
10/31/2018	$9,368	$9,915	$9,378
11/30/2018	$9,351	$9,946	$9,389
12/31/2018	$9,482	$10,147	$9,597
1/31/2019	$9,664	$10,302	$9,776
2/28/2019	$9,616	$10,242	$9,673
3/31/2019	$9,738	$10,371	$9,742
4/30/2019	$9,721	$10,340	$9,683
5/31/2019	$9,833	$10,480	$9,784
6/30/2019	$10,055	$10,712	$10,075
7/31/2019	$9,996	$10,683	$10,003
8/31/2019	$10,217	$10,900	$10,162
9/30/2019	$10,109	$10,789	$10,017
10/31/2019	$10,171	$10,861	$10,113
11/30/2019	$10,082	$10,778	$9,976
12/31/2019	$10,124	$10,841	$10,085
1/31/2020	$10,238	$10,980	$10,161
2/29/2020	$10,251	$11,054	$10,141
3/31/2020	$10,012	$10,806	$9,814
4/30/2020	$10,182	$11,018	$10,015
5/31/2020	$10,232	$11,066	$10,045
6/30/2020	$10,315	$11,165	$10,147
7/31/2020	$10,732	$11,521	$10,597
8/31/2020	$10,744	$11,503	$10,628
9/30/2020	$10,676	$11,462	$10,566
10/31/2020	$10,679	$11,473	$10,615
11/30/2020	$10,946	$11,681	$10,868
12/31/2020	$11,129	$11,838	$11,104
1/31/2021	$11,025	$11,734	$10,990
2/28/2021	$10,866	$11,532	$10,777
3/31/2021	$10,694	$11,310	$10,517
4/30/2021	$10,827	$11,453	$10,687
5/31/2021	$10,917	$11,561	$10,832
6/30/2021	$10,830	$11,459	$10,613
7/31/2021	$10,952	$11,611	$10,773
8/31/2021	$10,896	$11,563	$10,707
9/30/2021	$10,715	$11,357	$10,444
10/31/2021	$10,704	$11,330	$10,404
11/30/2021	$10,677	$11,297	$10,329
12/31/2021	$10,659	$11,281	$10,321
1/31/2022	$10,482	$11,050	$10,119
2/28/2022	$10,379	$10,919	$10,007
3/31/2022	$10,106	$10,586	$9,687
4/30/2022	$9,550	$10,006	$9,025
5/31/2022	$9,550	$10,033	$9,026
6/30/2022	$9,222	$9,711	$8,620
7/31/2022	$9,384	$9,918	$8,785
8/31/2022	$9,023	$9,526	$8,347
9/30/2022	$8,586	$9,037	$7,857
10/31/2022	$8,479	$8,975	$7,846
11/30/2022	$8,944	$9,397	$8,283
12/31/2022	$8,990	$9,448	$8,392
1/31/2023	$9,310	$9,758	$8,684
2/28/2023	$8,968	$9,434	$8,337
3/31/2023	$9,181	$9,732	$8,649
4/30/2023	$9,203	$9,775	$8,673
5/31/2023	$9,002	$9,584	$8,440
6/30/2023	$9,002	$9,583	$8,462
7/31/2023	$9,049	$9,650	$8,570
8/31/2023	$8,896	$9,518	$8,401
9/30/2023	$8,614	$9,240	$8,123
10/31/2023	$8,515	$9,129	$8,049
11/30/2023	$8,934	$9,589	$8,493
12/31/2023	$9,356	$9,988	$8,872
1/31/2024	$9,210	$9,850	$8,669
2/29/2024	$9,107	$9,726	$8,566
3/31/2024	$9,167	$9,780	$8,587
4/30/2024	$8,929	$9,533	$8,364
5/31/2024	$9,049	$9,658	$8,448
6/30/2024	$9,029	$9,672	$8,405
7/31/2024	$9,299	$9,939	$8,670

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	2.77%	(1.43%)	(0.34%)
Class A with Load	(1.04%)	(2.19%)	(0.72%)
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
Bloomberg Global Aggregate ex USD 50% Hedged Index	1.17%	(2.82%)	(1.42%)

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$183,848,478
# of Portfolio Holdings	372
Portfolio Turnover Rate	137%
Total Advisory Fees Paid (includes Administration Fees)	$644,481

What is the Fund’s investment objective?

The Fund seeks high total return.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.250%, due 06/30/29	4.5%
China Government Bonds, 2.350%, due 02/25/34	3.9
European Union, 3.000%, due 03/04/53	3.0
Spain Government Bonds, 3.550%, due 10/31/33	2.6
Korea Treasury Bonds, 3.000%, due 09/10/24	2.4

PACE^® Global Fixed Income Investments 

Class A 

Top 5 Asset Classes (%)

Value	Value
Non-U.S. government agency obligations	34.6%
Corporate bonds	32.5%
U.S. government agency obligations	15.3%
U.S. Treasury obligations	9.1%
Short-Term Investments	3.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Global Fixed Income Investments 

S1787 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Global Fixed Income Investments

PCGLX

Fund Overview 

This annual shareholder report contains important information about PACE^® Global Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$85	0.84%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• The overweight position in agency mortgage-backed securities (MBS), held due to attractive yields and cheap valuations, contributed to performance.

• The overweight to investment-grade corporate credit, held primarily through banks, contributed over the period on the back of stronger balance sheets and improved profitability.

• Duration positioning in US securities contributed to performance over the period.

What didn’t work:

• In the second quarter of 2024, the portfolio's overweight duration positioning in United Kingdom securities, driven by attractive valuations, detracted from performance due to delayed rate cuts and persistent economic uncertainties.

• The currency overlay detracted from performance primarily driven by the sizable short positions held in US dollar and Canadian dollar against long positions held in Australian dollar, New Zealand dollar, Swedish krona, and Japanese yen.

The Fund utilized derivatives for efficient portfolio management and to hedge specific risks in the Fund. Government bond futures were used to manage duration risk as well as positioning along the yield curve. Foreign exchange forward contracts were used to hedge currency risk and to manage active currency exposures.

PACE^® Global Fixed Income Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Bloomberg Global Aggregate Index	Bloomberg Global Aggregate ex USD 50% Hedged Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,058	$10,055	$10,017
9/30/2014	$9,854	$9,774	$9,591
10/31/2014	$9,856	$9,776	$9,526
11/30/2014	$9,848	$9,740	$9,418
12/31/2014	$9,852	$9,673	$9,304
1/31/2015	$9,823	$9,658	$9,133
2/28/2015	$9,783	$9,579	$9,062
3/31/2015	$9,715	$9,487	$8,873
4/30/2015	$9,752	$9,588	$9,065
5/31/2015	$9,580	$9,417	$8,791
6/30/2015	$9,483	$9,375	$8,799
7/31/2015	$9,501	$9,396	$8,787
8/31/2015	$9,547	$9,407	$8,818
9/30/2015	$9,574	$9,455	$8,855
10/31/2015	$9,611	$9,475	$8,884
11/30/2015	$9,397	$9,318	$8,637
12/31/2015	$9,492	$9,368	$8,744
1/31/2016	$9,490	$9,449	$8,788
2/29/2016	$9,789	$9,659	$9,094
3/31/2016	$10,177	$9,920	$9,466
4/30/2016	$10,420	$10,052	$9,659
5/31/2016	$10,132	$9,918	$9,429
6/30/2016	$10,503	$10,207	$9,788
7/31/2016	$10,639	$10,284	$9,869
8/31/2016	$10,557	$10,234	$9,789
9/30/2016	$10,624	$10,291	$9,889
10/31/2016	$10,187	$10,005	$9,459
11/30/2016	$9,618	$9,607	$8,960
12/31/2016	$9,600	$9,563	$8,874
1/31/2017	$9,692	$9,671	$9,041
2/28/2017	$9,733	$9,717	$9,067
3/31/2017	$9,747	$9,732	$9,094
4/30/2017	$9,840	$9,841	$9,224
5/31/2017	$9,986	$9,994	$9,425
6/30/2017	$9,987	$9,985	$9,417
7/31/2017	$10,160	$10,153	$9,669
8/31/2017	$10,233	$10,253	$9,773
9/30/2017	$10,164	$10,161	$9,650
10/31/2017	$10,136	$10,123	$9,578
11/30/2017	$10,229	$10,235	$9,781
12/31/2017	$10,253	$10,270	$9,807
1/31/2018	$10,369	$10,393	$10,105
2/28/2018	$10,261	$10,301	$10,019
3/31/2018	$10,355	$10,410	$10,163
4/30/2018	$10,217	$10,244	$9,932
5/31/2018	$10,068	$10,166	$9,746
6/30/2018	$10,013	$10,121	$9,678
7/31/2018	$10,007	$10,104	$9,643
8/31/2018	$9,992	$10,114	$9,613
9/30/2018	$9,934	$10,027	$9,510
10/31/2018	$9,805	$9,915	$9,378
11/30/2018	$9,789	$9,946	$9,389
12/31/2018	$9,928	$10,147	$9,597
1/31/2019	$10,121	$10,302	$9,776
2/28/2019	$10,072	$10,242	$9,673
3/31/2019	$10,202	$10,371	$9,742
4/30/2019	$10,197	$10,340	$9,683
5/31/2019	$10,307	$10,480	$9,784
6/30/2019	$10,541	$10,712	$10,075
7/31/2019	$10,482	$10,683	$10,003
8/31/2019	$10,706	$10,900	$10,162
9/30/2019	$10,605	$10,789	$10,017
10/31/2019	$10,672	$10,861	$10,113
11/30/2019	$10,581	$10,778	$9,976
12/31/2019	$10,616	$10,841	$10,085
1/31/2020	$10,738	$10,980	$10,161
2/29/2020	$10,755	$11,054	$10,141
3/31/2020	$10,505	$10,806	$9,814
4/30/2020	$10,686	$11,018	$10,015
5/31/2020	$10,741	$11,066	$10,045
6/30/2020	$10,831	$11,165	$10,147
7/31/2020	$11,272	$11,521	$10,597
8/31/2020	$11,288	$11,503	$10,628
9/30/2020	$11,218	$11,462	$10,566
10/31/2020	$11,223	$11,473	$10,615
11/30/2020	$11,507	$11,681	$10,868
12/31/2020	$11,702	$11,838	$11,104
1/31/2021	$11,595	$11,734	$10,990
2/28/2021	$11,429	$11,532	$10,777
3/31/2021	$11,251	$11,310	$10,517
4/30/2021	$11,393	$11,453	$10,687
5/31/2021	$11,490	$11,561	$10,832
6/30/2021	$11,401	$11,459	$10,613
7/31/2021	$11,521	$11,611	$10,773
8/31/2021	$11,464	$11,563	$10,707
9/30/2021	$11,276	$11,357	$10,444
10/31/2021	$11,277	$11,330	$10,404
11/30/2021	$11,251	$11,297	$10,329
12/31/2021	$11,235	$11,281	$10,321
1/31/2022	$11,039	$11,050	$10,119
2/28/2022	$10,933	$10,919	$10,007
3/31/2022	$10,646	$10,586	$9,687
4/30/2022	$10,072	$10,006	$9,025
5/31/2022	$10,062	$10,033	$9,026
6/30/2022	$9,718	$9,711	$8,620
7/31/2022	$9,903	$9,918	$8,785
8/31/2022	$9,512	$9,526	$8,347
9/30/2022	$9,051	$9,037	$7,857
10/31/2022	$8,940	$8,975	$7,846
11/30/2022	$9,434	$9,397	$8,283
12/31/2022	$9,485	$9,448	$8,392
1/31/2023	$9,826	$9,758	$8,684
2/28/2023	$9,466	$9,434	$8,337
3/31/2023	$9,693	$9,732	$8,649
4/30/2023	$9,718	$9,775	$8,673
5/31/2023	$9,508	$9,584	$8,440
6/30/2023	$9,509	$9,583	$8,462
7/31/2023	$9,562	$9,650	$8,570
8/31/2023	$9,401	$9,518	$8,401
9/30/2023	$9,104	$9,240	$8,123
10/31/2023	$9,001	$9,129	$8,049
11/30/2023	$9,448	$9,589	$8,493
12/31/2023	$9,898	$9,988	$8,872
1/31/2024	$9,744	$9,850	$8,669
2/29/2024	$9,625	$9,726	$8,566
3/31/2024	$9,691	$9,780	$8,587
4/30/2024	$9,453	$9,533	$8,364
5/31/2024	$9,569	$9,658	$8,448
6/30/2024	$9,562	$9,672	$8,405
7/31/2024	$9,852	$9,939	$8,670

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	3.04%	(1.23%)	(0.15%)
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
Bloomberg Global Aggregate ex USD 50% Hedged Index	1.17%	(2.82%)	(1.42%)

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$183,848,478
# of Portfolio Holdings	372
Portfolio Turnover Rate	137%
Total Advisory Fees Paid (includes Administration Fees)	$644,481

What is the Fund’s investment objective?

The Fund seeks high total return.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.250%, due 06/30/29	4.5%
China Government Bonds, 2.350%, due 02/25/34	3.9
European Union, 3.000%, due 03/04/53	3.0
Spain Government Bonds, 3.550%, due 10/31/33	2.6
Korea Treasury Bonds, 3.000%, due 09/10/24	2.4

PACE^® Global Fixed Income Investments 

Class P 

Top 5 Asset Classes (%)

Value	Value
Non-U.S. government agency obligations	34.6%
Corporate bonds	32.5%
U.S. government agency obligations	15.3%
U.S. Treasury obligations	9.1%
Short-Term Investments	3.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Global Fixed Income Investments 

S1788 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Global Fixed Income Investments

PWFYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Global Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$88	0.87%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• The overweight position in agency mortgage-backed securities (MBS), held due to attractive yields and cheap valuations, contributed to performance.

• The overweight to investment-grade corporate credit, held primarily through banks, contributed over the period on the back of stronger balance sheets and improved profitability.

• Duration positioning in US securities contributed to performance over the period.

What didn’t work:

• In the second quarter of 2024, the portfolio's overweight duration positioning in United Kingdom securities, driven by attractive valuations, detracted from performance due to delayed rate cuts and persistent economic uncertainties.

• The currency overlay detracted from performance primarily driven by the sizable short positions held in US dollar and Canadian dollar against long positions held in Australian dollar, New Zealand dollar, Swedish krona, and Japanese yen.

The Fund utilized derivatives for efficient portfolio management and to hedge specific risks in the Fund. Government bond futures were used to manage duration risk as well as positioning along the yield curve. Foreign exchange forward contracts were used to hedge currency risk and to manage active currency exposures.

PACE^® Global Fixed Income Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Bloomberg Global Aggregate Index	Bloomberg Global Aggregate ex USD 50% Hedged Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,058	$10,055	$10,017
9/30/2014	$9,854	$9,774	$9,591
10/31/2014	$9,856	$9,776	$9,526
11/30/2014	$9,848	$9,740	$9,418
12/31/2014	$9,852	$9,673	$9,304
1/31/2015	$9,823	$9,658	$9,133
2/28/2015	$9,784	$9,579	$9,062
3/31/2015	$9,715	$9,487	$8,873
4/30/2015	$9,753	$9,588	$9,065
5/31/2015	$9,580	$9,417	$8,791
6/30/2015	$9,483	$9,375	$8,799
7/31/2015	$9,500	$9,396	$8,787
8/31/2015	$9,546	$9,407	$8,818
9/30/2015	$9,564	$9,455	$8,855
10/31/2015	$9,610	$9,475	$8,884
11/30/2015	$9,395	$9,318	$8,637
12/31/2015	$9,490	$9,368	$8,744
1/31/2016	$9,488	$9,449	$8,788
2/29/2016	$9,788	$9,659	$9,094
3/31/2016	$10,177	$9,920	$9,466
4/30/2016	$10,421	$10,052	$9,659
5/31/2016	$10,133	$9,918	$9,429
6/30/2016	$10,505	$10,207	$9,788
7/31/2016	$10,633	$10,284	$9,869
8/31/2016	$10,561	$10,234	$9,789
9/30/2016	$10,627	$10,291	$9,889
10/31/2016	$10,189	$10,005	$9,459
11/30/2016	$9,618	$9,607	$8,960
12/31/2016	$9,599	$9,563	$8,874
1/31/2017	$9,691	$9,671	$9,041
2/28/2017	$9,732	$9,717	$9,067
3/31/2017	$9,746	$9,732	$9,094
4/30/2017	$9,841	$9,841	$9,224
5/31/2017	$9,986	$9,994	$9,425
6/30/2017	$9,987	$9,985	$9,417
7/31/2017	$10,160	$10,153	$9,669
8/31/2017	$10,223	$10,253	$9,773
9/30/2017	$10,153	$10,161	$9,650
10/31/2017	$10,125	$10,123	$9,578
11/30/2017	$10,229	$10,235	$9,781
12/31/2017	$10,253	$10,270	$9,807
1/31/2018	$10,359	$10,393	$10,105
2/28/2018	$10,251	$10,301	$10,019
3/31/2018	$10,345	$10,410	$10,163
4/30/2018	$10,207	$10,244	$9,932
5/31/2018	$10,057	$10,166	$9,746
6/30/2018	$10,001	$10,121	$9,678
7/31/2018	$10,006	$10,104	$9,643
8/31/2018	$9,981	$10,114	$9,613
9/30/2018	$9,933	$10,027	$9,510
10/31/2018	$9,803	$9,915	$9,378
11/30/2018	$9,777	$9,946	$9,389
12/31/2018	$9,927	$10,147	$9,597
1/31/2019	$10,120	$10,302	$9,776
2/28/2019	$10,061	$10,242	$9,673
3/31/2019	$10,192	$10,371	$9,742
4/30/2019	$10,186	$10,340	$9,683
5/31/2019	$10,307	$10,480	$9,784
6/30/2019	$10,532	$10,712	$10,075
7/31/2019	$10,472	$10,683	$10,003
8/31/2019	$10,697	$10,900	$10,162
9/30/2019	$10,595	$10,789	$10,017
10/31/2019	$10,663	$10,861	$10,113
11/30/2019	$10,571	$10,778	$9,976
12/31/2019	$10,607	$10,841	$10,085
1/31/2020	$10,729	$10,980	$10,161
2/29/2020	$10,746	$11,054	$10,141
3/31/2020	$10,496	$10,806	$9,814
4/30/2020	$10,677	$11,018	$10,015
5/31/2020	$10,732	$11,066	$10,045
6/30/2020	$10,823	$11,165	$10,147
7/31/2020	$11,255	$11,521	$10,597
8/31/2020	$11,270	$11,503	$10,628
9/30/2020	$11,210	$11,462	$10,566
10/31/2020	$11,205	$11,473	$10,615
11/30/2020	$11,489	$11,681	$10,868
12/31/2020	$11,686	$11,838	$11,104
1/31/2021	$11,578	$11,734	$10,990
2/28/2021	$11,412	$11,532	$10,777
3/31/2021	$11,233	$11,310	$10,517
4/30/2021	$11,375	$11,453	$10,687
5/31/2021	$11,472	$11,561	$10,832
6/30/2021	$11,382	$11,459	$10,613
7/31/2021	$11,503	$11,611	$10,773
8/31/2021	$11,446	$11,563	$10,707
9/30/2021	$11,257	$11,357	$10,444
10/31/2021	$11,259	$11,330	$10,404
11/30/2021	$11,232	$11,297	$10,329
12/31/2021	$11,216	$11,281	$10,321
1/31/2022	$11,031	$11,050	$10,119
2/28/2022	$10,913	$10,919	$10,007
3/31/2022	$10,625	$10,586	$9,687
4/30/2022	$10,049	$10,006	$9,025
5/31/2022	$10,051	$10,033	$9,026
6/30/2022	$9,705	$9,711	$8,620
7/31/2022	$9,880	$9,918	$8,785
8/31/2022	$9,498	$9,526	$8,347
9/30/2022	$9,036	$9,037	$7,857
10/31/2022	$8,924	$8,975	$7,846
11/30/2022	$9,420	$9,397	$8,283
12/31/2022	$9,471	$9,448	$8,392
1/31/2023	$9,801	$9,758	$8,684
2/28/2023	$9,440	$9,434	$8,337
3/31/2023	$9,668	$9,732	$8,649
4/30/2023	$9,693	$9,775	$8,673
5/31/2023	$9,494	$9,584	$8,440
6/30/2023	$9,484	$9,583	$8,462
7/31/2023	$9,548	$9,650	$8,570
8/31/2023	$9,387	$9,518	$8,401
9/30/2023	$9,089	$9,240	$8,123
10/31/2023	$8,973	$9,129	$8,049
11/30/2023	$9,421	$9,589	$8,493
12/31/2023	$9,873	$9,988	$8,872
1/31/2024	$9,719	$9,850	$8,669
2/29/2024	$9,599	$9,726	$8,566
3/31/2024	$9,665	$9,780	$8,587
4/30/2024	$9,426	$9,533	$8,364
5/31/2024	$9,556	$9,658	$8,448
6/30/2024	$9,536	$9,672	$8,405
7/31/2024	$9,827	$9,939	$8,670

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	2.92%	(1.26%)	(0.17%)
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
Bloomberg Global Aggregate ex USD 50% Hedged Index	1.17%	(2.82%)	(1.42%)

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$183,848,478
# of Portfolio Holdings	372
Portfolio Turnover Rate	137%
Total Advisory Fees Paid (includes Administration Fees)	$644,481

What is the Fund’s investment objective?

The Fund seeks high total return.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.250%, due 06/30/29	4.5%
China Government Bonds, 2.350%, due 02/25/34	3.9
European Union, 3.000%, due 03/04/53	3.0
Spain Government Bonds, 3.550%, due 10/31/33	2.6
Korea Treasury Bonds, 3.000%, due 09/10/24	2.4

PACE^® Global Fixed Income Investments 

Class Y 

Top 5 Asset Classes (%)

Value	Value
Non-U.S. government agency obligations	34.6%
Corporate bonds	32.5%
U.S. government agency obligations	15.3%
U.S. Treasury obligations	9.1%
Short-Term Investments	3.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Global Fixed Income Investments 

S1789 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® High Yield Investments

PHIAX

Fund Overview 

This annual shareholder report contains important information about PACE^® High Yield Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$112	1.06%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector overweights and security selection in recreation and travel, support services and oil field equipment and services were key contributors over the reporting period.

• Security selection in BB-rated issuers contributed to performance.

What didn’t work:

• Security selection in the packaging, specialty retail and pharmaceuticals sectors were detractors from performance.

• Security selection in B and CCC-rated issuers were detractors over the reporting period.

The Fund used foreign currency forwards for currency hedging during the reporting period.

PACE^® High Yield Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
7/31/2014	$9,628	$10,000	$10,000
8/31/2014	$9,742	$10,107	$10,110
9/30/2014	$9,565	$9,925	$10,042
10/31/2014	$9,625	$10,005	$10,140
11/30/2014	$9,503	$9,952	$10,212
12/31/2014	$9,324	$9,779	$10,222
1/31/2015	$9,269	$9,822	$10,436
2/28/2015	$9,509	$10,059	$10,338
3/31/2015	$9,476	$10,038	$10,386
4/30/2015	$9,595	$10,204	$10,349
5/31/2015	$9,627	$10,250	$10,324
6/30/2015	$9,444	$10,097	$10,211
7/31/2015	$9,408	$10,073	$10,282
8/31/2015	$9,246	$9,900	$10,268
9/30/2015	$8,995	$9,643	$10,337
10/31/2015	$9,235	$9,942	$10,339
11/30/2015	$9,094	$9,824	$10,311
12/31/2015	$8,910	$9,580	$10,278
1/31/2016	$8,787	$9,443	$10,420
2/29/2016	$8,833	$9,477	$10,494
3/31/2016	$9,190	$9,891	$10,590
4/30/2016	$9,501	$10,232	$10,630
5/31/2016	$9,559	$10,291	$10,633
6/30/2016	$9,615	$10,404	$10,824
7/31/2016	$9,868	$10,663	$10,893
8/31/2016	$10,100	$10,887	$10,880
9/30/2016	$10,148	$10,947	$10,874
10/31/2016	$10,207	$10,993	$10,791
11/30/2016	$10,181	$10,927	$10,535
12/31/2016	$10,378	$11,133	$10,550
1/31/2017	$10,511	$11,293	$10,571
2/28/2017	$10,675	$11,463	$10,642
3/31/2017	$10,659	$11,454	$10,636
4/30/2017	$10,769	$11,593	$10,719
5/31/2017	$10,839	$11,681	$10,801
6/30/2017	$10,801	$11,692	$10,790
7/31/2017	$10,947	$11,819	$10,837
8/31/2017	$10,952	$11,855	$10,934
9/30/2017	$11,066	$11,955	$10,882
10/31/2017	$11,145	$12,028	$10,888
11/30/2017	$11,110	$11,993	$10,874
12/31/2017	$11,154	$12,025	$10,924
1/31/2018	$11,224	$12,104	$10,798
2/28/2018	$11,138	$12,005	$10,696
3/31/2018	$11,073	$11,954	$10,764
4/30/2018	$11,154	$12,003	$10,684
5/31/2018	$11,123	$11,943	$10,761
6/30/2018	$11,118	$11,937	$10,747
7/31/2018	$11,248	$12,105	$10,750
8/31/2018	$11,253	$12,102	$10,819
9/30/2018	$11,349	$12,207	$10,749
10/31/2018	$11,144	$12,053	$10,664
11/30/2018	$10,985	$11,939	$10,728
12/31/2018	$10,807	$11,796	$10,925
1/31/2019	$11,221	$12,270	$11,041
2/28/2019	$11,389	$12,478	$11,035
3/31/2019	$11,467	$12,608	$11,247
4/30/2019	$11,614	$12,777	$11,250
5/31/2019	$11,487	$12,653	$11,449
6/30/2019	$11,719	$12,966	$11,593
7/31/2019	$11,773	$13,059	$11,619
8/31/2019	$11,763	$13,065	$11,920
9/30/2019	$11,828	$13,131	$11,856
10/31/2019	$11,840	$13,202	$11,892
11/30/2019	$11,892	$13,270	$11,886
12/31/2019	$12,128	$13,511	$11,878
1/31/2020	$12,165	$13,564	$12,106
2/29/2020	$11,969	$13,379	$12,324
3/31/2020	$10,266	$11,682	$12,251
4/30/2020	$10,700	$12,214	$12,469
5/31/2020	$11,235	$12,762	$12,527
6/30/2020	$11,474	$12,980	$12,606
7/31/2020	$11,920	$13,474	$12,795
8/31/2020	$12,143	$13,650	$12,691
9/30/2020	$12,013	$13,513	$12,684
10/31/2020	$12,071	$13,570	$12,628
11/30/2020	$12,698	$14,136	$12,752
12/31/2020	$12,999	$14,404	$12,769
1/31/2021	$13,053	$14,433	$12,678
2/28/2021	$13,145	$14,498	$12,495
3/31/2021	$13,190	$14,506	$12,338
4/30/2021	$13,364	$14,659	$12,436
5/31/2021	$13,419	$14,721	$12,477
6/30/2021	$13,564	$14,857	$12,564
7/31/2021	$13,527	$14,852	$12,705
8/31/2021	$13,622	$14,953	$12,681
9/30/2021	$13,543	$14,889	$12,571
10/31/2021	$13,408	$14,785	$12,567
11/30/2021	$13,234	$14,628	$12,604
12/31/2021	$13,439	$14,842	$12,572
1/31/2022	$13,125	$14,485	$12,301
2/28/2022	$12,892	$14,182	$12,164
3/31/2022	$12,791	$14,026	$11,826
4/30/2022	$12,390	$13,579	$11,377
5/31/2022	$12,303	$13,531	$11,451
6/30/2022	$11,416	$12,630	$11,271
7/31/2022	$11,986	$13,258	$11,547
8/31/2022	$11,827	$13,055	$11,220
9/30/2022	$11,320	$12,506	$10,735
10/31/2022	$11,525	$12,743	$10,596
11/30/2022	$11,930	$13,168	$10,986
12/31/2022	$11,899	$13,164	$10,937
1/31/2023	$12,384	$13,675	$11,273
2/28/2023	$12,234	$13,516	$10,982
3/31/2023	$12,319	$13,601	$11,260
4/30/2023	$12,408	$13,696	$11,329
5/31/2023	$12,309	$13,618	$11,205
6/30/2023	$12,519	$13,821	$11,165
7/31/2023	$12,677	$14,017	$11,158
8/31/2023	$12,685	$14,037	$11,086
9/30/2023	$12,594	$13,948	$10,805
10/31/2023	$12,446	$13,814	$10,634
11/30/2023	$12,956	$14,386	$11,116
12/31/2023	$13,397	$14,890	$11,541
1/31/2024	$13,434	$14,955	$11,510
2/29/2024	$13,502	$15,028	$11,347
3/31/2024	$13,635	$15,199	$11,452
4/30/2024	$13,515	$15,092	$11,162
5/31/2024	$13,682	$15,284	$11,352
6/30/2024	$13,814	$15,425	$11,459
7/31/2024	$14,010	$15,702	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	10.52%	3.54%	3.82%
Class A with Load	6.32%	2.75%	3.43%
ICE BofA Global High Yield Index (Hedged in USD)	12.02%	3.75%	4.62%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$187,150,023
# of Portfolio Holdings	1,490
Portfolio Turnover Rate	44%
Total Advisory Fees Paid (includes Administration Fees)	$883,582

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Petroleos Mexicanos, 6.500%, due 06/02/41	0.5%
Carnival Corp., 5.750%, due 03/01/27	0.4
TransDigm, Inc., 5.500%, due 11/15/27	0.4
Petroleos Mexicanos, 7.690%, due 01/23/50	0.4
Braskem Netherlands Finance BV, 4.500%, due 01/31/30	0.4

PACE^® High Yield Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Consumer Staples	34.3%
Energy	15.3%
Communications	11.9%
Financial	11.4%
Industrial	10.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® High Yield Investments 

S1826 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® High Yield Investments

PHYPX

Fund Overview 

This annual shareholder report contains important information about PACE^® High Yield Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$93	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector overweights and security selection in recreation and travel, support services and oil field equipment and services were key contributors over the reporting period.

• Security selection in BB-rated issuers contributed to performance.

What didn’t work:

• Security selection in the packaging, specialty retail and pharmaceuticals sectors were detractors from performance.

• Security selection in B and CCC-rated issuers were detractors over the reporting period.

The Fund used foreign currency forwards for currency hedging during the reporting period.

PACE^® High Yield Investments 

Class P 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class P	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,110	$10,107	$10,110
9/30/2014	$9,928	$9,925	$10,042
10/31/2014	$9,993	$10,005	$10,140
11/30/2014	$9,869	$9,952	$10,212
12/31/2014	$9,688	$9,779	$10,222
1/31/2015	$9,633	$9,822	$10,436
2/28/2015	$9,884	$10,059	$10,338
3/31/2015	$9,850	$10,038	$10,386
4/30/2015	$9,976	$10,204	$10,349
5/31/2015	$10,010	$10,250	$10,324
6/30/2015	$9,822	$10,097	$10,211
7/31/2015	$9,786	$10,073	$10,282
8/31/2015	$9,619	$9,900	$10,268
9/30/2015	$9,360	$9,643	$10,337
10/31/2015	$9,610	$9,942	$10,339
11/30/2015	$9,465	$9,824	$10,311
12/31/2015	$9,266	$9,580	$10,278
1/31/2016	$9,149	$9,443	$10,420
2/29/2016	$9,198	$9,477	$10,494
3/31/2016	$9,571	$9,891	$10,590
4/30/2016	$9,894	$10,232	$10,630
5/31/2016	$9,955	$10,291	$10,633
6/30/2016	$10,015	$10,404	$10,824
7/31/2016	$10,278	$10,663	$10,893
8/31/2016	$10,521	$10,887	$10,880
9/30/2016	$10,584	$10,947	$10,874
10/31/2016	$10,635	$10,993	$10,791
11/30/2016	$10,620	$10,927	$10,535
12/31/2016	$10,815	$11,133	$10,550
1/31/2017	$10,967	$11,293	$10,571
2/28/2017	$11,127	$11,463	$10,642
3/31/2017	$11,112	$11,454	$10,636
4/30/2017	$11,238	$11,593	$10,719
5/31/2017	$11,302	$11,681	$10,801
6/30/2017	$11,274	$11,692	$10,790
7/31/2017	$11,416	$11,819	$10,837
8/31/2017	$11,423	$11,855	$10,934
9/30/2017	$11,555	$11,955	$10,882
10/31/2017	$11,626	$12,028	$10,888
11/30/2017	$11,592	$11,993	$10,874
12/31/2017	$11,640	$12,025	$10,924
1/31/2018	$11,726	$12,104	$10,798
2/28/2018	$11,627	$12,005	$10,696
3/31/2018	$11,562	$11,954	$10,764
4/30/2018	$11,649	$12,003	$10,684
5/31/2018	$11,620	$11,943	$10,761
6/30/2018	$11,617	$11,937	$10,747
7/31/2018	$11,754	$12,105	$10,750
8/31/2018	$11,762	$12,102	$10,819
9/30/2018	$11,865	$12,207	$10,749
10/31/2018	$11,653	$12,053	$10,664
11/30/2018	$11,489	$11,939	$10,728
12/31/2018	$11,305	$11,796	$10,925
1/31/2019	$11,740	$12,270	$11,041
2/28/2019	$11,918	$12,478	$11,035
3/31/2019	$11,989	$12,608	$11,247
4/30/2019	$12,158	$12,777	$11,250
5/31/2019	$12,015	$12,653	$11,449
6/30/2019	$12,260	$12,966	$11,593
7/31/2019	$12,319	$13,059	$11,619
8/31/2019	$12,312	$13,065	$11,920
9/30/2019	$12,382	$13,131	$11,856
10/31/2019	$12,398	$13,202	$11,892
11/30/2019	$12,454	$13,270	$11,886
12/31/2019	$12,704	$13,511	$11,878
1/31/2020	$12,745	$13,564	$12,106
2/29/2020	$12,543	$13,379	$12,324
3/31/2020	$10,750	$11,682	$12,251
4/30/2020	$11,220	$12,214	$12,469
5/31/2020	$11,769	$12,762	$12,527
6/30/2020	$12,022	$12,980	$12,606
7/31/2020	$12,491	$13,474	$12,795
8/31/2020	$12,728	$13,650	$12,691
9/30/2020	$12,608	$13,513	$12,684
10/31/2020	$12,658	$13,570	$12,628
11/30/2020	$13,318	$14,136	$12,752
12/31/2020	$13,623	$14,404	$12,769
1/31/2021	$13,696	$14,433	$12,678
2/28/2021	$13,796	$14,498	$12,495
3/31/2021	$13,847	$14,506	$12,338
4/30/2021	$14,033	$14,659	$12,436
5/31/2021	$14,094	$14,721	$12,477
6/30/2021	$14,235	$14,857	$12,564
7/31/2021	$14,213	$14,852	$12,705
8/31/2021	$14,302	$14,953	$12,681
9/30/2021	$14,222	$14,889	$12,571
10/31/2021	$14,083	$14,785	$12,567
11/30/2021	$13,903	$14,628	$12,604
12/31/2021	$14,121	$14,842	$12,572
1/31/2022	$13,794	$14,485	$12,301
2/28/2022	$13,551	$14,182	$12,164
3/31/2022	$13,448	$14,026	$11,826
4/30/2022	$13,029	$13,579	$11,377
5/31/2022	$12,925	$13,531	$11,451
6/30/2022	$11,994	$12,630	$11,271
7/31/2022	$12,611	$13,258	$11,547
8/31/2022	$12,431	$13,055	$11,220
9/30/2022	$11,899	$12,506	$10,735
10/31/2022	$12,133	$12,743	$10,596
11/30/2022	$12,545	$13,168	$10,986
12/31/2022	$12,516	$13,164	$10,937
1/31/2023	$13,029	$13,675	$11,273
2/28/2023	$12,873	$13,516	$10,982
3/31/2023	$12,966	$13,601	$11,260
4/30/2023	$13,061	$13,696	$11,329
5/31/2023	$12,960	$13,618	$11,205
6/30/2023	$13,168	$13,821	$11,165
7/31/2023	$13,354	$14,017	$11,158
8/31/2023	$13,365	$14,037	$11,086
9/30/2023	$13,255	$13,948	$10,805
10/31/2023	$13,102	$13,814	$10,634
11/30/2023	$13,644	$14,386	$11,116
12/31/2023	$14,113	$14,890	$11,541
1/31/2024	$14,171	$14,955	$11,510
2/29/2024	$14,229	$15,028	$11,347
3/31/2024	$14,373	$15,199	$11,452
4/30/2024	$14,250	$15,092	$11,162
5/31/2024	$14,429	$15,284	$11,352
6/30/2024	$14,555	$15,425	$11,459
7/31/2024	$14,782	$15,702	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	10.70%	3.71%	3.99%
ICE BofA Global High Yield Index (Hedged in USD)	12.02%	3.75%	4.62%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$187,150,023
# of Portfolio Holdings	1,490
Portfolio Turnover Rate	44%
Total Advisory Fees Paid (includes Administration Fees)	$883,582

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Petroleos Mexicanos, 6.500%, due 06/02/41	0.5%
Carnival Corp., 5.750%, due 03/01/27	0.4
TransDigm, Inc., 5.500%, due 11/15/27	0.4
Petroleos Mexicanos, 7.690%, due 01/23/50	0.4
Braskem Netherlands Finance BV, 4.500%, due 01/31/30	0.4

PACE^® High Yield Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Consumer Staples	34.3%
Energy	15.3%
Communications	11.9%
Financial	11.4%
Industrial	10.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

Effective August 1, 2023, the expense cap for the Fund’s Class P shares was lowered from 0.91% so that the Fund’s ordinary total operating expenses through November 30, 2024 (excluding dividend expense, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders’ meetings, and extraordinary expenses) would not exceed 0.88%. 

PACE^® High Yield Investments 

S1827 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® High Yield Investments

PHDTX

Fund Overview 

This annual shareholder report contains important information about PACE^® High Yield Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$61	0.58%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector overweights and security selection in recreation and travel, support services and oil field equipment and services were key contributors over the reporting period.

• Security selection in BB-rated issuers contributed to performance.

What didn’t work:

• Security selection in the packaging, specialty retail and pharmaceuticals sectors were detractors from performance.

• Security selection in B and CCC-rated issuers were detractors over the reporting period.

The Fund used foreign currency forwards for currency hedging during the reporting period.

PACE^® High Yield Investments 

Class P2 

Fund Overview 

Fund Performance

	Class P2	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
9/30/2021	$9,921	$9,931	$9,906
10/31/2021	$9,809	$9,862	$9,904
11/30/2021	$9,678	$9,757	$9,933
12/31/2021	$9,830	$9,900	$9,908
1/31/2022	$9,601	$9,662	$9,694
2/28/2022	$9,443	$9,460	$9,586
3/31/2022	$9,378	$9,356	$9,320
4/30/2022	$9,084	$9,058	$8,966
5/31/2022	$9,018	$9,026	$9,024
6/30/2022	$8,378	$8,425	$8,882
7/31/2022	$8,804	$8,844	$9,099
8/31/2022	$8,690	$8,708	$8,842
9/30/2022	$8,321	$8,342	$8,460
10/31/2022	$8,483	$8,500	$8,351
11/30/2022	$8,780	$8,784	$8,658
12/31/2022	$8,771	$8,781	$8,619
1/31/2023	$9,127	$9,122	$8,884
2/28/2023	$9,018	$9,016	$8,654
3/31/2023	$9,076	$9,072	$8,874
4/30/2023	$9,140	$9,136	$8,928
5/31/2023	$9,078	$9,084	$8,830
6/30/2023	$9,231	$9,219	$8,799
7/31/2023	$9,357	$9,350	$8,793
8/31/2023	$9,374	$9,363	$8,737
9/30/2023	$9,307	$9,304	$8,515
10/31/2023	$9,198	$9,214	$8,380
11/30/2023	$9,570	$9,596	$8,760
12/31/2023	$9,903	$9,932	$9,095
1/31/2024	$9,940	$9,976	$9,070
2/29/2024	$10,000	$10,024	$8,942
3/31/2024	$10,097	$10,138	$9,025
4/30/2024	$10,021	$10,067	$8,797
5/31/2024	$10,142	$10,195	$8,946
6/30/2024	$10,237	$10,289	$9,030
7/31/2024	$10,391	$10,474	$9,241

Average Annual Total Returns (%)

	1 Year	Since Inception 9/16/21
Class P2	11.05%	1.35%
ICE BofA Global High Yield Index (Hedged in USD)	12.02%	1.63%
Bloomberg US Aggregate Bond Index	5.10%	(2.71%)

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$187,150,023
# of Portfolio Holdings	1,490
Portfolio Turnover Rate	44%
Total Advisory Fees Paid (includes Administration Fees)	$883,582

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Petroleos Mexicanos, 6.500%, due 06/02/41	0.5%
Carnival Corp., 5.750%, due 03/01/27	0.4
TransDigm, Inc., 5.500%, due 11/15/27	0.4
Petroleos Mexicanos, 7.690%, due 01/23/50	0.4
Braskem Netherlands Finance BV, 4.500%, due 01/31/30	0.4

PACE^® High Yield Investments 

Class P2 

Top 5 Sectors (% of Net Assets) 

Value	Value
Consumer Staples	34.3%
Energy	15.3%
Communications	11.9%
Financial	11.4%
Industrial	10.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® High Yield Investments 

S1829 

Class P2 

Annual Shareholder Report

July 31, 2024 

PACE^® High Yield Investments

PHDYX

Fund Overview 

This annual shareholder report contains important information about PACE^® High Yield Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$93	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector overweights and security selection in recreation and travel, support services and oil field equipment and services were key contributors over the reporting period.

• Security selection in BB-rated issuers contributed to performance.

What didn’t work:

• Security selection in the packaging, specialty retail and pharmaceuticals sectors were detractors from performance.

• Security selection in B and CCC-rated issuers were detractors over the reporting period.

The Fund used foreign currency forwards for currency hedging during the reporting period.

PACE^® High Yield Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,120	$10,107	$10,110
9/30/2014	$9,929	$9,925	$10,042
10/31/2014	$10,003	$10,005	$10,140
11/30/2014	$9,869	$9,952	$10,212
12/31/2014	$9,689	$9,779	$10,222
1/31/2015	$9,634	$9,822	$10,436
2/28/2015	$9,884	$10,059	$10,338
3/31/2015	$9,852	$10,038	$10,386
4/30/2015	$9,977	$10,204	$10,349
5/31/2015	$10,011	$10,250	$10,324
6/30/2015	$9,833	$10,097	$10,211
7/31/2015	$9,787	$10,073	$10,282
8/31/2015	$9,621	$9,900	$10,268
9/30/2015	$9,363	$9,643	$10,337
10/31/2015	$9,613	$9,942	$10,339
11/30/2015	$9,469	$9,824	$10,311
12/31/2015	$9,280	$9,580	$10,278
1/31/2016	$9,154	$9,443	$10,420
2/29/2016	$9,204	$9,477	$10,494
3/31/2016	$9,587	$9,891	$10,590
4/30/2016	$9,901	$10,232	$10,630
5/31/2016	$9,963	$10,291	$10,633
6/30/2016	$10,023	$10,404	$10,824
7/31/2016	$10,287	$10,663	$10,893
8/31/2016	$10,541	$10,887	$10,880
9/30/2016	$10,593	$10,947	$10,874
10/31/2016	$10,655	$10,993	$10,791
11/30/2016	$10,630	$10,927	$10,535
12/31/2016	$10,825	$11,133	$10,550
1/31/2017	$10,977	$11,293	$10,571
2/28/2017	$11,148	$11,463	$10,642
3/31/2017	$11,134	$11,454	$10,636
4/30/2017	$11,249	$11,593	$10,719
5/31/2017	$11,313	$11,681	$10,801
6/30/2017	$11,287	$11,692	$10,790
7/31/2017	$11,441	$11,819	$10,837
8/31/2017	$11,437	$11,855	$10,934
9/30/2017	$11,569	$11,955	$10,882
10/31/2017	$11,653	$12,028	$10,888
11/30/2017	$11,620	$11,993	$10,874
12/31/2017	$11,668	$12,025	$10,924
1/31/2018	$11,743	$12,104	$10,798
2/28/2018	$11,655	$12,005	$10,696
3/31/2018	$11,589	$11,954	$10,764
4/30/2018	$11,675	$12,003	$10,684
5/31/2018	$11,645	$11,943	$10,761
6/30/2018	$11,652	$11,937	$10,747
7/31/2018	$11,791	$12,105	$10,750
8/31/2018	$11,798	$12,102	$10,819
9/30/2018	$11,889	$12,207	$10,749
10/31/2018	$11,689	$12,053	$10,664
11/30/2018	$11,513	$11,939	$10,728
12/31/2018	$11,329	$11,796	$10,925
1/31/2019	$11,776	$12,270	$11,041
2/28/2019	$11,942	$12,478	$11,035
3/31/2019	$12,026	$12,608	$11,247
4/30/2019	$12,194	$12,777	$11,250
5/31/2019	$12,052	$12,653	$11,449
6/30/2019	$12,296	$12,966	$11,593
7/31/2019	$12,355	$13,059	$11,619
8/31/2019	$12,361	$13,065	$11,920
9/30/2019	$12,417	$13,131	$11,856
10/31/2019	$12,433	$13,202	$11,892
11/30/2019	$12,490	$13,270	$11,886
12/31/2019	$12,740	$13,511	$11,878
1/31/2020	$12,781	$13,564	$12,106
2/29/2020	$12,578	$13,379	$12,324
3/31/2020	$10,786	$11,682	$12,251
4/30/2020	$11,256	$12,214	$12,469
5/31/2020	$11,817	$12,762	$12,527
6/30/2020	$12,079	$12,980	$12,606
7/31/2020	$12,539	$13,474	$12,795
8/31/2020	$12,763	$13,650	$12,691
9/30/2020	$12,642	$13,513	$12,684
10/31/2020	$12,692	$13,570	$12,628
11/30/2020	$13,364	$14,136	$12,752
12/31/2020	$13,683	$14,404	$12,769
1/31/2021	$13,743	$14,433	$12,678
2/28/2021	$13,842	$14,498	$12,495
3/31/2021	$13,893	$14,506	$12,338
4/30/2021	$14,078	$14,659	$12,436
5/31/2021	$14,139	$14,721	$12,477
6/30/2021	$14,295	$14,857	$12,564
7/31/2021	$14,258	$14,852	$12,705
8/31/2021	$14,347	$14,953	$12,681
9/30/2021	$14,281	$14,889	$12,571
10/31/2021	$14,143	$14,785	$12,567
11/30/2021	$13,963	$14,628	$12,604
12/31/2021	$14,167	$14,842	$12,572
1/31/2022	$13,854	$14,485	$12,301
2/28/2022	$13,612	$14,182	$12,164
3/31/2022	$13,510	$14,026	$11,826
4/30/2022	$13,076	$13,579	$11,377
5/31/2022	$12,987	$13,531	$11,451
6/30/2022	$12,043	$12,630	$11,271
7/31/2022	$12,659	$13,258	$11,547
8/31/2022	$12,480	$13,055	$11,220
9/30/2022	$11,949	$12,506	$10,735
10/31/2022	$12,183	$12,743	$10,596
11/30/2022	$12,610	$13,168	$10,986
12/31/2022	$12,566	$13,164	$10,937
1/31/2023	$13,078	$13,675	$11,273
2/28/2023	$12,938	$13,516	$10,982
3/31/2023	$13,016	$13,601	$11,260
4/30/2023	$13,112	$13,696	$11,329
5/31/2023	$13,010	$13,618	$11,205
6/30/2023	$13,234	$13,821	$11,165
7/31/2023	$13,404	$14,017	$11,158
8/31/2023	$13,415	$14,037	$11,086
9/30/2023	$13,321	$13,948	$10,805
10/31/2023	$13,169	$13,814	$10,634
11/30/2023	$13,709	$14,386	$11,116
12/31/2023	$14,177	$14,890	$11,541
1/31/2024	$14,218	$14,955	$11,510
2/29/2024	$14,293	$15,028	$11,347
3/31/2024	$14,437	$15,199	$11,452
4/30/2024	$14,314	$15,092	$11,162
5/31/2024	$14,493	$15,284	$11,352
6/30/2024	$14,618	$15,425	$11,459
7/31/2024	$14,845	$15,702	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	10.75%	3.74%	4.03%
ICE BofA Global High Yield Index (Hedged in USD)	12.02%	3.75%	4.62%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$187,150,023
# of Portfolio Holdings	1,490
Portfolio Turnover Rate	44%
Total Advisory Fees Paid (includes Administration Fees)	$883,582

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Petroleos Mexicanos, 6.500%, due 06/02/41	0.5%
Carnival Corp., 5.750%, due 03/01/27	0.4
TransDigm, Inc., 5.500%, due 11/15/27	0.4
Petroleos Mexicanos, 7.690%, due 01/23/50	0.4
Braskem Netherlands Finance BV, 4.500%, due 01/31/30	0.4

PACE^® High Yield Investments 

Class Y 

Top 5 Sectors (% of Net Assets) 

Value	Value
Consumer Staples	34.3%
Energy	15.3%
Communications	11.9%
Financial	11.4%
Industrial	10.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® High Yield Investments 

S1828 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Intermediate Fixed Income Investments

PIFAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Intermediate Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$89	0.86%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Portfolio sector and rating emphases had the largest contribution to relative returns with investment grade debt issued by banks being one of the top contributors.

• The portfolio’s duration and yield curve profile contributed to results over the reporting period.

• The portfolio was allocated to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds.

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, electric utilities, and specialty real estate investment trusts (REITs).

• Some CMBS single asset single borrower (SASB) names detracted from performance.

During the reporting period, the Fund owned US Treasury futures to help manage duration.

PACE^® Intermediate Fixed Income Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Bloomberg US Aggregate Bond Index
7/31/2014	$9,625	$10,000
8/31/2014	$9,675	$10,110
9/30/2014	$9,622	$10,042
10/31/2014	$9,679	$10,140
11/30/2014	$9,704	$10,212
12/31/2014	$9,663	$10,222
1/31/2015	$9,782	$10,436
2/28/2015	$9,752	$10,338
3/31/2015	$9,786	$10,386
4/30/2015	$9,795	$10,349
5/31/2015	$9,799	$10,324
6/30/2015	$9,755	$10,211
7/31/2015	$9,783	$10,282
8/31/2015	$9,756	$10,268
9/30/2015	$9,792	$10,337
10/31/2015	$9,803	$10,339
11/30/2015	$9,759	$10,311
12/31/2015	$9,720	$10,278
1/31/2016	$9,803	$10,420
2/29/2016	$9,815	$10,494
3/31/2016	$9,891	$10,590
4/30/2016	$9,925	$10,630
5/31/2016	$9,920	$10,633
6/30/2016	$10,027	$10,824
7/31/2016	$10,062	$10,893
8/31/2016	$10,039	$10,880
9/30/2016	$10,057	$10,874
10/31/2016	$10,035	$10,791
11/30/2016	$9,891	$10,535
12/31/2016	$9,900	$10,550
1/31/2017	$9,918	$10,571
2/28/2017	$9,962	$10,642
3/31/2017	$9,972	$10,636
4/30/2017	$10,040	$10,719
5/31/2017	$10,113	$10,801
6/30/2017	$10,104	$10,790
7/31/2017	$10,145	$10,837
8/31/2017	$10,228	$10,934
9/30/2017	$10,178	$10,882
10/31/2017	$10,172	$10,888
11/30/2017	$10,156	$10,874
12/31/2017	$10,198	$10,924
1/31/2018	$10,071	$10,798
2/28/2018	$9,964	$10,696
3/31/2018	$10,008	$10,764
4/30/2018	$9,936	$10,684
5/31/2018	$9,998	$10,761
6/30/2018	$9,978	$10,747
7/31/2018	$10,000	$10,750
8/31/2018	$10,038	$10,819
9/30/2018	$9,983	$10,749
10/31/2018	$9,896	$10,664
11/30/2018	$9,935	$10,728
12/31/2018	$10,087	$10,925
1/31/2019	$10,228	$11,041
2/28/2019	$10,234	$11,035
3/31/2019	$10,428	$11,247
4/30/2019	$10,416	$11,250
5/31/2019	$10,577	$11,449
6/30/2019	$10,702	$11,593
7/31/2019	$10,733	$11,619
8/31/2019	$10,969	$11,920
9/30/2019	$10,920	$11,856
10/31/2019	$10,948	$11,892
11/30/2019	$10,949	$11,886
12/31/2019	$10,925	$11,878
1/31/2020	$11,135	$12,106
2/29/2020	$11,286	$12,324
3/31/2020	$11,091	$12,251
4/30/2020	$11,355	$12,469
5/31/2020	$11,461	$12,527
6/30/2020	$11,574	$12,606
7/31/2020	$11,765	$12,795
8/31/2020	$11,680	$12,691
9/30/2020	$11,673	$12,684
10/31/2020	$11,627	$12,628
11/30/2020	$11,749	$12,752
12/31/2020	$11,774	$12,769
1/31/2021	$11,696	$12,678
2/28/2021	$11,521	$12,495
3/31/2021	$11,357	$12,338
4/30/2021	$11,459	$12,436
5/31/2021	$11,469	$12,477
6/30/2021	$11,561	$12,564
7/31/2021	$11,680	$12,705
8/31/2021	$11,662	$12,681
9/30/2021	$11,570	$12,571
10/31/2021	$11,553	$12,567
11/30/2021	$11,552	$12,604
12/31/2021	$11,528	$12,572
1/31/2022	$11,286	$12,301
2/28/2022	$11,129	$12,164
3/31/2022	$10,826	$11,826
4/30/2022	$10,380	$11,377
5/31/2022	$10,442	$11,451
6/30/2022	$10,235	$11,271
7/31/2022	$10,503	$11,547
8/31/2022	$10,194	$11,220
9/30/2022	$9,785	$10,735
10/31/2022	$9,662	$10,596
11/30/2022	$10,008	$10,986
12/31/2022	$9,959	$10,937
1/31/2023	$10,333	$11,273
2/28/2023	$10,081	$10,982
3/31/2023	$10,252	$11,260
4/30/2023	$10,345	$11,329
5/31/2023	$10,217	$11,205
6/30/2023	$10,222	$11,165
7/31/2023	$10,263	$11,158
8/31/2023	$10,224	$11,086
9/30/2023	$9,992	$10,805
10/31/2023	$9,834	$10,634
11/30/2023	$10,290	$11,116
12/31/2023	$10,722	$11,541
1/31/2024	$10,734	$11,510
2/29/2024	$10,641	$11,347
3/31/2024	$10,763	$11,452
4/30/2024	$10,529	$11,162
5/31/2024	$10,713	$11,352
6/30/2024	$10,833	$11,459
7/31/2024	$11,044	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	7.61%	0.57%	1.39%
Class A with Load	3.55%	(0.19%)	1.00%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$206,180,269
# of Portfolio Holdings	242
Portfolio Turnover Rate	35%
Total Advisory Fees Paid (includes Administration Fees)	$573,433

What is the Fund’s investment objective?

The Fund seeks current income, consistent with reasonable stability of principal.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.125%, due 03/31/29	2.7%
U.S. Treasury Bonds, 1.375%, due 08/15/50	1.3
Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 (5 yr. CMT + 3.582%)	1.2
Blackstone Mortgage Trust, Inc., 3.750%, due 01/15/27	1.2
Regional Management Issuance Trust, Series 2022-2B, Class B, 8.510%, due 11/17/32	1.2

PACE^® Intermediate Fixed Income Investments 

Class A 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	43.6%
Asset-backed securities	24.0%
Loan assignments	11.8%
Mortgage-backed securities	11.3%
U.S. Treasury obligations	4.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Intermediate Fixed Income Investments 

S1793 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Intermediate Fixed Income Investments

PCIFX

Fund Overview 

This annual shareholder report contains important information about PACE^® Intermediate Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$63	0.61%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Portfolio sector and rating emphases had the largest contribution to relative returns with investment grade debt issued by banks being one of the top contributors.

• The portfolio’s duration and yield curve profile contributed to results over the reporting period.

• The portfolio was allocated to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds.

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, electric utilities, and specialty real estate investment trusts (REITs).

• Some CMBS single asset single borrower (SASB) names detracted from performance.

During the reporting period, the Fund owned US Treasury futures to help manage duration.

PACE^® Intermediate Fixed Income Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000
8/31/2014	$10,062	$10,110
9/30/2014	$10,001	$10,042
10/31/2014	$10,062	$10,140
11/30/2014	$10,090	$10,212
12/31/2014	$10,050	$10,222
1/31/2015	$10,176	$10,436
2/28/2015	$10,147	$10,338
3/31/2015	$10,192	$10,386
4/30/2015	$10,196	$10,349
5/31/2015	$10,202	$10,324
6/30/2015	$10,159	$10,211
7/31/2015	$10,190	$10,282
8/31/2015	$10,164	$10,268
9/30/2015	$10,204	$10,337
10/31/2015	$10,217	$10,339
11/30/2015	$10,174	$10,311
12/31/2015	$10,135	$10,278
1/31/2016	$10,224	$10,420
2/29/2016	$10,239	$10,494
3/31/2016	$10,328	$10,590
4/30/2016	$10,358	$10,630
5/31/2016	$10,346	$10,633
6/30/2016	$10,477	$10,824
7/31/2016	$10,507	$10,893
8/31/2016	$10,485	$10,880
9/30/2016	$10,515	$10,874
10/31/2016	$10,486	$10,791
11/30/2016	$10,337	$10,535
12/31/2016	$10,349	$10,550
1/31/2017	$10,379	$10,571
2/28/2017	$10,418	$10,642
3/31/2017	$10,431	$10,636
4/30/2017	$10,504	$10,719
5/31/2017	$10,582	$10,801
6/30/2017	$10,575	$10,790
7/31/2017	$10,621	$10,837
8/31/2017	$10,709	$10,934
9/30/2017	$10,660	$10,882
10/31/2017	$10,656	$10,888
11/30/2017	$10,641	$10,874
12/31/2017	$10,687	$10,924
1/31/2018	$10,557	$10,798
2/28/2018	$10,447	$10,696
3/31/2018	$10,504	$10,764
4/30/2018	$10,430	$10,684
5/31/2018	$10,488	$10,761
6/30/2018	$10,476	$10,747
7/31/2018	$10,493	$10,750
8/31/2018	$10,543	$10,819
9/30/2018	$10,489	$10,749
10/31/2018	$10,390	$10,664
11/30/2018	$10,433	$10,728
12/31/2018	$10,595	$10,925
1/31/2019	$10,746	$11,041
2/28/2019	$10,754	$11,035
3/31/2019	$10,969	$11,247
4/30/2019	$10,959	$11,250
5/31/2019	$11,130	$11,449
6/30/2019	$11,265	$11,593
7/31/2019	$11,290	$11,619
8/31/2019	$11,540	$11,920
9/30/2019	$11,491	$11,856
10/31/2019	$11,533	$11,892
11/30/2019	$11,536	$11,886
12/31/2019	$11,513	$11,878
1/31/2020	$11,737	$12,106
2/29/2020	$11,898	$12,324
3/31/2020	$11,686	$12,251
4/30/2020	$11,976	$12,469
5/31/2020	$12,090	$12,527
6/30/2020	$12,202	$12,606
7/31/2020	$12,406	$12,795
8/31/2020	$12,329	$12,691
9/30/2020	$12,315	$12,684
10/31/2020	$12,269	$12,628
11/30/2020	$12,409	$12,752
12/31/2020	$12,438	$12,769
1/31/2021	$12,350	$12,678
2/28/2021	$12,177	$12,495
3/31/2021	$12,005	$12,338
4/30/2021	$12,116	$12,436
5/31/2021	$12,129	$12,477
6/30/2021	$12,219	$12,564
7/31/2021	$12,358	$12,705
8/31/2021	$12,341	$12,681
9/30/2021	$12,237	$12,571
10/31/2021	$12,221	$12,567
11/30/2021	$12,233	$12,604
12/31/2021	$12,210	$12,572
1/31/2022	$11,946	$12,301
2/28/2022	$11,783	$12,164
3/31/2022	$11,464	$11,826
4/30/2022	$11,004	$11,377
5/31/2022	$11,062	$11,451
6/30/2022	$10,845	$11,271
7/31/2022	$11,132	$11,547
8/31/2022	$10,816	$11,220
9/30/2022	$10,375	$10,735
10/31/2022	$10,247	$10,596
11/30/2022	$10,617	$10,986
12/31/2022	$10,577	$10,937
1/31/2023	$10,976	$11,273
2/28/2023	$10,700	$10,982
3/31/2023	$10,884	$11,260
4/30/2023	$10,995	$11,329
5/31/2023	$10,852	$11,205
6/30/2023	$10,860	$11,165
7/31/2023	$10,905	$11,158
8/31/2023	$10,865	$11,086
9/30/2023	$10,632	$10,805
10/31/2023	$10,466	$10,634
11/30/2023	$10,953	$11,116
12/31/2023	$11,404	$11,541
1/31/2024	$11,420	$11,510
2/29/2024	$11,323	$11,347
3/31/2024	$11,467	$11,452
4/30/2024	$11,209	$11,162
5/31/2024	$11,407	$11,352
6/30/2024	$11,537	$11,459
7/31/2024	$11,765	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	7.88%	0.83%	1.64%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$206,180,269
# of Portfolio Holdings	242
Portfolio Turnover Rate	35%
Total Advisory Fees Paid (includes Administration Fees)	$573,433

What is the Fund’s investment objective?

The Fund seeks current income, consistent with reasonable stability of principal.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.125%, due 03/31/29	2.7%
U.S. Treasury Bonds, 1.375%, due 08/15/50	1.3
Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 (5 yr. CMT + 3.582%)	1.2
Blackstone Mortgage Trust, Inc., 3.750%, due 01/15/27	1.2
Regional Management Issuance Trust, Series 2022-2B, Class B, 8.510%, due 11/17/32	1.2

PACE^® Intermediate Fixed Income Investments 

Class P 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	43.6%
Asset-backed securities	24.0%
Loan assignments	11.8%
Mortgage-backed securities	11.3%
U.S. Treasury obligations	4.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Intermediate Fixed Income Investments 

S1794 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Intermediate Fixed Income Investments

PIFYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Intermediate Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$63	0.61%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Portfolio sector and rating emphases had the largest contribution to relative returns with investment grade debt issued by banks being one of the top contributors.

• The portfolio’s duration and yield curve profile contributed to results over the reporting period.

• The portfolio was allocated to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds.

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, electric utilities, and specialty real estate investment trusts (REITs).

• Some CMBS single asset single borrower (SASB) names detracted from performance.

During the reporting period, the Fund owned US Treasury futures to help manage duration.

PACE^® Intermediate Fixed Income Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000
8/31/2014	$10,054	$10,110
9/30/2014	$10,001	$10,042
10/31/2014	$10,062	$10,140
11/30/2014	$10,090	$10,212
12/31/2014	$10,050	$10,222
1/31/2015	$10,176	$10,436
2/28/2015	$10,147	$10,338
3/31/2015	$10,184	$10,386
4/30/2015	$10,196	$10,349
5/31/2015	$10,202	$10,324
6/30/2015	$10,159	$10,211
7/31/2015	$10,190	$10,282
8/31/2015	$10,164	$10,268
9/30/2015	$10,204	$10,337
10/31/2015	$10,217	$10,339
11/30/2015	$10,174	$10,311
12/31/2015	$10,127	$10,278
1/31/2016	$10,224	$10,420
2/29/2016	$10,239	$10,494
3/31/2016	$10,320	$10,590
4/30/2016	$10,358	$10,630
5/31/2016	$10,346	$10,633
6/30/2016	$10,469	$10,824
7/31/2016	$10,507	$10,893
8/31/2016	$10,486	$10,880
9/30/2016	$10,507	$10,874
10/31/2016	$10,477	$10,791
11/30/2016	$10,338	$10,535
12/31/2016	$10,341	$10,550
1/31/2017	$10,371	$10,571
2/28/2017	$10,418	$10,642
3/31/2017	$10,431	$10,636
4/30/2017	$10,505	$10,719
5/31/2017	$10,582	$10,801
6/30/2017	$10,576	$10,790
7/31/2017	$10,621	$10,837
8/31/2017	$10,709	$10,934
9/30/2017	$10,660	$10,882
10/31/2017	$10,656	$10,888
11/30/2017	$10,632	$10,874
12/31/2017	$10,687	$10,924
1/31/2018	$10,557	$10,798
2/28/2018	$10,447	$10,696
3/31/2018	$10,495	$10,764
4/30/2018	$10,421	$10,684
5/31/2018	$10,480	$10,761
6/30/2018	$10,477	$10,747
7/31/2018	$10,494	$10,750
8/31/2018	$10,536	$10,819
9/30/2018	$10,481	$10,749
10/31/2018	$10,391	$10,664
11/30/2018	$10,434	$10,728
12/31/2018	$10,596	$10,925
1/31/2019	$10,747	$11,041
2/28/2019	$10,755	$11,035
3/31/2019	$10,961	$11,247
4/30/2019	$10,960	$11,250
5/31/2019	$11,123	$11,449
6/30/2019	$11,257	$11,593
7/31/2019	$11,292	$11,619
8/31/2019	$11,542	$11,920
9/30/2019	$11,493	$11,856
10/31/2019	$11,525	$11,892
11/30/2019	$11,529	$11,886
12/31/2019	$11,505	$11,878
1/31/2020	$11,729	$12,106
2/29/2020	$11,890	$12,324
3/31/2020	$11,688	$12,251
4/30/2020	$11,968	$12,469
5/31/2020	$12,092	$12,527
6/30/2020	$12,204	$12,606
7/31/2020	$12,408	$12,795
8/31/2020	$12,321	$12,691
9/30/2020	$12,316	$12,684
10/31/2020	$12,271	$12,628
11/30/2020	$12,401	$12,752
12/31/2020	$12,430	$12,769
1/31/2021	$12,352	$12,678
2/28/2021	$12,169	$12,495
3/31/2021	$11,998	$12,338
4/30/2021	$12,109	$12,436
5/31/2021	$12,121	$12,477
6/30/2021	$12,221	$12,564
7/31/2021	$12,350	$12,705
8/31/2021	$12,333	$12,681
9/30/2021	$12,239	$12,571
10/31/2021	$12,223	$12,567
11/30/2021	$12,225	$12,604
12/31/2021	$12,202	$12,572
1/31/2022	$11,948	$12,301
2/28/2022	$11,784	$12,164
3/31/2022	$11,456	$11,826
4/30/2022	$10,996	$11,377
5/31/2022	$11,054	$11,451
6/30/2022	$10,847	$11,271
7/31/2022	$11,133	$11,547
8/31/2022	$10,808	$11,220
9/30/2022	$10,377	$10,735
10/31/2022	$10,249	$10,596
11/30/2022	$10,608	$10,986
12/31/2022	$10,569	$10,937
1/31/2023	$10,968	$11,273
2/28/2023	$10,702	$10,982
3/31/2023	$10,876	$11,260
4/30/2023	$10,987	$11,329
5/31/2023	$10,843	$11,205
6/30/2023	$10,851	$11,165
7/31/2023	$10,907	$11,158
8/31/2023	$10,867	$11,086
9/30/2023	$10,623	$10,805
10/31/2023	$10,458	$10,634
11/30/2023	$10,944	$11,116
12/31/2023	$11,407	$11,541
1/31/2024	$11,422	$11,510
2/29/2024	$11,325	$11,347
3/31/2024	$11,458	$11,452
4/30/2024	$11,211	$11,162
5/31/2024	$11,409	$11,352
6/30/2024	$11,539	$11,459
7/31/2024	$11,767	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	7.89%	0.83%	1.64%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$206,180,269
# of Portfolio Holdings	242
Portfolio Turnover Rate	35%
Total Advisory Fees Paid (includes Administration Fees)	$573,433

What is the Fund’s investment objective?

The Fund seeks current income, consistent with reasonable stability of principal.

Top 5 Holdings (% of Net Assets) 

U.S. Treasury Notes, 4.125%, due 03/31/29	2.7%
U.S. Treasury Bonds, 1.375%, due 08/15/50	1.3
Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 (5 yr. CMT + 3.582%)	1.2
Blackstone Mortgage Trust, Inc., 3.750%, due 01/15/27	1.2
Regional Management Issuance Trust, Series 2022-2B, Class B, 8.510%, due 11/17/32	1.2

PACE^® Intermediate Fixed Income Investments 

Class Y 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	43.6%
Asset-backed securities	24.0%
Loan assignments	11.8%
Mortgage-backed securities	11.3%
U.S. Treasury obligations	4.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Intermediate Fixed Income Investments 

S1795 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® International Equity Investments

PWGAX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$133	1.25%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within consumer staples and materials added value.

• Underweight to consumer staples and overweight to information technology sectors also contributed positively relative to the benchmark.

• On a stock level, Nestle S.A., Taiwan Semiconductor Manufacturing, and Constellation Software were among top contributors.

• On a factor level, exposures to momentum and earnings-yield factors helped performance.

What didn’t work:

• Security selection within financials and consumer discretionary detracted.

• On a stock level, Kering SA, Genmab A/S, and SolarEdge Technologies were among the main detractors.

• On a factor level, exposures to residual volatility and beta factors hurt performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	MSCI EAFE Index (net)
7/31/2014	$9,449	$10,000
8/31/2014	$9,515	$9,985
9/30/2014	$9,134	$9,601
10/31/2014	$9,031	$9,461
11/30/2014	$9,140	$9,590
12/31/2014	$8,816	$9,258
1/31/2015	$8,903	$9,303
2/28/2015	$9,337	$9,859
3/31/2015	$9,219	$9,710
4/30/2015	$9,541	$10,106
5/31/2015	$9,535	$10,054
6/30/2015	$9,213	$9,769
7/31/2015	$9,318	$9,972
8/31/2015	$8,692	$9,239
9/30/2015	$8,252	$8,770
10/31/2015	$8,903	$9,455
11/30/2015	$8,822	$9,308
12/31/2015	$8,748	$9,183
1/31/2016	$8,333	$8,518
2/29/2016	$8,088	$8,362
3/31/2016	$8,666	$8,907
4/30/2016	$8,823	$9,164
5/31/2016	$8,798	$9,081
6/30/2016	$8,622	$8,776
7/31/2016	$8,917	$9,221
8/31/2016	$8,980	$9,228
9/30/2016	$9,030	$9,341
10/31/2016	$8,829	$9,150
11/30/2016	$8,641	$8,968
12/31/2016	$8,913	$9,274
1/31/2017	$9,163	$9,543
2/28/2017	$9,305	$9,680
3/31/2017	$9,587	$9,946
4/30/2017	$9,811	$10,199
5/31/2017	$10,164	$10,574
6/30/2017	$10,068	$10,555
7/31/2017	$10,407	$10,860
8/31/2017	$10,407	$10,855
9/30/2017	$10,683	$11,126
10/31/2017	$10,933	$11,294
11/30/2017	$11,004	$11,413
12/31/2017	$11,156	$11,596
1/31/2018	$11,770	$12,178
2/28/2018	$11,162	$11,628
3/31/2018	$11,058	$11,419
4/30/2018	$11,228	$11,679
5/31/2018	$11,045	$11,417
6/30/2018	$10,868	$11,277
7/31/2018	$11,123	$11,555
8/31/2018	$11,006	$11,332
9/30/2018	$10,999	$11,430
10/31/2018	$10,117	$10,520
11/30/2018	$10,091	$10,507
12/31/2018	$9,611	$9,997
1/31/2019	$10,212	$10,654
2/28/2019	$10,495	$10,926
3/31/2019	$10,566	$10,994
4/30/2019	$10,948	$11,304
5/31/2019	$10,191	$10,761
6/30/2019	$10,849	$11,399
7/31/2019	$10,616	$11,254
8/31/2019	$10,283	$10,963
9/30/2019	$10,587	$11,277
10/31/2019	$10,977	$11,682
11/30/2019	$11,069	$11,814
12/31/2019	$11,420	$12,198
1/31/2020	$11,188	$11,943
2/29/2020	$10,347	$10,863
3/31/2020	$8,803	$9,413
4/30/2020	$9,441	$10,022
5/31/2020	$9,963	$10,458
6/30/2020	$10,304	$10,814
7/31/2020	$10,616	$11,066
8/31/2020	$11,065	$11,635
9/30/2020	$10,884	$11,333
10/31/2020	$10,594	$10,880
11/30/2020	$12,117	$12,567
12/31/2020	$12,660	$13,151
1/31/2021	$12,565	$13,011
2/28/2021	$12,799	$13,303
3/31/2021	$13,159	$13,609
4/30/2021	$13,481	$14,018
5/31/2021	$14,134	$14,475
6/30/2021	$13,921	$14,312
7/31/2021	$13,950	$14,420
8/31/2021	$14,214	$14,675
9/30/2021	$13,774	$14,249
10/31/2021	$14,229	$14,599
11/30/2021	$13,576	$13,920
12/31/2021	$14,198	$14,632
1/31/2022	$13,969	$13,925
2/28/2022	$13,478	$13,679
3/31/2022	$13,336	$13,767
4/30/2022	$12,568	$12,876
5/31/2022	$12,782	$12,973
6/30/2022	$11,745	$11,769
7/31/2022	$12,267	$12,356
8/31/2022	$11,531	$11,769
9/30/2022	$10,447	$10,668
10/31/2022	$11,056	$11,242
11/30/2022	$12,473	$12,508
12/31/2022	$12,161	$12,518
1/31/2023	$13,156	$13,531
2/28/2023	$12,838	$13,249
3/31/2023	$13,294	$13,577
4/30/2023	$13,588	$13,961
5/31/2023	$13,237	$13,370
6/30/2023	$13,816	$13,978
7/31/2023	$14,191	$14,431
8/31/2023	$13,653	$13,878
9/30/2023	$13,229	$13,404
10/31/2023	$12,822	$12,860
11/30/2023	$13,922	$14,054
12/31/2023	$14,607	$14,801
1/31/2024	$14,539	$14,886
2/29/2024	$14,887	$15,158
3/31/2024	$15,345	$15,657
4/30/2024	$14,988	$15,256
5/31/2024	$15,760	$15,847
6/30/2024	$15,472	$15,591
7/31/2024	$15,989	$16,048

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	12.67%	8.54%	5.40%
Class A with Load	6.49%	7.32%	4.80%
MSCI EAFE Index (net)	11.21%	7.36%	4.84%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$729,599,347
# of Portfolio Holdings	407
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (includes Administration Fees)	$5,751,057

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Long Holdings (%) 

Novartis AG	1.8%
Novo Nordisk AS, Class B	1.7
DBS Group Holdings Ltd.	1.5
United Overseas Bank Ltd.	1.4
Shell PLC	1.4

PACE^® International Equity Investments 

Class A 

Top 5 Short Holdings (%) 

Eni SpA	(0.5%)
Galp Energia SGPS SA	(0.4)
Investor AB, Class B	(0.4)
Olympus Corp.	(0.4)
DSV AS	(0.4)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Equity Investments 

S1800 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® International Equity Investments

PCIEX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$106	1.00%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within consumer staples and materials added value.

• Underweight to consumer staples and overweight to information technology sectors also contributed positively relative to the benchmark.

• On a stock level, Nestle S.A., Taiwan Semiconductor Manufacturing, and Constellation Software were among top contributors.

• On a factor level, exposures to momentum and earnings-yield factors helped performance.

What didn’t work:

• Security selection within financials and consumer discretionary detracted.

• On a stock level, Kering SA, Genmab A/S, and SolarEdge Technologies were among the main detractors.

• On a factor level, exposures to residual volatility and beta factors hurt performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	MSCI EAFE Index (net)
7/31/2014	$10,000	$10,000
8/31/2014	$10,071	$9,985
9/30/2014	$9,666	$9,601
10/31/2014	$9,557	$9,461
11/30/2014	$9,679	$9,590
12/31/2014	$9,341	$9,258
1/31/2015	$9,433	$9,303
2/28/2015	$9,896	$9,859
3/31/2015	$9,777	$9,710
4/30/2015	$10,114	$10,106
5/31/2015	$10,107	$10,054
6/30/2015	$9,770	$9,769
7/31/2015	$9,889	$9,972
8/31/2015	$9,222	$9,239
9/30/2015	$8,760	$8,770
10/31/2015	$9,453	$9,455
11/30/2015	$9,367	$9,308
12/31/2015	$9,290	$9,183
1/31/2016	$8,853	$8,518
2/29/2016	$8,597	$8,362
3/31/2016	$9,209	$8,907
4/30/2016	$9,377	$9,164
5/31/2016	$9,357	$9,081
6/30/2016	$9,169	$8,776
7/31/2016	$9,485	$9,221
8/31/2016	$9,559	$9,228
9/30/2016	$9,612	$9,341
10/31/2016	$9,397	$9,150
11/30/2016	$9,202	$8,968
12/31/2016	$9,494	$9,274
1/31/2017	$9,763	$9,543
2/28/2017	$9,914	$9,680
3/31/2017	$10,224	$9,946
4/30/2017	$10,458	$10,199
5/31/2017	$10,836	$10,574
6/30/2017	$10,740	$10,555
7/31/2017	$11,104	$10,860
8/31/2017	$11,104	$10,855
9/30/2017	$11,400	$11,126
10/31/2017	$11,669	$11,294
11/30/2017	$11,751	$11,413
12/31/2017	$11,911	$11,596
1/31/2018	$12,579	$12,178
2/28/2018	$11,925	$11,628
3/31/2018	$11,820	$11,419
4/30/2018	$12,003	$11,679
5/31/2018	$11,813	$11,417
6/30/2018	$11,623	$11,277
7/31/2018	$11,897	$11,555
8/31/2018	$11,778	$11,332
9/30/2018	$11,771	$11,430
10/31/2018	$10,829	$10,520
11/30/2018	$10,808	$10,507
12/31/2018	$10,296	$9,997
1/31/2019	$10,938	$10,654
2/28/2019	$11,243	$10,926
3/31/2019	$11,327	$10,994
4/30/2019	$11,733	$11,304
5/31/2019	$10,930	$10,761
6/30/2019	$11,633	$11,399
7/31/2019	$11,389	$11,254
8/31/2019	$11,037	$10,963
9/30/2019	$11,366	$11,277
10/31/2019	$11,778	$11,682
11/30/2019	$11,885	$11,814
12/31/2019	$12,263	$12,198
1/31/2020	$12,019	$11,943
2/29/2020	$11,116	$10,863
3/31/2020	$9,458	$9,413
4/30/2020	$10,150	$10,022
5/31/2020	$10,715	$10,458
6/30/2020	$11,077	$10,814
7/31/2020	$11,422	$11,066
8/31/2020	$11,909	$11,635
9/30/2020	$11,713	$11,333
10/31/2020	$11,399	$10,880
11/30/2020	$13,048	$12,567
12/31/2020	$13,631	$13,151
1/31/2021	$13,535	$13,011
2/28/2021	$13,790	$13,303
3/31/2021	$14,180	$13,609
4/30/2021	$14,531	$14,018
5/31/2021	$15,231	$14,475
6/30/2021	$15,008	$14,312
7/31/2021	$15,048	$14,420
8/31/2021	$15,335	$14,675
9/30/2021	$14,865	$14,249
10/31/2021	$15,359	$14,599
11/30/2021	$14,650	$13,920
12/31/2021	$15,327	$14,632
1/31/2022	$15,086	$13,925
2/28/2022	$14,560	$13,679
3/31/2022	$14,404	$13,767
4/30/2022	$13,585	$12,876
5/31/2022	$13,818	$12,973
6/30/2022	$12,697	$11,769
7/31/2022	$13,266	$12,356
8/31/2022	$12,472	$11,769
9/30/2022	$11,299	$10,668
10/31/2022	$11,963	$11,242
11/30/2022	$13,499	$12,508
12/31/2022	$13,161	$12,518
1/31/2023	$14,248	$13,531
2/28/2023	$13,909	$13,249
3/31/2023	$14,408	$13,577
4/30/2023	$14,720	$13,961
5/31/2023	$14,337	$13,370
6/30/2023	$14,969	$13,978
7/31/2023	$15,379	$14,431
8/31/2023	$14,800	$13,878
9/30/2023	$14,346	$13,404
10/31/2023	$13,909	$12,860
11/30/2023	$15,103	$14,054
12/31/2023	$15,847	$14,801
1/31/2024	$15,782	$14,886
2/29/2024	$16,163	$15,158
3/31/2024	$16,665	$15,657
4/30/2024	$16,284	$15,256
5/31/2024	$17,120	$15,847
6/30/2024	$16,814	$15,591
7/31/2024	$17,371	$16,048

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	12.95%	8.81%	5.68%
MSCI EAFE Index (net)	11.21%	7.36%	4.84%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$729,599,347
# of Portfolio Holdings	407
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (includes Administration Fees)	$5,751,057

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Long Holdings (%) 

Novartis AG	1.8%
Novo Nordisk AS, Class B	1.7
DBS Group Holdings Ltd.	1.5
United Overseas Bank Ltd.	1.4
Shell PLC	1.4

PACE^® International Equity Investments 

Class P 

Top 5 Short Holdings (%) 

Eni SpA	(0.5%)
Galp Energia SGPS SA	(0.4)
Investor AB, Class B	(0.4)
Olympus Corp.	(0.4)
DSV AS	(0.4)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Equity Investments 

S1801 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® International Equity Investments

PWITX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$44	0.41%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within consumer staples and materials added value.

• Underweight to consumer staples and overweight to information technology sectors also contributed positively relative to the benchmark.

• On a stock level, Nestle S.A., Taiwan Semiconductor Manufacturing, and Constellation Software were among top contributors.

• On a factor level, exposures to momentum and earnings-yield factors helped performance.

What didn’t work:

• Security selection within financials and consumer discretionary detracted.

• On a stock level, Kering SA, Genmab A/S, and SolarEdge Technologies were among the main detractors.

• On a factor level, exposures to residual volatility and beta factors hurt performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments 

Class P2 

Fund Overview 

Fund Performance

	Class P2	MSCI EAFE Index (net)
2/28/2023	$10,000	$10,000
3/31/2023	$10,313	$10,328
4/30/2023	$10,530	$10,619
5/31/2023	$10,262	$10,170
6/30/2023	$10,715	$10,633
7/31/2023	$11,021	$10,977
8/31/2023	$10,606	$10,556
9/30/2023	$10,287	$10,196
10/31/2023	$9,974	$9,782
11/30/2023	$10,842	$10,690
12/31/2023	$11,382	$11,258
1/31/2024	$11,335	$11,323
2/29/2024	$11,621	$11,530
3/31/2024	$11,979	$11,910
4/30/2024	$11,714	$11,605
5/31/2024	$12,325	$12,054
6/30/2024	$12,105	$11,860
7/31/2024	$12,517	$12,208

Average Annual Total Returns (%)

	1 Year	Since Inception 3/28/23
Class P2	13.58%	18.16%
MSCI EAFE Index (net)	11.21%	15.98%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$729,599,347
# of Portfolio Holdings	407
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (includes Administration Fees)	$5,751,057

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Long Holdings (%) 

Novartis AG	1.8%
Novo Nordisk AS, Class B	1.7
DBS Group Holdings Ltd.	1.5
United Overseas Bank Ltd.	1.4
Shell PLC	1.4

PACE^® International Equity Investments 

Class P2 

Top 5 Short Holdings (%) 

Eni SpA	(0.5%)
Galp Energia SGPS SA	(0.4)
Investor AB, Class B	(0.4)
Olympus Corp.	(0.4)
DSV AS	(0.4)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Equity Investments 

S1803 

Class P2 

Annual Shareholder Report

July 31, 2024 

PACE^® International Equity Investments

PWIYX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$106	1.00%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within consumer staples and materials added value.

• Underweight to consumer staples and overweight to information technology sectors also contributed positively relative to the benchmark.

• On a stock level, Nestle S.A., Taiwan Semiconductor Manufacturing, and Constellation Software were among top contributors.

• On a factor level, exposures to momentum and earnings-yield factors helped performance.

What didn’t work:

• Security selection within financials and consumer discretionary detracted.

• On a stock level, Kering SA, Genmab A/S, and SolarEdge Technologies were among the main detractors.

• On a factor level, exposures to residual volatility and beta factors hurt performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	MSCI EAFE Index (net)
7/31/2014	$10,000	$10,000
8/31/2014	$10,071	$9,985
9/30/2014	$9,673	$9,601
10/31/2014	$9,564	$9,461
11/30/2014	$9,686	$9,590
12/31/2014	$9,344	$9,258
1/31/2015	$9,436	$9,303
2/28/2015	$9,898	$9,859
3/31/2015	$9,779	$9,710
4/30/2015	$10,115	$10,106
5/31/2015	$10,109	$10,054
6/30/2015	$9,773	$9,769
7/31/2015	$9,891	$9,972
8/31/2015	$9,225	$9,239
9/30/2015	$8,764	$8,770
10/31/2015	$9,456	$9,455
11/30/2015	$9,370	$9,308
12/31/2015	$9,292	$9,183
1/31/2016	$8,856	$8,518
2/29/2016	$8,601	$8,362
3/31/2016	$9,211	$8,907
4/30/2016	$9,386	$9,164
5/31/2016	$9,359	$9,081
6/30/2016	$9,171	$8,776
7/31/2016	$9,487	$9,221
8/31/2016	$9,560	$9,228
9/30/2016	$9,614	$9,341
10/31/2016	$9,406	$9,150
11/30/2016	$9,205	$8,968
12/31/2016	$9,496	$9,274
1/31/2017	$9,764	$9,543
2/28/2017	$9,922	$9,680
3/31/2017	$10,224	$9,946
4/30/2017	$10,465	$10,199
5/31/2017	$10,842	$10,574
6/30/2017	$10,746	$10,555
7/31/2017	$11,103	$10,860
8/31/2017	$11,110	$10,855
9/30/2017	$11,405	$11,126
10/31/2017	$11,673	$11,294
11/30/2017	$11,755	$11,413
12/31/2017	$11,914	$11,596
1/31/2018	$12,581	$12,178
2/28/2018	$11,928	$11,628
3/31/2018	$11,823	$11,419
4/30/2018	$12,006	$11,679
5/31/2018	$11,816	$11,417
6/30/2018	$11,627	$11,277
7/31/2018	$11,907	$11,555
8/31/2018	$11,781	$11,332
9/30/2018	$11,774	$11,430
10/31/2018	$10,834	$10,520
11/30/2018	$10,813	$10,507
12/31/2018	$10,295	$9,997
1/31/2019	$10,943	$10,654
2/28/2019	$11,248	$10,926
3/31/2019	$11,332	$10,994
4/30/2019	$11,736	$11,304
5/31/2019	$10,928	$10,761
6/30/2019	$11,637	$11,399
7/31/2019	$11,393	$11,254
8/31/2019	$11,042	$10,963
9/30/2019	$11,370	$11,277
10/31/2019	$11,782	$11,682
11/30/2019	$11,888	$11,814
12/31/2019	$12,264	$12,198
1/31/2020	$12,029	$11,943
2/29/2020	$11,120	$10,863
3/31/2020	$9,466	$9,413
4/30/2020	$10,156	$10,022
5/31/2020	$10,720	$10,458
6/30/2020	$11,088	$10,814
7/31/2020	$11,425	$11,066
8/31/2020	$11,911	$11,635
9/30/2020	$11,715	$11,333
10/31/2020	$11,410	$10,880
11/30/2020	$13,055	$12,567
12/31/2020	$13,641	$13,151
1/31/2021	$13,546	$13,011
2/28/2021	$13,792	$13,303
3/31/2021	$14,189	$13,609
4/30/2021	$14,539	$14,018
5/31/2021	$15,238	$14,475
6/30/2021	$15,016	$14,312
7/31/2021	$15,055	$14,420
8/31/2021	$15,341	$14,675
9/30/2021	$14,873	$14,249
10/31/2021	$15,365	$14,599
11/30/2021	$14,658	$13,920
12/31/2021	$15,335	$14,632
1/31/2022	$15,085	$13,925
2/28/2022	$14,569	$13,679
3/31/2022	$14,414	$13,767
4/30/2022	$13,588	$12,876
5/31/2022	$13,829	$12,973
6/30/2022	$12,701	$11,769
7/31/2022	$13,269	$12,356
8/31/2022	$12,478	$11,769
9/30/2022	$11,307	$10,668
10/31/2022	$11,970	$11,242
11/30/2022	$13,502	$12,508
12/31/2022	$13,164	$12,518
1/31/2023	$14,258	$13,531
2/28/2023	$13,911	$13,249
3/31/2023	$14,409	$13,577
4/30/2023	$14,720	$13,961
5/31/2023	$14,347	$13,370
6/30/2023	$14,978	$13,978
7/31/2023	$15,387	$14,431
8/31/2023	$14,809	$13,878
9/30/2023	$14,347	$13,404
10/31/2023	$13,911	$12,860
11/30/2023	$15,111	$14,054
12/31/2023	$15,862	$14,801
1/31/2024	$15,788	$14,886
2/29/2024	$16,168	$15,158
3/31/2024	$16,669	$15,657
4/30/2024	$16,289	$15,256
5/31/2024	$17,123	$15,847
6/30/2024	$16,817	$15,591
7/31/2024	$17,383	$16,048

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	12.97%	8.82%	5.68%
MSCI EAFE Index (net)	11.21%	7.36%	4.84%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$729,599,347
# of Portfolio Holdings	407
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (includes Administration Fees)	$5,751,057

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Long Holdings (%) 

Novartis AG	1.8%
Novo Nordisk AS, Class B	1.7
DBS Group Holdings Ltd.	1.5
United Overseas Bank Ltd.	1.4
Shell PLC	1.4

PACE^® International Equity Investments 

Class Y 

Top 5 Short Holdings (%) 

Eni SpA	(0.5%)
Galp Energia SGPS SA	(0.4)
Investor AB, Class B	(0.4)
Olympus Corp.	(0.4)
DSV AS	(0.4)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Equity Investments 

S1802 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Growth Equity Investments

PLAAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Growth Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$126	1.13%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the consumer discretionary sector had the most positive impact on performance, followed by security selection within the industrials sector.

• On a sector level, an underweight allocation to the consumer staples and financials sector added to relative performance.

• An underweight Apple and Tesla was additive to relative performance.

What didn't work:

• Security selection within the technology sector detracted most from performance, followed by security selection within the financials sector.

• On a sector level, an underweight allocation to the technology sector detracted most from relative performance.

• An underweight in NVIDIA was a detractor from relative performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Growth Equity Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Russell 1000 Growth Index	Russell 1000 Index
7/31/2014	$9,450	$10,000	$10,000
8/31/2014	$9,758	$10,458	$10,413
9/30/2014	$9,596	$10,306	$10,231
10/31/2014	$9,831	$10,578	$10,481
11/30/2014	$10,154	$10,913	$10,755
12/31/2014	$10,106	$10,800	$10,730
1/31/2015	$9,884	$10,634	$10,435
2/28/2015	$10,523	$11,343	$11,038
3/31/2015	$10,416	$11,214	$10,901
4/30/2015	$10,412	$11,270	$10,978
5/31/2015	$10,614	$11,429	$11,122
6/30/2015	$10,490	$11,227	$10,913
7/31/2015	$10,829	$11,608	$11,124
8/31/2015	$10,160	$10,903	$10,454
9/30/2015	$9,813	$10,634	$10,168
10/31/2015	$10,668	$11,549	$10,991
11/30/2015	$10,717	$11,582	$11,027
12/31/2015	$10,567	$11,412	$10,828
1/31/2016	$9,972	$10,775	$10,246
2/29/2016	$9,845	$10,770	$10,242
3/31/2016	$10,284	$11,496	$10,956
4/30/2016	$10,211	$11,391	$11,015
5/31/2016	$10,513	$11,612	$11,208
6/30/2016	$10,381	$11,567	$11,233
7/31/2016	$10,908	$12,113	$11,661
8/31/2016	$10,864	$12,053	$11,677
9/30/2016	$10,908	$12,097	$11,686
10/31/2016	$10,635	$11,813	$11,458
11/30/2016	$10,611	$12,070	$11,910
12/31/2016	$10,644	$12,219	$12,134
1/31/2017	$10,921	$12,631	$12,378
2/28/2017	$11,385	$13,156	$12,857
3/31/2017	$11,527	$13,308	$12,865
4/30/2017	$11,865	$13,612	$13,001
5/31/2017	$12,233	$13,966	$13,167
6/30/2017	$12,289	$13,929	$13,259
7/31/2017	$12,708	$14,299	$13,521
8/31/2017	$12,894	$14,562	$13,564
9/30/2017	$13,041	$14,751	$13,853
10/31/2017	$13,455	$15,322	$14,170
11/30/2017	$13,732	$15,788	$14,602
12/31/2017	$13,787	$15,911	$14,765
1/31/2018	$14,863	$17,038	$15,576
2/28/2018	$14,423	$16,591	$15,004
3/31/2018	$14,127	$16,136	$14,663
4/30/2018	$14,088	$16,192	$14,713
5/31/2018	$14,551	$16,902	$15,089
6/30/2018	$14,623	$17,065	$15,186
7/31/2018	$15,086	$17,566	$15,710
8/31/2018	$15,666	$18,526	$16,252
9/30/2018	$15,733	$18,630	$16,313
10/31/2018	$14,373	$16,964	$15,159
11/30/2018	$14,651	$17,144	$15,468
12/31/2018	$13,309	$15,670	$14,059
1/31/2019	$14,465	$17,079	$15,237
2/28/2019	$14,903	$17,690	$15,753
3/31/2019	$15,265	$18,193	$16,027
4/30/2019	$16,114	$19,015	$16,674
5/31/2019	$15,279	$17,814	$15,612
6/30/2019	$16,333	$19,037	$16,708
7/31/2019	$16,607	$19,467	$16,967
8/31/2019	$16,538	$19,318	$16,656
9/30/2019	$16,353	$19,320	$16,945
10/31/2019	$16,504	$19,865	$17,304
11/30/2019	$17,113	$20,746	$17,958
12/31/2019	$17,528	$21,372	$18,477
1/31/2020	$18,035	$21,850	$18,497
2/29/2020	$16,958	$20,362	$16,985
3/31/2020	$15,053	$18,359	$14,741
4/30/2020	$17,142	$21,075	$16,689
5/31/2020	$18,501	$22,490	$17,569
6/30/2020	$19,377	$23,470	$17,958
7/31/2020	$20,984	$25,275	$19,009
8/31/2020	$23,106	$27,884	$20,404
9/30/2020	$22,005	$26,572	$19,659
10/31/2020	$21,177	$25,669	$19,185
11/30/2020	$23,451	$28,298	$21,444
12/31/2020	$24,367	$29,599	$22,350
1/31/2021	$24,001	$29,380	$22,166
2/28/2021	$24,444	$29,373	$22,809
3/31/2021	$24,530	$29,878	$23,672
4/30/2021	$26,107	$31,911	$24,946
5/31/2021	$25,925	$31,469	$25,064
6/30/2021	$27,079	$33,444	$25,692
7/31/2021	$27,829	$34,546	$26,226
8/31/2021	$28,761	$35,838	$26,985
9/30/2021	$27,107	$33,830	$25,746
10/31/2021	$29,040	$36,761	$27,532
11/30/2021	$28,877	$36,985	$27,163
12/31/2021	$29,274	$37,767	$28,263
1/31/2022	$26,692	$34,526	$26,670
2/28/2022	$25,618	$33,060	$25,938
3/31/2022	$26,390	$34,353	$26,813
4/30/2022	$23,518	$30,204	$24,423
5/31/2022	$23,337	$29,502	$24,386
6/30/2022	$21,334	$27,165	$22,343
7/31/2022	$23,530	$30,426	$24,424
8/31/2022	$22,468	$29,008	$23,487
9/30/2022	$20,441	$26,188	$21,314
10/31/2022	$21,781	$27,719	$23,023
11/30/2022	$22,553	$28,982	$24,268
12/31/2022	$21,079	$26,763	$22,857
1/31/2023	$22,642	$28,994	$24,390
2/28/2023	$21,891	$28,649	$23,809
3/31/2023	$23,130	$30,608	$24,562
4/30/2023	$23,252	$30,910	$24,867
5/31/2023	$24,389	$32,319	$24,983
6/30/2023	$25,892	$34,529	$26,670
7/31/2023	$26,887	$35,692	$27,587
8/31/2023	$26,724	$35,372	$27,104
9/30/2023	$25,059	$33,448	$25,831
10/31/2023	$24,592	$32,972	$25,206
11/30/2023	$27,354	$36,566	$27,560
12/31/2023	$28,437	$38,185	$28,921
1/31/2024	$29,643	$39,138	$29,324
2/29/2024	$32,077	$41,808	$30,908
3/31/2024	$32,535	$42,544	$31,899
4/30/2024	$30,871	$40,739	$30,541
5/31/2024	$32,077	$43,178	$31,980
6/30/2024	$33,970	$46,090	$33,038
7/31/2024	$33,221	$45,306	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	23.56%	14.88%	13.40%
Class A with Load	16.77%	13.59%	12.76%
Russell 1000 Growth Index	26.94%	18.41%	16.31%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$804,364,148
# of Portfolio Holdings	83
Portfolio Turnover Rate	48%
Total Advisory Fees Paid (includes Administration Fees)	$6,055,333

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Microsoft Corp.	9.8%
Amazon.com, Inc.	8.9
NVIDIA Corp.	6.2
Alphabet, Inc., Class C	5.2
Apple, Inc.	4.8

PACE^® Large Co Growth Equity Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Information Technology	39.6%
Consumer Discretionary	15.6%
Health Care	14.1%
Communication Services	13.1%
Financials	6.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Growth Equity Investments 

S1804 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Growth Equity Investments

PCLCX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Growth Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$99	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the consumer discretionary sector had the most positive impact on performance, followed by security selection within the industrials sector.

• On a sector level, an underweight allocation to the consumer staples and financials sector added to relative performance.

• An underweight Apple and Tesla was additive to relative performance.

What didn't work:

• Security selection within the technology sector detracted most from performance, followed by security selection within the financials sector.

• On a sector level, an underweight allocation to the technology sector detracted most from relative performance.

• An underweight in NVIDIA was a detractor from relative performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Growth Equity Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Russell 1000 Growth Index	Russell 1000 Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,327	$10,458	$10,413
9/30/2014	$10,156	$10,306	$10,231
10/31/2014	$10,407	$10,578	$10,481
11/30/2014	$10,754	$10,913	$10,755
12/31/2014	$10,704	$10,800	$10,730
1/31/2015	$10,469	$10,634	$10,435
2/28/2015	$11,150	$11,343	$11,038
3/31/2015	$11,043	$11,214	$10,901
4/30/2015	$11,038	$11,270	$10,978
5/31/2015	$11,257	$11,429	$11,122
6/30/2015	$11,128	$11,227	$10,913
7/31/2015	$11,488	$11,608	$11,124
8/31/2015	$10,777	$10,903	$10,454
9/30/2015	$10,413	$10,634	$10,168
10/31/2015	$11,325	$11,549	$10,991
11/30/2015	$11,381	$11,582	$11,027
12/31/2015	$11,221	$11,412	$10,828
1/31/2016	$10,591	$10,775	$10,246
2/29/2016	$10,460	$10,770	$10,242
3/31/2016	$10,929	$11,496	$10,956
4/30/2016	$10,853	$11,391	$11,015
5/31/2016	$11,176	$11,612	$11,208
6/30/2016	$11,040	$11,567	$11,233
7/31/2016	$11,604	$12,113	$11,661
8/31/2016	$11,554	$12,053	$11,677
9/30/2016	$11,604	$12,097	$11,686
10/31/2016	$11,317	$11,813	$11,458
11/30/2016	$11,297	$12,070	$11,910
12/31/2016	$11,333	$12,219	$12,134
1/31/2017	$11,625	$12,631	$12,378
2/28/2017	$12,127	$13,156	$12,857
3/31/2017	$12,278	$13,308	$12,865
4/30/2017	$12,644	$13,612	$13,001
5/31/2017	$13,035	$13,966	$13,167
6/30/2017	$13,103	$13,929	$13,259
7/31/2017	$13,547	$14,299	$13,521
8/31/2017	$13,751	$14,562	$13,564
9/30/2017	$13,913	$14,751	$13,853
10/31/2017	$14,351	$15,322	$14,170
11/30/2017	$14,649	$15,788	$14,602
12/31/2017	$14,715	$15,911	$14,765
1/31/2018	$15,866	$17,038	$15,576
2/28/2018	$15,394	$16,591	$15,004
3/31/2018	$15,089	$16,136	$14,663
4/30/2018	$15,043	$16,192	$14,713
5/31/2018	$15,544	$16,902	$15,089
6/30/2018	$15,625	$17,065	$15,186
7/31/2018	$16,125	$17,566	$15,710
8/31/2018	$16,747	$18,526	$16,252
9/30/2018	$16,822	$18,630	$16,313
10/31/2018	$15,371	$16,964	$15,159
11/30/2018	$15,671	$17,144	$15,468
12/31/2018	$14,237	$15,670	$14,059
1/31/2019	$15,478	$17,079	$15,237
2/28/2019	$15,955	$17,690	$15,753
3/31/2019	$16,341	$18,193	$16,027
4/30/2019	$17,253	$19,015	$16,674
5/31/2019	$16,362	$17,814	$15,612
6/30/2019	$17,498	$19,037	$16,708
7/31/2019	$17,793	$19,467	$16,967
8/31/2019	$17,723	$19,318	$16,656
9/30/2019	$17,526	$19,320	$16,945
10/31/2019	$17,695	$19,865	$17,304
11/30/2019	$18,347	$20,746	$17,958
12/31/2019	$18,796	$21,372	$18,477
1/31/2020	$19,345	$21,850	$18,497
2/29/2020	$18,198	$20,362	$16,985
3/31/2020	$16,151	$18,359	$14,741
4/30/2020	$18,403	$21,075	$16,689
5/31/2020	$19,861	$22,490	$17,569
6/30/2020	$20,811	$23,470	$17,958
7/31/2020	$22,547	$25,275	$19,009
8/31/2020	$24,824	$27,884	$20,404
9/30/2020	$23,645	$26,572	$19,659
10/31/2020	$22,760	$25,669	$19,185
11/30/2020	$25,217	$28,298	$21,444
12/31/2020	$26,210	$29,599	$22,350
1/31/2021	$25,812	$29,380	$22,166
2/28/2021	$26,297	$29,373	$22,809
3/31/2021	$26,394	$29,878	$23,672
4/30/2021	$28,092	$31,911	$24,946
5/31/2021	$27,907	$31,469	$25,064
6/30/2021	$29,149	$33,444	$25,692
7/31/2021	$29,964	$34,546	$26,226
8/31/2021	$30,973	$35,838	$26,985
9/30/2021	$29,207	$33,830	$25,746
10/31/2021	$31,293	$36,761	$27,532
11/30/2021	$31,118	$36,985	$27,163
12/31/2021	$31,548	$37,767	$28,263
1/31/2022	$28,782	$34,526	$26,670
2/28/2022	$27,632	$33,060	$25,938
3/31/2022	$28,458	$34,353	$26,813
4/30/2022	$25,368	$30,204	$24,423
5/31/2022	$25,176	$29,502	$24,386
6/30/2022	$23,032	$27,165	$22,343
7/31/2022	$25,404	$30,426	$24,424
8/31/2022	$24,266	$29,008	$23,487
9/30/2022	$22,074	$26,188	$21,314
10/31/2022	$23,523	$27,719	$23,023
11/30/2022	$24,362	$28,982	$24,268
12/31/2022	$22,786	$26,763	$22,857
1/31/2023	$24,471	$28,994	$24,390
2/28/2023	$23,647	$28,649	$23,809
3/31/2023	$25,007	$30,608	$24,562
4/30/2023	$25,141	$30,910	$24,867
5/31/2023	$26,385	$32,319	$24,983
6/30/2023	$28,032	$34,529	$26,670
7/31/2023	$29,085	$35,692	$27,587
8/31/2023	$28,932	$35,372	$27,104
9/30/2023	$27,132	$33,448	$25,831
10/31/2023	$26,634	$32,972	$25,206
11/30/2023	$29,621	$36,566	$27,560
12/31/2023	$30,795	$38,185	$28,921
1/31/2024	$32,125	$39,138	$29,324
2/29/2024	$34,765	$41,808	$30,908
3/31/2024	$35,273	$42,544	$31,899
4/30/2024	$33,474	$40,739	$30,541
5/31/2024	$34,784	$43,178	$31,980
6/30/2024	$36,857	$46,090	$33,038
7/31/2024	$36,035	$45,306	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	23.90%	15.16%	13.68%
Russell 1000 Growth Index	26.94%	18.41%	16.31%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$804,364,148
# of Portfolio Holdings	83
Portfolio Turnover Rate	48%
Total Advisory Fees Paid (includes Administration Fees)	$6,055,333

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Microsoft Corp.	9.8%
Amazon.com, Inc.	8.9
NVIDIA Corp.	6.2
Alphabet, Inc., Class C	5.2
Apple, Inc.	4.8

PACE^® Large Co Growth Equity Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Information Technology	39.6%
Consumer Discretionary	15.6%
Health Care	14.1%
Communication Services	13.1%
Financials	6.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Growth Equity Investments 

S1805 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Growth Equity Investments

PLAYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Growth Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$98	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the consumer discretionary sector had the most positive impact on performance, followed by security selection within the industrials sector.

• On a sector level, an underweight allocation to the consumer staples and financials sector added to relative performance.

• An underweight Apple and Tesla was additive to relative performance.

What didn't work:

• Security selection within the technology sector detracted most from performance, followed by security selection within the financials sector.

• On a sector level, an underweight allocation to the technology sector detracted most from relative performance.

• An underweight in NVIDIA was a detractor from relative performance.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Growth Equity Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Russell 1000 Growth Index	Russell 1000 Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,330	$10,458	$10,413
9/30/2014	$10,159	$10,306	$10,231
10/31/2014	$10,409	$10,578	$10,481
11/30/2014	$10,754	$10,913	$10,755
12/31/2014	$10,710	$10,800	$10,730
1/31/2015	$10,471	$10,634	$10,435
2/28/2015	$11,153	$11,343	$11,038
3/31/2015	$11,046	$11,214	$10,901
4/30/2015	$11,042	$11,270	$10,978
5/31/2015	$11,259	$11,429	$11,122
6/30/2015	$11,131	$11,227	$10,913
7/31/2015	$11,489	$11,608	$11,124
8/31/2015	$10,782	$10,903	$10,454
9/30/2015	$10,416	$10,634	$10,168
10/31/2015	$11,327	$11,549	$10,991
11/30/2015	$11,383	$11,582	$11,027
12/31/2015	$11,224	$11,412	$10,828
1/31/2016	$10,593	$10,775	$10,246
2/29/2016	$10,463	$10,770	$10,242
3/31/2016	$10,933	$11,496	$10,956
4/30/2016	$10,858	$11,391	$11,015
5/31/2016	$11,178	$11,612	$11,208
6/30/2016	$11,043	$11,567	$11,233
7/31/2016	$11,609	$12,113	$11,661
8/31/2016	$11,559	$12,053	$11,677
9/30/2016	$11,609	$12,097	$11,686
10/31/2016	$11,324	$11,813	$11,458
11/30/2016	$11,299	$12,070	$11,910
12/31/2016	$11,336	$12,219	$12,134
1/31/2017	$11,632	$12,631	$12,378
2/28/2017	$12,130	$13,156	$12,857
3/31/2017	$12,285	$13,308	$12,865
4/30/2017	$12,648	$13,612	$13,001
5/31/2017	$13,043	$13,966	$13,167
6/30/2017	$13,105	$13,929	$13,259
7/31/2017	$13,551	$14,299	$13,521
8/31/2017	$13,759	$14,562	$13,564
9/30/2017	$13,919	$14,751	$13,853
10/31/2017	$14,360	$15,322	$14,170
11/30/2017	$14,656	$15,788	$14,602
12/31/2017	$14,724	$15,911	$14,765
1/31/2018	$15,878	$17,038	$15,576
2/28/2018	$15,404	$16,591	$15,004
3/31/2018	$15,095	$16,136	$14,663
4/30/2018	$15,055	$16,192	$14,713
5/31/2018	$15,553	$16,902	$15,089
6/30/2018	$15,633	$17,065	$15,186
7/31/2018	$16,130	$17,566	$15,710
8/31/2018	$16,753	$18,526	$16,252
9/30/2018	$16,833	$18,630	$16,313
10/31/2018	$15,381	$16,964	$15,159
11/30/2018	$15,684	$17,144	$15,468
12/31/2018	$14,245	$15,670	$14,059
1/31/2019	$15,490	$17,079	$15,237
2/28/2019	$15,962	$17,690	$15,753
3/31/2019	$16,352	$18,193	$16,027
4/30/2019	$17,262	$19,015	$16,674
5/31/2019	$16,373	$17,814	$15,612
6/30/2019	$17,513	$19,037	$16,708
7/31/2019	$17,805	$19,467	$16,967
8/31/2019	$17,735	$19,318	$16,656
9/30/2019	$17,541	$19,320	$16,945
10/31/2019	$17,700	$19,865	$17,304
11/30/2019	$18,361	$20,746	$17,958
12/31/2019	$18,807	$21,372	$18,477
1/31/2020	$19,359	$21,850	$18,497
2/29/2020	$18,207	$20,362	$16,985
3/31/2020	$16,165	$18,359	$14,741
4/30/2020	$18,418	$21,075	$16,689
5/31/2020	$19,877	$22,490	$17,569
6/30/2020	$20,826	$23,470	$17,958
7/31/2020	$22,561	$25,275	$19,009
8/31/2020	$24,839	$27,884	$20,404
9/30/2020	$23,663	$26,572	$19,659
10/31/2020	$22,780	$25,669	$19,185
11/30/2020	$25,236	$28,298	$21,444
12/31/2020	$26,226	$29,599	$22,350
1/31/2021	$25,834	$29,380	$22,166
2/28/2021	$26,313	$29,373	$22,809
3/31/2021	$26,409	$29,878	$23,672
4/30/2021	$28,114	$31,911	$24,946
5/31/2021	$27,923	$31,469	$25,064
6/30/2021	$29,168	$33,444	$25,692
7/31/2021	$29,983	$34,546	$26,226
8/31/2021	$30,998	$35,838	$26,985
9/30/2021	$29,226	$33,830	$25,746
10/31/2021	$31,315	$36,761	$27,532
11/30/2021	$31,152	$36,985	$27,163
12/31/2021	$31,576	$37,767	$28,263
1/31/2022	$28,804	$34,526	$26,670
2/28/2022	$27,648	$33,060	$25,938
3/31/2022	$28,486	$34,353	$26,813
4/30/2022	$25,395	$30,204	$24,423
5/31/2022	$25,207	$29,502	$24,386
6/30/2022	$23,048	$27,165	$22,343
7/31/2022	$25,431	$30,426	$24,424
8/31/2022	$24,287	$29,008	$23,487
9/30/2022	$22,093	$26,188	$21,314
10/31/2022	$23,555	$27,719	$23,023
11/30/2022	$24,393	$28,982	$24,268
12/31/2022	$22,809	$26,763	$22,857
1/31/2023	$24,490	$28,994	$24,390
2/28/2023	$23,687	$28,649	$23,809
3/31/2023	$25,032	$30,608	$24,562
4/30/2023	$25,163	$30,910	$24,867
5/31/2023	$26,414	$32,319	$24,983
6/30/2023	$28,040	$34,529	$26,670
7/31/2023	$29,123	$35,692	$27,587
8/31/2023	$28,955	$35,372	$27,104
9/30/2023	$27,162	$33,448	$25,831
10/31/2023	$26,657	$32,972	$25,206
11/30/2023	$29,665	$36,566	$27,560
12/31/2023	$30,829	$38,185	$28,921
1/31/2024	$32,164	$39,138	$29,324
2/29/2024	$34,795	$41,808	$30,908
3/31/2024	$35,310	$42,544	$31,899
4/30/2024	$33,517	$40,739	$30,541
5/31/2024	$34,833	$43,178	$31,980
6/30/2024	$36,892	$46,090	$33,038
7/31/2024	$36,072	$45,306	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	23.86%	15.17%	13.69%
Russell 1000 Growth Index	26.94%	18.41%	16.31%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$804,364,148
# of Portfolio Holdings	83
Portfolio Turnover Rate	48%
Total Advisory Fees Paid (includes Administration Fees)	$6,055,333

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Microsoft Corp.	9.8%
Amazon.com, Inc.	8.9
NVIDIA Corp.	6.2
Alphabet, Inc., Class C	5.2
Apple, Inc.	4.8

PACE^® Large Co Growth Equity Investments 

Class Y 

Top 5 Sectors (% of Net Assets) 

Value	Value
Information Technology	39.6%
Consumer Discretionary	15.6%
Health Care	14.1%
Communication Services	13.1%
Financials	6.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Growth Equity Investments 

S1806 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Mortgage-Backed Securities Fixed Income Investments

PFXAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$99	0.97%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• US duration curve positioning, within the 3-year and 5-year portions of the US yield curve, contributed to performance.

• Agency collateralized mortgage obligations (CMOs) and mortgage options contributed to performance.

• The use of money market instruments along with collateralized debt obligations (CDOs) contributed to performance.

What didn’t work:

• Exposure to Fannie Mae and Freddie Mac securities detracted from performance.

• Exposure to commercial mortgage-backed securities (CMBS) slightly detracted from performance.

During the reporting period, the Fund utilized derivatives including interest rate swaps, options, and futures on US Treasuries to manage US interest rate exposure and yield curve positioning. Mortgage pool options were used to manage interest rate and volatility risk within the sector. Money market futures were also used as a duration and cash management tool.

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Bloomberg US Mortgage-Backed Securities Index	Bloomberg US Aggregate Bond Index
7/31/2014	$9,625	$10,000	$10,000
8/31/2014	$9,698	$10,094	$10,110
9/30/2014	$9,674	$10,077	$10,042
10/31/2014	$9,748	$10,175	$10,140
11/30/2014	$9,814	$10,242	$10,212
12/31/2014	$9,820	$10,257	$10,222
1/31/2015	$9,900	$10,344	$10,436
2/28/2015	$9,875	$10,328	$10,338
3/31/2015	$9,918	$10,366	$10,386
4/30/2015	$9,925	$10,370	$10,349
5/31/2015	$9,911	$10,368	$10,324
6/30/2015	$9,854	$10,289	$10,211
7/31/2015	$9,900	$10,354	$10,282
8/31/2015	$9,895	$10,362	$10,268
9/30/2015	$9,957	$10,423	$10,337
10/31/2015	$9,953	$10,430	$10,339
11/30/2015	$9,924	$10,416	$10,311
12/31/2015	$9,912	$10,412	$10,278
1/31/2016	$10,031	$10,547	$10,420
2/29/2016	$10,037	$10,587	$10,494
3/31/2016	$10,091	$10,618	$10,590
4/30/2016	$10,138	$10,635	$10,630
5/31/2016	$10,164	$10,649	$10,633
6/30/2016	$10,258	$10,735	$10,824
7/31/2016	$10,273	$10,757	$10,893
8/31/2016	$10,274	$10,770	$10,880
9/30/2016	$10,320	$10,799	$10,874
10/31/2016	$10,298	$10,771	$10,791
11/30/2016	$10,085	$10,587	$10,535
12/31/2016	$10,099	$10,586	$10,550
1/31/2017	$10,104	$10,583	$10,571
2/28/2017	$10,166	$10,633	$10,642
3/31/2017	$10,163	$10,637	$10,636
4/30/2017	$10,223	$10,706	$10,719
5/31/2017	$10,279	$10,772	$10,801
6/30/2017	$10,247	$10,729	$10,790
7/31/2017	$10,303	$10,778	$10,837
8/31/2017	$10,383	$10,856	$10,934
9/30/2017	$10,366	$10,832	$10,882
10/31/2017	$10,358	$10,829	$10,888
11/30/2017	$10,333	$10,813	$10,874
12/31/2017	$10,367	$10,848	$10,924
1/31/2018	$10,219	$10,721	$10,798
2/28/2018	$10,140	$10,651	$10,696
3/31/2018	$10,173	$10,719	$10,764
4/30/2018	$10,123	$10,665	$10,684
5/31/2018	$10,182	$10,740	$10,761
6/30/2018	$10,193	$10,745	$10,747
7/31/2018	$10,187	$10,733	$10,750
8/31/2018	$10,239	$10,798	$10,819
9/30/2018	$10,183	$10,732	$10,749
10/31/2018	$10,111	$10,664	$10,664
11/30/2018	$10,196	$10,761	$10,728
12/31/2018	$10,358	$10,956	$10,925
1/31/2019	$10,453	$11,043	$11,041
2/28/2019	$10,448	$11,032	$11,035
3/31/2019	$10,605	$11,193	$11,247
4/30/2019	$10,591	$11,186	$11,250
5/31/2019	$10,706	$11,331	$11,449
6/30/2019	$10,787	$11,413	$11,593
7/31/2019	$10,826	$11,459	$11,619
8/31/2019	$10,882	$11,561	$11,920
9/30/2019	$10,915	$11,569	$11,856
10/31/2019	$10,961	$11,610	$11,892
11/30/2019	$10,972	$11,619	$11,886
12/31/2019	$11,001	$11,652	$11,878
1/31/2020	$11,063	$11,733	$12,106
2/29/2020	$11,155	$11,855	$12,324
3/31/2020	$11,134	$11,980	$12,251
4/30/2020	$11,318	$12,056	$12,469
5/31/2020	$11,383	$12,071	$12,527
6/30/2020	$11,416	$12,060	$12,606
7/31/2020	$11,478	$12,081	$12,795
8/31/2020	$11,511	$12,086	$12,691
9/30/2020	$11,507	$12,073	$12,684
10/31/2020	$11,519	$12,068	$12,628
11/30/2020	$11,549	$12,077	$12,752
12/31/2020	$11,605	$12,103	$12,769
1/31/2021	$11,660	$12,112	$12,678
2/28/2021	$11,596	$12,031	$12,495
3/31/2021	$11,527	$11,970	$12,338
4/30/2021	$11,569	$12,036	$12,436
5/31/2021	$11,546	$12,015	$12,477
6/30/2021	$11,553	$12,010	$12,564
7/31/2021	$11,616	$12,085	$12,705
8/31/2021	$11,611	$12,065	$12,681
9/30/2021	$11,588	$12,021	$12,571
10/31/2021	$11,549	$11,998	$12,567
11/30/2021	$11,507	$11,987	$12,604
12/31/2021	$11,505	$11,977	$12,572
1/31/2022	$11,325	$11,799	$12,301
2/28/2022	$11,181	$11,685	$12,164
3/31/2022	$10,829	$11,381	$11,826
4/30/2022	$10,416	$10,981	$11,377
5/31/2022	$10,549	$11,103	$11,451
6/30/2022	$10,299	$10,925	$11,271
7/31/2022	$10,658	$11,276	$11,547
8/31/2022	$10,282	$10,891	$11,220
9/30/2022	$9,696	$10,341	$10,735
10/31/2022	$9,563	$10,193	$10,596
11/30/2022	$9,957	$10,609	$10,986
12/31/2022	$9,928	$10,562	$10,937
1/31/2023	$10,262	$10,910	$11,273
2/28/2023	$9,994	$10,622	$10,982
3/31/2023	$10,173	$10,829	$11,260
4/30/2023	$10,237	$10,885	$11,329
5/31/2023	$10,147	$10,805	$11,205
6/30/2023	$10,121	$10,759	$11,165
7/31/2023	$10,121	$10,751	$11,158
8/31/2023	$10,033	$10,663	$11,086
9/30/2023	$9,706	$10,323	$10,805
10/31/2023	$9,473	$10,110	$10,634
11/30/2023	$9,994	$10,637	$11,116
12/31/2023	$10,420	$11,095	$11,541
1/31/2024	$10,369	$11,044	$11,510
2/29/2024	$10,223	$10,864	$11,347
3/31/2024	$10,334	$10,979	$11,452
4/30/2024	$10,024	$10,647	$11,162
5/31/2024	$10,236	$10,860	$11,352
6/30/2024	$10,341	$10,987	$11,459
7/31/2024	$10,615	$11,276	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	4.89%	(0.39%)	0.98%
Class A with Load	0.91%	(1.14%)	0.60%
Bloomberg US Mortgage-Backed Securities Index	4.89%	(0.32%)	1.21%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$185,579,475
# of Portfolio Holdings	1,083
Portfolio Turnover Rate	977%
Total Advisory Fees Paid (includes Administration Fees)	$522,342

What is the Fund’s investment objective?

The Fund seeks current income.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 2.000%	16.2%
Uniform Mortgage-Backed Security, TBA, 6.500%	11.5
Government National Mortgage Association, TBA, 3.000%	10.4
Uniform Mortgage-Backed Security, TBA, 6.000%	10.3
Uniform Mortgage-Backed Security, TBA, 5.000%	10.1

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class A 

Top 5 Asset Classes (%)

Value	Value
U.S. government agency obligations	180.1%
Mortgage-backed securities	16.3%
Asset-backed securities	10.3%
U.S. Treasury obligations	5.3%
Investment companies	0.8%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Mortgage-Backed Securities Fixed Income Investments 

S1790 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Mortgage-Backed Securities Fixed Income Investments

PCGTX

Fund Overview 

This annual shareholder report contains important information about PACE^® Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$74	0.72%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• US duration curve positioning, within the 3-year and 5-year portions of the US yield curve, contributed to performance.

• Agency collateralized mortgage obligations (CMOs) and mortgage options contributed to performance.

• The use of money market instruments along with collateralized debt obligations (CDOs) contributed to performance.

What didn’t work:

• Exposure to Fannie Mae and Freddie Mac securities detracted from performance.

• Exposure to commercial mortgage-backed securities (CMBS) slightly detracted from performance.

During the reporting period, the Fund utilized derivatives including interest rate swaps, options, and futures on US Treasuries to manage US interest rate exposure and yield curve positioning. Mortgage pool options were used to manage interest rate and volatility risk within the sector. Money market futures were also used as a duration and cash management tool.

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Bloomberg US Mortgage-Backed Securities Index	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,079	$10,094	$10,110
9/30/2014	$10,048	$10,077	$10,042
10/31/2014	$10,135	$10,175	$10,140
11/30/2014	$10,197	$10,242	$10,212
12/31/2014	$10,206	$10,257	$10,222
1/31/2015	$10,292	$10,344	$10,436
2/28/2015	$10,275	$10,328	$10,338
3/31/2015	$10,322	$10,366	$10,386
4/30/2015	$10,332	$10,370	$10,349
5/31/2015	$10,311	$10,368	$10,324
6/30/2015	$10,254	$10,289	$10,211
7/31/2015	$10,304	$10,354	$10,282
8/31/2015	$10,309	$10,362	$10,268
9/30/2015	$10,375	$10,423	$10,337
10/31/2015	$10,366	$10,430	$10,339
11/30/2015	$10,346	$10,416	$10,311
12/31/2015	$10,335	$10,412	$10,278
1/31/2016	$10,461	$10,547	$10,420
2/29/2016	$10,470	$10,587	$10,494
3/31/2016	$10,521	$10,618	$10,590
4/30/2016	$10,571	$10,635	$10,630
5/31/2016	$10,601	$10,649	$10,633
6/30/2016	$10,701	$10,735	$10,824
7/31/2016	$10,727	$10,757	$10,893
8/31/2016	$10,731	$10,770	$10,880
9/30/2016	$10,781	$10,799	$10,874
10/31/2016	$10,760	$10,771	$10,791
11/30/2016	$10,532	$10,587	$10,535
12/31/2016	$10,557	$10,586	$10,550
1/31/2017	$10,564	$10,583	$10,571
2/28/2017	$10,623	$10,633	$10,642
3/31/2017	$10,622	$10,637	$10,636
4/30/2017	$10,695	$10,706	$10,719
5/31/2017	$10,756	$10,772	$10,801
6/30/2017	$10,725	$10,729	$10,790
7/31/2017	$10,786	$10,778	$10,837
8/31/2017	$10,871	$10,856	$10,934
9/30/2017	$10,856	$10,832	$10,882
10/31/2017	$10,842	$10,829	$10,888
11/30/2017	$10,826	$10,813	$10,874
12/31/2017	$10,855	$10,848	$10,924
1/31/2018	$10,703	$10,721	$10,798
2/28/2018	$10,623	$10,651	$10,696
3/31/2018	$10,667	$10,719	$10,764
4/30/2018	$10,618	$10,665	$10,684
5/31/2018	$10,673	$10,740	$10,761
6/30/2018	$10,687	$10,745	$10,747
7/31/2018	$10,692	$10,733	$10,750
8/31/2018	$10,748	$10,798	$10,819
9/30/2018	$10,682	$10,732	$10,749
10/31/2018	$10,618	$10,664	$10,664
11/30/2018	$10,700	$10,761	$10,728
12/31/2018	$10,873	$10,956	$10,925
1/31/2019	$10,984	$11,043	$11,041
2/28/2019	$10,980	$11,032	$11,035
3/31/2019	$11,148	$11,193	$11,247
4/30/2019	$11,136	$11,186	$11,250
5/31/2019	$11,259	$11,331	$11,449
6/30/2019	$11,346	$11,413	$11,593
7/31/2019	$11,389	$11,459	$11,619
8/31/2019	$11,441	$11,561	$11,920
9/30/2019	$11,479	$11,569	$11,856
10/31/2019	$11,530	$11,610	$11,892
11/30/2019	$11,543	$11,619	$11,886
12/31/2019	$11,585	$11,652	$11,878
1/31/2020	$11,654	$11,733	$12,106
2/29/2020	$11,743	$11,855	$12,324
3/31/2020	$11,723	$11,980	$12,251
4/30/2020	$11,920	$12,056	$12,469
5/31/2020	$12,000	$12,071	$12,527
6/30/2020	$12,037	$12,060	$12,606
7/31/2020	$12,096	$12,081	$12,795
8/31/2020	$12,134	$12,086	$12,691
9/30/2020	$12,141	$12,073	$12,684
10/31/2020	$12,156	$12,068	$12,628
11/30/2020	$12,190	$12,077	$12,752
12/31/2020	$12,252	$12,103	$12,769
1/31/2021	$12,313	$12,112	$12,678
2/28/2021	$12,248	$12,031	$12,495
3/31/2021	$12,167	$11,970	$12,338
4/30/2021	$12,224	$12,036	$12,436
5/31/2021	$12,203	$12,015	$12,477
6/30/2021	$12,212	$12,010	$12,564
7/31/2021	$12,281	$12,085	$12,705
8/31/2021	$12,269	$12,065	$12,681
9/30/2021	$12,248	$12,021	$12,571
10/31/2021	$12,208	$11,998	$12,567
11/30/2021	$12,177	$11,987	$12,604
12/31/2021	$12,177	$11,977	$12,572
1/31/2022	$11,989	$11,799	$12,301
2/28/2022	$11,829	$11,685	$12,164
3/31/2022	$11,469	$11,381	$11,826
4/30/2022	$11,035	$10,981	$11,377
5/31/2022	$11,168	$11,103	$11,451
6/30/2022	$10,916	$10,925	$11,271
7/31/2022	$11,288	$11,276	$11,547
8/31/2022	$10,902	$10,891	$11,220
9/30/2022	$10,274	$10,341	$10,735
10/31/2022	$10,135	$10,193	$10,596
11/30/2022	$10,564	$10,609	$10,986
12/31/2022	$10,536	$10,562	$10,937
1/31/2023	$10,892	$10,910	$11,273
2/28/2023	$10,601	$10,622	$10,982
3/31/2023	$10,793	$10,829	$11,260
4/30/2023	$10,862	$10,885	$11,329
5/31/2023	$10,770	$10,805	$11,205
6/30/2023	$10,745	$10,759	$11,165
7/31/2023	$10,746	$10,751	$11,158
8/31/2023	$10,656	$10,663	$11,086
9/30/2023	$10,311	$10,323	$10,805
10/31/2023	$10,065	$10,110	$10,634
11/30/2023	$10,621	$10,637	$11,116
12/31/2023	$11,075	$11,095	$11,541
1/31/2024	$11,034	$11,044	$11,510
2/29/2024	$10,871	$10,864	$11,347
3/31/2024	$11,001	$10,979	$11,452
4/30/2024	$10,674	$10,647	$11,162
5/31/2024	$10,892	$10,860	$11,352
6/30/2024	$11,016	$10,987	$11,459
7/31/2024	$11,300	$11,276	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	5.15%	(0.16%)	1.23%
Bloomberg US Mortgage-Backed Securities Index	4.89%	(0.32%)	1.21%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$185,579,475
# of Portfolio Holdings	1,083
Portfolio Turnover Rate	977%
Total Advisory Fees Paid (includes Administration Fees)	$522,342

What is the Fund’s investment objective?

The Fund seeks current income.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 2.000%	16.2%
Uniform Mortgage-Backed Security, TBA, 6.500%	11.5
Government National Mortgage Association, TBA, 3.000%	10.4
Uniform Mortgage-Backed Security, TBA, 6.000%	10.3
Uniform Mortgage-Backed Security, TBA, 5.000%	10.1

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class P 

Top 5 Asset Classes (%)

Value	Value
U.S. government agency obligations	180.1%
Mortgage-backed securities	16.3%
Asset-backed securities	10.3%
U.S. Treasury obligations	5.3%
Investment companies	0.8%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Mortgage-Backed Securities Fixed Income Investments 

S1791 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Mortgage-Backed Securities Fixed Income Investments

PFXYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$74	0.72%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• US duration curve positioning, within the 3-year and 5-year portions of the US yield curve, contributed to performance.

• Agency collateralized mortgage obligations (CMOs) and mortgage options contributed to performance.

• The use of money market instruments along with collateralized debt obligations (CDOs) contributed to performance.

What didn’t work:

• Exposure to Fannie Mae and Freddie Mac securities detracted from performance.

• Exposure to commercial mortgage-backed securities (CMBS) slightly detracted from performance.

During the reporting period, the Fund utilized derivatives including interest rate swaps, options, and futures on US Treasuries to manage US interest rate exposure and yield curve positioning. Mortgage pool options were used to manage interest rate and volatility risk within the sector. Money market futures were also used as a duration and cash management tool.

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Bloomberg US Mortgage-Backed Securities Index	Bloomberg US Aggregate Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,079	$10,094	$10,110
9/30/2014	$10,055	$10,077	$10,042
10/31/2014	$10,135	$10,175	$10,140
11/30/2014	$10,205	$10,242	$10,212
12/31/2014	$10,214	$10,257	$10,222
1/31/2015	$10,300	$10,344	$10,436
2/28/2015	$10,283	$10,328	$10,338
3/31/2015	$10,322	$10,366	$10,386
4/30/2015	$10,332	$10,370	$10,349
5/31/2015	$10,319	$10,368	$10,324
6/30/2015	$10,262	$10,289	$10,211
7/31/2015	$10,312	$10,354	$10,282
8/31/2015	$10,318	$10,362	$10,268
9/30/2015	$10,376	$10,423	$10,337
10/31/2015	$10,374	$10,430	$10,339
11/30/2015	$10,346	$10,416	$10,311
12/31/2015	$10,336	$10,412	$10,278
1/31/2016	$10,470	$10,547	$10,420
2/29/2016	$10,478	$10,587	$10,494
3/31/2016	$10,529	$10,618	$10,590
4/30/2016	$10,580	$10,635	$10,630
5/31/2016	$10,610	$10,649	$10,633
6/30/2016	$10,710	$10,735	$10,824
7/31/2016	$10,727	$10,757	$10,893
8/31/2016	$10,732	$10,770	$10,880
9/30/2016	$10,782	$10,799	$10,874
10/31/2016	$10,760	$10,771	$10,791
11/30/2016	$10,541	$10,587	$10,535
12/31/2016	$10,557	$10,586	$10,550
1/31/2017	$10,565	$10,583	$10,571
2/28/2017	$10,631	$10,633	$10,642
3/31/2017	$10,631	$10,637	$10,636
4/30/2017	$10,695	$10,706	$10,719
5/31/2017	$10,765	$10,772	$10,801
6/30/2017	$10,733	$10,729	$10,790
7/31/2017	$10,794	$10,778	$10,837
8/31/2017	$10,872	$10,856	$10,934
9/30/2017	$10,856	$10,832	$10,882
10/31/2017	$10,850	$10,829	$10,888
11/30/2017	$10,826	$10,813	$10,874
12/31/2017	$10,864	$10,848	$10,924
1/31/2018	$10,712	$10,721	$10,798
2/28/2018	$10,631	$10,651	$10,696
3/31/2018	$10,668	$10,719	$10,764
4/30/2018	$10,618	$10,665	$10,684
5/31/2018	$10,682	$10,740	$10,761
6/30/2018	$10,696	$10,745	$10,747
7/31/2018	$10,701	$10,733	$10,750
8/31/2018	$10,749	$10,798	$10,819
9/30/2018	$10,691	$10,732	$10,749
10/31/2018	$10,618	$10,664	$10,664
11/30/2018	$10,709	$10,761	$10,728
12/31/2018	$10,882	$10,956	$10,925
1/31/2019	$10,984	$11,043	$11,041
2/28/2019	$10,981	$11,032	$11,035
3/31/2019	$11,148	$11,193	$11,247
4/30/2019	$11,136	$11,186	$11,250
5/31/2019	$11,268	$11,331	$11,449
6/30/2019	$11,346	$11,413	$11,593
7/31/2019	$11,390	$11,459	$11,619
8/31/2019	$11,451	$11,561	$11,920
9/30/2019	$11,489	$11,569	$11,856
10/31/2019	$11,540	$11,610	$11,892
11/30/2019	$11,553	$11,619	$11,886
12/31/2019	$11,595	$11,652	$11,878
1/31/2020	$11,655	$11,733	$12,106
2/29/2020	$11,753	$11,855	$12,324
3/31/2020	$11,733	$11,980	$12,251
4/30/2020	$11,931	$12,056	$12,469
5/31/2020	$12,010	$12,071	$12,527
6/30/2020	$12,048	$12,060	$12,606
7/31/2020	$12,106	$12,081	$12,795
8/31/2020	$12,144	$12,086	$12,691
9/30/2020	$12,152	$12,073	$12,684
10/31/2020	$12,157	$12,068	$12,628
11/30/2020	$12,201	$12,077	$12,752
12/31/2020	$12,262	$12,103	$12,769
1/31/2021	$12,314	$12,112	$12,678
2/28/2021	$12,249	$12,031	$12,495
3/31/2021	$12,178	$11,970	$12,338
4/30/2021	$12,225	$12,036	$12,436
5/31/2021	$12,204	$12,015	$12,477
6/30/2021	$12,213	$12,010	$12,564
7/31/2021	$12,282	$12,085	$12,705
8/31/2021	$12,280	$12,065	$12,681
9/30/2021	$12,259	$12,021	$12,571
10/31/2021	$12,219	$11,998	$12,567
11/30/2021	$12,178	$11,987	$12,604
12/31/2021	$12,178	$11,977	$12,572
1/31/2022	$11,990	$11,799	$12,301
2/28/2022	$11,840	$11,685	$12,164
3/31/2022	$11,469	$11,381	$11,826
4/30/2022	$11,035	$10,981	$11,377
5/31/2022	$11,178	$11,103	$11,451
6/30/2022	$10,916	$10,925	$11,271
7/31/2022	$11,298	$11,276	$11,547
8/31/2022	$10,902	$10,891	$11,220
9/30/2022	$10,283	$10,341	$10,735
10/31/2022	$10,144	$10,193	$10,596
11/30/2022	$10,564	$10,609	$10,986
12/31/2022	$10,535	$10,562	$10,937
1/31/2023	$10,892	$10,910	$11,273
2/28/2023	$10,610	$10,622	$10,982
3/31/2023	$10,802	$10,829	$11,260
4/30/2023	$10,872	$10,885	$11,329
5/31/2023	$10,770	$10,805	$11,205
6/30/2023	$10,754	$10,759	$11,165
7/31/2023	$10,746	$10,751	$11,158
8/31/2023	$10,665	$10,663	$11,086
9/30/2023	$10,310	$10,323	$10,805
10/31/2023	$10,074	$10,110	$10,634
11/30/2023	$10,631	$10,637	$11,116
12/31/2023	$11,086	$11,095	$11,541
1/31/2024	$11,034	$11,044	$11,510
2/29/2024	$10,881	$10,864	$11,347
3/31/2024	$11,001	$10,979	$11,452
4/30/2024	$10,674	$10,647	$11,162
5/31/2024	$10,902	$10,860	$11,352
6/30/2024	$11,015	$10,987	$11,459
7/31/2024	$11,310	$11,276	$11,727

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	5.25%	(0.14%)	1.24%
Bloomberg US Mortgage-Backed Securities Index	4.89%	(0.32%)	1.21%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$185,579,475
# of Portfolio Holdings	1,083
Portfolio Turnover Rate	977%
Total Advisory Fees Paid (includes Administration Fees)	$522,342

What is the Fund’s investment objective?

The Fund seeks current income.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 2.000%	16.2%
Uniform Mortgage-Backed Security, TBA, 6.500%	11.5
Government National Mortgage Association, TBA, 3.000%	10.4
Uniform Mortgage-Backed Security, TBA, 6.000%	10.3
Uniform Mortgage-Backed Security, TBA, 5.000%	10.1

PACE^® Mortgage-Backed Securities Fixed Income Investments 

Class Y 

Top 5 Asset Classes (%)

Value	Value
U.S. government agency obligations	180.1%
Mortgage-backed securities	16.3%
Asset-backed securities	10.3%
U.S. Treasury obligations	5.3%
Investment companies	0.8%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Mortgage-Backed Securities Fixed Income Investments 

S1792 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Small/Medium Co Growth Equity Investments

PQUAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Small/Medium Co Growth Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$131	1.28%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within utilities and financials added value.

• On a stock level, Vertiv Holdings, Vistra Corp., and Medpace Holdings were among the top contributors.

• On a factor level, a tilt towards the momentum factor was rewarded.

What didn’t work:

• Security selection within information technology and consumer discretionary detracted.

• On a stock level, Five Below, DoubleVerify, and Paylocity were among the main detractors.

• On a factor level, a tilt towards below-benchmark market capitalization stocks detracted.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Growth Equity Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Russell 2500 Growth Index	Russell 3000 Index TR (USD)
7/31/2014	$9,449	$10,000	$10,000
8/31/2014	$9,832	$10,549	$10,420
9/30/2014	$9,444	$10,087	$10,202
10/31/2014	$10,000	$10,531	$10,483
11/30/2014	$10,067	$10,706	$10,737
12/31/2014	$10,272	$10,842	$10,737
1/31/2015	$9,943	$10,675	$10,438
2/28/2015	$10,702	$11,461	$11,043
3/31/2015	$10,858	$11,649	$10,930
4/30/2015	$10,602	$11,406	$10,980
5/31/2015	$10,814	$11,758	$11,132
6/30/2015	$11,210	$11,720	$10,945
7/31/2015	$11,417	$11,859	$11,128
8/31/2015	$10,657	$11,028	$10,457
9/30/2015	$9,965	$10,425	$10,152
10/31/2015	$10,378	$10,970	$10,954
11/30/2015	$10,590	$11,218	$11,014
12/31/2015	$10,039	$10,822	$10,788
1/31/2016	$8,915	$9,752	$10,180
2/29/2016	$8,646	$9,781	$10,176
3/31/2016	$9,318	$10,534	$10,893
4/30/2016	$9,417	$10,635	$10,960
5/31/2016	$9,706	$10,899	$11,156
6/30/2016	$9,671	$10,818	$11,179
7/31/2016	$10,138	$11,461	$11,623
8/31/2016	$10,187	$11,541	$11,653
9/30/2016	$10,300	$11,574	$11,671
10/31/2016	$9,650	$10,970	$11,419
11/30/2016	$10,392	$11,769	$11,930
12/31/2016	$10,350	$11,875	$12,162
1/31/2017	$10,640	$12,156	$12,391
2/28/2017	$10,937	$12,525	$12,852
3/31/2017	$11,177	$12,617	$12,861
4/30/2017	$11,424	$12,839	$12,997
5/31/2017	$11,636	$12,845	$13,130
6/30/2017	$11,820	$13,137	$13,249
7/31/2017	$11,870	$13,312	$13,498
8/31/2017	$11,693	$13,338	$13,524
9/30/2017	$12,089	$13,896	$13,854
10/31/2017	$12,350	$14,268	$14,157
11/30/2017	$12,782	$14,739	$14,586
12/31/2017	$12,733	$14,779	$14,732
1/31/2018	$13,452	$15,516	$15,509
2/28/2018	$13,324	$15,007	$14,937
3/31/2018	$13,474	$15,130	$14,637
4/30/2018	$13,422	$15,034	$14,693
5/31/2018	$14,298	$15,834	$15,108
6/30/2018	$14,619	$15,966	$15,207
7/31/2018	$14,634	$16,265	$15,711
8/31/2018	$16,229	$17,364	$16,263
9/30/2018	$15,899	$17,111	$16,290
10/31/2018	$14,065	$15,055	$15,090
11/30/2018	$14,350	$15,340	$15,393
12/31/2018	$12,749	$13,675	$13,960
1/31/2019	$14,179	$15,304	$15,158
2/28/2019	$15,071	$16,312	$15,691
3/31/2019	$14,817	$16,272	$15,920
4/30/2019	$15,281	$16,841	$16,556
5/31/2019	$14,215	$15,722	$15,485
6/30/2019	$15,144	$16,946	$16,572
7/31/2019	$15,317	$17,210	$16,819
8/31/2019	$14,826	$16,721	$16,476
9/30/2019	$14,580	$16,407	$16,765
10/31/2019	$14,789	$16,828	$17,126
11/30/2019	$15,618	$17,974	$17,777
12/31/2019	$15,792	$18,141	$18,290
1/31/2020	$15,696	$18,160	$18,270
2/29/2020	$14,691	$16,929	$16,774
3/31/2020	$11,975	$13,929	$14,468
4/30/2020	$13,889	$16,162	$16,384
5/31/2020	$15,354	$17,850	$17,260
6/30/2020	$16,017	$18,507	$17,655
7/31/2020	$16,915	$19,520	$18,657
8/31/2020	$17,546	$20,398	$20,009
9/30/2020	$16,979	$20,242	$19,280
10/31/2020	$17,332	$20,480	$18,864
11/30/2020	$19,898	$23,463	$21,159
12/31/2020	$21,872	$25,482	$22,111
1/31/2021	$22,561	$26,194	$22,012
2/28/2021	$23,984	$27,017	$22,700
3/31/2021	$23,743	$26,116	$23,514
4/30/2021	$24,649	$27,033	$24,726
5/31/2021	$24,121	$26,282	$24,839
6/30/2021	$25,177	$27,692	$25,452
7/31/2021	$24,925	$27,093	$25,882
8/31/2021	$25,682	$27,771	$26,620
9/30/2021	$24,856	$26,714	$25,426
10/31/2021	$26,118	$28,084	$27,145
11/30/2021	$24,534	$26,637	$26,732
12/31/2021	$24,938	$26,767	$27,785
1/31/2022	$21,821	$23,236	$26,150
2/28/2022	$21,516	$23,306	$25,491
3/31/2022	$21,767	$23,474	$26,318
4/30/2022	$19,564	$20,793	$23,956
5/31/2022	$19,008	$20,289	$23,924
6/30/2022	$17,647	$18,885	$21,923
7/31/2022	$19,295	$21,039	$23,979
8/31/2022	$19,062	$20,639	$23,084
9/30/2022	$17,611	$18,862	$20,944
10/31/2022	$19,008	$20,394	$22,661
11/30/2022	$19,205	$21,001	$23,844
12/31/2022	$18,292	$19,751	$22,448
1/31/2023	$19,886	$21,728	$23,994
2/28/2023	$19,743	$21,385	$23,433
3/31/2023	$19,564	$21,044	$24,060
4/30/2023	$19,134	$20,778	$24,316
5/31/2023	$18,972	$20,755	$24,411
6/30/2023	$20,513	$22,394	$26,078
7/31/2023	$21,301	$23,142	$27,013
8/31/2023	$20,406	$22,200	$26,491
9/30/2023	$19,152	$20,863	$25,229
10/31/2023	$17,593	$19,415	$24,560
11/30/2023	$19,295	$21,135	$26,851
12/31/2023	$21,158	$23,490	$28,275
1/31/2024	$20,764	$22,959	$28,588
2/29/2024	$22,233	$24,819	$30,136
3/31/2024	$22,681	$25,489	$31,108
4/30/2024	$20,854	$23,590	$29,739
5/31/2024	$21,481	$24,546	$31,144
6/30/2024	$21,194	$24,415	$32,108
7/31/2024	$22,251	$25,902	$32,705

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	4.46%	7.75%	8.94%
Class A with Load	(1.27%)	6.54%	8.33%
Russell 2500 Growth Index	11.93%	8.52%	9.98%
Russell 3000 Index TR (USD)	21.07%	14.23%	12.58%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$270,431,240
# of Portfolio Holdings	346
Portfolio Turnover Rate	87%
Total Advisory Fees Paid (includes Administration Fees)	$2,028,692

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Kinsale Capital Group, Inc.	2.0%
Freshpet, Inc.	1.9
Grand Canyon Education, Inc.	1.8
SPS Commerce, Inc.	1.8
Medpace Holdings, Inc.	1.7

PACE^® Small/Medium Co Growth Equity Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Information Technology	24.8%
Health Care	24.2%
Industrials	21.6%
Consumer Discretionary	10.6%
Financials	7.8%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Small/Medium Co Growth Equity Investments 

S1813 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Small/Medium Co Growth Equity Investments

PCSGX

Fund Overview 

This annual shareholder report contains important information about PACE^® Small/Medium Co Growth Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$111	1.08%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within utilities and financials added value.

• On a stock level, Vertiv Holdings, Vistra Corp., and Medpace Holdings were among the top contributors.

• On a factor level, a tilt towards the momentum factor was rewarded.

What didn’t work:

• Security selection within information technology and consumer discretionary detracted.

• On a stock level, Five Below, DoubleVerify, and Paylocity were among the main detractors.

• On a factor level, a tilt towards below-benchmark market capitalization stocks detracted.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Growth Equity Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Russell 2500 Growth Index	Russell 3000 Index TR (USD)
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,410	$10,549	$10,420
9/30/2014	$10,000	$10,087	$10,202
10/31/2014	$10,586	$10,531	$10,483
11/30/2014	$10,659	$10,706	$10,737
12/31/2014	$10,872	$10,842	$10,737
1/31/2015	$10,533	$10,675	$10,438
2/28/2015	$11,330	$11,461	$11,043
3/31/2015	$11,500	$11,649	$10,930
4/30/2015	$11,228	$11,406	$10,980
5/31/2015	$11,449	$11,758	$11,132
6/30/2015	$11,873	$11,720	$10,945
7/31/2015	$12,093	$11,859	$11,128
8/31/2015	$11,291	$11,028	$10,457
9/30/2015	$10,556	$10,425	$10,152
10/31/2015	$10,997	$10,970	$10,954
11/30/2015	$11,223	$11,218	$11,014
12/31/2015	$10,642	$10,822	$10,788
1/31/2016	$9,454	$9,752	$10,180
2/29/2016	$9,164	$9,781	$10,176
3/31/2016	$9,878	$10,534	$10,893
4/30/2016	$9,977	$10,635	$10,960
5/31/2016	$10,288	$10,899	$11,156
6/30/2016	$10,260	$10,818	$11,179
7/31/2016	$10,755	$11,461	$11,623
8/31/2016	$10,804	$11,541	$11,653
9/30/2016	$10,925	$11,574	$11,671
10/31/2016	$10,239	$10,970	$11,419
11/30/2016	$11,031	$11,769	$11,930
12/31/2016	$10,981	$11,875	$12,162
1/31/2017	$11,292	$12,156	$12,391
2/28/2017	$11,603	$12,525	$12,852
3/31/2017	$11,865	$12,617	$12,861
4/30/2017	$12,134	$12,839	$12,997
5/31/2017	$12,353	$12,845	$13,130
6/30/2017	$12,551	$13,137	$13,249
7/31/2017	$12,600	$13,312	$13,498
8/31/2017	$12,417	$13,338	$13,524
9/30/2017	$12,841	$13,896	$13,854
10/31/2017	$13,124	$14,268	$14,157
11/30/2017	$13,576	$14,739	$14,586
12/31/2017	$13,527	$14,779	$14,732
1/31/2018	$14,288	$15,516	$15,509
2/28/2018	$14,162	$15,007	$14,937
3/31/2018	$14,318	$15,130	$14,637
4/30/2018	$14,274	$15,034	$14,693
5/31/2018	$15,199	$15,834	$15,108
6/30/2018	$15,542	$15,966	$15,207
7/31/2018	$15,557	$16,265	$15,711
8/31/2018	$17,258	$17,364	$16,263
9/30/2018	$16,915	$17,111	$16,290
10/31/2018	$14,967	$15,055	$15,090
11/30/2018	$15,266	$15,340	$15,393
12/31/2018	$13,567	$13,675	$13,960
1/31/2019	$15,090	$15,304	$15,158
2/28/2019	$16,039	$16,312	$15,691
3/31/2019	$15,770	$16,272	$15,920
4/30/2019	$16,263	$16,841	$16,556
5/31/2019	$15,134	$15,722	$15,485
6/30/2019	$16,128	$16,946	$16,572
7/31/2019	$16,308	$17,210	$16,819
8/31/2019	$15,788	$16,721	$16,476
9/30/2019	$15,528	$16,407	$16,765
10/31/2019	$15,752	$16,828	$17,126
11/30/2019	$16,648	$17,974	$17,777
12/31/2019	$16,829	$18,141	$18,290
1/31/2020	$16,736	$18,160	$18,270
2/29/2020	$15,657	$16,929	$16,774
3/31/2020	$12,762	$13,929	$14,468
4/30/2020	$14,816	$16,162	$16,384
5/31/2020	$16,373	$17,850	$17,260
6/30/2020	$17,078	$18,507	$17,655
7/31/2020	$18,043	$19,520	$18,657
8/31/2020	$18,717	$20,398	$20,009
9/30/2020	$18,116	$20,242	$19,280
10/31/2020	$18,489	$20,480	$18,864
11/30/2020	$21,239	$23,463	$21,159
12/31/2020	$23,341	$25,482	$22,111
1/31/2021	$24,082	$26,194	$22,012
2/28/2021	$25,597	$27,017	$22,700
3/31/2021	$25,343	$26,116	$23,514
4/30/2021	$26,327	$27,033	$24,726
5/31/2021	$25,763	$26,282	$24,839
6/30/2021	$26,881	$27,692	$25,452
7/31/2021	$26,626	$27,093	$25,882
8/31/2021	$27,434	$27,771	$26,620
9/30/2021	$26,571	$26,714	$25,426
10/31/2021	$27,920	$28,084	$27,145
11/30/2021	$26,228	$26,637	$26,732
12/31/2021	$26,667	$26,767	$27,785
1/31/2022	$23,327	$23,236	$26,150
2/28/2022	$23,000	$23,306	$25,491
3/31/2022	$23,278	$23,474	$26,318
4/30/2022	$20,921	$20,793	$23,956
5/31/2022	$20,332	$20,289	$23,924
6/30/2022	$18,891	$18,885	$21,923
7/31/2022	$20,643	$21,039	$23,979
8/31/2022	$20,397	$20,639	$23,084
9/30/2022	$18,842	$18,862	$20,944
10/31/2022	$20,348	$20,394	$22,661
11/30/2022	$20,561	$21,001	$23,844
12/31/2022	$19,579	$19,751	$22,448
1/31/2023	$21,297	$21,728	$23,994
2/28/2023	$21,134	$21,385	$23,433
3/31/2023	$20,954	$21,044	$24,060
4/30/2023	$20,512	$20,778	$24,316
5/31/2023	$20,332	$20,755	$24,411
6/30/2023	$21,969	$22,394	$26,078
7/31/2023	$22,836	$23,142	$27,013
8/31/2023	$21,887	$22,200	$26,491
9/30/2023	$20,544	$20,863	$25,229
10/31/2023	$18,858	$19,415	$24,560
11/30/2023	$20,692	$21,135	$26,851
12/31/2023	$22,689	$23,490	$28,275
1/31/2024	$22,263	$22,959	$28,588
2/29/2024	$23,868	$24,819	$30,136
3/31/2024	$24,342	$25,489	$31,108
4/30/2024	$22,394	$23,590	$29,739
5/31/2024	$23,065	$24,546	$31,144
6/30/2024	$22,754	$24,415	$32,108
7/31/2024	$23,900	$25,902	$32,705

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	4.66%	7.95%	9.10%
Russell 2500 Growth Index	11.93%	8.52%	9.98%
Russell 3000 Index TR (USD)	21.07%	14.23%	12.58%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$270,431,240
# of Portfolio Holdings	346
Portfolio Turnover Rate	87%
Total Advisory Fees Paid (includes Administration Fees)	$2,028,692

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Kinsale Capital Group, Inc.	2.0%
Freshpet, Inc.	1.9
Grand Canyon Education, Inc.	1.8
SPS Commerce, Inc.	1.8
Medpace Holdings, Inc.	1.7

PACE^® Small/Medium Co Growth Equity Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Information Technology	24.8%
Health Care	24.2%
Industrials	21.6%
Consumer Discretionary	10.6%
Financials	7.8%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Small/Medium Co Growth Equity Investments 

S1814 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Small/Medium Co Value Equity Investments

PEVAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Small/Medium Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$137	1.29%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within financials and consumer staples added value.

• On a sector level, allocation was positive due to underweights to communication services and real estate.

• On a stock level, Varonis Systems, Mohawk Industries, and Viper Energy were among the top contributors.

What didn’t work:

• Security selection within materials and consumer discretionary detracted.

• On a factor level, the underweight to price-to-book factor was a negative for performance.

• On a stock level, Treehouse Foods, Envista Holdings, and Leslie’s were among the top detractors.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Value Equity Investments 

Class A 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class A with Load	Russell 2500 Value Index	Russell 3000 Index TR (USD)
7/31/2014	$9,451	$10,000	$10,000
8/31/2014	$9,850	$10,443	$10,420
9/30/2014	$9,327	$9,833	$10,202
10/31/2014	$9,614	$10,271	$10,483
11/30/2014	$9,781	$10,283	$10,737
12/31/2014	$9,878	$10,432	$10,737
1/31/2015	$9,493	$10,168	$10,438
2/28/2015	$10,068	$10,638	$11,043
3/31/2015	$10,312	$10,746	$10,930
4/30/2015	$10,175	$10,593	$10,980
5/31/2015	$10,326	$10,723	$11,132
6/30/2015	$10,336	$10,610	$10,945
7/31/2015	$10,146	$10,453	$11,128
8/31/2015	$9,619	$9,944	$10,457
9/30/2015	$9,210	$9,593	$10,152
10/31/2015	$9,887	$10,162	$10,954
11/30/2015	$10,107	$10,333	$11,014
12/31/2015	$9,565	$9,860	$10,788
1/31/2016	$8,909	$9,255	$10,180
2/29/2016	$8,969	$9,355	$10,176
3/31/2016	$9,800	$10,188	$10,893
4/30/2016	$9,909	$10,386	$10,960
5/31/2016	$10,100	$10,570	$11,156
6/30/2016	$9,942	$10,633	$11,179
7/31/2016	$10,308	$11,117	$11,623
8/31/2016	$10,543	$11,216	$11,653
9/30/2016	$10,516	$11,290	$11,671
10/31/2016	$10,270	$10,952	$11,419
11/30/2016	$11,385	$12,002	$11,930
12/31/2016	$11,733	$12,344	$12,162
1/31/2017	$11,789	$12,412	$12,391
2/28/2017	$12,051	$12,643	$12,852
3/31/2017	$11,966	$12,545	$12,861
4/30/2017	$11,909	$12,532	$12,997
5/31/2017	$11,602	$12,260	$13,130
6/30/2017	$11,846	$12,585	$13,249
7/31/2017	$11,880	$12,683	$13,498
8/31/2017	$11,721	$12,463	$13,524
9/30/2017	$12,273	$13,067	$13,854
10/31/2017	$12,312	$13,139	$14,157
11/30/2017	$12,653	$13,569	$14,586
12/31/2017	$12,811	$13,623	$14,732
1/31/2018	$13,104	$13,795	$15,509
2/28/2018	$12,473	$13,118	$14,937
3/31/2018	$12,467	$13,262	$14,637
4/30/2018	$12,511	$13,406	$14,693
5/31/2018	$13,034	$13,957	$15,108
6/30/2018	$13,123	$14,031	$15,207
7/31/2018	$13,416	$14,310	$15,711
8/31/2018	$13,767	$14,635	$16,263
9/30/2018	$13,537	$14,406	$16,290
10/31/2018	$12,154	$13,175	$15,090
11/30/2018	$12,275	$13,423	$15,393
12/31/2018	$10,659	$11,940	$13,960
1/31/2019	$11,805	$13,274	$15,158
2/28/2019	$12,385	$13,688	$15,691
3/31/2019	$12,256	$13,506	$15,920
4/30/2019	$12,890	$13,979	$16,556
5/31/2019	$11,751	$12,925	$15,485
6/30/2019	$12,495	$13,761	$16,572
7/31/2019	$12,788	$13,851	$16,819
8/31/2019	$12,181	$13,176	$16,476
9/30/2019	$12,665	$13,779	$16,765
10/31/2019	$12,720	$13,978	$17,126
11/30/2019	$12,952	$14,321	$17,777
12/31/2019	$13,390	$14,753	$18,290
1/31/2020	$12,950	$14,216	$18,270
2/29/2020	$11,734	$12,845	$16,774
3/31/2020	$8,787	$9,642	$14,468
4/30/2020	$10,140	$10,917	$16,384
5/31/2020	$10,786	$11,416	$17,260
6/30/2020	$11,102	$11,628	$17,655
7/31/2020	$11,597	$11,978	$18,657
8/31/2020	$12,009	$12,522	$20,009
9/30/2020	$11,322	$12,040	$19,280
10/31/2020	$11,858	$12,312	$18,864
11/30/2020	$14,035	$14,466	$21,159
12/31/2020	$14,978	$15,473	$22,111
1/31/2021	$15,392	$15,814	$22,012
2/28/2021	$16,752	$17,222	$22,700
3/31/2021	$17,601	$18,076	$23,514
4/30/2021	$18,423	$18,852	$24,726
5/31/2021	$18,761	$19,235	$24,839
6/30/2021	$18,581	$18,981	$25,452
7/31/2021	$18,174	$18,703	$25,882
8/31/2021	$18,423	$19,098	$26,620
9/30/2021	$17,857	$18,588	$25,426
10/31/2021	$18,236	$19,471	$27,145
11/30/2021	$17,712	$18,793	$26,732
12/31/2021	$18,800	$19,771	$27,785
1/31/2022	$17,925	$18,766	$26,150
2/28/2022	$18,095	$19,072	$25,491
3/31/2022	$18,176	$19,474	$26,318
4/30/2022	$17,018	$18,154	$23,956
5/31/2022	$17,342	$18,502	$23,924
6/30/2022	$15,730	$16,477	$21,923
7/31/2022	$17,099	$18,072	$23,979
8/31/2022	$16,751	$17,505	$23,084
9/30/2022	$15,163	$15,735	$20,944
10/31/2022	$16,913	$17,396	$22,661
11/30/2022	$17,358	$18,270	$23,844
12/31/2022	$16,275	$17,184	$22,448
1/31/2023	$17,775	$18,901	$23,994
2/28/2023	$17,415	$18,366	$23,433
3/31/2023	$16,305	$17,424	$24,060
4/30/2023	$16,085	$17,192	$24,316
5/31/2023	$15,465	$16,701	$24,411
6/30/2023	$16,665	$18,186	$26,078
7/31/2023	$17,595	$19,252	$27,013
8/31/2023	$17,165	$18,510	$26,491
9/30/2023	$16,355	$17,520	$25,229
10/31/2023	$15,525	$16,537	$24,560
11/30/2023	$16,805	$18,037	$26,851
12/31/2023	$18,279	$19,930	$28,275
1/31/2024	$17,817	$19,371	$28,588
2/29/2024	$18,651	$20,148	$30,136
3/31/2024	$19,355	$21,140	$31,108
4/30/2024	$18,149	$19,811	$29,739
5/31/2024	$18,923	$20,646	$31,144
6/30/2024	$18,410	$20,230	$32,108
7/31/2024	$19,687	$21,868	$32,705

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	11.89%	9.01%	7.61%
Class A with Load	5.76%	7.79%	7.01%
Russell 2500 Value Index	13.59%	9.56%	8.14%
Russell 3000 Index TR (USD)	21.07%	14.23%	12.58%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$303,113,655
# of Portfolio Holdings	180
Portfolio Turnover Rate	119%
Total Advisory Fees Paid (includes Administration Fees)	$2,167,047

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Mohawk Industries, Inc.	1.9%
CACI International, Inc., Class A	1.4
ManpowerGroup, Inc.	1.3
Tapestry, Inc.	1.2
Korn Ferry	1.1

PACE^® Small/Medium Co Value Equity Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Industrials	26.7%
Financials	17.5%
Consumer Discretionary	14.8%
Information Technology	8.6%
Materials	7.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (“UBS AM”) (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) terminated Huber Capital Management, LLC effective as of the close of business on December 19, 2023. In addition, at the recommendation of UBS AM , the Board appointed Victory Capital Management Inc., through its business unit branded as Integrity Asset Management (“Victory”), and ARGA Investment Management, LP (“ARGA”) to serve as new subadvisors. Each assumed investment advisory responsibility with respect to a separate portion of the portfolio effective December 19, 2023.

Additionally, at the recommendation of UBS AM, the Board terminated Sapience Investments LLC (“Sapience”) effective as of the close of business on May 14, 2024. The portion that Sapience had been managing was redistributed to other existing sub-advisors within the fund.

PACE^® Small/Medium Co Value Equity Investments 

S1816 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Small/Medium Co Value Equity Investments

PCSVX

Fund Overview 

This annual shareholder report contains important information about PACE^® Small/Medium Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$110	1.04%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within financials and consumer staples added value.

• On a sector level, allocation was positive due to underweights to communication services and real estate.

• On a stock level, Varonis Systems, Mohawk Industries, and Viper Energy were among the top contributors.

What didn’t work:

• Security selection within materials and consumer discretionary detracted.

• On a factor level, the underweight to price-to-book factor was a negative for performance.

• On a stock level, Treehouse Foods, Envista Holdings, and Leslie’s were among the top detractors.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Value Equity Investments 

Class P 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class P	Russell 2500 Value Index	Russell 3000 Index TR (USD)
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,426	$10,443	$10,420
9/30/2014	$9,871	$9,833	$10,202
10/31/2014	$10,177	$10,271	$10,483
11/30/2014	$10,359	$10,283	$10,737
12/31/2014	$10,462	$10,432	$10,737
1/31/2015	$10,053	$10,168	$10,438
2/28/2015	$10,664	$10,638	$11,043
3/31/2015	$10,921	$10,746	$10,930
4/30/2015	$10,780	$10,593	$10,980
5/31/2015	$10,941	$10,723	$11,132
6/30/2015	$10,951	$10,610	$10,945
7/31/2015	$10,749	$10,453	$11,128
8/31/2015	$10,199	$9,944	$10,457
9/30/2015	$9,765	$9,593	$10,152
10/31/2015	$10,482	$10,162	$10,954
11/30/2015	$10,714	$10,333	$11,014
12/31/2015	$10,142	$9,860	$10,788
1/31/2016	$9,447	$9,255	$10,180
2/29/2016	$9,515	$9,355	$10,176
3/31/2016	$10,397	$10,188	$10,893
4/30/2016	$10,510	$10,386	$10,960
5/31/2016	$10,713	$10,570	$11,156
6/30/2016	$10,549	$10,633	$11,179
7/31/2016	$10,939	$11,117	$11,623
8/31/2016	$11,188	$11,216	$11,653
9/30/2016	$11,160	$11,290	$11,671
10/31/2016	$10,900	$10,952	$11,419
11/30/2016	$12,087	$12,002	$11,930
12/31/2016	$12,460	$12,344	$12,162
1/31/2017	$12,519	$12,412	$12,391
2/28/2017	$12,795	$12,643	$12,852
3/31/2017	$12,707	$12,545	$12,861
4/30/2017	$12,654	$12,532	$12,997
5/31/2017	$12,325	$12,260	$13,130
6/30/2017	$12,589	$12,585	$13,249
7/31/2017	$12,625	$12,683	$13,498
8/31/2017	$12,454	$12,463	$13,524
9/30/2017	$13,042	$13,067	$13,854
10/31/2017	$13,083	$13,139	$14,157
11/30/2017	$13,454	$13,569	$14,586
12/31/2017	$13,624	$13,623	$14,732
1/31/2018	$13,939	$13,795	$15,509
2/28/2018	$13,268	$13,118	$14,937
3/31/2018	$13,262	$13,262	$14,637
4/30/2018	$13,314	$13,406	$14,693
5/31/2018	$13,867	$13,957	$15,108
6/30/2018	$13,966	$14,031	$15,207
7/31/2018	$14,275	$14,310	$15,711
8/31/2018	$14,657	$14,635	$16,263
9/30/2018	$14,413	$14,406	$16,290
10/31/2018	$12,946	$13,175	$15,090
11/30/2018	$13,071	$13,423	$15,393
12/31/2018	$11,352	$11,940	$13,960
1/31/2019	$12,578	$13,274	$15,158
2/28/2019	$13,190	$13,688	$15,691
3/31/2019	$13,064	$13,506	$15,920
4/30/2019	$13,733	$13,979	$16,556
5/31/2019	$12,521	$12,925	$15,485
6/30/2019	$13,317	$13,761	$16,572
7/31/2019	$13,634	$13,851	$16,819
8/31/2019	$12,993	$13,176	$16,476
9/30/2019	$13,507	$13,779	$16,765
10/31/2019	$13,571	$13,978	$17,126
11/30/2019	$13,817	$14,321	$17,777
12/31/2019	$14,280	$14,753	$18,290
1/31/2020	$13,826	$14,216	$18,270
2/29/2020	$12,526	$12,845	$16,774
3/31/2020	$9,381	$9,642	$14,468
4/30/2020	$10,822	$10,917	$16,384
5/31/2020	$11,518	$11,416	$17,260
6/30/2020	$11,859	$11,628	$17,655
7/31/2020	$12,391	$11,978	$18,657
8/31/2020	$12,832	$12,522	$20,009
9/30/2020	$12,100	$12,040	$19,280
10/31/2020	$12,675	$12,312	$18,864
11/30/2020	$15,005	$14,466	$21,159
12/31/2020	$16,011	$15,473	$22,111
1/31/2021	$16,461	$15,814	$22,012
2/28/2021	$17,912	$17,222	$22,700
3/31/2021	$18,826	$18,076	$23,514
4/30/2021	$19,705	$18,852	$24,726
5/31/2021	$20,069	$19,235	$24,839
6/30/2021	$19,884	$18,981	$25,452
7/31/2021	$19,448	$18,703	$25,882
8/31/2021	$19,719	$19,098	$26,620
9/30/2021	$19,112	$18,588	$25,426
10/31/2021	$19,526	$19,471	$27,145
11/30/2021	$18,969	$18,793	$26,732
12/31/2021	$20,127	$19,771	$27,785
1/31/2022	$19,200	$18,766	$26,150
2/28/2022	$19,384	$19,072	$25,491
3/31/2022	$19,468	$19,474	$26,318
4/30/2022	$18,232	$18,154	$23,956
5/31/2022	$18,582	$18,502	$23,924
6/30/2022	$16,854	$16,477	$21,923
7/31/2022	$18,323	$18,072	$23,979
8/31/2022	$17,956	$17,505	$23,084
9/30/2022	$16,261	$15,735	$20,944
10/31/2022	$18,131	$17,396	$22,661
11/30/2022	$18,616	$18,270	$23,844
12/31/2022	$17,451	$17,184	$22,448
1/31/2023	$19,069	$18,901	$23,994
2/28/2023	$18,690	$18,366	$23,433
3/31/2023	$17,502	$17,424	$24,060
4/30/2023	$17,267	$17,192	$24,316
5/31/2023	$16,611	$16,701	$24,411
6/30/2023	$17,902	$18,186	$26,078
7/31/2023	$18,895	$19,252	$27,013
8/31/2023	$18,444	$18,510	$26,491
9/30/2023	$17,574	$17,520	$25,229
10/31/2023	$16,683	$16,537	$24,560
11/30/2023	$18,055	$18,037	$26,851
12/31/2023	$19,646	$19,930	$28,275
1/31/2024	$19,161	$19,371	$28,588
2/29/2024	$20,058	$20,148	$30,136
3/31/2024	$20,822	$21,140	$31,108
4/30/2024	$19,522	$19,811	$29,739
5/31/2024	$20,368	$20,646	$31,144
6/30/2024	$19,821	$20,230	$32,108
7/31/2024	$21,193	$21,868	$32,705

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	12.16%	9.22%	7.80%
Russell 2500 Value Index	13.59%	9.56%	8.14%
Russell 3000 Index TR (USD)	21.07%	14.23%	12.58%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$303,113,655
# of Portfolio Holdings	180
Portfolio Turnover Rate	119%
Total Advisory Fees Paid (includes Administration Fees)	$2,167,047

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Mohawk Industries, Inc.	1.9%
CACI International, Inc., Class A	1.4
ManpowerGroup, Inc.	1.3
Tapestry, Inc.	1.2
Korn Ferry	1.1

PACE^® Small/Medium Co Value Equity Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Industrials	26.7%
Financials	17.5%
Consumer Discretionary	14.8%
Information Technology	8.6%
Materials	7.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (“UBS AM”) (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) terminated Huber Capital Management, LLC effective as of the close of business on December 19, 2023. In addition, at the recommendation of UBS AM , the Board appointed Victory Capital Management Inc., through its business unit branded as Integrity Asset Management (“Victory”), and ARGA Investment Management, LP (“ARGA”) to serve as new subadvisors. Each assumed investment advisory responsibility with respect to a separate portion of the portfolio effective December 19, 2023.

Additionally, at the recommendation of UBS AM, the Board terminated Sapience Investments LLC (“Sapience”) effective as of the close of business on May 14, 2024. The portion that Sapience had been managing was redistributed to other existing sub-advisors within the fund.

PACE^® Small/Medium Co Value Equity Investments 

S1817 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Small/Medium Co Value Equity Investments

PVEYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Small/Medium Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$110	1.04%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within financials and consumer staples added value.

• On a sector level, allocation was positive due to underweights to communication services and real estate.

• On a stock level, Varonis Systems, Mohawk Industries, and Viper Energy were among the top contributors.

What didn’t work:

• Security selection within materials and consumer discretionary detracted.

• On a factor level, the underweight to price-to-book factor was a negative for performance.

• On a stock level, Treehouse Foods, Envista Holdings, and Leslie’s were among the top detractors.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Value Equity Investments 

Class Y 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class Y	Russell 2500 Value Index	Russell 3000 Index TR (USD)
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,422	$10,443	$10,420
9/30/2014	$9,868	$9,833	$10,202
10/31/2014	$10,176	$10,271	$10,483
11/30/2014	$10,356	$10,283	$10,737
12/31/2014	$10,457	$10,432	$10,737
1/31/2015	$10,052	$10,168	$10,438
2/28/2015	$10,662	$10,638	$11,043
3/31/2015	$10,917	$10,746	$10,930
4/30/2015	$10,777	$10,593	$10,980
5/31/2015	$10,937	$10,723	$11,132
6/30/2015	$10,947	$10,610	$10,945
7/31/2015	$10,747	$10,453	$11,128
8/31/2015	$10,192	$9,944	$10,457
9/30/2015	$9,761	$9,593	$10,152
10/31/2015	$10,477	$10,162	$10,954
11/30/2015	$10,712	$10,333	$11,014
12/31/2015	$10,141	$9,860	$10,788
1/31/2016	$9,447	$9,255	$10,180
2/29/2016	$9,509	$9,355	$10,176
3/31/2016	$10,393	$10,188	$10,893
4/30/2016	$10,511	$10,386	$10,960
5/31/2016	$10,712	$10,570	$11,156
6/30/2016	$10,544	$10,633	$11,179
7/31/2016	$10,942	$11,117	$11,623
8/31/2016	$11,188	$11,216	$11,653
9/30/2016	$11,160	$11,290	$11,671
10/31/2016	$10,897	$10,952	$11,419
11/30/2016	$12,083	$12,002	$11,930
12/31/2016	$12,458	$12,344	$12,162
1/31/2017	$12,516	$12,412	$12,391
2/28/2017	$12,790	$12,643	$12,852
3/31/2017	$12,702	$12,545	$12,861
4/30/2017	$12,644	$12,532	$12,997
5/31/2017	$12,319	$12,260	$13,130
6/30/2017	$12,580	$12,585	$13,249
7/31/2017	$12,621	$12,683	$13,498
8/31/2017	$12,447	$12,463	$13,524
9/30/2017	$13,034	$13,067	$13,854
10/31/2017	$13,080	$13,139	$14,157
11/30/2017	$13,446	$13,569	$14,586
12/31/2017	$13,619	$13,623	$14,732
1/31/2018	$13,937	$13,795	$15,509
2/28/2018	$13,268	$13,118	$14,937
3/31/2018	$13,268	$13,262	$14,637
4/30/2018	$13,320	$13,406	$14,693
5/31/2018	$13,879	$13,957	$15,108
6/30/2018	$13,976	$14,031	$15,207
7/31/2018	$14,295	$14,310	$15,711
8/31/2018	$14,678	$14,635	$16,263
9/30/2018	$14,431	$14,406	$16,290
10/31/2018	$12,963	$13,175	$15,090
11/30/2018	$13,093	$13,423	$15,393
12/31/2018	$11,371	$11,940	$13,960
1/31/2019	$12,596	$13,274	$15,158
2/28/2019	$13,215	$13,688	$15,691
3/31/2019	$13,083	$13,506	$15,920
4/30/2019	$13,758	$13,979	$16,556
5/31/2019	$12,547	$12,925	$15,485
6/30/2019	$13,347	$13,761	$16,572
7/31/2019	$13,660	$13,851	$16,819
8/31/2019	$13,020	$13,176	$16,476
9/30/2019	$13,535	$13,779	$16,765
10/31/2019	$13,598	$13,978	$17,126
11/30/2019	$13,848	$14,321	$17,777
12/31/2019	$14,315	$14,753	$18,290
1/31/2020	$13,852	$14,216	$18,270
2/29/2020	$12,553	$12,845	$16,774
3/31/2020	$9,401	$9,642	$14,468
4/30/2020	$10,847	$10,917	$16,384
5/31/2020	$11,542	$11,416	$17,260
6/30/2020	$11,886	$11,628	$17,655
7/31/2020	$12,420	$11,978	$18,657
8/31/2020	$12,862	$12,522	$20,009
9/30/2020	$12,125	$12,040	$19,280
10/31/2020	$12,701	$12,312	$18,864
11/30/2020	$15,039	$14,466	$21,159
12/31/2020	$16,050	$15,473	$22,111
1/31/2021	$16,495	$15,814	$22,012
2/28/2021	$17,950	$17,222	$22,700
3/31/2021	$18,868	$18,076	$23,514
4/30/2021	$19,751	$18,852	$24,726
5/31/2021	$20,118	$19,235	$24,839
6/30/2021	$19,927	$18,981	$25,452
7/31/2021	$19,496	$18,703	$25,882
8/31/2021	$19,765	$19,098	$26,620
9/30/2021	$19,157	$18,588	$25,426
10/31/2021	$19,574	$19,471	$27,145
11/30/2021	$19,009	$18,793	$26,732
12/31/2021	$20,182	$19,771	$27,785
1/31/2022	$19,251	$18,766	$26,150
2/28/2022	$19,432	$19,072	$25,491
3/31/2022	$19,523	$19,474	$26,318
4/30/2022	$18,279	$18,154	$23,956
5/31/2022	$18,641	$18,502	$23,924
6/30/2022	$16,903	$16,477	$21,923
7/31/2022	$18,378	$18,072	$23,979
8/31/2022	$18,015	$17,505	$23,084
9/30/2022	$16,310	$15,735	$20,944
10/31/2022	$18,188	$17,396	$22,661
11/30/2022	$18,674	$18,270	$23,844
12/31/2022	$17,506	$17,184	$22,448
1/31/2023	$19,127	$18,901	$23,994
2/28/2023	$18,744	$18,366	$23,433
3/31/2023	$17,546	$17,424	$24,060
4/30/2023	$17,314	$17,192	$24,316
5/31/2023	$16,659	$16,701	$24,411
6/30/2023	$17,949	$18,186	$26,078
7/31/2023	$18,946	$19,252	$27,013
8/31/2023	$18,503	$18,510	$26,491
9/30/2023	$17,626	$17,520	$25,229
10/31/2023	$16,730	$16,537	$24,560
11/30/2023	$18,110	$18,037	$26,851
12/31/2023	$19,712	$19,930	$28,275
1/31/2024	$19,215	$19,371	$28,588
2/29/2024	$20,118	$20,148	$30,136
3/31/2024	$20,889	$21,140	$31,108
4/30/2024	$19,580	$19,811	$29,739
5/31/2024	$20,422	$20,646	$31,144
6/30/2024	$19,885	$20,230	$32,108
7/31/2024	$21,264	$21,868	$32,705

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	12.23%	9.25%	7.84%
Russell 2500 Value Index	13.59%	9.56%	8.14%
Russell 3000 Index TR (USD)	21.07%	14.23%	12.58%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$303,113,655
# of Portfolio Holdings	180
Portfolio Turnover Rate	119%
Total Advisory Fees Paid (includes Administration Fees)	$2,167,047

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Mohawk Industries, Inc.	1.9%
CACI International, Inc., Class A	1.4
ManpowerGroup, Inc.	1.3
Tapestry, Inc.	1.2
Korn Ferry	1.1

PACE^® Small/Medium Co Value Equity Investments 

Class Y 

Top 5 Sectors (% of Net Assets) 

Value	Value
Industrials	26.7%
Financials	17.5%
Consumer Discretionary	14.8%
Information Technology	8.6%
Materials	7.4%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (“UBS AM”) (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) terminated Huber Capital Management, LLC effective as of the close of business on December 19, 2023. In addition, at the recommendation of UBS AM , the Board appointed Victory Capital Management Inc., through its business unit branded as Integrity Asset Management (“Victory”), and ARGA Investment Management, LP (“ARGA”) to serve as new subadvisors. Each assumed investment advisory responsibility with respect to a separate portion of the portfolio effective December 19, 2023.

Additionally, at the recommendation of UBS AM, the Board terminated Sapience Investments LLC (“Sapience”) effective as of the close of business on May 14, 2024. The portion that Sapience had been managing was redistributed to other existing sub-advisors within the fund.

PACE^® Small/Medium Co Value Equity Investments 

S1818 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Strategic Fixed Income Investments

PBNAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Strategic Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$93	0.90%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocations to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds contributed to performance.

• Security selection in high yield corporate bonds issued by midstream energy companies, technology companies and electric utilities alongside selection within investment-grade corporate bonds issued by life insurers, and consumer cyclical services companies’ corporate loans contributed to results over the reporting period.

• Duration and curve positioning contributed to performance

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, specialty real estate investment trusts (REITs), electric utilities, and healthcare corporate loans.

• Some CMBS single asset single borrower (SASB) names detracted from performance.

• Allocation to emerging market local currency bonds and curve positioning in Latin America, specifically Brazil and Mexico, detracted from performance.

During the reporting period, the portfolio utilized derivatives including currency forwards, interest rate futures, credit default swaps, and mortgage TBAs.

PACE^® Strategic Fixed Income Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Bloomberg US Aggregate Bond Index	Bloomberg US Government/Credit Index
7/31/2014	$9,626	$10,000	$10,000
8/31/2014	$9,732	$10,110	$10,120
9/30/2014	$9,633	$10,042	$10,028
10/31/2014	$9,722	$10,140	$10,128
11/30/2014	$9,803	$10,212	$10,203
12/31/2014	$9,798	$10,222	$10,211
1/31/2015	$10,059	$10,436	$10,480
2/28/2015	$9,992	$10,338	$10,347
3/31/2015	$10,033	$10,386	$10,399
4/30/2015	$9,963	$10,349	$10,343
5/31/2015	$9,943	$10,324	$10,308
6/30/2015	$9,831	$10,211	$10,180
7/31/2015	$9,885	$10,282	$10,255
8/31/2015	$9,805	$10,268	$10,231
9/30/2015	$9,767	$10,337	$10,302
10/31/2015	$9,846	$10,339	$10,303
11/30/2015	$9,815	$10,311	$10,270
12/31/2015	$9,755	$10,278	$10,226
1/31/2016	$9,814	$10,420	$10,370
2/29/2016	$9,824	$10,494	$10,458
3/31/2016	$10,020	$10,590	$10,580
4/30/2016	$10,093	$10,630	$10,631
5/31/2016	$10,104	$10,633	$10,629
6/30/2016	$10,277	$10,824	$10,863
7/31/2016	$10,423	$10,893	$10,949
8/31/2016	$10,431	$10,880	$10,927
9/30/2016	$10,438	$10,874	$10,906
10/31/2016	$10,369	$10,791	$10,801
11/30/2016	$10,086	$10,535	$10,515
12/31/2016	$10,145	$10,550	$10,537
1/31/2017	$10,229	$10,571	$10,566
2/28/2017	$10,326	$10,642	$10,647
3/31/2017	$10,332	$10,636	$10,638
4/30/2017	$10,414	$10,719	$10,725
5/31/2017	$10,510	$10,801	$10,815
6/30/2017	$10,525	$10,790	$10,818
7/31/2017	$10,591	$10,837	$10,863
8/31/2017	$10,704	$10,934	$10,967
9/30/2017	$10,672	$10,882	$10,905
10/31/2017	$10,664	$10,888	$10,914
11/30/2017	$10,626	$10,874	$10,902
12/31/2017	$10,680	$10,924	$10,958
1/31/2018	$10,578	$10,798	$10,832
2/28/2018	$10,477	$10,696	$10,715
3/31/2018	$10,516	$10,764	$10,785
4/30/2018	$10,423	$10,684	$10,694
5/31/2018	$10,456	$10,761	$10,771
6/30/2018	$10,446	$10,747	$10,750
7/31/2018	$10,497	$10,750	$10,758
8/31/2018	$10,546	$10,819	$10,828
9/30/2018	$10,501	$10,749	$10,756
10/31/2018	$10,443	$10,664	$10,663
11/30/2018	$10,439	$10,728	$10,713
12/31/2018	$10,528	$10,925	$10,913
1/31/2019	$10,710	$11,041	$11,041
2/28/2019	$10,751	$11,035	$11,034
3/31/2019	$10,934	$11,247	$11,268
4/30/2019	$10,972	$11,250	$11,274
5/31/2019	$11,139	$11,449	$11,496
6/30/2019	$11,308	$11,593	$11,666
7/31/2019	$11,304	$11,619	$11,683
8/31/2019	$11,665	$11,920	$12,065
9/30/2019	$11,586	$11,856	$11,973
10/31/2019	$11,629	$11,892	$12,007
11/30/2019	$11,607	$11,886	$11,996
12/31/2019	$11,591	$11,878	$11,972
1/31/2020	$11,877	$12,106	$12,258
2/29/2020	$12,026	$12,324	$12,514
3/31/2020	$11,599	$12,251	$12,375
4/30/2020	$11,892	$12,469	$12,651
5/31/2020	$12,049	$12,527	$12,724
6/30/2020	$12,224	$12,606	$12,835
7/31/2020	$12,498	$12,795	$13,093
8/31/2020	$12,435	$12,691	$12,941
9/30/2020	$12,421	$12,684	$12,935
10/31/2020	$12,368	$12,628	$12,857
11/30/2020	$12,602	$12,752	$13,029
12/31/2020	$12,645	$12,769	$13,041
1/31/2021	$12,563	$12,678	$12,905
2/28/2021	$12,376	$12,495	$12,678
3/31/2021	$12,216	$12,338	$12,482
4/30/2021	$12,337	$12,436	$12,592
5/31/2021	$12,388	$12,477	$12,657
6/30/2021	$12,525	$12,564	$12,785
7/31/2021	$12,654	$12,705	$12,954
8/31/2021	$12,649	$12,681	$12,927
9/30/2021	$12,529	$12,571	$12,789
10/31/2021	$12,534	$12,567	$12,796
11/30/2021	$12,527	$12,604	$12,854
12/31/2021	$12,523	$12,572	$12,813
1/31/2022	$12,256	$12,301	$12,500
2/28/2022	$12,078	$12,164	$12,353
3/31/2022	$11,732	$11,826	$12,001
4/30/2022	$11,266	$11,377	$11,526
5/31/2022	$11,278	$11,451	$11,581
6/30/2022	$10,992	$11,271	$11,397
7/31/2022	$11,268	$11,547	$11,644
8/31/2022	$10,999	$11,220	$11,340
9/30/2022	$10,543	$10,735	$10,878
10/31/2022	$10,431	$10,596	$10,743
11/30/2022	$10,810	$10,986	$11,126
12/31/2022	$10,755	$10,937	$11,073
1/31/2023	$11,176	$11,273	$11,407
2/28/2023	$10,906	$10,982	$11,111
3/31/2023	$11,106	$11,260	$11,424
4/30/2023	$11,194	$11,329	$11,496
5/31/2023	$11,066	$11,205	$11,354
6/30/2023	$11,083	$11,165	$11,318
7/31/2023	$11,121	$11,158	$11,309
8/31/2023	$11,073	$11,086	$11,242
9/30/2023	$10,821	$10,805	$10,979
10/31/2023	$10,648	$10,634	$10,822
11/30/2023	$11,150	$11,116	$11,291
12/31/2023	$11,598	$11,541	$11,707
1/31/2024	$11,613	$11,510	$11,679
2/29/2024	$11,494	$11,347	$11,521
3/31/2024	$11,630	$11,452	$11,622
4/30/2024	$11,371	$11,162	$11,346
5/31/2024	$11,573	$11,352	$11,527
6/30/2024	$11,681	$11,459	$11,628
7/31/2024	$11,938	$11,727	$11,888

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	7.34%	1.10%	2.18%
Class A with Load	3.35%	0.33%	1.79%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%
Bloomberg US Government/Credit Index	5.12%	0.35%	1.74%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$443,875,694
# of Portfolio Holdings	1,309
Portfolio Turnover Rate	190%
Total Advisory Fees Paid (includes Administration Fees)	$1,873,067

What is the Fund’s investment objective?

The Fund seeks total return consisting of income and capital appreciation.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 5.500%	2.3%
U.S. Treasury Bonds, 3.250%, due 05/15/42	2.1
U.S. Treasury Bonds, 3.625%, due 02/15/53	2.1
U.S. Treasury Notes, 4.125%, due 03/31/29	1.6
Uniform Mortgage-Backed Security, TBA, 5.000%	1.2

PACE^® Strategic Fixed Income Investments 

Class A 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	46.6%
Asset-backed securities	16.6%
U.S. Treasury obligations	11.0%
U.S. government agency obligations	10.7%
Mortgage-backed securities	10.5%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Strategic Fixed Income Investments 

S1819 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Strategic Fixed Income Investments

PCSIX

Fund Overview 

This annual shareholder report contains important information about PACE^® Strategic Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$67	0.65%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocations to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds contributed to performance.

• Security selection in high yield corporate bonds issued by midstream energy companies, technology companies and electric utilities alongside selection within investment-grade corporate bonds issued by life insurers, and consumer cyclical services companies’ corporate loans contributed to results over the reporting period.

• Duration and curve positioning contributed to performance

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, specialty real estate investment trusts (REITs), electric utilities, and healthcare corporate loans.

• Some CMBS single asset single borrower (SASB) names detracted from performance.

• Allocation to emerging market local currency bonds and curve positioning in Latin America, specifically Brazil and Mexico, detracted from performance.

During the reporting period, the portfolio utilized derivatives including currency forwards, interest rate futures, credit default swaps, and mortgage TBAs.

PACE^® Strategic Fixed Income Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Bloomberg US Aggregate Bond Index	Bloomberg US Government/Credit Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,112	$10,110	$10,120
9/30/2014	$10,004	$10,042	$10,028
10/31/2014	$10,098	$10,140	$10,128
11/30/2014	$10,185	$10,212	$10,203
12/31/2014	$10,192	$10,222	$10,211
1/31/2015	$10,466	$10,436	$10,480
2/28/2015	$10,401	$10,338	$10,347
3/31/2015	$10,446	$10,386	$10,399
4/30/2015	$10,376	$10,349	$10,343
5/31/2015	$10,349	$10,324	$10,308
6/30/2015	$10,233	$10,211	$10,180
7/31/2015	$10,291	$10,282	$10,255
8/31/2015	$10,209	$10,268	$10,231
9/30/2015	$10,173	$10,337	$10,302
10/31/2015	$10,257	$10,339	$10,303
11/30/2015	$10,227	$10,311	$10,270
12/31/2015	$10,167	$10,278	$10,226
1/31/2016	$10,231	$10,420	$10,370
2/29/2016	$10,243	$10,494	$10,458
3/31/2016	$10,457	$10,590	$10,580
4/30/2016	$10,527	$10,630	$10,631
5/31/2016	$10,540	$10,633	$10,629
6/30/2016	$10,722	$10,824	$10,863
7/31/2016	$10,875	$10,893	$10,949
8/31/2016	$10,894	$10,880	$10,927
9/30/2016	$10,896	$10,874	$10,906
10/31/2016	$10,826	$10,791	$10,801
11/30/2016	$10,532	$10,535	$10,515
12/31/2016	$10,605	$10,550	$10,537
1/31/2017	$10,687	$10,571	$10,566
2/28/2017	$10,790	$10,642	$10,647
3/31/2017	$10,798	$10,636	$10,638
4/30/2017	$10,887	$10,719	$10,725
5/31/2017	$10,989	$10,801	$10,815
6/30/2017	$11,015	$10,790	$10,818
7/31/2017	$11,086	$10,837	$10,863
8/31/2017	$11,199	$10,934	$10,967
9/30/2017	$11,167	$10,882	$10,905
10/31/2017	$11,162	$10,888	$10,914
11/30/2017	$11,124	$10,874	$10,902
12/31/2017	$11,183	$10,924	$10,958
1/31/2018	$11,079	$10,798	$10,832
2/28/2018	$10,975	$10,696	$10,715
3/31/2018	$11,018	$10,764	$10,785
4/30/2018	$10,923	$10,684	$10,694
5/31/2018	$10,968	$10,761	$10,771
6/30/2018	$10,960	$10,747	$10,750
7/31/2018	$11,007	$10,750	$10,758
8/31/2018	$11,062	$10,819	$10,828
9/30/2018	$11,025	$10,749	$10,756
10/31/2018	$10,957	$10,664	$10,663
11/30/2018	$10,955	$10,728	$10,713
12/31/2018	$11,051	$10,925	$10,913
1/31/2019	$11,245	$11,041	$11,041
2/28/2019	$11,290	$11,035	$11,034
3/31/2019	$11,485	$11,247	$11,268
4/30/2019	$11,527	$11,250	$11,274
5/31/2019	$11,714	$11,449	$11,496
6/30/2019	$11,885	$11,593	$11,666
7/31/2019	$11,892	$11,619	$11,683
8/31/2019	$12,266	$11,920	$12,065
9/30/2019	$12,185	$11,856	$11,973
10/31/2019	$12,233	$11,892	$12,007
11/30/2019	$12,212	$11,886	$11,996
12/31/2019	$12,198	$11,878	$11,972
1/31/2020	$12,502	$12,106	$12,258
2/29/2020	$12,661	$12,324	$12,514
3/31/2020	$12,224	$12,251	$12,375
4/30/2020	$12,525	$12,469	$12,651
5/31/2020	$12,694	$12,527	$12,724
6/30/2020	$12,881	$12,606	$12,835
7/31/2020	$13,172	$12,795	$13,093
8/31/2020	$13,109	$12,691	$12,941
9/30/2020	$13,097	$12,684	$12,935
10/31/2020	$13,044	$12,628	$12,857
11/30/2020	$13,294	$12,752	$13,029
12/31/2020	$13,342	$12,769	$13,041
1/31/2021	$13,258	$12,678	$12,905
2/28/2021	$13,063	$12,495	$12,678
3/31/2021	$12,896	$12,338	$12,482
4/30/2021	$13,027	$12,436	$12,592
5/31/2021	$13,083	$12,477	$12,657
6/30/2021	$13,231	$12,564	$12,785
7/31/2021	$13,371	$12,705	$12,954
8/31/2021	$13,368	$12,681	$12,927
9/30/2021	$13,244	$12,571	$12,789
10/31/2021	$13,251	$12,567	$12,796
11/30/2021	$13,247	$12,604	$12,854
12/31/2021	$13,246	$12,572	$12,813
1/31/2022	$12,965	$12,301	$12,500
2/28/2022	$12,780	$12,164	$12,353
3/31/2022	$12,417	$11,826	$12,001
4/30/2022	$11,926	$11,377	$11,526
5/31/2022	$11,940	$11,451	$11,581
6/30/2022	$11,640	$11,271	$11,397
7/31/2022	$11,935	$11,547	$11,644
8/31/2022	$11,652	$11,220	$11,340
9/30/2022	$11,171	$10,735	$10,878
10/31/2022	$11,064	$10,596	$10,743
11/30/2022	$11,459	$10,986	$11,126
12/31/2022	$11,413	$10,937	$11,073
1/31/2023	$11,852	$11,273	$11,407
2/28/2023	$11,569	$10,982	$11,111
3/31/2023	$11,783	$11,260	$11,424
4/30/2023	$11,880	$11,329	$11,496
5/31/2023	$11,746	$11,205	$11,354
6/30/2023	$11,766	$11,165	$11,318
7/31/2023	$11,820	$11,158	$11,309
8/31/2023	$11,761	$11,086	$11,242
9/30/2023	$11,495	$10,805	$10,979
10/31/2023	$11,314	$10,634	$10,822
11/30/2023	$11,850	$11,116	$11,291
12/31/2023	$12,329	$11,541	$11,707
1/31/2024	$12,347	$11,510	$11,679
2/29/2024	$12,223	$11,347	$11,521
3/31/2024	$12,371	$11,452	$11,622
4/30/2024	$12,097	$11,162	$11,346
5/31/2024	$12,315	$11,352	$11,527
6/30/2024	$12,432	$11,459	$11,628
7/31/2024	$12,709	$11,727	$11,888

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	7.52%	1.34%	2.43%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%
Bloomberg US Government/Credit Index	5.12%	0.35%	1.74%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$443,875,694
# of Portfolio Holdings	1,309
Portfolio Turnover Rate	190%
Total Advisory Fees Paid (includes Administration Fees)	$1,873,067

What is the Fund’s investment objective?

The Fund seeks total return consisting of income and capital appreciation.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 5.500%	2.3%
U.S. Treasury Bonds, 3.250%, due 05/15/42	2.1
U.S. Treasury Bonds, 3.625%, due 02/15/53	2.1
U.S. Treasury Notes, 4.125%, due 03/31/29	1.6
Uniform Mortgage-Backed Security, TBA, 5.000%	1.2

PACE^® Strategic Fixed Income Investments 

Class P 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	46.6%
Asset-backed securities	16.6%
U.S. Treasury obligations	11.0%
U.S. government agency obligations	10.7%
Mortgage-backed securities	10.5%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Strategic Fixed Income Investments 

S1820 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Strategic Fixed Income Investments

PSFYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Strategic Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$67	0.65%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocations to several strong-performing segments of the market, including corporate loans, asset-backed securities (ABS), high yield corporate bonds, commercial mortgage-backed securities (CMBS), and investment-grade corporate bonds contributed to performance.

• Security selection in high yield corporate bonds issued by midstream energy companies, technology companies and electric utilities alongside selection within investment-grade corporate bonds issued by life insurers, and consumer cyclical services companies’ corporate loans contributed to results over the reporting period.

• Duration and curve positioning contributed to performance

What didn’t work:

• Relative selection results were weakest in investment-grade corporate bonds issued by banks, specialty real estate investment trusts (REITs), electric utilities, and healthcare corporate loans.

• Some CMBS single asset single borrower (SASB) names detracted from performance.

• Allocation to emerging market local currency bonds and curve positioning in Latin America, specifically Brazil and Mexico, detracted from performance.

During the reporting period, the portfolio utilized derivatives including currency forwards, interest rate futures, credit default swaps, and mortgage TBAs.

PACE^® Strategic Fixed Income Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Bloomberg US Aggregate Bond Index	Bloomberg US Government/Credit Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,112	$10,110	$10,120
9/30/2014	$10,004	$10,042	$10,028
10/31/2014	$10,097	$10,140	$10,128
11/30/2014	$10,184	$10,212	$10,203
12/31/2014	$10,184	$10,222	$10,211
1/31/2015	$10,465	$10,436	$10,480
2/28/2015	$10,399	$10,338	$10,347
3/31/2015	$10,437	$10,386	$10,399
4/30/2015	$10,366	$10,349	$10,343
5/31/2015	$10,346	$10,324	$10,308
6/30/2015	$10,223	$10,211	$10,180
7/31/2015	$10,281	$10,282	$10,255
8/31/2015	$10,206	$10,268	$10,231
9/30/2015	$10,161	$10,337	$10,302
10/31/2015	$10,252	$10,339	$10,303
11/30/2015	$10,222	$10,311	$10,270
12/31/2015	$10,153	$10,278	$10,226
1/31/2016	$10,224	$10,420	$10,370
2/29/2016	$10,235	$10,494	$10,458
3/31/2016	$10,441	$10,590	$10,580
4/30/2016	$10,518	$10,630	$10,631
5/31/2016	$10,523	$10,633	$10,629
6/30/2016	$10,704	$10,824	$10,863
7/31/2016	$10,865	$10,893	$10,949
8/31/2016	$10,876	$10,880	$10,927
9/30/2016	$10,886	$10,874	$10,906
10/31/2016	$10,815	$10,791	$10,801
11/30/2016	$10,514	$10,535	$10,515
12/31/2016	$10,586	$10,550	$10,537
1/31/2017	$10,676	$10,571	$10,566
2/28/2017	$10,779	$10,642	$10,647
3/31/2017	$10,780	$10,636	$10,638
4/30/2017	$10,869	$10,719	$10,725
5/31/2017	$10,971	$10,801	$10,815
6/30/2017	$10,997	$10,790	$10,818
7/31/2017	$11,068	$10,837	$10,863
8/31/2017	$11,181	$10,934	$10,967
9/30/2017	$11,157	$10,882	$10,905
10/31/2017	$11,152	$10,888	$10,914
11/30/2017	$11,106	$10,874	$10,902
12/31/2017	$11,165	$10,924	$10,958
1/31/2018	$11,069	$10,798	$10,832
2/28/2018	$10,957	$10,696	$10,715
3/31/2018	$11,000	$10,764	$10,785
4/30/2018	$10,914	$10,684	$10,694
5/31/2018	$10,950	$10,761	$10,771
6/30/2018	$10,942	$10,747	$10,750
7/31/2018	$10,990	$10,750	$10,758
8/31/2018	$11,044	$10,819	$10,828
9/30/2018	$11,007	$10,749	$10,756
10/31/2018	$10,940	$10,664	$10,663
11/30/2018	$10,937	$10,728	$10,713
12/31/2018	$11,034	$10,925	$10,913
1/31/2019	$11,227	$11,041	$11,041
2/28/2019	$11,281	$11,035	$11,034
3/31/2019	$11,467	$11,247	$11,268
4/30/2019	$11,509	$11,250	$11,274
5/31/2019	$11,696	$11,449	$11,496
6/30/2019	$11,867	$11,593	$11,666
7/31/2019	$11,874	$11,619	$11,683
8/31/2019	$12,248	$11,920	$12,065
9/30/2019	$12,167	$11,856	$11,973
10/31/2019	$12,216	$11,892	$12,007
11/30/2019	$12,194	$11,886	$11,996
12/31/2019	$12,180	$11,878	$11,972
1/31/2020	$12,484	$12,106	$12,258
2/29/2020	$12,643	$12,324	$12,514
3/31/2020	$12,206	$12,251	$12,375
4/30/2020	$12,508	$12,469	$12,651
5/31/2020	$12,677	$12,527	$12,724
6/30/2020	$12,863	$12,606	$12,835
7/31/2020	$13,155	$12,795	$13,093
8/31/2020	$13,091	$12,691	$12,941
9/30/2020	$13,080	$12,684	$12,935
10/31/2020	$13,026	$12,628	$12,857
11/30/2020	$13,276	$12,752	$13,029
12/31/2020	$13,324	$12,769	$13,041
1/31/2021	$13,240	$12,678	$12,905
2/28/2021	$13,045	$12,495	$12,678
3/31/2021	$12,879	$12,338	$12,482
4/30/2021	$13,019	$12,436	$12,592
5/31/2021	$13,066	$12,477	$12,657
6/30/2021	$13,208	$12,564	$12,785
7/31/2021	$13,357	$12,705	$12,954
8/31/2021	$13,345	$12,681	$12,927
9/30/2021	$13,230	$12,571	$12,789
10/31/2021	$13,228	$12,567	$12,796
11/30/2021	$13,224	$12,604	$12,854
12/31/2021	$13,222	$12,572	$12,813
1/31/2022	$12,942	$12,301	$12,500
2/28/2022	$12,767	$12,164	$12,353
3/31/2022	$12,403	$11,826	$12,001
4/30/2022	$11,912	$11,377	$11,526
5/31/2022	$11,927	$11,451	$11,581
6/30/2022	$11,627	$11,271	$11,397
7/31/2022	$11,922	$11,547	$11,644
8/31/2022	$11,639	$11,220	$11,340
9/30/2022	$11,158	$10,735	$10,878
10/31/2022	$11,041	$10,596	$10,743
11/30/2022	$11,446	$10,986	$11,126
12/31/2022	$11,390	$10,937	$11,073
1/31/2023	$11,839	$11,273	$11,407
2/28/2023	$11,555	$10,982	$11,111
3/31/2023	$11,760	$11,260	$11,424
4/30/2023	$11,866	$11,329	$11,496
5/31/2023	$11,733	$11,205	$11,354
6/30/2023	$11,753	$11,165	$11,318
7/31/2023	$11,796	$11,158	$11,309
8/31/2023	$11,748	$11,086	$11,242
9/30/2023	$11,482	$10,805	$10,979
10/31/2023	$11,301	$10,634	$10,822
11/30/2023	$11,837	$11,116	$11,291
12/31/2023	$12,316	$11,541	$11,707
1/31/2024	$12,324	$11,510	$11,679
2/29/2024	$12,210	$11,347	$11,521
3/31/2024	$12,347	$11,452	$11,622
4/30/2024	$12,084	$11,162	$11,346
5/31/2024	$12,291	$11,352	$11,527
6/30/2024	$12,419	$11,459	$11,628
7/31/2024	$12,685	$11,727	$11,888

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	7.53%	1.33%	2.41%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%
Bloomberg US Government/Credit Index	5.12%	0.35%	1.74%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$443,875,694
# of Portfolio Holdings	1,309
Portfolio Turnover Rate	190%
Total Advisory Fees Paid (includes Administration Fees)	$1,873,067

What is the Fund’s investment objective?

The Fund seeks total return consisting of income and capital appreciation.

Top 5 Holdings (% of Net Assets) 

Uniform Mortgage-Backed Security, TBA, 5.500%	2.3%
U.S. Treasury Bonds, 3.250%, due 05/15/42	2.1
U.S. Treasury Bonds, 3.625%, due 02/15/53	2.1
U.S. Treasury Notes, 4.125%, due 03/31/29	1.6
Uniform Mortgage-Backed Security, TBA, 5.000%	1.2

PACE^® Strategic Fixed Income Investments 

Class Y 

Top 5 Asset Classes (%)

Value	Value
Corporate bonds	46.6%
Asset-backed securities	16.6%
U.S. Treasury obligations	11.0%
U.S. government agency obligations	10.7%
Mortgage-backed securities	10.5%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Strategic Fixed Income Investments 

S1821 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Alternative Strategies Investments

PASIX

Fund Overview 

This annual shareholder report contains important information about PACE^® Alternative Strategies Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$191	1.83%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• At the investment manager level, all except for one sub-advisor generated positive absolute returns during the period.

• On a strategy level, investments within the equity long short and macro categories were primary drivers of positive performance.

• Among equity long-short strategies, the Absolute Return Equity Market Neutral Strategy managed by PCJ generated a strong positive return based primarily on stock selection exposure within the industrials sector.

• Kettle Hill’s Long/Short US Small Cap Equity Strategy generated a strong positive return based on long positions across multiple sectors including communication services and consumer discretionary.

• In the macro category, Aviva was a contributor due to favorable performance from their market directional and relative value trades.

What didn’t work:

• On a strategy level, the Fund’s exposure to a managed futures strategy was a headwind over the period due to market reversals and a lack of sustainable trends across certain asset classes, such as fixed income.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period.

PACE^® Alternative Strategies Investments 

Class A 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class A with Load	FTSE Three-Month US Treasury Bill Index	Bloomberg Global Aggregate Index	HFRI Fund of Funds Composite Index	MSCI World Index (net)
7/31/2014	$9,448	$10,000	$10,000	$10,000	$10,000
8/31/2014	$9,555	$10,000	$10,055	$10,083	$10,220
9/30/2014	$9,493	$10,000	$9,774	$10,064	$9,943
10/31/2014	$9,502	$10,001	$9,776	$10,001	$10,007
11/30/2014	$9,626	$10,001	$9,740	$10,122	$10,208
12/31/2014	$9,573	$10,001	$9,673	$10,159	$10,043
1/31/2015	$9,617	$10,001	$9,658	$10,172	$9,861
2/28/2015	$9,795	$10,001	$9,579	$10,344	$10,439
3/31/2015	$9,813	$10,002	$9,487	$10,412	$10,276
4/30/2015	$9,706	$10,002	$9,588	$10,438	$10,517
5/31/2015	$9,822	$10,002	$9,417	$10,543	$10,553
6/30/2015	$9,715	$10,002	$9,375	$10,434	$10,307
7/31/2015	$9,875	$10,002	$9,396	$10,454	$10,492
8/31/2015	$9,724	$10,002	$9,407	$10,245	$9,798
9/30/2015	$9,662	$10,003	$9,455	$10,058	$9,437
10/31/2015	$9,751	$10,003	$9,475	$10,144	$10,185
11/30/2015	$9,760	$10,003	$9,318	$10,175	$10,134
12/31/2015	$9,651	$10,004	$9,368	$10,132	$9,956
1/31/2016	$9,541	$10,005	$9,449	$9,863	$9,360
2/29/2016	$9,505	$10,007	$9,659	$9,744	$9,290
3/31/2016	$9,532	$10,009	$9,920	$9,816	$9,921
4/30/2016	$9,487	$10,012	$10,052	$9,867	$10,078
5/31/2016	$9,505	$10,014	$9,918	$9,917	$10,135
6/30/2016	$9,442	$10,016	$10,207	$9,870	$10,021
7/31/2016	$9,532	$10,018	$10,284	$10,019	$10,444
8/31/2016	$9,505	$10,020	$10,234	$10,063	$10,453
9/30/2016	$9,478	$10,023	$10,291	$10,097	$10,509
10/31/2016	$9,451	$10,025	$10,005	$10,068	$10,305
11/30/2016	$9,442	$10,028	$9,607	$10,094	$10,453
12/31/2016	$9,560	$10,031	$9,563	$10,184	$10,703
1/31/2017	$9,587	$10,035	$9,671	$10,287	$10,962
2/28/2017	$9,723	$10,039	$9,717	$10,380	$11,266
3/31/2017	$9,714	$10,043	$9,732	$10,427	$11,386
4/30/2017	$9,741	$10,048	$9,841	$10,479	$11,554
5/31/2017	$9,741	$10,054	$9,994	$10,513	$11,799
6/30/2017	$9,705	$10,061	$9,985	$10,511	$11,844
7/31/2017	$9,741	$10,069	$10,153	$10,618	$12,128
8/31/2017	$9,714	$10,078	$10,253	$10,706	$12,145
9/30/2017	$9,778	$10,087	$10,161	$10,753	$12,417
10/31/2017	$9,869	$10,096	$10,123	$10,877	$12,652
11/30/2017	$9,932	$10,105	$10,235	$10,876	$12,926
12/31/2017	$9,914	$10,115	$10,270	$10,975	$13,101
1/31/2018	$10,123	$10,126	$10,393	$11,231	$13,793
2/28/2018	$9,950	$10,137	$10,301	$11,059	$13,221
3/31/2018	$9,850	$10,151	$10,410	$11,005	$12,933
4/30/2018	$9,887	$10,164	$10,244	$11,027	$13,082
5/31/2018	$9,796	$10,179	$10,166	$11,106	$13,164
6/30/2018	$9,741	$10,195	$10,121	$11,056	$13,158
7/31/2018	$9,860	$10,211	$10,104	$11,079	$13,568
8/31/2018	$9,860	$10,229	$10,114	$11,104	$13,736
9/30/2018	$9,841	$10,246	$10,027	$11,082	$13,813
10/31/2018	$9,614	$10,264	$9,915	$10,758	$12,799
11/30/2018	$9,651	$10,283	$9,946	$10,711	$12,944
12/31/2018	$9,377	$10,304	$10,147	$10,534	$11,960
1/31/2019	$9,667	$10,325	$10,302	$10,804	$12,890
2/28/2019	$9,705	$10,344	$10,242	$10,919	$13,278
3/31/2019	$9,733	$10,365	$10,371	$11,019	$13,452
4/30/2019	$9,826	$10,386	$10,340	$11,118	$13,929
5/31/2019	$9,705	$10,408	$10,480	$11,012	$13,126
6/30/2019	$9,854	$10,429	$10,712	$11,183	$13,991
7/31/2019	$9,910	$10,450	$10,683	$11,213	$14,060
8/31/2019	$9,920	$10,469	$10,900	$11,126	$13,772
9/30/2019	$9,920	$10,487	$10,789	$11,076	$14,065
10/31/2019	$9,938	$10,505	$10,861	$11,132	$14,423
11/30/2019	$9,910	$10,521	$10,778	$11,235	$14,825
12/31/2019	$9,948	$10,536	$10,841	$11,418	$15,269
1/31/2020	$10,032	$10,550	$10,980	$11,450	$15,176
2/29/2020	$9,854	$10,563	$11,054	$11,275	$13,893
3/31/2020	$9,536	$10,577	$10,806	$10,415	$12,055
4/30/2020	$9,808	$10,585	$11,018	$10,768	$13,372
5/31/2020	$9,966	$10,590	$11,066	$11,016	$14,018
6/30/2020	$10,023	$10,591	$11,165	$11,232	$14,388
7/31/2020	$10,331	$10,592	$11,521	$11,485	$15,077
8/31/2020	$10,453	$10,593	$11,503	$11,731	$16,084
9/30/2020	$10,406	$10,594	$11,462	$11,711	$15,529
10/31/2020	$10,397	$10,595	$11,473	$11,747	$15,053
11/30/2020	$10,714	$10,596	$11,681	$12,207	$16,977
12/31/2020	$10,890	$10,597	$11,838	$12,660	$17,697
1/31/2021	$10,792	$10,598	$11,734	$12,576	$17,521
2/28/2021	$10,958	$10,598	$11,532	$12,932	$17,970
3/31/2021	$10,997	$10,599	$11,310	$12,916	$18,568
4/30/2021	$11,193	$10,599	$11,453	$13,192	$19,432
5/31/2021	$11,223	$10,599	$11,561	$13,214	$19,712
6/30/2021	$11,125	$10,600	$11,459	$13,288	$20,006
7/31/2021	$11,076	$10,600	$11,611	$13,202	$20,364
8/31/2021	$11,125	$10,600	$11,563	$13,367	$20,871
9/30/2021	$11,027	$10,601	$11,357	$13,385	$20,005
10/31/2021	$11,066	$10,601	$11,330	$13,595	$21,138
11/30/2021	$10,919	$10,601	$11,297	$13,396	$20,675
12/31/2021	$11,176	$10,602	$11,281	$13,442	$21,558
1/31/2022	$11,019	$10,602	$11,050	$13,099	$20,418
2/28/2022	$10,915	$10,603	$10,919	$13,022	$19,901
3/31/2022	$10,999	$10,605	$10,586	$13,072	$20,447
4/30/2022	$11,030	$10,608	$10,006	$12,914	$18,749
5/31/2022	$11,072	$10,613	$10,033	$12,725	$18,763
6/30/2022	$10,842	$10,620	$9,711	$12,556	$17,138
7/31/2022	$10,946	$10,631	$9,918	$12,651	$18,498
8/31/2022	$10,946	$10,647	$9,526	$12,721	$17,725
9/30/2022	$10,790	$10,668	$9,037	$12,512	$16,077
10/31/2022	$11,040	$10,694	$8,975	$12,566	$17,232
11/30/2022	$11,166	$10,725	$9,397	$12,684	$18,430
12/31/2022	$11,201	$10,761	$9,448	$12,728	$17,647
1/31/2023	$11,297	$10,801	$9,758	$12,984	$18,896
2/28/2023	$11,255	$10,838	$9,434	$12,913	$18,442
3/31/2023	$11,137	$10,882	$9,732	$12,824	$19,012
4/30/2023	$11,137	$10,925	$9,775	$12,860	$19,345
5/31/2023	$11,030	$10,971	$9,584	$12,868	$19,152
6/30/2023	$11,180	$11,018	$9,583	$13,019	$20,310
7/31/2023	$11,276	$11,068	$9,650	$13,164	$20,992
8/31/2023	$11,276	$11,120	$9,518	$13,145	$20,491
9/30/2023	$11,276	$11,170	$9,240	$13,089	$19,607
10/31/2023	$11,190	$11,223	$9,129	$12,947	$19,038
11/30/2023	$11,458	$11,274	$9,589	$13,222	$20,823
12/31/2023	$11,758	$11,327	$9,988	$13,502	$21,845
1/31/2024	$11,758	$11,380	$9,850	$13,599	$22,107
2/29/2024	$11,991	$11,429	$9,726	$13,837	$23,044
3/31/2024	$12,234	$11,482	$9,780	$14,066	$23,785
4/30/2024	$12,090	$11,534	$9,533	$14,004	$22,901
5/31/2024	$12,234	$11,587	$9,658	$14,115	$23,924
6/30/2024	$12,179	$11,639	$9,672	$14,152	$24,411
7/31/2024	$12,312	$11,694	$9,939	$14,220	$24,841

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	9.19%	4.44%	2.68%
Class A with Load	3.22%	3.25%	2.10%
FTSE Three-Month US Treasury Bill Index	5.65%	2.28%	1.58%
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
HFRI Fund of Funds Composite Index	8.02%	4.87%	3.58%
MSCI World Index (net)	18.34%	12.06%	9.53%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$342,552,992
# of Portfolio Holdings	1,933
Portfolio Turnover Rate	405%
Total Advisory Fees Paid (includes Administration Fees)	$3,637,146

What is the Fund’s investment objective?

The Fund seeks long-term capital appreciation.

Top 5 Long Holdings (%) 

Carillon Reams Unconstrained Bond Fund, Class I	4.6%
Palo Alto Networks, Inc., 0.375%, due 06/01/25	3.8
Virtus AlphaSimplex Managed Futures Strategy Fund, Class I	3.6
AQR Style Premia Alternative Fund, Class R6	1.4
Transocean, Inc., 4.625%, due 09/30/29	1.1

PACE^® Alternative Strategies Investments 

Class A 

Top 5 Short Holdings (%) 

Palo Alto Networks, Inc.	(3.8%)
Transocean Ltd.	(0.9)
iShares Russell 2000 ETF	(0.9)
iShares Core S&P/TSX Capped Composite Index ETF	(0.6)
SPDR S&P 500 ETF Trust	(0.6)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) appointed Fulcrum Asset Management LLP (“FAM”) to serve as a new subadvisor. FAM assumed investment advisory responsibility with respect to a separate portion of the Fund’s portfolio effective July 16, 2024.

PACE^® Alternative Strategies Investments 

S1822 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Alternative Strategies Investments

PASPX

Fund Overview 

This annual shareholder report contains important information about PACE^® Alternative Strategies Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$165	1.58%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• At the investment manager level, all except for one sub-advisor generated positive absolute returns during the period.

• On a strategy level, investments within the equity long short and macro categories were primary drivers of positive performance.

• Among equity long-short strategies, the Absolute Return Equity Market Neutral Strategy managed by PCJ generated a strong positive return based primarily on stock selection exposure within the industrials sector.

• Kettle Hill’s Long/Short US Small Cap Equity Strategy generated a strong positive return based on long positions across multiple sectors including communication services and consumer discretionary.

• In the macro category, Aviva was a contributor due to favorable performance from their market directional and relative value trades.

What didn’t work:

• On a strategy level, the Fund’s exposure to a managed futures strategy was a headwind over the period due to market reversals and a lack of sustainable trends across certain asset classes, such as fixed income.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period.

PACE^® Alternative Strategies Investments 

Class P 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class P	FTSE Three-Month US Treasury Bill Index	Bloomberg Global Aggregate Index	HFRI Fund of Funds Composite Index	MSCI World Index (net)
7/31/2014	$10,000	$10,000	$10,000	$10,000	$10,000
8/31/2014	$10,112	$10,000	$10,055	$10,083	$10,220
9/30/2014	$10,047	$10,000	$9,774	$10,064	$9,943
10/31/2014	$10,065	$10,001	$9,776	$10,001	$10,007
11/30/2014	$10,187	$10,001	$9,740	$10,122	$10,208
12/31/2014	$10,139	$10,001	$9,673	$10,159	$10,043
1/31/2015	$10,196	$10,001	$9,658	$10,172	$9,861
2/28/2015	$10,385	$10,001	$9,579	$10,344	$10,439
3/31/2015	$10,413	$10,002	$9,487	$10,412	$10,276
4/30/2015	$10,290	$10,002	$9,588	$10,438	$10,517
5/31/2015	$10,423	$10,002	$9,417	$10,543	$10,553
6/30/2015	$10,309	$10,002	$9,375	$10,434	$10,307
7/31/2015	$10,479	$10,002	$9,396	$10,454	$10,492
8/31/2015	$10,319	$10,002	$9,407	$10,245	$9,798
9/30/2015	$10,262	$10,003	$9,455	$10,058	$9,437
10/31/2015	$10,356	$10,003	$9,475	$10,144	$10,185
11/30/2015	$10,366	$10,003	$9,318	$10,175	$10,134
12/31/2015	$10,259	$10,004	$9,368	$10,132	$9,956
1/31/2016	$10,141	$10,005	$9,449	$9,863	$9,360
2/29/2016	$10,102	$10,007	$9,659	$9,744	$9,290
3/31/2016	$10,141	$10,009	$9,920	$9,816	$9,921
4/30/2016	$10,092	$10,012	$10,052	$9,867	$10,078
5/31/2016	$10,112	$10,014	$9,918	$9,917	$10,135
6/30/2016	$10,044	$10,016	$10,207	$9,870	$10,021
7/31/2016	$10,151	$10,018	$10,284	$10,019	$10,444
8/31/2016	$10,122	$10,020	$10,234	$10,063	$10,453
9/30/2016	$10,092	$10,023	$10,291	$10,097	$10,509
10/31/2016	$10,063	$10,025	$10,005	$10,068	$10,305
11/30/2016	$10,053	$10,028	$9,607	$10,094	$10,453
12/31/2016	$10,181	$10,031	$9,563	$10,184	$10,703
1/31/2017	$10,220	$10,035	$9,671	$10,287	$10,962
2/28/2017	$10,357	$10,039	$9,717	$10,380	$11,266
3/31/2017	$10,347	$10,043	$9,732	$10,427	$11,386
4/30/2017	$10,386	$10,048	$9,841	$10,479	$11,554
5/31/2017	$10,386	$10,054	$9,994	$10,513	$11,799
6/30/2017	$10,347	$10,061	$9,985	$10,511	$11,844
7/31/2017	$10,396	$10,069	$10,153	$10,618	$12,128
8/31/2017	$10,366	$10,078	$10,253	$10,706	$12,145
9/30/2017	$10,435	$10,087	$10,161	$10,753	$12,417
10/31/2017	$10,533	$10,096	$10,123	$10,877	$12,652
11/30/2017	$10,601	$10,105	$10,235	$10,876	$12,926
12/31/2017	$10,591	$10,115	$10,270	$10,975	$13,101
1/31/2018	$10,816	$10,126	$10,393	$11,231	$13,793
2/28/2018	$10,630	$10,137	$10,301	$11,059	$13,221
3/31/2018	$10,523	$10,151	$10,410	$11,005	$12,933
4/30/2018	$10,562	$10,164	$10,244	$11,027	$13,082
5/31/2018	$10,474	$10,179	$10,166	$11,106	$13,164
6/30/2018	$10,415	$10,195	$10,121	$11,056	$13,158
7/31/2018	$10,533	$10,211	$10,104	$11,079	$13,568
8/31/2018	$10,542	$10,229	$10,114	$11,104	$13,736
9/30/2018	$10,523	$10,246	$10,027	$11,082	$13,813
10/31/2018	$10,288	$10,264	$9,915	$10,758	$12,799
11/30/2018	$10,327	$10,283	$9,946	$10,711	$12,944
12/31/2018	$10,033	$10,304	$10,147	$10,534	$11,960
1/31/2019	$10,355	$10,325	$10,302	$10,804	$12,890
2/28/2019	$10,386	$10,344	$10,242	$10,919	$13,278
3/31/2019	$10,426	$10,365	$10,371	$11,019	$13,452
4/30/2019	$10,526	$10,386	$10,340	$11,118	$13,929
5/31/2019	$10,396	$10,408	$10,480	$11,012	$13,126
6/30/2019	$10,557	$10,429	$10,712	$11,183	$13,991
7/31/2019	$10,627	$10,450	$10,683	$11,213	$14,060
8/31/2019	$10,637	$10,469	$10,900	$11,126	$13,772
9/30/2019	$10,637	$10,487	$10,789	$11,076	$14,065
10/31/2019	$10,657	$10,505	$10,861	$11,132	$14,423
11/30/2019	$10,627	$10,521	$10,778	$11,235	$14,825
12/31/2019	$10,677	$10,536	$10,841	$11,418	$15,269
1/31/2020	$10,768	$10,550	$10,980	$11,450	$15,176
2/29/2020	$10,576	$10,563	$11,054	$11,275	$13,893
3/31/2020	$10,244	$10,577	$10,806	$10,415	$12,055
4/30/2020	$10,526	$10,585	$11,018	$10,768	$13,372
5/31/2020	$10,708	$10,590	$11,066	$11,016	$14,018
6/30/2020	$10,768	$10,591	$11,165	$11,232	$14,388
7/31/2020	$11,101	$10,592	$11,521	$11,485	$15,077
8/31/2020	$11,232	$10,593	$11,503	$11,731	$16,084
9/30/2020	$11,192	$10,594	$11,462	$11,711	$15,529
10/31/2020	$11,181	$10,595	$11,473	$11,747	$15,053
11/30/2020	$11,524	$10,596	$11,681	$12,207	$16,977
12/31/2020	$11,714	$10,597	$11,838	$12,660	$17,697
1/31/2021	$11,608	$10,598	$11,734	$12,576	$17,521
2/28/2021	$11,788	$10,598	$11,532	$12,932	$17,970
3/31/2021	$11,841	$10,599	$11,310	$12,916	$18,568
4/30/2021	$12,053	$10,599	$11,453	$13,192	$19,432
5/31/2021	$12,085	$10,599	$11,561	$13,214	$19,712
6/30/2021	$11,979	$10,600	$11,459	$13,288	$20,006
7/31/2021	$11,936	$10,600	$11,611	$13,202	$20,364
8/31/2021	$11,979	$10,600	$11,563	$13,367	$20,871
9/30/2021	$11,883	$10,601	$11,357	$13,385	$20,005
10/31/2021	$11,936	$10,601	$11,330	$13,595	$21,138
11/30/2021	$11,767	$10,601	$11,297	$13,396	$20,675
12/31/2021	$12,055	$10,602	$11,281	$13,442	$21,558
1/31/2022	$11,886	$10,602	$11,050	$13,099	$20,418
2/28/2022	$11,784	$10,603	$10,919	$13,022	$19,901
3/31/2022	$11,863	$10,605	$10,586	$13,072	$20,447
4/30/2022	$11,897	$10,608	$10,006	$12,914	$18,749
5/31/2022	$11,954	$10,613	$10,033	$12,725	$18,763
6/30/2022	$11,705	$10,620	$9,711	$12,556	$17,138
7/31/2022	$11,829	$10,631	$9,918	$12,651	$18,498
8/31/2022	$11,829	$10,647	$9,526	$12,721	$17,725
9/30/2022	$11,648	$10,668	$9,037	$12,512	$16,077
10/31/2022	$11,931	$10,694	$8,975	$12,566	$17,232
11/30/2022	$12,067	$10,725	$9,397	$12,684	$18,430
12/31/2022	$12,116	$10,761	$9,448	$12,728	$17,647
1/31/2023	$12,209	$10,801	$9,758	$12,984	$18,896
2/28/2023	$12,174	$10,838	$9,434	$12,913	$18,442
3/31/2023	$12,047	$10,882	$9,732	$12,824	$19,012
4/30/2023	$12,047	$10,925	$9,775	$12,860	$19,345
5/31/2023	$11,943	$10,971	$9,584	$12,868	$19,152
6/30/2023	$12,105	$11,018	$9,583	$13,019	$20,310
7/31/2023	$12,209	$11,068	$9,650	$13,164	$20,992
8/31/2023	$12,209	$11,120	$9,518	$13,145	$20,491
9/30/2023	$12,221	$11,170	$9,240	$13,089	$19,607
10/31/2023	$12,116	$11,223	$9,129	$12,947	$19,038
11/30/2023	$12,417	$11,274	$9,589	$13,222	$20,823
12/31/2023	$12,740	$11,327	$9,988	$13,502	$21,845
1/31/2024	$12,740	$11,380	$9,850	$13,599	$22,107
2/29/2024	$13,005	$11,429	$9,726	$13,837	$23,044
3/31/2024	$13,269	$11,482	$9,780	$14,066	$23,785
4/30/2024	$13,113	$11,534	$9,533	$14,004	$22,901
5/31/2024	$13,281	$11,587	$9,658	$14,115	$23,924
6/30/2024	$13,209	$11,639	$9,672	$14,152	$24,411
7/31/2024	$13,353	$11,694	$9,939	$14,220	$24,841

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	9.37%	4.67%	2.93%
FTSE Three-Month US Treasury Bill Index	5.65%	2.28%	1.58%
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
HFRI Fund of Funds Composite Index	8.02%	4.87%	3.58%
MSCI World Index (net)	18.34%	12.06%	9.53%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$342,552,992
# of Portfolio Holdings	1,933
Portfolio Turnover Rate	405%
Total Advisory Fees Paid (includes Administration Fees)	$3,637,146

What is the Fund’s investment objective?

The Fund seeks long-term capital appreciation.

Top 5 Long Holdings (%) 

Carillon Reams Unconstrained Bond Fund, Class I	4.6%
Palo Alto Networks, Inc., 0.375%, due 06/01/25	3.8
Virtus AlphaSimplex Managed Futures Strategy Fund, Class I	3.6
AQR Style Premia Alternative Fund, Class R6	1.4
Transocean, Inc., 4.625%, due 09/30/29	1.1

PACE^® Alternative Strategies Investments 

Class P 

Top 5 Short Holdings (%) 

Palo Alto Networks, Inc.	(3.8%)
Transocean Ltd.	(0.9)
iShares Russell 2000 ETF	(0.9)
iShares Core S&P/TSX Capped Composite Index ETF	(0.6)
SPDR S&P 500 ETF Trust	(0.6)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) appointed Fulcrum Asset Management LLP (“FAM”) to serve as a new subadvisor. FAM assumed investment advisory responsibility with respect to a separate portion of the Fund’s portfolio effective July 16, 2024.

PACE^® Alternative Strategies Investments 

S1823 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Alternative Strategies Investments

PAPTX

Fund Overview 

This annual shareholder report contains important information about PACE^® Alternative Strategies Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$118	1.12%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• At the investment manager level, all except for one sub-advisor generated positive absolute returns during the period.

• On a strategy level, investments within the equity long short and macro categories were primary drivers of positive performance.

• Among equity long-short strategies, the Absolute Return Equity Market Neutral Strategy managed by PCJ generated a strong positive return based primarily on stock selection exposure within the industrials sector.

• Kettle Hill’s Long/Short US Small Cap Equity Strategy generated a strong positive return based on long positions across multiple sectors including communication services and consumer discretionary.

• In the macro category, Aviva was a contributor due to favorable performance from their market directional and relative value trades.

What didn’t work:

• On a strategy level, the Fund’s exposure to a managed futures strategy was a headwind over the period due to market reversals and a lack of sustainable trends across certain asset classes, such as fixed income.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period.

PACE^® Alternative Strategies Investments 

Class P2 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class P2	FTSE Three-Month US Treasury Bill Index	Bloomberg Global Aggregate Index	HFRI Fund of Funds Composite Index	MSCI World Index (net)
11/30/2022	$10,095	$10,015	$10,129	$10,094	$10,261
12/31/2022	$10,117	$10,049	$10,184	$10,129	$9,825
1/31/2023	$10,185	$10,086	$10,518	$10,333	$10,520
2/28/2023	$10,156	$10,121	$10,168	$10,276	$10,267
3/31/2023	$10,030	$10,162	$10,490	$10,205	$10,585
4/30/2023	$10,030	$10,202	$10,536	$10,234	$10,770
5/31/2023	$9,923	$10,245	$10,330	$10,240	$10,663
6/30/2023	$10,049	$10,289	$10,330	$10,361	$11,307
7/31/2023	$10,146	$10,336	$10,401	$10,475	$11,687
8/31/2023	$10,146	$10,384	$10,259	$10,461	$11,408
9/30/2023	$10,156	$10,431	$9,959	$10,416	$10,916
10/31/2023	$10,078	$10,480	$9,840	$10,303	$10,599
11/30/2023	$10,330	$10,528	$10,336	$10,522	$11,593
12/31/2023	$10,595	$10,577	$10,766	$10,744	$12,162
1/31/2024	$10,605	$10,627	$10,617	$10,822	$12,308
2/29/2024	$10,825	$10,673	$10,484	$11,011	$12,830
3/31/2024	$11,056	$10,722	$10,542	$11,193	$13,242
4/30/2024	$10,936	$10,771	$10,276	$11,144	$12,750
5/31/2024	$11,066	$10,821	$10,410	$11,232	$13,320
6/30/2024	$11,026	$10,869	$10,425	$11,266	$13,591
7/31/2024	$11,146	$10,920	$10,713	$11,323	$13,830

Average Annual Total Returns (%)

	1 Year	Since Inception 11/14/22
Class P2	9.85%	6.55%
FTSE Three-Month US Treasury Bill Index	5.65%	5.28%
Bloomberg Global Aggregate Index	3.01%	4.12%
HFRI Fund of Funds Composite Index	8.02%	7.37%
MSCI World Index (net)	18.34%	20.89%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

The HFRI Funds of Funds composite Index is a monthly priced Index so there is no rate available on 11/14/2022 to calculate a performance return since inception. Therefore, the since inception retrun for this Index is as of October 31, 2022, which represents the nearest month-end date to the inception date.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$342,552,992
# of Portfolio Holdings	1,933
Portfolio Turnover Rate	405%
Total Advisory Fees Paid (includes Administration Fees)	$3,637,146

What is the Fund’s investment objective?

The Fund seeks long-term capital appreciation.

Top 5 Long Holdings (%) 

Carillon Reams Unconstrained Bond Fund, Class I	4.6%
Palo Alto Networks, Inc., 0.375%, due 06/01/25	3.8
Virtus AlphaSimplex Managed Futures Strategy Fund, Class I	3.6
AQR Style Premia Alternative Fund, Class R6	1.4
Transocean, Inc., 4.625%, due 09/30/29	1.1

PACE^® Alternative Strategies Investments 

Class P2 

Top 5 Short Holdings (%) 

Palo Alto Networks, Inc.	(3.8%)
Transocean Ltd.	(0.9)
iShares Russell 2000 ETF	(0.9)
iShares Core S&P/TSX Capped Composite Index ETF	(0.6)
SPDR S&P 500 ETF Trust	(0.6)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) appointed Fulcrum Asset Management LLP (“FAM”) to serve as a new subadvisor. FAM assumed investment advisory responsibility with respect to a separate portion of the Fund’s portfolio effective July 16, 2024.

PACE^® Alternative Strategies Investments 

S1825 

Class P2 

Annual Shareholder Report

July 31, 2024 

PACE^® Alternative Strategies Investments

PASYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Alternative Strategies Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$165	1.58%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• At the investment manager level, all except for one sub-advisor generated positive absolute returns during the period.

• On a strategy level, investments within the equity long short and macro categories were primary drivers of positive performance.

• Among equity long-short strategies, the Absolute Return Equity Market Neutral Strategy managed by PCJ generated a strong positive return based primarily on stock selection exposure within the industrials sector.

• Kettle Hill’s Long/Short US Small Cap Equity Strategy generated a strong positive return based on long positions across multiple sectors including communication services and consumer discretionary.

• In the macro category, Aviva was a contributor due to favorable performance from their market directional and relative value trades.

What didn’t work:

• On a strategy level, the Fund’s exposure to a managed futures strategy was a headwind over the period due to market reversals and a lack of sustainable trends across certain asset classes, such as fixed income.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period.

PACE^® Alternative Strategies Investments 

Class Y 

Fund Overview 

This report describes changes to the Fund that occurred during the reporting period.

Fund Performance

	Class Y	FTSE Three-Month US Treasury Bill Index	Bloomberg Global Aggregate Index	HFRI Fund of Funds Composite Index	MSCI World Index (net)
7/31/2014	$10,000	$10,000	$10,000	$10,000	$10,000
8/31/2014	$10,121	$10,000	$10,055	$10,083	$10,220
9/30/2014	$10,056	$10,000	$9,774	$10,064	$9,943
10/31/2014	$10,065	$10,001	$9,776	$10,001	$10,007
11/30/2014	$10,196	$10,001	$9,740	$10,122	$10,208
12/31/2014	$10,142	$10,001	$9,673	$10,159	$10,043
1/31/2015	$10,199	$10,001	$9,658	$10,172	$9,861
2/28/2015	$10,387	$10,001	$9,579	$10,344	$10,439
3/31/2015	$10,416	$10,002	$9,487	$10,412	$10,276
4/30/2015	$10,293	$10,002	$9,588	$10,438	$10,517
5/31/2015	$10,416	$10,002	$9,417	$10,543	$10,553
6/30/2015	$10,312	$10,002	$9,375	$10,434	$10,307
7/31/2015	$10,482	$10,002	$9,396	$10,454	$10,492
8/31/2015	$10,321	$10,002	$9,407	$10,245	$9,798
9/30/2015	$10,265	$10,003	$9,455	$10,058	$9,437
10/31/2015	$10,350	$10,003	$9,475	$10,144	$10,185
11/30/2015	$10,369	$10,003	$9,318	$10,175	$10,134
12/31/2015	$10,256	$10,004	$9,368	$10,132	$9,956
1/31/2016	$10,139	$10,005	$9,449	$9,863	$9,360
2/29/2016	$10,100	$10,007	$9,659	$9,744	$9,290
3/31/2016	$10,159	$10,009	$9,920	$9,816	$9,921
4/30/2016	$10,110	$10,012	$10,052	$9,867	$10,078
5/31/2016	$10,139	$10,014	$9,918	$9,917	$10,135
6/30/2016	$10,061	$10,016	$10,207	$9,870	$10,021
7/31/2016	$10,169	$10,018	$10,284	$10,019	$10,444
8/31/2016	$10,139	$10,020	$10,234	$10,063	$10,453
9/30/2016	$10,110	$10,023	$10,291	$10,097	$10,509
10/31/2016	$10,091	$10,025	$10,005	$10,068	$10,305
11/30/2016	$10,081	$10,028	$9,607	$10,094	$10,453
12/31/2016	$10,198	$10,031	$9,563	$10,184	$10,703
1/31/2017	$10,237	$10,035	$9,671	$10,287	$10,962
2/28/2017	$10,374	$10,039	$9,717	$10,380	$11,266
3/31/2017	$10,374	$10,043	$9,732	$10,427	$11,386
4/30/2017	$10,403	$10,048	$9,841	$10,479	$11,554
5/31/2017	$10,403	$10,054	$9,994	$10,513	$11,799
6/30/2017	$10,364	$10,061	$9,985	$10,511	$11,844
7/31/2017	$10,413	$10,069	$10,153	$10,618	$12,128
8/31/2017	$10,383	$10,078	$10,253	$10,706	$12,145
9/30/2017	$10,442	$10,087	$10,161	$10,753	$12,417
10/31/2017	$10,549	$10,096	$10,123	$10,877	$12,652
11/30/2017	$10,618	$10,105	$10,235	$10,876	$12,926
12/31/2017	$10,598	$10,115	$10,270	$10,975	$13,101
1/31/2018	$10,822	$10,126	$10,393	$11,231	$13,793
2/28/2018	$10,647	$10,137	$10,301	$11,059	$13,221
3/31/2018	$10,539	$10,151	$10,410	$11,005	$12,933
4/30/2018	$10,578	$10,164	$10,244	$11,027	$13,082
5/31/2018	$10,491	$10,179	$10,166	$11,106	$13,164
6/30/2018	$10,432	$10,195	$10,121	$11,056	$13,158
7/31/2018	$10,559	$10,211	$10,104	$11,079	$13,568
8/31/2018	$10,559	$10,229	$10,114	$11,104	$13,736
9/30/2018	$10,539	$10,246	$10,027	$11,082	$13,813
10/31/2018	$10,305	$10,264	$9,915	$10,758	$12,799
11/30/2018	$10,344	$10,283	$9,946	$10,711	$12,944
12/31/2018	$10,051	$10,304	$10,147	$10,534	$11,960
1/31/2019	$10,372	$10,325	$10,302	$10,804	$12,890
2/28/2019	$10,413	$10,344	$10,242	$10,919	$13,278
3/31/2019	$10,443	$10,365	$10,371	$11,019	$13,452
4/30/2019	$10,543	$10,386	$10,340	$11,118	$13,929
5/31/2019	$10,423	$10,408	$10,480	$11,012	$13,126
6/30/2019	$10,573	$10,429	$10,712	$11,183	$13,991
7/31/2019	$10,643	$10,450	$10,683	$11,213	$14,060
8/31/2019	$10,654	$10,469	$10,900	$11,126	$13,772
9/30/2019	$10,654	$10,487	$10,789	$11,076	$14,065
10/31/2019	$10,684	$10,505	$10,861	$11,132	$14,423
11/30/2019	$10,654	$10,521	$10,778	$11,235	$14,825
12/31/2019	$10,696	$10,536	$10,841	$11,418	$15,269
1/31/2020	$10,786	$10,550	$10,980	$11,450	$15,176
2/29/2020	$10,595	$10,563	$11,054	$11,275	$13,893
3/31/2020	$10,263	$10,577	$10,806	$10,415	$12,055
4/30/2020	$10,545	$10,585	$11,018	$10,768	$13,372
5/31/2020	$10,726	$10,590	$11,066	$11,016	$14,018
6/30/2020	$10,786	$10,591	$11,165	$11,232	$14,388
7/31/2020	$11,128	$10,592	$11,521	$11,485	$15,077
8/31/2020	$11,249	$10,593	$11,503	$11,731	$16,084
9/30/2020	$11,209	$10,594	$11,462	$11,711	$15,529
10/31/2020	$11,209	$10,595	$11,473	$11,747	$15,053
11/30/2020	$11,541	$10,596	$11,681	$12,207	$16,977
12/31/2020	$11,730	$10,597	$11,838	$12,660	$17,697
1/31/2021	$11,635	$10,598	$11,734	$12,576	$17,521
2/28/2021	$11,814	$10,598	$11,532	$12,932	$17,970
3/31/2021	$11,857	$10,599	$11,310	$12,916	$18,568
4/30/2021	$12,079	$10,599	$11,453	$13,192	$19,432
5/31/2021	$12,111	$10,599	$11,561	$13,214	$19,712
6/30/2021	$12,005	$10,600	$11,459	$13,288	$20,006
7/31/2021	$11,952	$10,600	$11,611	$13,202	$20,364
8/31/2021	$12,005	$10,600	$11,563	$13,367	$20,871
9/30/2021	$11,910	$10,601	$11,357	$13,385	$20,005
10/31/2021	$11,952	$10,601	$11,330	$13,595	$21,138
11/30/2021	$11,793	$10,601	$11,297	$13,396	$20,675
12/31/2021	$12,081	$10,602	$11,281	$13,442	$21,558
1/31/2022	$11,912	$10,602	$11,050	$13,099	$20,418
2/28/2022	$11,799	$10,603	$10,919	$13,022	$19,901
3/31/2022	$11,890	$10,605	$10,586	$13,072	$20,447
4/30/2022	$11,923	$10,608	$10,006	$12,914	$18,749
5/31/2022	$11,980	$10,613	$10,033	$12,725	$18,763
6/30/2022	$11,721	$10,620	$9,711	$12,556	$17,138
7/31/2022	$11,856	$10,631	$9,918	$12,651	$18,498
8/31/2022	$11,856	$10,647	$9,526	$12,721	$17,725
9/30/2022	$11,676	$10,668	$9,037	$12,512	$16,077
10/31/2022	$11,957	$10,694	$8,975	$12,566	$17,232
11/30/2022	$12,092	$10,725	$9,397	$12,684	$18,430
12/31/2022	$12,142	$10,761	$9,448	$12,728	$17,647
1/31/2023	$12,235	$10,801	$9,758	$12,984	$18,896
2/28/2023	$12,200	$10,838	$9,434	$12,913	$18,442
3/31/2023	$12,061	$10,882	$9,732	$12,824	$19,012
4/30/2023	$12,073	$10,925	$9,775	$12,860	$19,345
5/31/2023	$11,958	$10,971	$9,584	$12,868	$19,152
6/30/2023	$12,131	$11,018	$9,583	$13,019	$20,310
7/31/2023	$12,235	$11,068	$9,650	$13,164	$20,992
8/31/2023	$12,235	$11,120	$9,518	$13,145	$20,491
9/30/2023	$12,235	$11,170	$9,240	$13,089	$19,607
10/31/2023	$12,142	$11,223	$9,129	$12,947	$19,038
11/30/2023	$12,442	$11,274	$9,589	$13,222	$20,823
12/31/2023	$12,765	$11,327	$9,988	$13,502	$21,845
1/31/2024	$12,765	$11,380	$9,850	$13,599	$22,107
2/29/2024	$13,028	$11,429	$9,726	$13,837	$23,044
3/31/2024	$13,292	$11,482	$9,780	$14,066	$23,785
4/30/2024	$13,148	$11,534	$9,533	$14,004	$22,901
5/31/2024	$13,304	$11,587	$9,658	$14,115	$23,924
6/30/2024	$13,244	$11,639	$9,672	$14,152	$24,411
7/31/2024	$13,388	$11,694	$9,939	$14,220	$24,841

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	9.43%	4.70%	2.96%
FTSE Three-Month US Treasury Bill Index	5.65%	2.28%	1.58%
Bloomberg Global Aggregate Index	3.01%	(1.44%)	(0.06%)
HFRI Fund of Funds Composite Index	8.02%	4.87%	3.58%
MSCI World Index (net)	18.34%	12.06%	9.53%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$342,552,992
# of Portfolio Holdings	1,933
Portfolio Turnover Rate	405%
Total Advisory Fees Paid (includes Administration Fees)	$3,637,146

What is the Fund’s investment objective?

The Fund seeks long-term capital appreciation.

Top 5 Long Holdings (%) 

Carillon Reams Unconstrained Bond Fund, Class I	4.6%
Palo Alto Networks, Inc., 0.375%, due 06/01/25	3.8
Virtus AlphaSimplex Managed Futures Strategy Fund, Class I	3.6
AQR Style Premia Alternative Fund, Class R6	1.4
Transocean, Inc., 4.625%, due 09/30/29	1.1

PACE^® Alternative Strategies Investments 

Class Y 

Top 5 Short Holdings (%) 

Palo Alto Networks, Inc.	(3.8%)
Transocean Ltd.	(0.9)
iShares Russell 2000 ETF	(0.9)
iShares Core S&P/TSX Capped Composite Index ETF	(0.6)
SPDR S&P 500 ETF Trust	(0.6)

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

Notable Fund Changes 

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2023.

At the recommendation of UBS Asset Management (Americas) LLC (formerly known as UBS Asset Management (Americas) Inc.), the investment advisor, the Board of Trustees (the “Board”) appointed Fulcrum Asset Management LLP (“FAM”) to serve as a new subadvisor. FAM assumed investment advisory responsibility with respect to a separate portion of the Fund’s portfolio effective July 16, 2024.

PACE^® Alternative Strategies Investments 

S1824 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Global Real Estate Securities Investments

PREAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Global Real Estate Securities Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$149	1.45%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within industrial real estate investment trusts (“REITs”) and office REITs added value.

• On a stock level, Goodman Group and Universal Health Services were among the top contributors.

• On a regional level, an underweight to Hong Kong and an overweight to the United Kingdom were beneficial.

What didn’t work:

• Security selection within specialized REITs and real estate management and development detracted.

• On a stock level, Welltower and Simon Property Group were among the main detractors.

• On a factor level, an underweight to the dividend yield factor held back benchmark relative returns.

The Fund did not invest in derivatives during the reporting period.

PACE^® Global Real Estate Securities Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	FTSE EPRA/NAREIT Developed Index	MSCI World Index (net)
7/31/2014	$9,446	$10,000	$10,000
8/31/2014	$9,613	$10,153	$10,220
9/30/2014	$8,995	$9,525	$9,943
10/31/2014	$9,588	$10,158	$10,007
11/30/2014	$9,665	$10,247	$10,208
12/31/2014	$9,691	$10,294	$10,043
1/31/2015	$10,142	$10,803	$9,861
2/28/2015	$10,129	$10,743	$10,439
3/31/2015	$10,116	$10,723	$10,276
4/30/2015	$9,974	$10,560	$10,517
5/31/2015	$9,845	$10,411	$10,553
6/30/2015	$9,394	$10,008	$10,307
7/31/2015	$9,678	$10,355	$10,492
8/31/2015	$9,098	$9,745	$9,798
9/30/2015	$9,085	$9,865	$9,437
10/31/2015	$9,652	$10,430	$10,185
11/30/2015	$9,330	$10,204	$10,134
12/31/2015	$9,374	$10,299	$9,956
1/31/2016	$8,805	$9,861	$9,360
2/29/2016	$8,778	$9,910	$9,290
3/31/2016	$9,692	$10,859	$9,921
4/30/2016	$9,758	$10,855	$10,078
5/31/2016	$9,705	$10,858	$10,135
6/30/2016	$10,076	$11,266	$10,021
7/31/2016	$10,632	$11,836	$10,444
8/31/2016	$10,566	$11,534	$10,453
9/30/2016	$10,433	$11,430	$10,509
10/31/2016	$9,851	$10,783	$10,305
11/30/2016	$9,679	$10,493	$10,453
12/31/2016	$9,939	$10,813	$10,703
1/31/2017	$10,063	$10,875	$10,962
2/28/2017	$10,298	$11,220	$11,266
3/31/2017	$10,215	$11,061	$11,386
4/30/2017	$10,422	$11,188	$11,554
5/31/2017	$10,395	$11,294	$11,799
6/30/2017	$10,478	$11,394	$11,844
7/31/2017	$10,616	$11,607	$12,128
8/31/2017	$10,588	$11,630	$12,145
9/30/2017	$10,574	$11,603	$12,417
10/31/2017	$10,547	$11,552	$12,652
11/30/2017	$10,740	$11,879	$12,926
12/31/2017	$10,973	$12,048	$13,101
1/31/2018	$10,959	$12,051	$13,793
2/28/2018	$10,097	$11,250	$13,221
3/31/2018	$10,456	$11,529	$12,933
4/30/2018	$10,700	$11,763	$13,082
5/31/2018	$10,772	$11,969	$13,164
6/30/2018	$10,973	$12,158	$13,158
7/31/2018	$10,988	$12,265	$13,568
8/31/2018	$11,002	$12,390	$13,736
9/30/2018	$10,743	$12,139	$13,813
10/31/2018	$10,327	$11,693	$12,799
11/30/2018	$10,686	$12,134	$12,944
12/31/2018	$10,046	$11,477	$11,960
1/31/2019	$11,144	$12,728	$12,890
2/28/2019	$11,189	$12,717	$13,278
3/31/2019	$11,574	$13,182	$13,452
4/30/2019	$11,411	$13,014	$13,929
5/31/2019	$11,367	$12,987	$13,126
6/30/2019	$11,545	$13,208	$13,991
7/31/2019	$11,485	$13,262	$14,060
8/31/2019	$11,723	$13,519	$13,772
9/30/2019	$11,960	$13,851	$14,065
10/31/2019	$12,242	$14,202	$14,423
11/30/2019	$12,049	$14,036	$14,825
12/31/2019	$12,099	$14,123	$15,269
1/31/2020	$12,052	$14,247	$15,176
2/29/2020	$11,026	$13,080	$13,893
3/31/2020	$8,631	$10,121	$12,055
4/30/2020	$9,129	$10,842	$13,372
5/31/2020	$9,206	$10,874	$14,018
6/30/2020	$9,346	$11,167	$14,388
7/31/2020	$9,533	$11,485	$15,077
8/31/2020	$9,797	$11,781	$16,084
9/30/2020	$9,424	$11,427	$15,529
10/31/2020	$9,098	$11,051	$15,053
11/30/2020	$10,388	$12,513	$16,977
12/31/2020	$10,739	$12,968	$17,697
1/31/2021	$10,612	$12,867	$17,521
2/28/2021	$11,408	$13,363	$17,970
3/31/2021	$11,791	$13,760	$18,568
4/30/2021	$12,556	$14,653	$19,432
5/31/2021	$12,826	$14,922	$19,712
6/30/2021	$12,906	$15,056	$20,006
7/31/2021	$13,416	$15,640	$20,364
8/31/2021	$13,480	$15,852	$20,871
9/30/2021	$12,715	$14,947	$20,005
10/31/2021	$13,400	$15,844	$21,138
11/30/2021	$13,273	$15,498	$20,675
12/31/2021	$14,246	$16,497	$21,558
1/31/2022	$13,131	$15,553	$20,418
2/28/2022	$12,754	$15,175	$19,901
3/31/2022	$13,180	$15,875	$20,447
4/30/2022	$12,656	$15,011	$18,749
5/31/2022	$12,098	$14,369	$18,763
6/30/2022	$11,016	$13,139	$17,138
7/31/2022	$11,902	$14,190	$18,498
8/31/2022	$11,049	$13,276	$17,725
9/30/2022	$9,590	$11,643	$16,077
10/31/2022	$9,885	$11,995	$17,232
11/30/2022	$10,689	$12,808	$18,430
12/31/2022	$10,280	$12,471	$17,647
1/31/2023	$11,270	$13,595	$18,896
2/28/2023	$10,693	$13,001	$18,442
3/31/2023	$10,511	$12,600	$19,012
4/30/2023	$10,693	$12,845	$19,345
5/31/2023	$10,198	$12,278	$19,152
6/30/2023	$10,561	$12,668	$20,310
7/31/2023	$10,874	$13,151	$20,992
8/31/2023	$10,528	$12,718	$20,491
9/30/2023	$9,802	$11,960	$19,607
10/31/2023	$9,323	$11,391	$19,038
11/30/2023	$10,445	$12,608	$20,823
12/31/2023	$11,406	$13,824	$21,845
1/31/2024	$10,905	$13,272	$22,107
2/29/2024	$10,988	$13,200	$23,044
3/31/2024	$11,356	$13,679	$23,785
4/30/2024	$10,470	$12,869	$22,901
5/31/2024	$10,905	$13,317	$23,924
6/30/2024	$10,905	$13,385	$24,411
7/31/2024	$11,523	$14,199	$24,841

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	5.96%	0.06%	2.01%
Class A with Load	0.18%	(1.06%)	1.43%
FTSE EPRA/NAREIT Developed Index	7.97%	1.38%	3.57%
MSCI World Index (net)	18.34%	12.06%	9.53%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$62,210,649
# of Portfolio Holdings	54
Portfolio Turnover Rate	46%
Total Advisory Fees Paid (includes Administration Fees)	$49,416

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Prologis, Inc.	9.5%
Equinix, Inc.	6.0
Extra Space Storage, Inc.	4.3
Goodman Group (Australia)	4.3
Mitsui Fudosan Co. Ltd. (Japan)	3.6

PACE^® Global Real Estate Securities Investments 

Class A 

Top 5 Countries (% of Net Assets)

Value	Value
United States	68.6%
United Kingdom	6.9%
Japan	6.6%
Australia	5.9%
Singapore	2.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Global Real Estate Securities Investments 

S1830 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Global Real Estate Securities Investments

PREQX

Fund Overview 

This annual shareholder report contains important information about PACE^® Global Real Estate Securities Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$124	1.20%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within industrial real estate investment trusts (“REITs”) and office REITs added value.

• On a stock level, Goodman Group and Universal Health Services were among the top contributors.

• On a regional level, an underweight to Hong Kong and an overweight to the United Kingdom were beneficial.

What didn’t work:

• Security selection within specialized REITs and real estate management and development detracted.

• On a stock level, Welltower and Simon Property Group were among the main detractors.

• On a factor level, an underweight to the dividend yield factor held back benchmark relative returns.

The Fund did not invest in derivatives during the reporting period.

PACE^® Global Real Estate Securities Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	FTSE EPRA/NAREIT Developed Index	MSCI World Index (net)
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,177	$10,153	$10,220
9/30/2014	$9,524	$9,525	$9,943
10/31/2014	$10,150	$10,158	$10,007
11/30/2014	$10,231	$10,247	$10,208
12/31/2014	$10,259	$10,294	$10,043
1/31/2015	$10,738	$10,803	$9,861
2/28/2015	$10,724	$10,743	$10,439
3/31/2015	$10,710	$10,723	$10,276
4/30/2015	$10,569	$10,560	$10,517
5/31/2015	$10,442	$10,411	$10,553
6/30/2015	$9,949	$10,008	$10,307
7/31/2015	$10,259	$10,355	$10,492
8/31/2015	$9,653	$9,745	$9,798
9/30/2015	$9,639	$9,865	$9,437
10/31/2015	$10,245	$10,430	$10,185
11/30/2015	$9,907	$10,204	$10,134
12/31/2015	$9,944	$10,299	$9,956
1/31/2016	$9,348	$9,861	$9,360
2/29/2016	$9,318	$9,910	$9,290
3/31/2016	$10,294	$10,859	$9,921
4/30/2016	$10,367	$10,855	$10,078
5/31/2016	$10,308	$10,858	$10,135
6/30/2016	$10,716	$11,266	$10,021
7/31/2016	$11,299	$11,836	$10,444
8/31/2016	$11,226	$11,534	$10,453
9/30/2016	$11,080	$11,430	$10,509
10/31/2016	$10,483	$10,783	$10,305
11/30/2016	$10,294	$10,493	$10,453
12/31/2016	$10,573	$10,813	$10,703
1/31/2017	$10,710	$10,875	$10,962
2/28/2017	$10,969	$11,220	$11,266
3/31/2017	$10,878	$11,061	$11,386
4/30/2017	$11,106	$11,188	$11,554
5/31/2017	$11,061	$11,294	$11,799
6/30/2017	$11,167	$11,394	$11,844
7/31/2017	$11,320	$11,607	$12,128
8/31/2017	$11,289	$11,630	$12,145
9/30/2017	$11,259	$11,603	$12,417
10/31/2017	$11,243	$11,552	$12,652
11/30/2017	$11,441	$11,879	$12,926
12/31/2017	$11,705	$12,048	$13,101
1/31/2018	$11,689	$12,051	$13,793
2/28/2018	$10,781	$11,250	$13,221
3/31/2018	$11,163	$11,529	$12,933
4/30/2018	$11,418	$11,763	$13,082
5/31/2018	$11,513	$11,969	$13,164
6/30/2018	$11,720	$12,158	$13,158
7/31/2018	$11,736	$12,265	$13,568
8/31/2018	$11,752	$12,390	$13,736
9/30/2018	$11,466	$12,139	$13,813
10/31/2018	$11,036	$11,693	$12,799
11/30/2018	$11,418	$12,134	$12,944
12/31/2018	$10,745	$11,477	$11,960
1/31/2019	$11,917	$12,728	$12,890
2/28/2019	$11,967	$12,717	$13,278
3/31/2019	$12,379	$13,182	$13,452
4/30/2019	$12,214	$13,014	$13,929
5/31/2019	$12,165	$12,987	$13,126
6/30/2019	$12,363	$13,208	$13,991
7/31/2019	$12,313	$13,262	$14,060
8/31/2019	$12,561	$13,519	$13,772
9/30/2019	$12,809	$13,851	$14,065
10/31/2019	$13,122	$14,202	$14,423
11/30/2019	$12,908	$14,036	$14,825
12/31/2019	$12,968	$14,123	$15,269
1/31/2020	$12,915	$14,247	$15,176
2/29/2020	$11,838	$13,080	$13,893
3/31/2020	$9,248	$10,121	$12,055
4/30/2020	$9,787	$10,842	$13,372
5/31/2020	$9,891	$10,874	$14,018
6/30/2020	$10,030	$11,167	$14,388
7/31/2020	$10,239	$11,485	$15,077
8/31/2020	$10,534	$11,781	$16,084
9/30/2020	$10,117	$11,427	$15,529
10/31/2020	$9,787	$11,051	$15,053
11/30/2020	$11,160	$12,513	$16,977
12/31/2020	$11,546	$12,968	$17,697
1/31/2021	$11,421	$12,867	$17,521
2/28/2021	$12,261	$13,363	$17,970
3/31/2021	$12,690	$13,760	$18,568
4/30/2021	$13,512	$14,653	$19,432
5/31/2021	$13,816	$14,922	$19,712
6/30/2021	$13,887	$15,056	$20,006
7/31/2021	$14,441	$15,640	$20,364
8/31/2021	$14,513	$15,852	$20,871
9/30/2021	$13,691	$14,947	$20,005
10/31/2021	$14,441	$15,844	$21,138
11/30/2021	$14,298	$15,498	$20,675
12/31/2021	$15,357	$16,497	$21,558
1/31/2022	$14,157	$15,553	$20,418
2/28/2022	$13,751	$15,175	$19,901
3/31/2022	$14,213	$15,875	$20,447
4/30/2022	$13,641	$15,011	$18,749
5/31/2022	$13,050	$14,369	$18,763
6/30/2022	$11,887	$13,139	$17,138
7/31/2022	$12,847	$14,190	$18,498
8/31/2022	$11,924	$13,276	$17,725
9/30/2022	$10,355	$11,643	$16,077
10/31/2022	$10,669	$11,995	$17,232
11/30/2022	$11,536	$12,808	$18,430
12/31/2022	$11,127	$12,471	$17,647
1/31/2023	$12,191	$13,595	$18,896
2/28/2023	$11,575	$13,001	$18,442
3/31/2023	$11,351	$12,600	$19,012
4/30/2023	$11,557	$12,845	$19,345
5/31/2023	$11,015	$12,278	$19,152
6/30/2023	$11,407	$12,668	$20,310
7/31/2023	$11,762	$13,151	$20,992
8/31/2023	$11,370	$12,718	$20,491
9/30/2023	$10,605	$11,960	$19,607
10/31/2023	$10,082	$11,391	$19,038
11/30/2023	$11,295	$12,608	$20,823
12/31/2023	$12,344	$13,824	$21,845
1/31/2024	$11,813	$13,272	$22,107
2/29/2024	$11,889	$13,200	$23,044
3/31/2024	$12,287	$13,679	$23,785
4/30/2024	$11,339	$12,869	$22,901
5/31/2024	$11,813	$13,317	$23,924
6/30/2024	$11,813	$13,385	$24,411
7/31/2024	$12,496	$14,199	$24,841

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	6.24%	0.29%	2.25%
FTSE EPRA/NAREIT Developed Index	7.97%	1.38%	3.57%
MSCI World Index (net)	18.34%	12.06%	9.53%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$62,210,649
# of Portfolio Holdings	54
Portfolio Turnover Rate	46%
Total Advisory Fees Paid (includes Administration Fees)	$49,416

What is the Fund’s investment objective?

The Fund seeks total return.

Top 5 Holdings (% of Net Assets) 

Prologis, Inc.	9.5%
Equinix, Inc.	6.0
Extra Space Storage, Inc.	4.3
Goodman Group (Australia)	4.3
Mitsui Fudosan Co. Ltd. (Japan)	3.6

PACE^® Global Real Estate Securities Investments 

Class P 

Top 5 Countries (% of Net Assets)

Value	Value
United States	68.6%
United Kingdom	6.9%
Japan	6.6%
Australia	5.9%
Singapore	2.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Global Real Estate Securities Investments 

S1831 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® International Emerging Markets Equity Investments

PWEAX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Emerging Markets Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$145	1.45%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within information technology and materials contributed.

• On a stock level, SK Hynix, Interglobe Aviation, and Mercadolibre were among the main contributors.

• On a country level, selection within South Korea and Taiwan contributed.

What didn’t work:

• Security selection within communication services, financials, and real estate detracted.

• On a stock level, First Quantum Materials, Baidu, and Melco Resorts & Entertainment were among the main detractors.

• On a country level, an overweight to China and underweight to India and Taiwan detracted on a relative basis, as did security selection within India and China.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	MSCI Emerging Markets Index (net)
7/31/2014	$9,449	$10,000
8/31/2014	$9,693	$10,225
9/30/2014	$9,045	$9,467
10/31/2014	$9,268	$9,579
11/30/2014	$9,268	$9,478
12/31/2014	$8,843	$9,041
1/31/2015	$8,934	$9,095
2/28/2015	$9,046	$9,377
3/31/2015	$8,899	$9,243
4/30/2015	$9,382	$9,954
5/31/2015	$9,046	$9,556
6/30/2015	$8,801	$9,308
7/31/2015	$8,269	$8,662
8/31/2015	$7,547	$7,879
9/30/2015	$7,337	$7,642
10/31/2015	$7,779	$8,187
11/30/2015	$7,526	$7,868
12/31/2015	$7,333	$7,692
1/31/2016	$6,932	$7,193
2/29/2016	$6,827	$7,181
3/31/2016	$7,621	$8,132
4/30/2016	$7,635	$8,176
5/31/2016	$7,403	$7,871
6/30/2016	$7,712	$8,186
7/31/2016	$8,014	$8,597
8/31/2016	$8,119	$8,811
9/30/2016	$8,190	$8,924
10/31/2016	$8,190	$8,946
11/30/2016	$7,761	$8,534
12/31/2016	$7,757	$8,553
1/31/2017	$8,132	$9,021
2/28/2017	$8,380	$9,297
3/31/2017	$8,614	$9,532
4/30/2017	$8,798	$9,740
5/31/2017	$9,046	$10,028
6/30/2017	$9,152	$10,129
7/31/2017	$9,613	$10,733
8/31/2017	$9,783	$10,972
9/30/2017	$9,754	$10,929
10/31/2017	$9,960	$11,312
11/30/2017	$9,974	$11,335
12/31/2017	$10,377	$11,741
1/31/2018	$11,114	$12,720
2/28/2018	$10,613	$12,133
3/31/2018	$10,492	$11,908
4/30/2018	$10,363	$11,855
5/31/2018	$10,034	$11,435
6/30/2018	$9,598	$10,960
7/31/2018	$9,734	$11,201
8/31/2018	$9,490	$10,898
9/30/2018	$9,369	$10,840
10/31/2018	$8,575	$9,896
11/30/2018	$8,925	$10,304
12/31/2018	$8,651	$10,031
1/31/2019	$9,385	$10,909
2/28/2019	$9,422	$10,934
3/31/2019	$9,538	$11,026
4/30/2019	$9,720	$11,258
5/31/2019	$9,109	$10,441
6/30/2019	$9,618	$11,092
7/31/2019	$9,451	$10,957
8/31/2019	$9,131	$10,423
9/30/2019	$9,247	$10,621
10/31/2019	$9,654	$11,069
11/30/2019	$9,654	$11,054
12/31/2019	$10,271	$11,879
1/31/2020	$9,780	$11,325
2/29/2020	$9,318	$10,728
3/31/2020	$7,588	$9,076
4/30/2020	$8,402	$9,907
5/31/2020	$8,556	$9,983
6/30/2020	$9,215	$10,717
7/31/2020	$10,110	$11,674
8/31/2020	$10,366	$11,932
9/30/2020	$10,146	$11,741
10/31/2020	$10,388	$11,983
11/30/2020	$11,371	$13,091
12/31/2020	$12,303	$14,053
1/31/2021	$12,488	$14,484
2/28/2021	$12,873	$14,595
3/31/2021	$12,695	$14,375
4/30/2021	$12,984	$14,732
5/31/2021	$13,265	$15,074
6/30/2021	$13,317	$15,100
7/31/2021	$12,481	$14,084
8/31/2021	$12,888	$14,453
9/30/2021	$12,266	$13,878
10/31/2021	$12,451	$14,015
11/30/2021	$11,808	$13,444
12/31/2021	$12,063	$13,696
1/31/2022	$11,972	$13,437
2/28/2022	$11,452	$13,035
3/31/2022	$11,220	$12,741
4/30/2022	$10,344	$12,032
5/31/2022	$10,468	$12,085
6/30/2022	$9,940	$11,282
7/31/2022	$9,923	$11,254
8/31/2022	$9,882	$11,301
9/30/2022	$8,874	$9,976
10/31/2022	$8,618	$9,667
11/30/2022	$10,006	$11,100
12/31/2022	$9,745	$10,944
1/31/2023	$10,758	$11,809
2/28/2023	$9,998	$11,043
3/31/2023	$10,311	$11,377
4/30/2023	$10,074	$11,248
5/31/2023	$9,948	$11,060
6/30/2023	$10,480	$11,479
7/31/2023	$11,028	$12,194
8/31/2023	$10,404	$11,443
9/30/2023	$10,015	$11,144
10/31/2023	$9,559	$10,711
11/30/2023	$10,387	$11,568
12/31/2023	$10,725	$12,020
1/31/2024	$10,195	$11,462
2/29/2024	$10,631	$12,007
3/31/2024	$10,793	$12,305
4/30/2024	$10,785	$12,360
5/31/2024	$11,007	$12,430
6/30/2024	$11,143	$12,920
7/31/2024	$11,067	$12,958

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	0.35%	3.21%	1.59%
Class A with Load	(5.17%)	2.04%	1.02%
MSCI Emerging Markets Index (net)	6.27%	3.41%	2.63%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$384,428,118
# of Portfolio Holdings	157
Portfolio Turnover Rate	66%
Total Advisory Fees Paid (includes Administration Fees)	$2,560,722

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Samsung Electronics Co. Ltd.	5.2%
Tencent Holdings Ltd.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	2.6
SK Hynix, Inc.	1.9

PACE^® International Emerging Markets Equity Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	23.7%
Information Technology	23.6%
Consumer Discretionary	14.8%
Industrials	7.5%
Consumer Staples	7.1%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Emerging Markets Equity Investments 

S1796 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® International Emerging Markets Equity Investments

PCEMX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Emerging Markets Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$120	1.20%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within information technology and materials contributed.

• On a stock level, SK Hynix, Interglobe Aviation, and Mercadolibre were among the main contributors.

• On a country level, selection within South Korea and Taiwan contributed.

What didn’t work:

• Security selection within communication services, financials, and real estate detracted.

• On a stock level, First Quantum Materials, Baidu, and Melco Resorts & Entertainment were among the main detractors.

• On a country level, an overweight to China and underweight to India and Taiwan detracted on a relative basis, as did security selection within India and China.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	MSCI Emerging Markets Index (net)
7/31/2014	$10,000	$10,000
8/31/2014	$10,262	$10,225
9/30/2014	$9,578	$9,467
10/31/2014	$9,811	$9,579
11/30/2014	$9,818	$9,478
12/31/2014	$9,371	$9,041
1/31/2015	$9,467	$9,095
2/28/2015	$9,592	$9,377
3/31/2015	$9,430	$9,243
4/30/2015	$9,945	$9,954
5/31/2015	$9,585	$9,556
6/30/2015	$9,327	$9,308
7/31/2015	$8,767	$8,662
8/31/2015	$8,009	$7,879
9/30/2015	$7,788	$7,642
10/31/2015	$8,259	$8,187
11/30/2015	$7,987	$7,868
12/31/2015	$7,783	$7,692
1/31/2016	$7,367	$7,193
2/29/2016	$7,255	$7,181
3/31/2016	$8,096	$8,132
4/30/2016	$8,118	$8,176
5/31/2016	$7,865	$7,871
6/30/2016	$8,193	$8,186
7/31/2016	$8,520	$8,597
8/31/2016	$8,632	$8,811
9/30/2016	$8,706	$8,924
10/31/2016	$8,706	$8,946
11/30/2016	$8,260	$8,534
12/31/2016	$8,253	$8,553
1/31/2017	$8,652	$9,021
2/28/2017	$8,923	$9,297
3/31/2017	$9,171	$9,532
4/30/2017	$9,367	$9,740
5/31/2017	$9,630	$10,028
6/30/2017	$9,750	$10,129
7/31/2017	$10,239	$10,733
8/31/2017	$10,427	$10,972
9/30/2017	$10,397	$10,929
10/31/2017	$10,623	$11,312
11/30/2017	$10,638	$11,335
12/31/2017	$11,070	$11,741
1/31/2018	$11,854	$12,720
2/28/2018	$11,321	$12,133
3/31/2018	$11,199	$11,908
4/30/2018	$11,062	$11,855
5/31/2018	$10,720	$11,435
6/30/2018	$10,248	$10,960
7/31/2018	$10,400	$11,201
8/31/2018	$10,133	$10,898
9/30/2018	$10,011	$10,840
10/31/2018	$9,159	$9,896
11/30/2018	$9,539	$10,304
12/31/2018	$9,251	$10,031
1/31/2019	$10,042	$10,909
2/28/2019	$10,073	$10,934
3/31/2019	$10,205	$11,026
4/30/2019	$10,398	$11,258
5/31/2019	$9,755	$10,441
6/30/2019	$10,298	$11,092
7/31/2019	$10,119	$10,957
8/31/2019	$9,778	$10,423
9/30/2019	$9,902	$10,621
10/31/2019	$10,344	$11,069
11/30/2019	$10,344	$11,054
12/31/2019	$11,009	$11,879
1/31/2020	$10,484	$11,325
2/29/2020	$9,991	$10,728
3/31/2020	$8,133	$9,076
4/30/2020	$9,011	$9,907
5/31/2020	$9,176	$9,983
6/30/2020	$9,889	$10,717
7/31/2020	$10,852	$11,674
8/31/2020	$11,127	$11,932
9/30/2020	$10,899	$11,741
10/31/2020	$11,158	$11,983
11/30/2020	$12,216	$13,091
12/31/2020	$13,224	$14,053
1/31/2021	$13,423	$14,484
2/28/2021	$13,842	$14,595
3/31/2021	$13,644	$14,375
4/30/2021	$13,969	$14,732
5/31/2021	$14,262	$15,074
6/30/2021	$14,326	$15,100
7/31/2021	$13,430	$14,084
8/31/2021	$13,866	$14,453
9/30/2021	$13,209	$13,878
10/31/2021	$13,415	$14,015
11/30/2021	$12,717	$13,444
12/31/2021	$12,995	$13,696
1/31/2022	$12,906	$13,437
2/28/2022	$12,339	$13,035
3/31/2022	$12,090	$12,741
4/30/2022	$11,150	$12,032
5/31/2022	$11,292	$12,085
6/30/2022	$10,715	$11,282
7/31/2022	$10,707	$11,254
8/31/2022	$10,662	$11,301
9/30/2022	$9,580	$9,976
10/31/2022	$9,305	$9,667
11/30/2022	$10,804	$11,100
12/31/2022	$10,530	$10,944
1/31/2023	$11,621	$11,809
2/28/2023	$10,803	$11,043
3/31/2023	$11,139	$11,377
4/30/2023	$10,885	$11,248
5/31/2023	$10,757	$11,060
6/30/2023	$11,330	$11,479
7/31/2023	$11,930	$12,194
8/31/2023	$11,257	$11,443
9/30/2023	$10,839	$11,144
10/31/2023	$10,339	$10,711
11/30/2023	$11,248	$11,568
12/31/2023	$11,616	$12,020
1/31/2024	$11,035	$11,462
2/29/2024	$11,515	$12,007
3/31/2024	$11,690	$12,305
4/30/2024	$11,690	$12,360
5/31/2024	$11,930	$12,430
6/30/2024	$12,078	$12,920
7/31/2024	$11,995	$12,958

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	0.54%	3.46%	1.84%
MSCI Emerging Markets Index (net)	6.27%	3.41%	2.63%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$384,428,118
# of Portfolio Holdings	157
Portfolio Turnover Rate	66%
Total Advisory Fees Paid (includes Administration Fees)	$2,560,722

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Samsung Electronics Co. Ltd.	5.2%
Tencent Holdings Ltd.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	2.6
SK Hynix, Inc.	1.9

PACE^® International Emerging Markets Equity Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	23.7%
Information Technology	23.6%
Consumer Discretionary	14.8%
Industrials	7.5%
Consumer Staples	7.1%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Emerging Markets Equity Investments 

S1797 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® International Emerging Markets Equity Investments

PWETX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Emerging Markets Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$93	0.93%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within information technology and materials contributed.

• On a stock level, SK Hynix, Interglobe Aviation, and Mercadolibre were among the main contributors.

• On a country level, selection within South Korea and Taiwan contributed.

What didn’t work:

• Security selection within communication services, financials, and real estate detracted.

• On a stock level, First Quantum Materials, Baidu, and Melco Resorts & Entertainment were among the main detractors.

• On a country level, an overweight to China and underweight to India and Taiwan detracted on a relative basis, as did security selection within India and China.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments 

Class P2 

Fund Overview 

Fund Performance

	Class P2	MSCI Emerging Markets Index (net)
2/28/2023	$10,000	$10,000
3/31/2023	$10,551	$10,535
4/30/2023	$10,327	$10,415
5/31/2023	$10,198	$10,240
6/30/2023	$10,749	$10,629
7/31/2023	$11,318	$11,291
8/31/2023	$10,680	$10,595
9/30/2023	$10,293	$10,318
10/31/2023	$9,819	$9,917
11/30/2023	$10,680	$10,711
12/31/2023	$11,035	$11,130
1/31/2024	$10,494	$10,613
2/29/2024	$10,939	$11,118
3/31/2024	$11,113	$11,393
4/30/2024	$11,113	$11,444
5/31/2024	$11,340	$11,509
6/30/2024	$11,488	$11,963
7/31/2024	$11,419	$11,999

Average Annual Total Returns (%)

	1 Year	Since Inception 3/17/23
Class P2	0.89%	10.13%
MSCI Emerging Markets Index (net)	6.27%	14.17%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$384,428,118
# of Portfolio Holdings	157
Portfolio Turnover Rate	66%
Total Advisory Fees Paid (includes Administration Fees)	$2,560,722

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Samsung Electronics Co. Ltd.	5.2%
Tencent Holdings Ltd.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	2.6
SK Hynix, Inc.	1.9

PACE^® International Emerging Markets Equity Investments 

Class P2 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	23.7%
Information Technology	23.6%
Consumer Discretionary	14.8%
Industrials	7.5%
Consumer Staples	7.1%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Emerging Markets Equity Investments 

S1799 

Class P2 

Annual Shareholder Report

July 31, 2024 

PACE^® International Emerging Markets Equity Investments

PWEYX

Fund Overview 

This annual shareholder report contains important information about PACE^® International Emerging Markets Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$120	1.20%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within information technology and materials contributed.

• On a stock level, SK Hynix, Interglobe Aviation, and Mercadolibre were among the main contributors.

• On a country level, selection within South Korea and Taiwan contributed.

What didn’t work:

• Security selection within communication services, financials, and real estate detracted.

• On a stock level, First Quantum Materials, Baidu, and Melco Resorts & Entertainment were among the main detractors.

• On a country level, an overweight to China and underweight to India and Taiwan detracted on a relative basis, as did security selection within India and China.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	MSCI Emerging Markets Index (net)
7/31/2014	$10,000	$10,000
8/31/2014	$10,260	$10,225
9/30/2014	$9,580	$9,467
10/31/2014	$9,812	$9,579
11/30/2014	$9,819	$9,478
12/31/2014	$9,371	$9,041
1/31/2015	$9,466	$9,095
2/28/2015	$9,591	$9,377
3/31/2015	$9,430	$9,243
4/30/2015	$9,950	$9,954
5/31/2015	$9,591	$9,556
6/30/2015	$9,335	$9,308
7/31/2015	$8,770	$8,662
8/31/2015	$8,008	$7,879
9/30/2015	$7,789	$7,642
10/31/2015	$8,257	$8,187
11/30/2015	$7,994	$7,868
12/31/2015	$7,784	$7,692
1/31/2016	$7,370	$7,193
2/29/2016	$7,258	$7,181
3/31/2016	$8,095	$8,132
4/30/2016	$8,118	$8,176
5/31/2016	$7,873	$7,871
6/30/2016	$8,199	$8,186
7/31/2016	$8,525	$8,597
8/31/2016	$8,636	$8,811
9/30/2016	$8,718	$8,924
10/31/2016	$8,710	$8,946
11/30/2016	$8,266	$8,534
12/31/2016	$8,262	$8,553
1/31/2017	$8,659	$9,021
2/28/2017	$8,929	$9,297
3/31/2017	$9,184	$9,532
4/30/2017	$9,371	$9,740
5/31/2017	$9,641	$10,028
6/30/2017	$9,753	$10,129
7/31/2017	$10,248	$10,733
8/31/2017	$10,435	$10,972
9/30/2017	$10,405	$10,929
10/31/2017	$10,630	$11,312
11/30/2017	$10,645	$11,335
12/31/2017	$11,074	$11,741
1/31/2018	$11,870	$12,720
2/28/2018	$11,332	$12,133
3/31/2018	$11,210	$11,908
4/30/2018	$11,074	$11,855
5/31/2018	$10,725	$11,435
6/30/2018	$10,255	$10,960
7/31/2018	$10,407	$11,201
8/31/2018	$10,142	$10,898
9/30/2018	$10,020	$10,840
10/31/2018	$9,171	$9,896
11/30/2018	$9,550	$10,304
12/31/2018	$9,257	$10,031
1/31/2019	$10,044	$10,909
2/28/2019	$10,083	$10,934
3/31/2019	$10,214	$11,026
4/30/2019	$10,407	$11,258
5/31/2019	$9,759	$10,441
6/30/2019	$10,299	$11,092
7/31/2019	$10,122	$10,957
8/31/2019	$9,782	$10,423
9/30/2019	$9,913	$10,621
10/31/2019	$10,353	$11,069
11/30/2019	$10,353	$11,054
12/31/2019	$11,023	$11,879
1/31/2020	$10,492	$11,325
2/29/2020	$10,001	$10,728
3/31/2020	$8,144	$9,076
4/30/2020	$9,018	$9,907
5/31/2020	$9,182	$9,983
6/30/2020	$9,900	$10,717
7/31/2020	$10,859	$11,674
8/31/2020	$11,140	$11,932
9/30/2020	$10,906	$11,741
10/31/2020	$11,163	$11,983
11/30/2020	$12,224	$13,091
12/31/2020	$13,236	$14,053
1/31/2021	$13,433	$14,484
2/28/2021	$13,851	$14,595
3/31/2021	$13,654	$14,375
4/30/2021	$13,977	$14,732
5/31/2021	$14,277	$15,074
6/30/2021	$14,332	$15,100
7/31/2021	$13,441	$14,084
8/31/2021	$13,875	$14,453
9/30/2021	$13,220	$13,878
10/31/2021	$13,425	$14,015
11/30/2021	$12,723	$13,444
12/31/2021	$13,000	$13,696
1/31/2022	$12,911	$13,437
2/28/2022	$12,347	$13,035
3/31/2022	$12,100	$12,741
4/30/2022	$11,155	$12,032
5/31/2022	$11,296	$12,085
6/30/2022	$10,723	$11,282
7/31/2022	$10,714	$11,254
8/31/2022	$10,670	$11,301
9/30/2022	$9,584	$9,976
10/31/2022	$9,311	$9,667
11/30/2022	$10,811	$11,100
12/31/2022	$10,538	$10,944
1/31/2023	$11,624	$11,809
2/28/2023	$10,810	$11,043
3/31/2023	$11,144	$11,377
4/30/2023	$10,891	$11,248
5/31/2023	$10,764	$11,060
6/30/2023	$11,343	$11,479
7/31/2023	$11,940	$12,194
8/31/2023	$11,262	$11,443
9/30/2023	$10,846	$11,144
10/31/2023	$10,348	$10,711
11/30/2023	$11,253	$11,568
12/31/2023	$11,628	$12,020
1/31/2024	$11,050	$11,462
2/29/2024	$11,518	$12,007
3/31/2024	$11,702	$12,305
4/30/2024	$11,702	$12,360
5/31/2024	$11,931	$12,430
6/30/2024	$12,087	$12,920
7/31/2024	$12,004	$12,958

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	0.54%	3.47%	1.84%
MSCI Emerging Markets Index (net)	6.27%	3.41%	2.63%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$384,428,118
# of Portfolio Holdings	157
Portfolio Turnover Rate	66%
Total Advisory Fees Paid (includes Administration Fees)	$2,560,722

What is the Fund’s investment objective?

The Fund seeks capital appreciation.

Top 5 Holdings (% of Net Assets) 

Samsung Electronics Co. Ltd.	5.2%
Tencent Holdings Ltd.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	2.6
SK Hynix, Inc.	1.9

PACE^® International Emerging Markets Equity Investments 

Class Y 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	23.7%
Information Technology	23.6%
Consumer Discretionary	14.8%
Industrials	7.5%
Consumer Staples	7.1%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® International Emerging Markets Equity Investments 

S1798 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Value Equity Investments

PCPAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$122	1.14%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the financials sector had the most positive impact on performance, followed by security selection within the communication services sector.

• On a sector level, an overweight allocation to the financials sector added most to performance.

What didn't work:

• Security selection within the health care sector detracted most from performance, followed by security selection within the industrials and energy sectors.

• On a sector level, an underweight allocation to the industrials sector detracted most, followed by an overweight allocation to the consumer discretionary sector.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Value Equity Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Russell 1000 Value Index	Russell 1000 Index
7/31/2014	$9,450	$10,000	$10,000
8/31/2014	$9,742	$10,368	$10,413
9/30/2014	$9,543	$10,154	$10,231
10/31/2014	$9,727	$10,382	$10,481
11/30/2014	$10,007	$10,594	$10,755
12/31/2014	$10,081	$10,659	$10,730
1/31/2015	$9,615	$10,233	$10,435
2/28/2015	$10,170	$10,728	$11,038
3/31/2015	$10,001	$10,582	$10,901
4/30/2015	$10,089	$10,681	$10,978
5/31/2015	$10,212	$10,810	$11,122
6/30/2015	$9,962	$10,594	$10,913
7/31/2015	$10,039	$10,640	$11,124
8/31/2015	$9,459	$10,007	$10,454
9/30/2015	$9,141	$9,705	$10,168
10/31/2015	$9,823	$10,437	$10,991
11/30/2015	$9,836	$10,477	$11,027
12/31/2015	$9,616	$10,251	$10,828
1/31/2016	$9,142	$9,722	$10,246
2/29/2016	$9,176	$9,719	$10,242
3/31/2016	$9,848	$10,419	$10,956
4/30/2016	$9,979	$10,638	$11,015
5/31/2016	$10,061	$10,803	$11,208
6/30/2016	$10,003	$10,897	$11,233
7/31/2016	$10,327	$11,213	$11,661
8/31/2016	$10,482	$11,300	$11,677
9/30/2016	$10,467	$11,276	$11,686
10/31/2016	$10,298	$11,102	$11,458
11/30/2016	$11,130	$11,736	$11,910
12/31/2016	$11,332	$12,029	$12,134
1/31/2017	$11,407	$12,115	$12,378
2/28/2017	$11,791	$12,550	$12,857
3/31/2017	$11,665	$12,422	$12,865
4/30/2017	$11,609	$12,399	$13,001
5/31/2017	$11,619	$12,387	$13,167
6/30/2017	$11,796	$12,589	$13,259
7/31/2017	$11,952	$12,757	$13,521
8/31/2017	$11,831	$12,608	$13,564
9/30/2017	$12,194	$12,981	$13,853
10/31/2017	$12,361	$13,076	$14,170
11/30/2017	$12,693	$13,476	$14,602
12/31/2017	$12,897	$13,673	$14,765
1/31/2018	$13,461	$14,201	$15,576
2/28/2018	$12,788	$13,523	$15,004
3/31/2018	$12,471	$13,285	$14,663
4/30/2018	$12,575	$13,329	$14,713
5/31/2018	$12,553	$13,408	$15,089
6/30/2018	$12,531	$13,442	$15,186
7/31/2018	$13,007	$13,974	$15,710
8/31/2018	$13,199	$14,180	$16,252
9/30/2018	$13,199	$14,208	$16,313
10/31/2018	$12,492	$13,472	$15,159
11/30/2018	$12,750	$13,875	$15,468
12/31/2018	$11,499	$12,542	$14,059
1/31/2019	$12,480	$13,519	$15,237
2/28/2019	$12,706	$13,951	$15,753
3/31/2019	$12,645	$14,039	$16,027
4/30/2019	$13,120	$14,537	$16,674
5/31/2019	$12,151	$13,603	$15,612
6/30/2019	$13,010	$14,579	$16,708
7/31/2019	$13,144	$14,700	$16,967
8/31/2019	$12,761	$14,268	$16,656
9/30/2019	$13,230	$14,777	$16,945
10/31/2019	$13,339	$14,983	$17,304
11/30/2019	$13,754	$15,446	$17,958
12/31/2019	$14,122	$15,871	$18,477
1/31/2020	$13,523	$15,530	$18,497
2/29/2020	$12,131	$14,026	$16,985
3/31/2020	$9,593	$11,629	$14,741
4/30/2020	$10,662	$12,936	$16,689
5/31/2020	$11,055	$13,380	$17,569
6/30/2020	$11,139	$13,291	$17,958
7/31/2020	$11,513	$13,816	$19,009
8/31/2020	$11,893	$14,387	$20,404
9/30/2020	$11,519	$14,034	$19,659
10/31/2020	$11,480	$13,850	$19,185
11/30/2020	$13,136	$15,713	$21,444
12/31/2020	$13,749	$16,315	$22,350
1/31/2021	$13,665	$16,166	$22,166
2/28/2021	$14,558	$17,143	$22,809
3/31/2021	$15,451	$18,151	$23,672
4/30/2021	$16,116	$18,877	$24,946
5/31/2021	$16,644	$19,318	$25,064
6/30/2021	$16,377	$19,097	$25,692
7/31/2021	$16,520	$19,249	$26,226
8/31/2021	$16,859	$19,631	$26,985
9/30/2021	$16,240	$18,948	$25,746
10/31/2021	$17,042	$19,910	$27,532
11/30/2021	$16,246	$19,208	$27,163
12/31/2021	$17,281	$20,420	$28,263
1/31/2022	$17,257	$19,944	$26,670
2/28/2022	$17,085	$19,713	$25,938
3/31/2022	$17,241	$20,269	$26,813
4/30/2022	$16,444	$19,126	$24,423
5/31/2022	$16,897	$19,498	$24,386
6/30/2022	$15,317	$17,794	$22,343
7/31/2022	$16,209	$18,974	$24,424
8/31/2022	$15,880	$18,409	$23,487
9/30/2022	$14,464	$16,795	$21,314
10/31/2022	$15,904	$18,517	$23,023
11/30/2022	$17,093	$19,674	$24,268
12/31/2022	$16,378	$18,881	$22,857
1/31/2023	$17,578	$19,859	$24,390
2/28/2023	$17,001	$19,159	$23,809
3/31/2023	$16,882	$19,071	$24,562
4/30/2023	$17,101	$19,358	$24,867
5/31/2023	$16,515	$18,611	$24,983
6/30/2023	$17,605	$19,848	$26,670
7/31/2023	$18,356	$20,546	$27,587
8/31/2023	$17,752	$19,991	$27,104
9/30/2023	$17,239	$19,220	$25,831
10/31/2023	$16,836	$18,541	$25,206
11/30/2023	$17,972	$19,940	$27,560
12/31/2023	$18,848	$21,045	$28,921
1/31/2024	$18,733	$21,067	$29,324
2/29/2024	$19,282	$21,844	$30,908
3/31/2024	$20,264	$22,936	$31,899
4/30/2024	$19,648	$21,956	$30,541
5/31/2024	$20,283	$22,652	$31,980
6/30/2024	$20,158	$22,439	$33,038
7/31/2024	$20,986	$23,586	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	14.33%	9.81%	8.31%
Class A with Load	8.02%	8.57%	7.69%
Russell 1000 Value Index	14.80%	9.92%	8.96%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$798,382,216
# of Portfolio Holdings	122
Portfolio Turnover Rate	43%
Total Advisory Fees Paid (includes Administration Fees)	$5,927,586

What is the Fund’s investment objective?

The Fund seeks capital appreciation and dividend income.

Top 5 Holdings (% of Net Assets) 

Elevance Health, Inc.	2.4%
American Express Co.	2.3
Alphabet, Inc., Class A	2.2
Citigroup, Inc.	2.1
Berkshire Hathaway, Inc., Class B	2.0

PACE^® Large Co Value Equity Investments 

Class A 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	26.6%
Health Care	14.2%
Information Technology	9.6%
Industrials	8.6%
Consumer Staples	7.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Value Equity Investments 

S1807 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Value Equity Investments

PCLVX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$95	0.89%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the financials sector had the most positive impact on performance, followed by security selection within the communication services sector.

• On a sector level, an overweight allocation to the financials sector added most to performance.

What didn't work:

• Security selection within the health care sector detracted most from performance, followed by security selection within the industrials and energy sectors.

• On a sector level, an underweight allocation to the industrials sector detracted most, followed by an overweight allocation to the consumer discretionary sector.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Value Equity Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Russell 1000 Value Index	Russell 1000 Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,313	$10,368	$10,413
9/30/2014	$10,107	$10,154	$10,231
10/31/2014	$10,301	$10,382	$10,481
11/30/2014	$10,602	$10,594	$10,755
12/31/2014	$10,684	$10,659	$10,730
1/31/2015	$10,189	$10,233	$10,435
2/28/2015	$10,778	$10,728	$11,038
3/31/2015	$10,603	$10,582	$10,901
4/30/2015	$10,702	$10,681	$10,978
5/31/2015	$10,832	$10,810	$11,122
6/30/2015	$10,567	$10,594	$10,913
7/31/2015	$10,648	$10,640	$11,124
8/31/2015	$10,041	$10,007	$10,454
9/30/2015	$9,704	$9,705	$10,168
10/31/2015	$10,432	$10,437	$10,991
11/30/2015	$10,446	$10,477	$11,027
12/31/2015	$10,212	$10,251	$10,828
1/31/2016	$9,707	$9,722	$10,246
2/29/2016	$9,748	$9,719	$10,242
3/31/2016	$10,465	$10,419	$10,956
4/30/2016	$10,609	$10,638	$11,015
5/31/2016	$10,697	$10,803	$11,208
6/30/2016	$10,635	$10,897	$11,233
7/31/2016	$10,985	$11,213	$11,661
8/31/2016	$11,150	$11,300	$11,677
9/30/2016	$11,135	$11,276	$11,686
10/31/2016	$10,960	$11,102	$11,458
11/30/2016	$11,846	$11,736	$11,910
12/31/2016	$12,067	$12,029	$12,134
1/31/2017	$12,148	$12,115	$12,378
2/28/2017	$12,558	$12,550	$12,857
3/31/2017	$12,428	$12,422	$12,865
4/30/2017	$12,369	$12,399	$13,001
5/31/2017	$12,385	$12,387	$13,167
6/30/2017	$12,574	$12,589	$13,259
7/31/2017	$12,746	$12,757	$13,521
8/31/2017	$12,617	$12,608	$13,564
9/30/2017	$13,005	$12,981	$13,853
10/31/2017	$13,183	$13,076	$14,170
11/30/2017	$13,543	$13,476	$14,602
12/31/2017	$13,760	$13,673	$14,765
1/31/2018	$14,370	$14,201	$15,576
2/28/2018	$13,654	$13,523	$15,004
3/31/2018	$13,314	$13,285	$14,663
4/30/2018	$13,432	$13,329	$14,713
5/31/2018	$13,408	$13,408	$15,089
6/30/2018	$13,391	$13,442	$15,186
7/31/2018	$13,901	$13,974	$15,710
8/31/2018	$14,106	$14,180	$16,252
9/30/2018	$14,112	$14,208	$16,313
10/31/2018	$13,355	$13,472	$15,159
11/30/2018	$13,637	$13,875	$15,468
12/31/2018	$12,299	$12,542	$14,059
1/31/2019	$13,352	$13,519	$15,237
2/28/2019	$13,595	$13,951	$15,753
3/31/2019	$13,536	$14,039	$16,027
4/30/2019	$14,040	$14,537	$16,674
5/31/2019	$13,012	$13,603	$15,612
6/30/2019	$13,928	$14,579	$16,708
7/31/2019	$14,079	$14,700	$16,967
8/31/2019	$13,673	$14,268	$16,656
9/30/2019	$14,177	$14,777	$16,945
10/31/2019	$14,295	$14,983	$17,304
11/30/2019	$14,747	$15,446	$17,958
12/31/2019	$15,137	$15,871	$18,477
1/31/2020	$14,499	$15,530	$18,497
2/29/2020	$13,008	$14,026	$16,985
3/31/2020	$10,295	$11,629	$14,741
4/30/2020	$11,440	$12,936	$16,689
5/31/2020	$11,863	$13,380	$17,569
6/30/2020	$11,953	$13,291	$17,958
7/31/2020	$12,356	$13,816	$19,009
8/31/2020	$12,772	$14,387	$20,404
9/30/2020	$12,369	$14,034	$19,659
10/31/2020	$12,335	$13,850	$19,185
11/30/2020	$14,111	$15,713	$21,444
12/31/2020	$14,777	$16,315	$22,350
1/31/2021	$14,693	$16,166	$22,166
2/28/2021	$15,657	$17,143	$22,809
3/31/2021	$16,621	$18,151	$23,672
4/30/2021	$17,338	$18,877	$24,946
5/31/2021	$17,908	$19,318	$25,064
6/30/2021	$17,620	$19,097	$25,692
7/31/2021	$17,782	$19,249	$26,226
8/31/2021	$18,148	$19,631	$26,985
9/30/2021	$17,486	$18,948	$25,746
10/31/2021	$18,352	$19,910	$27,532
11/30/2021	$17,500	$19,208	$27,163
12/31/2021	$18,613	$20,420	$28,263
1/31/2022	$18,596	$19,944	$26,670
2/28/2022	$18,410	$19,713	$25,938
3/31/2022	$18,588	$20,269	$26,813
4/30/2022	$17,732	$19,126	$24,423
5/31/2022	$18,223	$19,498	$24,386
6/30/2022	$16,520	$17,794	$22,343
7/31/2022	$17,486	$18,974	$24,424
8/31/2022	$17,139	$18,409	$23,487
9/30/2022	$15,614	$16,795	$21,314
10/31/2022	$17,164	$18,517	$23,023
11/30/2022	$18,452	$19,674	$24,268
12/31/2022	$17,687	$18,881	$22,857
1/31/2023	$18,991	$19,859	$24,390
2/28/2023	$18,364	$19,159	$23,809
3/31/2023	$18,244	$19,071	$24,562
4/30/2023	$18,483	$19,358	$24,867
5/31/2023	$17,856	$18,611	$24,983
6/30/2023	$19,041	$19,848	$26,670
7/31/2023	$19,857	$20,546	$27,587
8/31/2023	$19,200	$19,991	$27,104
9/30/2023	$18,653	$19,220	$25,831
10/31/2023	$18,225	$18,541	$25,206
11/30/2023	$19,449	$19,940	$27,560
12/31/2023	$20,411	$21,045	$28,921
1/31/2024	$20,285	$21,067	$29,324
2/29/2024	$20,883	$21,844	$30,908
3/31/2024	$21,954	$22,936	$31,899
4/30/2024	$21,282	$21,956	$30,541
5/31/2024	$21,975	$22,652	$31,980
6/30/2024	$21,849	$22,439	$33,038
7/31/2024	$22,751	$23,586	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	14.57%	10.07%	8.57%
Russell 1000 Value Index	14.80%	9.92%	8.96%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$798,382,216
# of Portfolio Holdings	122
Portfolio Turnover Rate	43%
Total Advisory Fees Paid (includes Administration Fees)	$5,927,586

What is the Fund’s investment objective?

The Fund seeks capital appreciation and dividend income.

Top 5 Holdings (% of Net Assets) 

Elevance Health, Inc.	2.4%
American Express Co.	2.3
Alphabet, Inc., Class A	2.2
Citigroup, Inc.	2.1
Berkshire Hathaway, Inc., Class B	2.0

PACE^® Large Co Value Equity Investments 

Class P 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	26.6%
Health Care	14.2%
Information Technology	9.6%
Industrials	8.6%
Consumer Staples	7.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Value Equity Investments 

S1808 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Large Co Value Equity Investments

PLVYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Large Co Value Equity Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$94	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection within the financials sector had the most positive impact on performance, followed by security selection within the communication services sector.

• On a sector level, an overweight allocation to the financials sector added most to performance.

What didn't work:

• Security selection within the health care sector detracted most from performance, followed by security selection within the industrials and energy sectors.

• On a sector level, an underweight allocation to the industrials sector detracted most, followed by an overweight allocation to the consumer discretionary sector.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Value Equity Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Russell 1000 Value Index	Russell 1000 Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,312	$10,368	$10,413
9/30/2014	$10,107	$10,154	$10,231
10/31/2014	$10,304	$10,382	$10,481
11/30/2014	$10,600	$10,594	$10,755
12/31/2014	$10,683	$10,659	$10,730
1/31/2015	$10,190	$10,233	$10,435
2/28/2015	$10,777	$10,728	$11,038
3/31/2015	$10,602	$10,582	$10,901
4/30/2015	$10,700	$10,681	$10,978
5/31/2015	$10,835	$10,810	$11,122
6/30/2015	$10,566	$10,594	$10,913
7/31/2015	$10,651	$10,640	$11,124
8/31/2015	$10,038	$10,007	$10,454
9/30/2015	$9,702	$9,705	$10,168
10/31/2015	$10,432	$10,437	$10,991
11/30/2015	$10,445	$10,477	$11,027
12/31/2015	$10,213	$10,251	$10,828
1/31/2016	$9,710	$9,722	$10,246
2/29/2016	$9,751	$9,719	$10,242
3/31/2016	$10,469	$10,419	$10,956
4/30/2016	$10,608	$10,638	$11,015
5/31/2016	$10,695	$10,803	$11,208
6/30/2016	$10,633	$10,897	$11,233
7/31/2016	$10,988	$11,213	$11,661
8/31/2016	$11,152	$11,300	$11,677
9/30/2016	$11,136	$11,276	$11,686
10/31/2016	$10,962	$11,102	$11,458
11/30/2016	$11,850	$11,736	$11,910
12/31/2016	$12,067	$12,029	$12,134
1/31/2017	$12,152	$12,115	$12,378
2/28/2017	$12,560	$12,550	$12,857
3/31/2017	$12,431	$12,422	$12,865
4/30/2017	$12,372	$12,399	$13,001
5/31/2017	$12,388	$12,387	$13,167
6/30/2017	$12,576	$12,589	$13,259
7/31/2017	$12,748	$12,757	$13,521
8/31/2017	$12,619	$12,608	$13,564
9/30/2017	$13,005	$12,981	$13,853
10/31/2017	$13,188	$13,076	$14,170
11/30/2017	$13,547	$13,476	$14,602
12/31/2017	$13,765	$13,673	$14,765
1/31/2018	$14,371	$14,201	$15,576
2/28/2018	$13,660	$13,523	$15,004
3/31/2018	$13,321	$13,285	$14,663
4/30/2018	$13,438	$13,329	$14,713
5/31/2018	$13,415	$13,408	$15,089
6/30/2018	$13,391	$13,442	$15,186
7/31/2018	$13,905	$13,974	$15,710
8/31/2018	$14,115	$14,180	$16,252
9/30/2018	$14,121	$14,208	$16,313
10/31/2018	$13,362	$13,472	$15,159
11/30/2018	$13,642	$13,875	$15,468
12/31/2018	$12,308	$12,542	$14,059
1/31/2019	$13,356	$13,519	$15,237
2/28/2019	$13,604	$13,951	$15,753
3/31/2019	$13,539	$14,039	$16,027
4/30/2019	$14,053	$14,537	$16,674
5/31/2019	$13,018	$13,603	$15,612
6/30/2019	$13,942	$14,579	$16,708
7/31/2019	$14,092	$14,700	$16,967
8/31/2019	$13,682	$14,268	$16,656
9/30/2019	$14,183	$14,777	$16,945
10/31/2019	$14,307	$14,983	$17,304
11/30/2019	$14,756	$15,446	$17,958
12/31/2019	$15,151	$15,871	$18,477
1/31/2020	$14,509	$15,530	$18,497
2/29/2020	$13,018	$14,026	$16,985
3/31/2020	$10,299	$11,629	$14,741
4/30/2020	$11,452	$12,936	$16,689
5/31/2020	$11,873	$13,380	$17,569
6/30/2020	$11,969	$13,291	$17,958
7/31/2020	$12,370	$13,816	$19,009
8/31/2020	$12,784	$14,387	$20,404
9/30/2020	$12,376	$14,034	$19,659
10/31/2020	$12,342	$13,850	$19,185
11/30/2020	$14,123	$15,713	$21,444
12/31/2020	$14,792	$16,315	$22,350
1/31/2021	$14,701	$16,166	$22,166
2/28/2021	$15,660	$17,143	$22,809
3/31/2021	$16,627	$18,151	$23,672
4/30/2021	$17,348	$18,877	$24,946
5/31/2021	$17,915	$19,318	$25,064
6/30/2021	$17,628	$19,097	$25,692
7/31/2021	$17,789	$19,249	$26,226
8/31/2021	$18,160	$19,631	$26,985
9/30/2021	$17,502	$18,948	$25,746
10/31/2021	$18,363	$19,910	$27,532
11/30/2021	$17,516	$19,208	$27,163
12/31/2021	$18,622	$20,420	$28,263
1/31/2022	$18,606	$19,944	$26,670
2/28/2022	$18,420	$19,713	$25,938
3/31/2022	$18,597	$20,269	$26,813
4/30/2022	$17,738	$19,126	$24,423
5/31/2022	$18,227	$19,498	$24,386
6/30/2022	$16,525	$17,794	$22,343
7/31/2022	$17,494	$18,974	$24,424
8/31/2022	$17,140	$18,409	$23,487
9/30/2022	$15,616	$16,795	$21,314
10/31/2022	$17,174	$18,517	$23,023
11/30/2022	$18,462	$19,674	$24,268
12/31/2022	$17,691	$18,881	$22,857
1/31/2023	$18,996	$19,859	$24,390
2/28/2023	$18,373	$19,159	$23,809
3/31/2023	$18,255	$19,071	$24,562
4/30/2023	$18,492	$19,358	$24,867
5/31/2023	$17,859	$18,611	$24,983
6/30/2023	$19,045	$19,848	$26,670
7/31/2023	$19,866	$20,546	$27,587
8/31/2023	$19,213	$19,991	$27,104
9/30/2023	$18,660	$19,220	$25,831
10/31/2023	$18,235	$18,541	$25,206
11/30/2023	$19,460	$19,940	$27,560
12/31/2023	$20,421	$21,045	$28,921
1/31/2024	$20,296	$21,067	$29,324
2/29/2024	$20,900	$21,844	$30,908
3/31/2024	$21,963	$22,936	$31,899
4/30/2024	$21,296	$21,956	$30,541
5/31/2024	$21,994	$22,652	$31,980
6/30/2024	$21,859	$22,439	$33,038
7/31/2024	$22,765	$23,586	$33,519

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	14.60%	10.07%	8.57%
Russell 1000 Value Index	14.80%	9.92%	8.96%
Russell 1000 Index	21.50%	14.59%	12.86%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$798,382,216
# of Portfolio Holdings	122
Portfolio Turnover Rate	43%
Total Advisory Fees Paid (includes Administration Fees)	$5,927,586

What is the Fund’s investment objective?

The Fund seeks capital appreciation and dividend income.

Top 5 Holdings (% of Net Assets) 

Elevance Health, Inc.	2.4%
American Express Co.	2.3
Alphabet, Inc., Class A	2.2
Citigroup, Inc.	2.1
Berkshire Hathaway, Inc., Class B	2.0

PACE^® Large Co Value Equity Investments 

Class Y 

Top 5 Sectors (% of Net Assets) 

Value	Value
Financials	26.6%
Health Care	14.2%
Information Technology	9.6%
Industrials	8.6%
Consumer Staples	7.7%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Large Co Value Equity Investments 

S1809 

Class Y 

Annual Shareholder Report

July 31, 2024 

PACE^® Municipal Fixed Income Investments

PMUAX

Fund Overview 

This annual shareholder report contains important information about PACE^® Municipal Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$83	0.82%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation benefited from being overweight strong performing tobacco, prepaid gas and hospital revenue bonds.

• Issuer selection was additive overall led by BBB-rated Lipscomb University TN and New York State personal income tax bonds.

• Yield curve exposure was additive to relative returns versus the benchmark. The portfolio was overweight shorter maturity bonds inside of 5 years, as well as longer maturity bonds beyond 15 years which performed well.

What didn’t work:

• In terms of sector allocation, an overweight to weaker performing airport bonds detracted from performance.

• Issuer selection in Texas Permanent School Fund bonds also hindered results.

• During the reporting period, the portfolio’s duration averaged modestly long versus the benchmark which was a slight detractor.

• Underweight to New York City and California state general obligation bonds which benefited from solid demand was a detractor.

The Fund did not invest in derivatives during the reporting period.

PACE^® Municipal Fixed Income Investments 

Class A 

Fund Overview 

Fund Performance

	Class A with Load	Bloomberg US Municipal 3-15 Year Blend Index	Bloomberg Municipal Bond Index
7/31/2014	$9,778	$10,000	$10,000
8/31/2014	$9,886	$10,102	$10,121
9/30/2014	$9,876	$10,102	$10,131
10/31/2014	$9,919	$10,160	$10,201
11/30/2014	$9,924	$10,172	$10,218
12/31/2014	$9,951	$10,202	$10,270
1/31/2015	$10,120	$10,370	$10,452
2/28/2015	$9,998	$10,271	$10,344
3/31/2015	$10,018	$10,294	$10,374
4/30/2015	$9,971	$10,252	$10,320
5/31/2015	$9,923	$10,220	$10,291
6/30/2015	$9,906	$10,219	$10,282
7/31/2015	$9,980	$10,287	$10,356
8/31/2015	$10,008	$10,306	$10,377
9/30/2015	$10,076	$10,386	$10,452
10/31/2015	$10,112	$10,428	$10,493
11/30/2015	$10,150	$10,454	$10,535
12/31/2015	$10,222	$10,515	$10,609
1/31/2016	$10,367	$10,649	$10,736
2/29/2016	$10,374	$10,668	$10,753
3/31/2016	$10,387	$10,681	$10,787
4/30/2016	$10,455	$10,751	$10,866
5/31/2016	$10,460	$10,755	$10,895
6/30/2016	$10,614	$10,901	$11,069
7/31/2016	$10,604	$10,916	$11,075
8/31/2016	$10,609	$10,922	$11,090
9/30/2016	$10,559	$10,880	$11,035
10/31/2016	$10,470	$10,781	$10,919
11/30/2016	$10,066	$10,398	$10,512
12/31/2016	$10,172	$10,509	$10,635
1/31/2017	$10,226	$10,588	$10,705
2/28/2017	$10,288	$10,663	$10,780
3/31/2017	$10,318	$10,683	$10,803
4/30/2017	$10,395	$10,766	$10,882
5/31/2017	$10,545	$10,922	$11,054
6/30/2017	$10,503	$10,876	$11,015
7/31/2017	$10,572	$10,963	$11,104
8/31/2017	$10,651	$11,041	$11,188
9/30/2017	$10,601	$10,985	$11,131
10/31/2017	$10,607	$11,002	$11,159
11/30/2017	$10,523	$10,908	$11,099
12/31/2017	$10,617	$11,009	$11,215
1/31/2018	$10,508	$10,898	$11,083
2/28/2018	$10,458	$10,864	$11,050
3/31/2018	$10,473	$10,892	$11,090
4/30/2018	$10,439	$10,860	$11,051
5/31/2018	$10,544	$10,970	$11,177
6/30/2018	$10,552	$10,987	$11,187
7/31/2018	$10,575	$11,024	$11,214
8/31/2018	$10,590	$11,046	$11,243
9/30/2018	$10,522	$10,980	$11,170
10/31/2018	$10,454	$10,929	$11,101
11/30/2018	$10,561	$11,048	$11,224
12/31/2018	$10,683	$11,178	$11,359
1/31/2019	$10,782	$11,279	$11,444
2/28/2019	$10,848	$11,337	$11,506
3/31/2019	$10,982	$11,478	$11,688
4/30/2019	$11,015	$11,503	$11,732
5/31/2019	$11,166	$11,652	$11,893
6/30/2019	$11,215	$11,701	$11,937
7/31/2019	$11,307	$11,798	$12,033
8/31/2019	$11,449	$11,947	$12,223
9/30/2019	$11,362	$11,843	$12,125
10/31/2019	$11,359	$11,874	$12,147
11/30/2019	$11,374	$11,902	$12,177
12/31/2019	$11,410	$11,941	$12,215
1/31/2020	$11,587	$12,138	$12,434
2/29/2020	$11,716	$12,262	$12,594
3/31/2020	$11,260	$11,876	$12,137
4/30/2020	$11,104	$11,779	$11,985
5/31/2020	$11,437	$12,135	$12,366
6/30/2020	$11,544	$12,213	$12,468
7/31/2020	$11,721	$12,398	$12,678
8/31/2020	$11,704	$12,352	$12,619
9/30/2020	$11,713	$12,362	$12,621
10/31/2020	$11,687	$12,329	$12,583
11/30/2020	$11,839	$12,479	$12,773
12/31/2020	$11,908	$12,544	$12,851
1/31/2021	$11,970	$12,607	$12,933
2/28/2021	$11,792	$12,432	$12,728
3/31/2021	$11,846	$12,496	$12,806
4/30/2021	$11,935	$12,582	$12,913
5/31/2021	$11,961	$12,602	$12,952
6/30/2021	$11,969	$12,619	$12,988
7/31/2021	$12,050	$12,720	$13,095
8/31/2021	$12,014	$12,692	$13,047
9/30/2021	$11,931	$12,607	$12,953
10/31/2021	$11,889	$12,567	$12,915
11/30/2021	$11,965	$12,640	$13,025
12/31/2021	$11,962	$12,660	$13,046
1/31/2022	$11,652	$12,328	$12,689
2/28/2022	$11,587	$12,287	$12,644
3/31/2022	$11,270	$11,937	$12,234
4/30/2022	$11,005	$11,666	$11,895
5/31/2022	$11,124	$11,838	$12,072
6/30/2022	$11,005	$11,728	$11,874
7/31/2022	$11,245	$12,011	$12,188
8/31/2022	$11,036	$11,792	$11,921
9/30/2022	$10,696	$11,408	$11,463
10/31/2022	$10,642	$11,358	$11,368
11/30/2022	$11,039	$11,785	$11,900
12/31/2022	$11,069	$11,847	$11,934
1/31/2023	$11,337	$12,132	$12,277
2/28/2023	$11,124	$11,890	$11,999
3/31/2023	$11,313	$12,132	$12,265
4/30/2023	$11,304	$12,098	$12,237
5/31/2023	$11,194	$11,982	$12,131
6/30/2023	$11,278	$12,076	$12,253
7/31/2023	$11,300	$12,126	$12,301
8/31/2023	$11,209	$11,990	$12,124
9/30/2023	$10,957	$11,698	$11,769
10/31/2023	$10,866	$11,641	$11,669
11/30/2023	$11,394	$12,244	$12,409
12/31/2023	$11,643	$12,492	$12,698
1/31/2024	$11,617	$12,439	$12,633
2/29/2024	$11,628	$12,451	$12,649
3/31/2024	$11,613	$12,451	$12,649
4/30/2024	$11,501	$12,311	$12,492
5/31/2024	$11,438	$12,228	$12,455
6/30/2024	$11,574	$12,394	$12,646
7/31/2024	$11,665	$12,507	$12,762

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A	3.23%	0.63%	1.78%
Class A with Load	0.89%	0.17%	1.55%
Bloomberg US Municipal 3-15 Year Blend Index	3.16%	1.17%	2.26%
Bloomberg Municipal Bond Index	3.74%	1.18%	2.47%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$184,674,705
# of Portfolio Holdings	120
Portfolio Turnover Rate	23%
Total Advisory Fees Paid (includes Administration Fees)	$723,434

What is the Fund’s investment objective?

The Fund seeks high current income exempt from federal income tax.

Top 5 Holdings (% of Net Assets) 

Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34	3.4%
Indiana Finance Authority, Indiana University Health, 2.250%, due 12/01/58	2.8
Michigan Strategic Fund Improvement Project, 5.000%, due 06/30/32	1.9
Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29	1.8
Metropolitan Government of Nashville & Davidson County (Tennessee), 4.000%, due 01/01/32	1.7

PACE^® Municipal Fixed Income Investments 

Class A 

Top 5 States (%)

Value	Value
Texas	11.3%
Pennsylvania	10.1%
New York	9.5%
Illinois	9.3%
Indiana	5.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Municipal Fixed Income Investments 

S1810 

Class A 

Annual Shareholder Report

July 31, 2024 

PACE^® Municipal Fixed Income Investments

PCMNX

Fund Overview 

This annual shareholder report contains important information about PACE^® Municipal Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$58	0.57%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation benefited from being overweight strong performing tobacco, prepaid gas and hospital revenue bonds.

• Issuer selection was additive overall led by BBB-rated Lipscomb University TN and New York State personal income tax bonds.

• Yield curve exposure was additive to relative returns versus the benchmark. The portfolio was overweight shorter maturity bonds inside of 5 years, as well as longer maturity bonds beyond 15 years which performed well.

What didn’t work:

• In terms of sector allocation, an overweight to weaker performing airport bonds detracted from performance.

• Issuer selection in Texas Permanent School Fund bonds also hindered results.

• During the reporting period, the portfolio’s duration averaged modestly long versus the benchmark which was a slight detractor.

• Underweight to New York City and California state general obligation bonds which benefited from solid demand was a detractor.

The Fund did not invest in derivatives during the reporting period.

PACE^® Municipal Fixed Income Investments 

Class P 

Fund Overview 

Fund Performance

	Class P	Bloomberg US Municipal 3-15 Year Blend Index	Bloomberg Municipal Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,113	$10,102	$10,121
9/30/2014	$10,105	$10,102	$10,131
10/31/2014	$10,150	$10,160	$10,201
11/30/2014	$10,158	$10,172	$10,218
12/31/2014	$10,188	$10,202	$10,270
1/31/2015	$10,363	$10,370	$10,452
2/28/2015	$10,241	$10,271	$10,344
3/31/2015	$10,263	$10,294	$10,374
4/30/2015	$10,216	$10,252	$10,320
5/31/2015	$10,177	$10,220	$10,291
6/30/2015	$10,154	$10,219	$10,282
7/31/2015	$10,239	$10,287	$10,356
8/31/2015	$10,263	$10,306	$10,377
9/30/2015	$10,334	$10,386	$10,452
10/31/2015	$10,382	$10,428	$10,493
11/30/2015	$10,414	$10,454	$10,535
12/31/2015	$10,491	$10,515	$10,609
1/31/2016	$10,650	$10,649	$10,736
2/29/2016	$10,651	$10,668	$10,753
3/31/2016	$10,675	$10,681	$10,787
4/30/2016	$10,747	$10,751	$10,866
5/31/2016	$10,746	$10,755	$10,895
6/30/2016	$10,907	$10,901	$11,069
7/31/2016	$10,906	$10,916	$11,075
8/31/2016	$10,914	$10,922	$11,090
9/30/2016	$10,865	$10,880	$11,035
10/31/2016	$10,768	$10,781	$10,919
11/30/2016	$10,354	$10,398	$10,512
12/31/2016	$10,465	$10,509	$10,635
1/31/2017	$10,522	$10,588	$10,705
2/28/2017	$10,589	$10,663	$10,780
3/31/2017	$10,621	$10,683	$10,803
4/30/2017	$10,703	$10,766	$10,882
5/31/2017	$10,868	$10,922	$11,054
6/30/2017	$10,818	$10,876	$11,015
7/31/2017	$10,892	$10,963	$11,104
8/31/2017	$10,984	$11,041	$11,188
9/30/2017	$10,934	$10,985	$11,131
10/31/2017	$10,934	$11,002	$11,159
11/30/2017	$10,859	$10,908	$11,099
12/31/2017	$10,958	$11,009	$11,215
1/31/2018	$10,840	$10,898	$11,083
2/28/2018	$10,799	$10,864	$11,050
3/31/2018	$10,816	$10,892	$11,090
4/30/2018	$10,774	$10,860	$11,051
5/31/2018	$10,894	$10,970	$11,177
6/30/2018	$10,903	$10,987	$11,187
7/31/2018	$10,929	$11,024	$11,214
8/31/2018	$10,938	$11,046	$11,243
9/30/2018	$10,879	$10,980	$11,170
10/31/2018	$10,801	$10,929	$11,101
11/30/2018	$10,923	$11,048	$11,224
12/31/2018	$11,052	$11,178	$11,359
1/31/2019	$11,148	$11,279	$11,444
2/28/2019	$11,226	$11,337	$11,506
3/31/2019	$11,368	$11,478	$11,688
4/30/2019	$11,404	$11,503	$11,732
5/31/2019	$11,563	$11,652	$11,893
6/30/2019	$11,608	$11,701	$11,937
7/31/2019	$11,713	$11,798	$12,033
8/31/2019	$11,864	$11,947	$12,223
9/30/2019	$11,775	$11,843	$12,125
10/31/2019	$11,775	$11,874	$12,147
11/30/2019	$11,793	$11,902	$12,177
12/31/2019	$11,832	$11,941	$12,215
1/31/2020	$12,019	$12,138	$12,434
2/29/2020	$12,154	$12,262	$12,594
3/31/2020	$11,684	$11,876	$12,137
4/30/2020	$11,525	$11,779	$11,985
5/31/2020	$11,874	$12,135	$12,366
6/30/2020	$11,987	$12,213	$12,468
7/31/2020	$12,173	$12,398	$12,678
8/31/2020	$12,157	$12,352	$12,619
9/30/2020	$12,170	$12,362	$12,621
10/31/2020	$12,145	$12,329	$12,583
11/30/2020	$12,296	$12,479	$12,773
12/31/2020	$12,380	$12,544	$12,851
1/31/2021	$12,447	$12,607	$12,933
2/28/2021	$12,265	$12,432	$12,728
3/31/2021	$12,323	$12,496	$12,806
4/30/2021	$12,418	$12,582	$12,913
5/31/2021	$12,448	$12,602	$12,952
6/30/2021	$12,459	$12,619	$12,988
7/31/2021	$12,546	$12,720	$13,095
8/31/2021	$12,511	$12,692	$13,047
9/30/2021	$12,418	$12,607	$12,953
10/31/2021	$12,386	$12,567	$12,915
11/30/2021	$12,468	$12,640	$13,025
12/31/2021	$12,468	$12,660	$13,046
1/31/2022	$12,148	$12,328	$12,689
2/28/2022	$12,082	$12,287	$12,644
3/31/2022	$11,754	$11,937	$12,234
4/30/2022	$11,471	$11,666	$11,895
5/31/2022	$11,607	$11,838	$12,072
6/30/2022	$11,485	$11,728	$11,874
7/31/2022	$11,739	$12,011	$12,188
8/31/2022	$11,523	$11,792	$11,921
9/30/2022	$11,170	$11,408	$11,463
10/31/2022	$11,107	$11,358	$11,368
11/30/2022	$11,534	$11,785	$11,900
12/31/2022	$11,557	$11,847	$11,934
1/31/2023	$11,850	$12,132	$12,277
2/28/2023	$11,629	$11,890	$11,999
3/31/2023	$11,829	$12,132	$12,265
4/30/2023	$11,822	$12,098	$12,237
5/31/2023	$11,710	$11,982	$12,131
6/30/2023	$11,790	$12,076	$12,253
7/31/2023	$11,825	$12,126	$12,301
8/31/2023	$11,723	$11,990	$12,124
9/30/2023	$11,462	$11,698	$11,769
10/31/2023	$11,379	$11,641	$11,669
11/30/2023	$11,924	$12,244	$12,409
12/31/2023	$12,197	$12,492	$12,698
1/31/2024	$12,172	$12,439	$12,633
2/29/2024	$12,177	$12,451	$12,649
3/31/2024	$12,173	$12,451	$12,649
4/30/2024	$12,058	$12,311	$12,492
5/31/2024	$11,995	$12,228	$12,455
6/30/2024	$12,140	$12,394	$12,646
7/31/2024	$12,237	$12,507	$12,762

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class P	3.49%	0.88%	2.04%
Bloomberg US Municipal 3-15 Year Blend Index	3.16%	1.17%	2.26%
Bloomberg Municipal Bond Index	3.74%	1.18%	2.47%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$184,674,705
# of Portfolio Holdings	120
Portfolio Turnover Rate	23%
Total Advisory Fees Paid (includes Administration Fees)	$723,434

What is the Fund’s investment objective?

The Fund seeks high current income exempt from federal income tax.

Top 5 Holdings (% of Net Assets) 

Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34	3.4%
Indiana Finance Authority, Indiana University Health, 2.250%, due 12/01/58	2.8
Michigan Strategic Fund Improvement Project, 5.000%, due 06/30/32	1.9
Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29	1.8
Metropolitan Government of Nashville & Davidson County (Tennessee), 4.000%, due 01/01/32	1.7

PACE^® Municipal Fixed Income Investments 

Class P 

Top 5 States (%)

Value	Value
Texas	11.3%
Pennsylvania	10.1%
New York	9.5%
Illinois	9.3%
Indiana	5.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Municipal Fixed Income Investments 

S1811 

Class P 

Annual Shareholder Report

July 31, 2024 

PACE^® Municipal Fixed Income Investments

PMUYX

Fund Overview 

This annual shareholder report contains important information about PACE^® Municipal Fixed Income Investments for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$59	0.58%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation benefited from being overweight strong performing tobacco, prepaid gas and hospital revenue bonds.

• Issuer selection was additive overall led by BBB-rated Lipscomb University TN and New York State personal income tax bonds.

• Yield curve exposure was additive to relative returns versus the benchmark. The portfolio was overweight shorter maturity bonds inside of 5 years, as well as longer maturity bonds beyond 15 years which performed well.

What didn’t work:

• In terms of sector allocation, an overweight to weaker performing airport bonds detracted from performance.

• Issuer selection in Texas Permanent School Fund bonds also hindered results.

• During the reporting period, the portfolio’s duration averaged modestly long versus the benchmark which was a slight detractor.

• Underweight to New York City and California state general obligation bonds which benefited from solid demand was a detractor.

The Fund did not invest in derivatives during the reporting period.

PACE^® Municipal Fixed Income Investments 

Class Y 

Fund Overview 

Fund Performance

	Class Y	Bloomberg US Municipal 3-15 Year Blend Index	Bloomberg Municipal Bond Index
7/31/2014	$10,000	$10,000	$10,000
8/31/2014	$10,113	$10,102	$10,121
9/30/2014	$10,105	$10,102	$10,131
10/31/2014	$10,150	$10,160	$10,201
11/30/2014	$10,158	$10,172	$10,218
12/31/2014	$10,188	$10,202	$10,270
1/31/2015	$10,363	$10,370	$10,452
2/28/2015	$10,240	$10,271	$10,344
3/31/2015	$10,263	$10,294	$10,374
4/30/2015	$10,216	$10,252	$10,320
5/31/2015	$10,170	$10,220	$10,291
6/30/2015	$10,154	$10,219	$10,282
7/31/2015	$10,232	$10,287	$10,356
8/31/2015	$10,263	$10,306	$10,377
9/30/2015	$10,335	$10,386	$10,452
10/31/2015	$10,375	$10,428	$10,493
11/30/2015	$10,415	$10,454	$10,535
12/31/2015	$10,491	$10,515	$10,609
1/31/2016	$10,641	$10,649	$10,736
2/29/2016	$10,642	$10,668	$10,753
3/31/2016	$10,665	$10,681	$10,787
4/30/2016	$10,737	$10,751	$10,866
5/31/2016	$10,736	$10,755	$10,895
6/30/2016	$10,896	$10,901	$11,069
7/31/2016	$10,895	$10,916	$11,075
8/31/2016	$10,903	$10,922	$11,090
9/30/2016	$10,854	$10,880	$11,035
10/31/2016	$10,756	$10,781	$10,919
11/30/2016	$10,343	$10,398	$10,512
12/31/2016	$10,454	$10,509	$10,635
1/31/2017	$10,510	$10,588	$10,705
2/28/2017	$10,576	$10,663	$10,780
3/31/2017	$10,608	$10,683	$10,803
4/30/2017	$10,690	$10,766	$10,882
5/31/2017	$10,846	$10,922	$11,054
6/30/2017	$10,804	$10,876	$11,015
7/31/2017	$10,878	$10,963	$11,104
8/31/2017	$10,970	$11,041	$11,188
9/30/2017	$10,912	$10,985	$11,131
10/31/2017	$10,920	$11,002	$11,159
11/30/2017	$10,845	$10,908	$11,099
12/31/2017	$10,936	$11,009	$11,215
1/31/2018	$10,826	$10,898	$11,083
2/28/2018	$10,785	$10,864	$11,050
3/31/2018	$10,803	$10,892	$11,090
4/30/2018	$10,761	$10,860	$11,051
5/31/2018	$10,872	$10,970	$11,177
6/30/2018	$10,889	$10,987	$11,187
7/31/2018	$10,915	$11,024	$11,214
8/31/2018	$10,924	$11,046	$11,243
9/30/2018	$10,857	$10,980	$11,170
10/31/2018	$10,788	$10,929	$11,101
11/30/2018	$10,910	$11,048	$11,224
12/31/2018	$11,038	$11,178	$11,359
1/31/2019	$11,134	$11,279	$11,444
2/28/2019	$11,204	$11,337	$11,506
3/31/2019	$11,354	$11,478	$11,688
4/30/2019	$11,381	$11,503	$11,732
5/31/2019	$11,540	$11,652	$11,893
6/30/2019	$11,593	$11,701	$11,937
7/31/2019	$11,690	$11,798	$12,033
8/31/2019	$11,840	$11,947	$12,223
9/30/2019	$11,752	$11,843	$12,125
10/31/2019	$11,760	$11,874	$12,147
11/30/2019	$11,769	$11,902	$12,177
12/31/2019	$11,809	$11,941	$12,215
1/31/2020	$12,004	$12,138	$12,434
2/29/2020	$12,139	$12,262	$12,594
3/31/2020	$11,661	$11,876	$12,137
4/30/2020	$11,511	$11,779	$11,985
5/31/2020	$11,850	$12,135	$12,366
6/30/2020	$11,972	$12,213	$12,468
7/31/2020	$12,158	$12,398	$12,678
8/31/2020	$12,142	$12,352	$12,619
9/30/2020	$12,155	$12,362	$12,621
10/31/2020	$12,130	$12,329	$12,583
11/30/2020	$12,281	$12,479	$12,773
12/31/2020	$12,356	$12,544	$12,851
1/31/2021	$12,432	$12,607	$12,933
2/28/2021	$12,240	$12,432	$12,728
3/31/2021	$12,308	$12,496	$12,806
4/30/2021	$12,393	$12,582	$12,913
5/31/2021	$12,423	$12,602	$12,952
6/30/2021	$12,444	$12,619	$12,988
7/31/2021	$12,521	$12,720	$13,095
8/31/2021	$12,496	$12,692	$13,047
9/30/2021	$12,403	$12,607	$12,953
10/31/2021	$12,371	$12,567	$12,915
11/30/2021	$12,444	$12,640	$13,025
12/31/2021	$12,452	$12,660	$13,046
1/31/2022	$12,133	$12,328	$12,689
2/28/2022	$12,067	$12,287	$12,644
3/31/2022	$11,740	$11,937	$12,234
4/30/2022	$11,457	$11,666	$11,895
5/31/2022	$11,593	$11,838	$12,072
6/30/2022	$11,471	$11,728	$11,874
7/31/2022	$11,723	$12,011	$12,188
8/31/2022	$11,507	$11,792	$11,921
9/30/2022	$11,155	$11,408	$11,463
10/31/2022	$11,092	$11,358	$11,368
11/30/2022	$11,517	$11,785	$11,900
12/31/2022	$11,540	$11,847	$11,934
1/31/2023	$11,831	$12,132	$12,277
2/28/2023	$11,611	$11,890	$11,999
3/31/2023	$11,810	$12,132	$12,265
4/30/2023	$11,803	$12,098	$12,237
5/31/2023	$11,691	$11,982	$12,131
6/30/2023	$11,780	$12,076	$12,253
7/31/2023	$11,805	$12,126	$12,301
8/31/2023	$11,702	$11,990	$12,124
9/30/2023	$11,451	$11,698	$11,769
10/31/2023	$11,358	$11,641	$11,669
11/30/2023	$11,912	$12,244	$12,409
12/31/2023	$12,174	$12,492	$12,698
1/31/2024	$12,150	$12,439	$12,633
2/29/2024	$12,164	$12,451	$12,649
3/31/2024	$12,150	$12,451	$12,649
4/30/2024	$12,035	$12,311	$12,492
5/31/2024	$11,972	$12,228	$12,455
6/30/2024	$12,116	$12,394	$12,646
7/31/2024	$12,214	$12,507	$12,762

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class Y	3.46%	0.88%	2.02%
Bloomberg US Municipal 3-15 Year Blend Index	3.16%	1.17%	2.26%
Bloomberg Municipal Bond Index	3.74%	1.18%	2.47%

Performance data represents past performance, which does not guarantee future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$184,674,705
# of Portfolio Holdings	120
Portfolio Turnover Rate	23%
Total Advisory Fees Paid (includes Administration Fees)	$723,434

What is the Fund’s investment objective?

The Fund seeks high current income exempt from federal income tax.

Top 5 Holdings (% of Net Assets) 

Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34	3.4%
Indiana Finance Authority, Indiana University Health, 2.250%, due 12/01/58	2.8
Michigan Strategic Fund Improvement Project, 5.000%, due 06/30/32	1.9
Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29	1.8
Metropolitan Government of Nashville & Davidson County (Tennessee), 4.000%, due 01/01/32	1.7

PACE^® Municipal Fixed Income Investments 

Class Y 

Top 5 States (%)

Value	Value
Texas	11.3%
Pennsylvania	10.1%
New York	9.5%
Illinois	9.3%
Indiana	5.6%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.ubs.com/sec-port-info-pace.

Phone: 1-800-647-1568

PACE^® Municipal Fixed Income Investments 

S1812 

Class Y 

Annual Shareholder Report

July 31, 2024 

UBS Government Money Market Investments Fund

PCEXX

Fund Overview 

This annual shareholder report contains important information about UBS Government Money Market Investments Fund for the period of August 1, 2023 to July 31, 2024.  You can find additional information about the Fund at www.usmoneymarketfunds.com/all-funds.html. You can also request this information by contacting us at 1-800-647-1568. 

What were the Fund costs for the last year?

Annual Fund Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$15	0.15%

Key Fund Statistics

FUND STATISTICS
Total Net Assets	$2,737,845,130
# of Portfolio Holdings	98
Total Advisory Fees Paid (includes Administration Fees)	$3,360,051

What is the Fund’s investment objective?

The Fund seeks current income consistent with preservation of capital and liquidity.

Top 5 Holdings (% of Net Assets) 

Fixed Income Clearing Corp., State Street Bank & Trust Co. Repurchase Agreement , 5.340% , due 08/01/24	18.4%
U.S. Treasury Floating Rate Notes , 5.504% , due 01/31/26	3.5
Goldman Sachs & Co. Repurchase Agreement , 5.270% , due 08/01/24	3.5
U.S. Treasury Floating Rate Notes , 5.409% , due 04/30/26	2.9
Federal Farm Credit Banks Funding Corp. , 5.450% , due 05/01/25	2.4

UBS Government Money Market Investments Fund 

Class P 

Portfolio Composition (%) 

Value	Value
U.S. Treasury obligations	72.0%
Repurchase agreements	21.9%
U.S. government agency obligations	9.9%

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit www.usmoneymarketfunds.com/all-funds.html.

Phone: 1-800-647-1568

UBS Government Money Market Investments Fund 

S1832 

Class P 

(b) Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a “Code of Conduct” to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act.).

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that the following person serving on the registrant’s Audit Committee is an “audit committee financial expert” as defined in item 3 of Form N-CSR: Virginia G. Breen. Ms. Breen is independent as defined in item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees:

For the fiscal years ended July 31, 2024 and July 31, 2023, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $1,013,104 and $1,013,104, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees:

In each of the fiscal years ended July 31, 2024 and July 31, 2023, the aggregate audit-related fees billed by E&Y for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $44,974 and $42,826 respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2024 and 2023 semiannual financial statements.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c) Tax Fees:

In each of the fiscal years ended July 31, 2024 and July 31, 2023, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $418,967 and $392,015, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to the audits. This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d) All Other Fees:

In each of the fiscal years ended July 31, 2024 and July 30, 2023, there were no fees billed by E&Y for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

Fees included in all other fees category would consist of services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant.

There were no “all other fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e) (1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s Audit Committee (“audit committee”) has adopted an “Audit Committee Charter (Amended and Restated as of September 14, 2016)” (the “charter”). The charter contains the audit committee’s pre-approval policies and procedures. Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit] Committee shall:

…

2. Pre-approve (a) all audit and permissible non-audit services¹ to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to UBS AM and any Covered Service Providers, if the engagement relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered to the Fund, UBS AM or any Covered Service Providers by the Fund’s independent auditors, and an estimate of the fees sought to be paid in connection with such services. The Committee has delegated its responsibility to pre-approve any such audit and permissible non-audit services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such pre-approvals will be reported to the full Committee on a quarterly basis at the Committee’s next regularly scheduled meeting after the pre-approval. The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent auditor. Requests or applications to provide services that require specific pre-approval by the Committee or the Chairperson will be submitted by both the Fund's independent auditors and the Fund's Treasurer or other designated Fund officer and must include a joint statement as to whether, in their view, the request or application is consistent with SEC rules on auditor independence. From year to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than UBS AM or the Fund’s officers).

¹ The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors. Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment advisor or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible. Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS AM and any service providers controlling, controlled by or under common control with UBS AM that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) UBS AM and (c) any entity controlling, controlled by, or under common control with UBS AM that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e) (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

Tax Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

All Other Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2024 and July 31, 2023 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

(f) For the fiscal year ended July 31, 2024, if greater than 50%, specify the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y. According to E&Y, such amount was below 50%, therefore disclosure item not applicable to this filing.

(g) For the fiscal years ended July 31, 2024 and July 31, 2023, the aggregate fees billed by E&Y of $1,022,575 and $2,464,798, respectively, for non-audit services rendered on behalf of the registrant (“covered”), its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2024		2023
Covered Services	$	463,941	$	434,841
Non-Covered Services	$	558,634	$	2,029,957

(h) The registrant’s audit committee was not required to consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a) Included as part of the financial statements filed under Item 7(a) of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Copy of the most recent financial statements:

PACE^®​ Select Advisors Trust

Annual Financial Statements | July 31, 2024

Table of contents	Page
UBS Government Money Market Investments Fund		2
PACE®​ Mortgage-Backed Securities Fixed Income Investments		4
PACE®​ Intermediate Fixed Income Investments		23
PACE®​ Strategic Fixed Income Investments		32
PACE®​ Municipal Fixed Income Investments		67
PACE®​ Global Fixed Income Investments		73
PACE®​ High Yield Investments		83
PACE®​ Large Co Value Equity Investments		111
PACE®​ Large Co Growth Equity Investments		114
PACE®​ Small/Medium Co Value Equity Investments		117
PACE®​ Small/Medium Co Growth Equity Investments		121
PACE®​ International Equity Investments		127
PACE®​ International Emerging Markets Equity Investments		134
PACE®​ Global Real Estate Securities Investments		137
PACE®​ Alternative Strategies Investments		139
Glossary of Terms used in the Portfolio of investments		176
Statement of assets and liabilities		177
Statement of operations		187
Statement of changes in net assets		192
Statement of cash flows		200
Financial highlights		201
Notes to financial statements		230
Report of independent registered public accounting firm		278
Tax information		279

1

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—9.9%
Federal Farm Credit Banks Funding Corp. Secured Overnight Financing Rate + 0.090%, 5.420%, due 08/26/241​		$2,000,000		$2,000,000
Secured Overnight Financing Rate + 0.100%, 5.430%, due 08/08/241​		500,000		500,000
Secured Overnight Financing Rate + 0.105%, 5.435%, due 11/22/241​		13,000,000		13,000,000
Secured Overnight Financing Rate + 0.120%, 5.450%, due 05/01/251​		65,500,000		65,500,000
Secured Overnight Financing Rate + 0.125%, 5.455%, due 10/03/241​		7,000,000		7,000,000
Secured Overnight Financing Rate + 0.130%, 5.460%, due 02/28/251​		8,000,000		8,000,000
Secured Overnight Financing Rate + 0.130%, 5.460%, due 03/10/251​		8,500,000		8,500,000
Secured Overnight Financing Rate + 0.135%, 5.465%, due 09/05/241​		7,500,000		7,500,000
Secured Overnight Financing Rate + 0.140%, 5.470%, due 10/10/241​		7,500,000		7,500,045
Secured Overnight Financing Rate + 0.150%, 5.480%, due 01/03/251​		4,000,000		4,000,000
Secured Overnight Financing Rate + 0.150%, 5.480%, due 02/14/251​		7,500,000		7,500,000
Secured Overnight Financing Rate + 0.155%, 5.485%, due 05/02/251​		10,000,000		10,000,000
Secured Overnight Financing Rate + 0.155%, 5.485%, due 08/18/251​		12,000,000		12,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 01/30/251​		2,000,000		2,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 05/15/251​		6,000,000		6,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 07/07/251​		12,000,000		12,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 08/04/251​		4,000,000		4,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 10/17/251​		10,000,000		10,000,000
Secured Overnight Financing Rate + 0.165%, 5.495%, due 02/06/251​		5,000,000		5,000,000
Secured Overnight Financing Rate + 0.170%, 5.500%, due 01/23/251​		3,000,000		3,000,000
Secured Overnight Financing Rate + 0.200%, 5.530%, due 12/05/241​		4,000,000		4,000,000
Federal Home Loan Banks Secured Overnight Financing Rate + 0.100%, 5.430%, due 10/28/241​		13,000,000		13,000,000
Secured Overnight Financing Rate + 0.115%, 5.445%, due 01/17/251​		13,000,000		13,000,000
Secured Overnight Financing Rate + 0.125%, 5.455%, due 03/03/251​		12,000,000		12,000,000
Secured Overnight Financing Rate + 0.155%, 5.485%, due 08/22/251​		12,000,000		12,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 07/03/251​		12,000,000		12,000,000
Secured Overnight Financing Rate + 0.160%, 5.490%, due 08/08/251​		10,000,000		10,000,000
Total U.S. government agency obligations (cost—$271,000,045)				271,000,045

	Face amount		Value
U.S. Treasury obligations—72.0%
U.S. Treasury Bills 5.126% due 01/30/252​	$	28,000,000	$	27,302,131
5.185% due 08/01/242​		30,000,000		30,000,000
5.185% due 01/16/252​		28,000,000		27,348,627
5.190% due 01/23/252​		28,000,000		27,320,806
5.249% due 12/03/242​		28,000,000		27,528,892
5.275% due 11/26/242​		28,000,000		27,534,535
5.285% due 10/31/242​		28,000,000		27,635,848
5.286% due 01/09/252​		28,000,000		27,363,871
5.296% due 11/19/242​		28,000,000		27,560,672
5.308% due 08/22/242​		15,000,000		14,955,375
5.308% due 09/12/242​		15,000,000		14,910,750
5.313% due 09/05/242​		15,000,000		14,925,552
5.313% due 09/26/242​		29,000,000		28,769,708
5.329% due 10/10/242​		29,000,000		28,711,289
5.332% due 10/24/242​		28,000,000		27,660,920
5.334% due 10/03/242​		29,000,000		28,739,906
5.337% due 10/17/242​		28,000,000		27,688,877
5.340% due 08/29/242​		15,000,000		14,940,150
5.340% due 09/19/242​		29,000,000		28,797,507
5.350% due 12/26/242​		28,000,000		27,412,327
5.359% due 11/12/242​		28,000,000		27,583,823
5.361% due 12/19/242​		28,000,000		27,439,222
5.364% due 08/06/242​		29,000,000		28,979,056
5.367% due 10/17/242​		29,000,000		28,680,247
5.367% due 11/07/242​		29,000,000		28,593,041
5.367% due 12/05/242​		29,000,000		28,476,768
5.370% due 11/05/242​		28,000,000		27,611,360
5.372% due 10/24/242​		29,000,000		28,650,840
5.372% due 11/21/242​		29,000,000		28,534,453
5.374% due 10/10/242​		28,000,000		27,715,256
5.377% due 09/10/242​		28,000,000		27,836,356
5.377% due 09/17/242​		28,000,000		27,807,718
5.377% due 10/31/242​		29,000,000		28,621,377
5.377% due 11/14/242​		29,000,000		28,563,127
5.377% due 12/12/242​		29,000,000		28,446,628
5.378% due 11/29/242​		29,000,000		28,500,717
5.379% due 09/26/242​		28,000,000		27,771,987
5.382% due 08/06/242​		29,000,000		28,978,794
5.382% due 08/13/242​		28,000,000		27,950,860
5.383% due 10/03/242​		28,000,000		27,743,240
5.385% due 10/15/242​		29,000,000		28,684,625
5.385% due 10/22/242​		28,000,000		27,667,080
5.385% due 10/29/242​		28,000,000		27,638,660
5.389% due 08/22/242​		29,000,000		28,911,272
5.391% due 10/08/242​		29,000,000		28,713,786
5.393% due 09/03/242​		28,000,000		27,864,608
5.395% due 08/01/242​		29,000,000		29,000,000
5.395% due 08/08/242​		29,000,000		28,970,396
5.395% due 08/15/242​		29,000,000		28,940,792
5.395% due 08/29/242​		29,000,000		28,881,583
5.395% due 09/05/242​		29,000,000		28,851,979
5.395% due 09/12/242​		29,000,000		28,822,375
5.395% due 09/19/242​		28,000,000		27,799,917
5.396% due 08/13/242​		30,000,000		29,947,700
5.401% due 09/17/242​		29,000,000		28,801,797
5.401% due 09/24/242​		29,000,000		28,772,277

2

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. Treasury obligations—(concluded)
5.406% due 08/27/242​	$	29,000,000	$	28,890,251
5.406% due 09/10/242​		29,000,000		28,831,156
5.406% due 10/01/242​		29,000,000		28,742,512
5.412% due 09/03/242​		29,000,000		28,860,570
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.140%, 5.399% due 10/31/241​		54,000,000		53,997,155
3 mo. Treasury money market yield + 0.150%, 5.409% due 04/30/261​		79,000,000		79,001,537
3 mo. Treasury money market yield + 0.182%, 5.441% due 07/31/261​		14,000,000		14,000,000
3 mo. Treasury money market yield + 0.200%, 5.459% due 01/31/251​		44,000,000		44,007,774
3 mo. Treasury money market yield + 0.245%, 5.504% due 01/31/261​		95,000,000		95,034,554
U.S. Treasury Notes 0.625% due 10/15/24		14,000,000		13,877,355
0.750% due 11/15/24		7,000,000		6,913,561
1.500% due 10/31/24		14,000,000		13,880,532
1.500% due 11/30/24		7,000,000		6,917,846
Total U.S. Treasury obligations (cost—$1,972,816,263)				1,972,816,263

	Face amount		Value
Repurchase agreements—21.9%
Repurchase agreement dated 07/31/24 with Goldman Sachs & Co., 5.270% due 08/01/24, collateralized by $123,810,632 U.S. Treasury Bond Strips, zero coupon due 02/15/27 to 02/15/34; (value—$96,900,000); proceeds:$95,013,907	$	95,000,000	$	95,000,000
Repurchase agreement dated 07/31/24 with Fixed Income Clearing Corp., 5.340% due 08/01/24, collateralized by $515,854,000 U.S. Treasury Notes, 0.750% to 3.750% due 03/31/26 to 04/15/26; (value—$514,145,589); proceeds: $504,138,769		504,064,000		504,064,000
Total repurchase agreements (cost—$599,064,000)				599,064,000
Total investments (cost—$2,842,880,308 which approximates cost for federal income tax purposes)—103.8%				2,842,880,308
Liabilities in excess of other assets—(3.8)%				(105,035,178	)
Net assets—100.0%			$	2,737,845,130

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
U.S. government agency obligations	$	—	$	271,000,045	$	—	$	271,000,045
U.S. Treasury obligations		—		1,972,816,263		—		1,972,816,263
Repurchase agreements		—		599,064,000		—		599,064,000
Total	$	—	$	2,842,880,308	$	—	$	2,842,880,308

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

¹​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

²​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
3

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Asset-backed securities—10.3%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R1, Class M4, 1 mo. USD Term SOFR + 1.224%, 6.574%, due 03/25/351​	$	156,535	$	153,195
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD Term SOFR + 1.114%, 6.464%, due 10/25/341​		74,432		73,754
Anchorage Capital CLO 28 Ltd., Series 2024-28A, Class A, 3 mo. USD Term SOFR + 1.700%, 6.985%, due 04/20/371,2​		500,000		503,495
Apex Credit CLO Ltd., Series 2024-1A, Class A1, 3 mo. USD Term SOFR + 1.800%, 7.082%, due 04/20/361,2​		500,000		503,700
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD Term SOFR + 1.314%, 6.664%, due 08/25/341​		1,283,846		1,286,133
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD Term SOFR + 0.754%, 6.104%, due 08/25/321​		117,725		114,810
Series 2002-4, Class 2A1, 1 mo. USD Term SOFR + 0.854%, 6.204%, due 10/25/321​		5,009		4,921
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD Term SOFR + 0.614%, 5.964%, due 07/25/341​		58,076		56,902
Countrywide Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD Term SOFR + 0.834%, 6.184%, due 07/25/341​		20,543		20,690
Series 2004-6, Class M1, 1 mo. USD Term SOFR + 1.014%, 6.364%, due 10/25/341​		52,994		52,810
Diameter Capital CLO 6 Ltd., Series 2024-6A, Class A1, 3 mo. USD Term SOFR + 1.610%, 6.936%, due 04/15/371,2​		700,000		703,374
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 3 mo. USD Term SOFR + 1.242%, 6.543%, due 04/15/281,2​		370,799		370,975
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD Term SOFR + 1.614%, 6.964%, due 08/25/401,2​		45,190		45,387
EquiFirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD Term SOFR + 0.284%, 5.634%, due 04/25/371,2​		1,065,245		971,446

	Face amount		Value
Asset-backed securities—(continued)
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.352%, 6.653%, due 07/15/311,2​	$	1,279,121	$	1,280,386
Generate CLO 3 Ltd., Series 3A, Class A2R, 3 mo. USD Term SOFR + 1.830%, 7.112%, due 10/20/361,2​		700,000		707,484
KGS-Alpha SBA COOF Trust, Series 2012-5, Class A, 1.004%, due 04/25/381,2,3,4​		4,841,997		98,975
KKR CLO 28 Ltd., Series 28A, Class AR, 3 mo. USD Term SOFR + 1.440%, 6.726%, due 02/09/351,2​		500,000		500,744
KKR CLO 39 Ltd., Series 39A, Class A, 3 mo. USD Term SOFR + 1.452%, 6.753%, due 10/15/341,2​		250,000		250,289
Madison Park Funding XXIX Ltd., Series 2018-29A, Class AR, 3 mo. USD Term SOFR + 1.180%, 6.459%, due 10/18/301,2​		2,236,690		2,238,833
Marathon CLO 14 Ltd., Series 2019-2A, Class A1AR, 3 mo. USD Term SOFR + 1.380%, 6.662%, due 01/20/331,2​		400,000		400,160
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD Term SOFR + 0.294%, 5.644%, due 04/25/371​		44,912		25,440
Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo. USD Term SOFR + 1.320%, 6.602%, due 04/20/351,2​		150,000		150,089
PRET LLC, Series 2021-RN2, Class A1, 1.744%, due 07/25/511,2​		3,242,247		3,209,807
Series 2022-RN1, Class A1, 3.721%, due 07/25/511,2​		1,188,872		1,171,968
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD Term SOFR + 0.994%, 3.849%, due 08/25/331​		96,607		87,715
Residential Asset Securities Corporation Trust, Series 2005-KS11, Class M2, 1 mo. USD Term SOFR + 0.744%, 6.094%, due 12/25/351​		10,350		10,329
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD Term SOFR + 0.864%, 1.462%, due 11/25/351​		335,324		328,149
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD Term SOFR + 0.314%, 5.664%, due 06/25/371​		531,206		363,011

4

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Asset-backed securities—(concluded)
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD Term SOFR + 0.384%, 5.734%, due 07/25/361,2​	$	12,195	$	12,152
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD Term SOFR + 0.804%, 6.154%, due 09/25/351​		778,507		734,681
Sycamore Tree CLO Ltd., Series 2023-2A, Class AR, 3 mo. USD Term SOFR + 1.680%, 6.962%, due 01/20/371,2​		400,000		401,832
TCW CLO Ltd., Series 2024-1A, Class A1, 3 mo. USD Term SOFR + 1.600%, 6.886%, due 01/16/371,2​		500,000		500,387
Trinitas CLO XII Ltd., Series 2020-12A, Class A1R, 3 mo. USD Term SOFR + 1.370%, 6.655%, due 04/25/331,2​		500,000		500,353
Venture 33 CLO Ltd., Series 2018-33A, Class A1LR, 3 mo. USD Term SOFR + 1.322%, 6.623%, due 07/15/311,2​		445,164		445,497
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD Term SOFR + 1.392%, 6.674%, due 04/20/321,2​		800,000		800,382
Total asset-backed securities (cost—$18,994,617)				19,080,255
Mortgage-backed securities—16.3%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 5.079%, due 11/25/351​		255,707		180,777
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 4.563%, due 03/26/371,2​		49,190		39,019
Series 2013-RR1, Class 3A4, 6.208%, due 10/26/371,2​		125,748		87,000
Bear Stearns ARM Trust, Series 2002-11, Class 1A2, 3.250%, due 02/25/331​		1,202		897
Series 2004-2, Class 12A2, 4.323%, due 05/25/341​		19,079		17,285
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/341​		296,484		295,163
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/331​		114,799		122,826
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD Term SOFR + 0.394%, 5.744%, due 01/25/351,2​		9,005		8,463

	Face amount		Value
Mortgage-backed securities—(continued)
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 4.553%, due 05/19/331​	$	2,586	$	2,335
Series 2007-15, Class 2A2, 6.500%, due 09/25/37		23,844		8,894
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ45, Class A2, 4.660%, due 01/25/31		600,000		603,519
Federal Home Loan Mortgage Corp. REMICS, Series 2614, Class WO, 0.000%, due 05/15/335​		306,561		261,724
Series 4255, Class SN, (2.667)* 30 day USD SOFR Average + 11.961%, 0.000%, due 05/15/351​		286,197		271,076
Series 4263, Class SD, (2.667)* 30 day USD SOFR Average + 11.961%, 0.000%, due 11/15/431​		312,423		260,083
Series 4265, Class ES, (3.200)* 30 day USD SOFR Average + 13.394%, 0.000%, due 11/15/431​		828,981		717,688
Series 4839, Class UO, 0.010%, due 08/15/565​		406,608		283,873
Series 4836, 0.010%, due 10/15/585​		714,424		522,508
Series 3621, Class WI, 0.145%, due 05/15/371​		21,669		1,474
Series 3598, Class JI, 0.152%, due 10/15/371​		13,170		612
Series 3635, Class IB, 0.245%, due 10/15/371​		38,743		2,487
Series 4338, Class SB, 0.509%, due 10/15/411​		53,594		3,111
Series 4438, Class WI, 0.557%, due 11/15/381​		97,805		6,581
Series 4076, Class SW, (1.000)* 30 day USD SOFR Average + 5.936%, 0.598%, due 07/15/421​		892,840		108,477
Series 4394, Class WI, 0.646%, due 08/15/411​		29,575		2,080
Series 4367, Class GS, 0.674%, due 03/15/371​		35,040		1,920
Series 4463, 0.727%, due 02/15/381​		56,729		3,813
Series 3684, Class JI, 0.735%, due 11/15/361​		107,471		4,899
Series 4324, 0.743%, due 08/15/361​		36,124		1,868
Series 4156, Class SA, (1.000)* 30 day USD SOFR Average + 6.086%, 0.748%, due 01/15/331​		536,084		39,524
Series 3962, Class KS, 0.891%, due 06/15/381​		85,963		7,154
Series 3339, Class LI, (1.000)* 30 day USD SOFR Average + 6.366%, 1.028%, due 07/15/371​		462,041		40,153

5

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Mortgage-backed securities—(continued)
Series 5034, Class MI, 2.000%, due 11/25/50	$	651,541	$	84,821
Series 4182, Class YI, 2.500%, due 03/15/28		749,882		23,926
Series 2513, Class AS, (1.000)* 30 day USD SOFR Average + 7.886%, 2.548%, due 02/15/321​		101,516		10,571
Series 4037, Class PI, 3.000%, due 04/15/27		94,621		739
Series 4100, Class HI, 3.000%, due 08/15/27		61,650		1,807
Series 4182, Class QI, 3.000%, due 02/15/33		42,723		2,393
Series 4165, Class TI, 3.000%, due 12/15/42		468,936		28,032
Series 4544, Class IP, 4.000%, due 01/15/46		896,966		133,888
Series 3442, Class MT, 30 day USD SOFR Average + 0.114%, 5.452%, due 07/15/341​		25,857		24,234
Series 3864, Class NT, (9.167)* 30 day USD SOFR Average + 59.451%, 5.500%, due 03/15/391​		189,482		189,987
Series 4832, Class FW, 30 day USD SOFR Average + 0.464%, 5.789%, due 04/15/381​		676,954		675,073
Series 2411, Class FJ, 30 day USD SOFR Average + 0.464%, 5.802%, due 12/15/291​		4,616		4,591
Series 3096, Class FL, 30 day USD SOFR Average + 0.514%, 5.852%, due 01/15/361​		49,666		48,961
Series 3114, Class PF, 30 day USD SOFR Average + 0.514%, 5.852%, due 02/15/361​		296,185		292,757
Series 3153, Class UF, 30 day USD SOFR Average + 0.544%, 5.882%, due 05/15/361​		75,284		74,836
Series 4945, Class F, 30 day USD SOFR Average + 0.614%, 5.939%, due 12/15/461​		103,682		103,799
Series 2400, Class FQ, 30 day USD SOFR Average + 0.614%, 5.952%, due 01/15/321​		12,712		12,696
Series 4068, Class UF, 30 day USD SOFR Average + 0.614%, 5.952%, due 06/15/421​		375,926		370,617
Series 3667, Class FW, 30 day USD SOFR Average + 0.664%, 6.002%, due 02/15/381​		5,301		5,239
Series 4940, Class FE, 30 day USD SOFR Average + 0.664%, 6.012%, due 01/25/501​		239,844		238,185
Series 3671, Class FQ, 30 day USD SOFR Average + 0.964%, 6.302%, due 12/15/361​		432,781		435,650

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2136, Class GD, 7.000%, due 03/15/29	$	423	$	35
Series 2178, Class PI, 7.500%, due 08/15/29		2,894		323
Series 1775, Class Z, 8.500%, due 03/15/25		77		77
Federal Home Loan Mortgage Corp. STRIPS, Series 389, Class C40, 2.500%, due 10/15/52		4,530,835		688,422
Series 303, Class C19, 3.500%, due 01/15/43		380,814		64,526
Series 345, Class C13, 3.500%, due 08/15/45		557,452		85,529
Series 330, Class F4, 30 day USD SOFR Average + 0.464%, 5.789%, due 10/15/371​		149,732		146,895
Series 326, Class F2, 30 day USD SOFR Average + 0.664%, 6.002%, due 03/15/441​		227,955		225,170
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45		190,870		166,867
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46		339,892		289,991
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46		377,281		332,273
Federal National Mortgage Association Interest STRIPS, Series 419, Class C3, 3.000%, due 11/25/43		81,898		11,346
Series 413, Class 111, 4.000%, due 07/25/421​		407,502		58,472
Series 386, Class 14, 6.500%, due 04/25/38		29,139		7,959
Federal National Mortgage Association REMICS, Series 2012-111, Class HS, (0.833)* 30 day USD SOFR Average + 3.571%, 0.000%, due 10/25/421​		36,376		23,492
Series 2022-3, Class SD, (1.000)* 30 day USD SOFR Average + 2.550%, 0.000%, due 02/25/521​		3,758,492		18,016
Series 2015-73, Class ES, (2.333)* 30 day USD SOFR Average + 9.066%, 0.000%, due 10/25/451​		176,805		109,615
Series 2014-84, Class AI, (1.000)* 30 day USD SOFR Average + 6.036%, 0.200%, due 02/25/431​		233,332		1,522
Series 2014-43, Class BS, 0.420%, due 07/25/441​		173,254		7,366
Series 2016-17, Class CS, 0.487%, due 04/25/461​		72,761		3,412
Series 2014-92, Class SB, 0.499%, due 01/25/451​		91,750		4,964
Series 2014-42, Class SA, 0.526%, due 07/25/441​		98,513		3,660

6

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2019-62, Class SN, (1.000)* 30 day USD SOFR Average + 5.886%, 0.538%, due 11/25/491​	$	189,229	$	26,042
Series 2016-76, Class CS, 0.589%, due 10/25/461​		36,905		1,541
Series 2015-10, Class SA, 0.615%, due 03/25/451​		199,858		10,633
Series 2012-77, 0.651%, due 07/25/521​		90,989		4,189
Series 2015-19, Class AI, 0.657%, due 04/25/551​		162,041		7,535
Series 2013-28, Class YS, (1.000)* 30 day USD SOFR Average + 6.036%, 0.688%, due 07/25/421​		322,437		38,347
Series 2013-34, Class PS, (1.000)* 30 day USD SOFR Average + 6.036%, 0.688%, due 08/25/421​		281,930		20,784
Series 2014-47, Class BI, 0.741%, due 08/25/541​		163,285		7,967
Series 2015-64, Class KS, 0.759%, due 09/25/451​		106,999		6,381
Series 2015-58, Class AI, 0.864%, due 08/25/551​		96,255		4,823
Series 2015-50, Class SB, 0.896%, due 07/25/451​		525,227		24,086
Series 2014-45, Class SA, 0.898%, due 08/25/441​		82,080		4,106
Series 2010-76, Class SA, (1.000)* 30 day USD SOFR Average + 6.386%, 1.038%, due 07/25/401​		387,791		31,601
Series 2020-70, 1.062%, due 10/25/501​		9,466,111		643,482
Series 2021-3, Class TI, 2.500%, due 02/25/51		832,487		135,588
Series 2013-30, Class GI, 3.000%, due 01/25/43		590,862		45,949
Series 2013-45, Class IK, 3.000%, due 02/25/43		461,576		45,340
Series 2013-30, Class JI, 3.000%, due 04/25/43		234,582		28,158
Series 2013-116, Class IY, 3.000%, due 09/25/43		170,727		10,686
Series 2016-14, 3.000%, due 03/25/46		308,373		38,328
Series 2016-20, Class EI, 3.000%, due 04/25/46		107,892		13,263
Series 2016-52, Class PI, 3.000%, due 04/25/46		269,149		30,305
Series 2016-64, Class IA, 3.000%, due 05/25/46		259,254		31,042
Series 2018-28, Class CA, 3.000%, due 05/25/48		221,681		197,514
Series 2016-63, Class YI, 3.500%, due 04/25/46		46,359		3,423
Series 2020-54, Class WF, 30 day USD SOFR Average + 0.564%, 3.622%, due 08/25/501​		429,428		413,745

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-47, Class GI, 4.000%, due 06/25/44	$	31,699	$	2,337
Series 2012-122, Class LI, 4.500%, due 07/25/41		203,547		13,712
Series 2018-85, Class FE, 30 day USD SOFR Average + 0.414%, 5.762%, due 12/25/481​		1,348,130		1,321,625
Series 2007-67, Class FB, 30 day USD SOFR Average + 0.434%, 5.782%, due 07/25/371​		26,903		26,381
Series 2012-128, Class FK, 30 day USD SOFR Average + 0.464%, 5.812%, due 11/25/421​		114,207		111,735
Series 2002-60, Class F1, 30 day USD SOFR Average + 0.514%, 5.862%, due 06/25/321​		33,520		33,295
Series 2019-10, Class FA, 30 day USD SOFR Average + 0.514%, 5.862%, due 03/25/491​		2,127,222		2,093,134
Series 2012-90, Class FB, 30 day USD SOFR Average + 0.554%, 5.902%, due 08/25/421​		38,271		37,654
Series 2010-141, Class FA, 30 day USD SOFR Average + 0.614%, 5.962%, due 12/25/401​		103,800		102,423
Series 2024-38, Class FA, 30 day USD SOFR Average + 0.800%, 6.125%, due 01/25/511​		1,905,628		1,919,047
Series 2009-33, Class FB, 30 day USD SOFR Average + 0.934%, 6.282%, due 03/25/371​		245,427		246,545
Federal National Mortgage Association-ACES, Series 2020-M33, Class X2, 2.242%, due 01/25/311​		585,562		46,707
Series 2016-M11, Class AL, 2.944%, due 07/25/39		447,061		403,480
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD Term SOFR + 0.939%, 6.289%, due 01/25/341​		279,520		266,591
Government National Mortgage Association REMICS, Series 2015-166, Class SA, 0.000%, due 06/20/421​		129,229		4,692
Series 2015-180, Class SA, 0.000%, due 06/20/421​		140,270		4,961
Series 2015-127, Class AS, 0.000%, due 06/20/431​		132,796		4,503
Series 2016-138, Class WI, 0.000%, due 08/20/451​		122,589		4,537
Series 2016-180, Class WI, 0.000%, due 09/20/451​		228,276		8,100
Series 2017-15, Class WI, 0.000%, due 11/20/451​		138,180		5,369
Series 2017-57, Class WI, 0.000%, due 12/20/451​		58,982		1,979

7

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-126, Class GS, (2.333)* 1 mo. USD Term SOFR + 9.066%, 0.000%, due 09/20/451​	$	323,052	$	205,714
Series 2007-18, Class CO, 0.010%, due 03/20/355​		11,589		10,750
Series 2013-77, Class GI, 3.000%, due 02/20/43		669,129		54,713
Series 2017-H23, Class MA, 3.000%, due 11/20/67		597,245		571,987
Series 2014-158, Class IA, 3.500%, due 10/20/29		202,661		10,745
Series 2013-23, Class IP, 3.500%, due 08/20/42		548,594		65,853
Series 2015-165, Class IB, 3.500%, due 11/20/42		139,201		13,551
Series 2016-118, Class IE, 3.500%, due 09/20/46		28,719		4,844
Series 2013-H19, Class DF, 1 mo. USD Term SOFR + 0.764%, 6.094%, due 05/20/631​		189,642		189,037
Series 2015-H30, Class FA, 1 mo. USD Term SOFR + 0.794%, 6.124%, due 08/20/611​		3,377		3,361
Series 2015-H29, Class FJ, 1 mo. USD Term SOFR + 0.794%, 6.124%, due 11/20/651​		965,000		963,563
Series 2015-H29, Class FA, 1 mo. USD Term SOFR + 0.814%, 6.144%, due 10/20/651​		1,287		1,283
Series 2013-H23, Class TA, 1 mo. USD Term SOFR + 0.834%, 6.164%, due 09/20/631​		66,877		66,940
Series 2015-H27, Class FA, 1 mo. USD Term SOFR + 0.864%, 6.194%, due 09/20/651​		1,147,343		1,146,587
Series 2016-H14, Class FA, 1 mo. USD Term SOFR + 0.914%, 6.244%, due 06/20/661​		238,340		238,322
Series 2024-H01, Class FB, 30 day USD SOFR Average + 0.900%, 6.244%, due 01/20/741​		1,009,775		1,017,826
Series 2024-H02, Class FH, 30 day USD SOFR Average + 0.930%, 6.274%, due 01/20/741​		2,012,464		2,031,848
Series 2010-H01, Class FA, 1 mo. USD Term SOFR + 0.934%, 6.280%, due 01/20/601​		350,129		350,899
Series 2024-H02, Class FJ, 30 day USD SOFR Average + 1.000%, 6.344%, due 12/20/731​		1,498,710		1,500,506
Series 2013-H20, Class FB, 1 mo. USD Term SOFR + 1.114%, 6.444%, due 08/20/631​		115,468		116,174
GS Mortgage-Backed Securities Trust, Series 2022-MM1, Class A2, 2.500%, due 07/25/521,2​		1,510,160		1,228,185

	Face amount		Value
Mortgage-backed securities—(continued)
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD Term SOFR + 0.444%, 5.794%, due 12/25/341​	$	887	$	857
IndyMac INDX Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.754%, 6.104%, due 02/25/351​		155,248		139,776
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD Term SOFR + 0.614%, 5.960%, due 06/27/371,2​		413,491		261,727
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD Term SOFR + 1.014%, 6.364%, due 12/25/491,2​		344,182		330,309
Series 2019-INV2, Class A11, 1 mo. USD Term SOFR + 1.014%, 6.364%, due 02/25/501,2​		466,333		445,945
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 5.514%, due 12/25/341​		49,616		46,427
Series 2004-A, Class A1, 1 mo. USD Term SOFR + 0.574%, 5.924%, due 04/25/291​		9,417		8,646
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD Term SOFR + 0.434%, 5.784%, due 01/25/351​		14,201		13,152
Morgan Stanley Re-REMICS Trust, Series 2010-R4, Class 4B, 1 mo. USD Term SOFR + 0.344%, 3.237%, due 02/26/371,2​		90,138		76,033
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 yr. CMT + 0.500%, 5.350%, due 05/25/421,2​		965,964		901,458
OBX Trust, Series 2022-INV2, Class A1, 3.000%, due 01/25/521,2​		527,776		446,548
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1, 1 mo. USD Term SOFR + 0.614%, 5.964%, due 07/25/361​		195,233		126,462
Sequoia Mortgage Trust 11, Series 11, Class A, 1 mo. USD Term SOFR + 1.014%, 6.360%, due 12/20/321​		79,173		69,884
Sequoia Mortgage Trust 5, Series 5, Class A, 1 mo. USD Term SOFR + 0.814%, 6.156%, due 10/19/261​		19,267		18,690
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 1 mo. USD Term SOFR + 0.554%, 5.904%, due 05/25/371​		78,661		68,004

8

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Mortgage-backed securities—(concluded)
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD Term SOFR + 0.534%, 5.884%, due 04/25/361​	$	147,120	$	128,486
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 5.566%, due 04/25/451​		16,892		16,100
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 2A, 5.848%, due 09/25/331​		27,447		26,285
Total mortgage-backed securities (cost—$34,258,753)				30,321,159
U.S. government agency obligations—180.1%
Federal Home Loan Mortgage Corp. 1.500%, due 04/01/37		854,808		745,731
2.000%, due 04/01/36		651,747		587,565
2.500%, due 01/01/31		61,152		58,201
2.500%, due 11/01/31		23,431		22,183
2.500%, due 07/01/32		41,053		38,643
2.500%, due 08/01/32		184,114		173,116
2.500%, due 09/01/32		243,656		228,950
2.500%, due 11/01/32		7,859		7,388
2.500%, due 12/01/32		223,540		209,756
2.500%, due 01/01/33		55,151		51,732
2.500%, due 12/01/50		1,027,237		862,649
2.500%, due 08/01/51		4,686,478		3,998,628
2.500%, due 09/01/51		804,238		683,626
2.500%, due 03/01/52		1,256,277		1,063,034
2.500%, due 04/01/52		92,133		77,936
3.000%, due 10/01/26		7,332		7,181
3.000%, due 11/01/26		40,438		39,615
3.000%, due 01/01/27		212,867		208,359
3.000%, due 02/01/32		82,202		78,688
3.000%, due 04/01/32		422,976		404,713
3.000%, due 05/01/32		285,763		273,262
3.000%, due 07/01/32		155,888		148,982
3.000%, due 10/01/32		161,017		153,730
3.000%, due 11/01/32		283,447		270,564
3.000%, due 01/01/33		620,650		591,122
3.000%, due 02/01/40		1,009,089		930,983
3.000%, due 06/01/42		1,441,298		1,308,730
3.000%, due 07/01/42		166,070		150,795
3.000%, due 08/01/42		58,367		52,999
3.000%, due 04/01/43		111,678		101,393
3.000%, due 05/01/43		66,261		60,186
3.000%, due 12/01/44		129,115		116,295
3.000%, due 08/01/46		132,667		117,389
3.000%, due 12/01/46		615,885		550,855
3.000%, due 06/01/50		500,996		445,867
3.000%, due 04/01/51		1,500,703		1,309,934
3.000%, due 06/01/51		757,157		660,908
3.000%, due 07/01/51		5,127,378		4,532,211
3.000%, due 10/01/51		148,421		131,390
3.000%, due 12/01/51		1,216,686		1,062,021
3.000%, due 03/01/52		997,701		876,686
3.000%, due 04/01/52		1,756,014		1,541,670

	Face amount		Value
U.S. government agency obligations—(continued)
3.050%, due 03/01/32	$	221,351	$	201,053
3.500%, due 09/01/32		170,523		164,949
3.500%, due 12/01/33		99,266		95,846
3.500%, due 06/01/34		59,267		57,392
3.500%, due 07/01/34		24,703		23,921
3.500%, due 03/01/35		372,672		360,883
3.500%, due 04/01/35		191,222		185,140
3.500%, due 03/01/42		793		742
3.500%, due 07/01/43		626		585
3.500%, due 05/01/48		594,151		547,351
3.500%, due 02/01/50		247,542		225,356
4.000%, due 01/01/37		134,948		132,027
4.000%, due 03/01/43		469,225		451,687
4.000%, due 07/01/43		78,629		75,690
4.000%, due 08/01/44		1,097,502		1,061,156
4.000%, due 11/01/47		120,136		114,401
4.000%, due 01/01/48		332,329		316,480
4.000%, due 02/01/48		16,574		15,783
4.000%, due 03/01/48		10,344		9,841
4.000%, due 04/01/48		26,165		24,891
4.000%, due 06/01/48		104,741		99,299
4.000%, due 10/01/48		1,507,119		1,435,113
4.000%, due 12/01/48		138,216		131,035
4.000%, due 04/01/49		510,162		484,898
4.500%, due 09/01/34		457,095		456,573
4.500%, due 01/01/36		9,730		9,719
4.500%, due 05/01/37		1,067		1,062
4.500%, due 05/01/38		26,198		26,076
4.500%, due 12/01/42		126,179		124,278
4.500%, due 01/01/43		153,635		151,319
4.500%, due 02/01/43		239,430		235,822
4.500%, due 06/01/43		371,576		365,995
4.500%, due 02/01/49		48,443		47,344
4.500%, due 06/01/50		286,564		279,147
4.500%, due 12/01/52		458,726		444,334
4.500%, due 03/01/53		496,887		480,872
4.500%, due 06/01/53		193,893		187,195
5.000%, due 10/01/25		2,981		2,967
5.000%, due 11/01/27		1,265		1,261
5.000%, due 09/01/33		55,771		56,548
5.000%, due 06/01/34		2,962		3,003
5.000%, due 04/01/35		17,153		17,380
5.000%, due 05/01/35		29,138		29,522
5.000%, due 07/01/35		50,045		50,701
5.000%, due 08/01/35		7,995		8,100
5.000%, due 10/01/35		7,394		7,492
5.000%, due 12/01/35		217		220
5.000%, due 07/01/38		113,908		115,628
5.000%, due 11/01/38		73,631		74,740
5.000%, due 06/01/39		16,888		17,137
5.000%, due 03/01/40		1,828		1,855
5.000%, due 07/01/40		81,554		82,744
5.000%, due 09/01/40		75,093		76,208
5.000%, due 11/01/40		21,949		22,271
5.000%, due 02/01/41		97,086		98,487
5.000%, due 03/01/41		17,242		17,491
5.000%, due 04/01/41		39,959		40,538

9

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—(continued)
5.000%, due 05/01/41	$	26,496	$	26,879
5.000%, due 07/01/41		16,390		16,627
5.000%, due 08/01/44		16,712		16,963
5.000%, due 03/01/49		579,950		581,201
5.000%, due 02/01/53		535,280		530,705
5.000%, due 03/01/53		284,340		281,790
5.000%, due 05/01/53		713,425		705,078
5.000%, due 06/01/53		1,424,757		1,415,686
5.000%, due 08/01/53		401,733		398,117
5.500%, due 02/01/32		475		487
5.500%, due 12/01/32		926		952
5.500%, due 02/01/33		21,880		22,495
5.500%, due 05/01/33		220		226
5.500%, due 06/01/33		86,882		89,309
5.500%, due 12/01/33		16,223		16,678
5.500%, due 12/01/34		13,839		14,256
5.500%, due 06/01/35		228,701		235,542
5.500%, due 07/01/35		1,785		1,836
5.500%, due 10/01/35		83,361		85,992
5.500%, due 12/01/35		30,905		31,883
5.500%, due 06/01/36		130,188		134,109
5.500%, due 12/01/36		199,604		206,302
5.500%, due 03/01/37		21,200		21,915
5.500%, due 07/01/37		41,272		42,665
5.500%, due 10/01/37		1,019		1,054
5.500%, due 04/01/38		38,690		39,987
5.500%, due 05/01/38		4,146		4,289
5.500%, due 12/01/38		646		668
5.500%, due 01/01/39		18,567		19,194
5.500%, due 09/01/39		59,140		61,141
5.500%, due 02/01/40		2,420		2,504
5.500%, due 03/01/40		2,306		2,386
5.500%, due 05/01/40		34,303		35,488
5.500%, due 03/01/41		36,304		37,558
6.000%, due 11/01/37		374,649		394,055
1 yr. USD RFUCCT + 1.765%, 6.014%, due 11/01/361​		154,134		156,439
1 yr. CMT + 2.137%, 6.262%, due 01/01/281​		1,800		1,796
1 yr. CMT + 2.250%, 6.328%, due 09/01/341​		190,922		194,947
6.500%, due 02/01/54		1,649,421		1,691,243
1 yr. USD RFUCCT + 1.769%, 6.552%, due 10/01/391​		435,557		439,145
1 yr. USD RFUCCT + 1.861%, 6.573%, due 11/01/411​		452,163		461,781
1 yr. CMT + 2.415%, 6.578%, due 01/01/291​		9,082		9,068
1 yr. CMT + 2.415%, 6.633%, due 11/01/251​		6,184		6,145
1 yr. CMT + 2.525%, 6.650%, due 12/01/291​		1,231		1,241
1 yr. CMT + 2.150%, 6.733%, due 11/01/271​		16,890		16,849
1 yr. CMT + 2.625%, 6.750%, due 01/01/301​		13,000		13,135

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 2.282%, 6.835%, due 07/01/281​	$	24,436	$	24,434
1 yr. CMT + 2.441%, 6.861%, due 10/01/271​		12,695		12,719
1 yr. CMT + 2.220%, 6.948%, due 11/01/291​		21,429		21,435
7.000%, due 08/01/25		7		7
1 yr. CMT + 2.511%, 7.005%, due 10/01/271​		4,507		4,504
1 yr. CMT + 2.282%, 7.157%, due 06/01/281​		7,361		7,359
Federal National Mortgage Association 1.500%, due 08/01/51		476,327		365,622
2.000%, due 05/01/28		62,521		59,641
2.000%, due 09/01/31		57,751		53,748
2.000%, due 11/01/31		182,778		170,363
2.000%, due 01/01/32		32,000		29,790
2.500%, due 06/01/28		37,156		35,909
2.500%, due 07/01/28		370,023		356,543
2.500%, due 08/01/28		118,424		114,108
2.500%, due 09/01/30		11,010		10,484
2.500%, due 11/01/30		14,431		13,732
2.500%, due 01/01/33		178,400		166,666
2.500%, due 11/01/50		401,094		336,845
2.500%, due 01/01/51		1,080,004		906,920
2.500%, due 02/01/51		494,978		417,948
2.500%, due 04/01/51		1,426,791		1,204,080
2.500%, due 09/01/51		1,612,267		1,367,240
2.500%, due 01/01/52		1,588,441		1,340,990
2.500%, due 03/01/52		715,566		605,722
2.500%, due 04/01/52		1,293,070		1,094,174
3.000%, due 10/01/26		9,965		9,749
3.000%, due 11/01/26		204,559		200,148
3.000%, due 12/01/26		18,681		18,268
3.000%, due 01/01/27		199,383		194,921
3.000%, due 02/01/27		40,212		39,305
3.000%, due 05/01/28		43,559		42,356
3.000%, due 02/01/30		53,190		51,442
3.000%, due 04/01/30		21,407		20,600
3.000%, due 05/01/30		26,035		25,052
3.000%, due 10/01/30		8,413		8,078
3.000%, due 04/01/31		613,157		590,803
3.000%, due 02/01/32		80,819		77,327
3.000%, due 03/01/32		78,258		74,805
3.000%, due 04/01/32		387,184		370,023
3.000%, due 05/01/32		117,102		111,874
3.000%, due 07/01/32		231,217		220,695
3.000%, due 08/01/32		100,140		95,544
3.000%, due 11/01/32		200,253		190,895
3.000%, due 01/01/38		249,426		230,652
3.000%, due 04/01/38		236,056		216,541
3.000%, due 05/01/42		171,077		155,342
3.000%, due 06/01/42		176,918		160,665
3.000%, due 07/01/42		342,853		311,318
3.000%, due 01/01/43		905,981		822,497
3.000%, due 04/01/43		279,544		253,574
3.000%, due 05/01/43		294,238		266,904

10

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 06/01/43	$	38,780	$	35,177
3.000%, due 09/01/43		25,030		22,705
3.000%, due 11/01/46		1,093,406		991,494
3.000%, due 12/01/46		2,548,643		2,286,490
3.000%, due 02/01/47		206,043		186,902
3.000%, due 09/01/49		771,300		674,475
3.000%, due 11/01/49		215,146		192,255
3.000%, due 02/01/50		1,530,597		1,338,453
3.000%, due 03/01/50		3,392,298		3,012,211
3.000%, due 07/01/50		572,857		501,115
3.000%, due 12/01/50		442,308		386,658
3.000%, due 02/01/51		1,888,503		1,648,438
3.000%, due 04/01/51		3,221,005		2,811,553
3.000%, due 05/01/51		3,360,924		2,933,685
3.000%, due 08/01/51		423,562		369,549
3.000%, due 10/01/51		172,139		150,257
3.000%, due 12/01/51		410,749		358,534
3.000%, due 02/01/52		117,595		103,664
3.000%, due 04/01/52		1,716,565		1,499,450
3.000%, due 07/01/52		441,400		387,727
3.000%, due 02/01/57		536,382		461,709
3.000%, due 05/01/58		551,236		474,205
3.500%, due 11/01/25		21,433		21,149
3.500%, due 08/01/26		93,526		92,118
3.500%, due 06/01/28		67,989		66,533
3.500%, due 08/01/29		12,825		12,509
3.500%, due 09/01/32		255,248		251,057
3.500%, due 11/01/33		40,494		39,105
3.500%, due 02/01/34		61,250		59,130
3.500%, due 01/01/35		118,514		114,765
3.500%, due 02/01/35		113,678		110,082
3.500%, due 04/01/35		109,259		105,784
3.500%, due 05/01/35		671,978		650,451
3.500%, due 03/01/42		163,185		152,715
3.500%, due 04/01/42		11,066		10,345
3.500%, due 07/01/42		281		264
3.500%, due 09/01/42		58,440		54,690
3.500%, due 12/01/42		657,474		615,792
3.500%, due 03/01/43		408,329		381,777
3.500%, due 05/01/43		1,752		1,638
3.500%, due 07/01/43		2,362,207		2,208,111
3.500%, due 08/01/43		5,583,122		5,219,083
3.500%, due 01/01/44		78,808		73,752
3.500%, due 06/01/45		1,261,833		1,170,308
3.500%, due 08/01/45		20,276		18,805
3.500%, due 10/01/45		7,394		6,874
3.500%, due 09/01/46		502,292		467,447
3.500%, due 02/01/47		1,459,112		1,363,598
3.500%, due 08/01/47		143,568		132,835
3.500%, due 09/01/47		189,299		175,692
3.500%, due 11/01/47		254,668		235,608
3.500%, due 12/01/47		245,417		227,069
3.500%, due 02/01/48		224,404		205,433
3.500%, due 03/01/48		811,522		744,072
3.500%, due 02/01/50		89,640		81,606
3.500%, due 03/01/50		3,861,983		3,513,917
3.500%, due 04/01/50		328,341		298,718

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 06/01/56	$	699,592	$	634,551
3.500%, due 01/01/57		640,790		579,524
3.500%, due 01/01/59		939,730		843,840
3.575%, due 02/01/26		500,000		490,624
4.000%, due 07/01/25		264		262
4.000%, due 09/01/25		202		200
4.000%, due 10/01/25		286		283
4.000%, due 11/01/25		914		905
4.000%, due 01/01/26		21,729		21,489
4.000%, due 02/01/26		44,430		43,913
4.000%, due 03/01/26		5,781		5,713
4.000%, due 04/01/26		94,687		93,584
4.000%, due 08/01/32		816		798
4.000%, due 06/01/33		34,069		33,346
4.000%, due 07/01/33		243,132		237,318
4.000%, due 08/01/33		685,197		672,464
4.000%, due 07/01/34		333,754		325,536
4.000%, due 07/01/35		640,033		624,740
4.000%, due 04/01/37		532,571		519,058
4.000%, due 03/01/38		385,099		375,477
4.000%, due 07/01/38		461,848		449,592
4.000%, due 08/01/38		207,361		202,128
4.000%, due 09/01/38		253,948		247,209
4.000%, due 05/01/39		42,761		41,364
4.000%, due 09/01/39		117,879		114,056
4.000%, due 09/01/40		868,966		840,416
4.000%, due 12/01/40		683,182		662,725
4.000%, due 11/01/41		272,203		263,662
4.000%, due 12/01/41		333,718		323,248
4.000%, due 07/01/42		1,479,498		1,432,167
4.000%, due 09/01/42		2,182,227		2,110,627
4.000%, due 10/01/42		1,820,613		1,760,878
4.000%, due 08/01/44		91,029		88,307
4.000%, due 12/01/44		4,869		4,662
4.000%, due 06/01/45		9,940		9,500
4.000%, due 08/01/45		730,561		698,264
4.000%, due 02/01/47		66,138		63,087
4.000%, due 03/01/47		28,194		26,823
4.000%, due 04/01/47		106,552		101,550
4.000%, due 05/01/47		195,575		186,357
4.000%, due 06/01/47		5,120		4,884
4.000%, due 11/01/47		22,600		21,494
4.000%, due 01/01/48		90,503		86,073
4.000%, due 02/01/48		185,645		175,919
4.000%, due 03/01/48		93,701		88,863
4.000%, due 12/01/48		207,889		196,875
4.000%, due 06/01/49		695,919		662,141
4.490%, due 04/01/33		300,000		300,090
4.500%, due 06/01/29		6,404		6,388
4.500%, due 06/01/35		12,333		12,302
4.500%, due 12/01/38		131,685		131,705
4.500%, due 01/01/39		492		491
4.500%, due 02/01/39		53,831		53,688
4.500%, due 03/01/39		3,171		3,157
4.500%, due 06/01/39		21,463		21,369
4.500%, due 07/01/39		1,672		1,667
4.500%, due 08/01/39		53,535		53,236

11

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 10/01/39	$	1,677	$	1,670
4.500%, due 12/01/39		126,622		126,192
4.500%, due 01/01/40		1,327		1,326
4.500%, due 02/01/40		1,340		1,335
4.500%, due 03/01/40		29,318		29,172
4.500%, due 08/01/40		22,022		21,913
4.500%, due 11/01/40		229,951		229,023
4.500%, due 07/01/41		153,147		152,140
4.500%, due 08/01/41		283,555		282,231
4.500%, due 01/01/42		765,926		762,109
4.500%, due 08/01/42		1,909		1,897
4.500%, due 09/01/42		93,010		91,519
4.500%, due 05/01/43		491,982		484,829
4.500%, due 06/01/43		1,026,357		1,010,941
4.500%, due 07/01/43		1,795,855		1,768,881
4.500%, due 09/01/43		117,022		116,327
4.500%, due 11/01/43		27,440		27,251
4.500%, due 07/01/44		110,361		109,524
4.500%, due 12/01/44		769		762
4.500%, due 09/01/48		138,292		135,153
4.500%, due 01/01/49		127,268		124,851
4.500%, due 07/01/52		2,902,813		2,799,073
4.500%, due 05/01/53		119,654		115,520
4.500%, due 07/01/53		175,294		169,332
4.500%, due 08/01/53		4,289,329		4,174,732
4.500%, due 04/01/59		649,695		628,539
4.700%, due 04/01/33		313,000		317,179
1 yr. CMT + 2.100%, 4.799%, due 05/01/301​		10,237		10,112
5.000%, due 03/01/25		525		522
5.000%, due 05/01/37		3,304		3,350
5.000%, due 09/01/37		6,652		6,744
5.000%, due 06/01/38		31,836		32,276
5.000%, due 06/01/48		86,578		86,538
5.000%, due 07/01/48		35,122		35,152
5.000%, due 03/01/49		27,830		27,833
5.000%, due 06/01/53		800,810		794,345
5.000%, due 08/01/53		87,680		86,891
5.500%, due 11/01/32		18,873		19,372
5.500%, due 12/01/33		443		455
5.500%, due 04/01/34		10,173		10,466
5.500%, due 01/01/35		58,163		59,841
5.500%, due 05/01/37		63,260		65,312
5.500%, due 07/01/37		31,995		33,033
5.500%, due 06/01/38		52,661		54,411
5.500%, due 11/01/39		124,608		128,744
5.500%, due 07/01/40		145,162		149,987
5.500%, due 02/01/42		83,327		86,029
5.500%, due 08/01/53		471,776		475,125
5.610%, due 10/01/28		883,000		914,964
5.810%, due 06/01/31		1,700,000		1,719,670
6.000%, due 12/01/32		3,559		3,706
6.000%, due 02/01/33		6,357		6,620
6.000%, due 09/01/34		41,406		43,120
6.000%, due 05/01/35		9,219		9,643
6.000%, due 06/01/35		5,047		5,280
6.000%, due 07/01/35		14,798		15,478

	Face amount		Value
U.S. government agency obligations—(continued)
6.000%, due 09/01/35	$	585	$	612
6.000%, due 01/01/36		8,712		9,111
6.000%, due 06/01/36		182		192
6.000%, due 09/01/36		14,026		14,731
6.000%, due 12/01/36		47,254		49,629
6.000%, due 03/01/37		3,011		3,163
6.000%, due 10/01/37		16,221		17,040
6.000%, due 11/01/38		128,472		134,976
6.000%, due 05/01/39		16,469		17,303
6.000%, due 11/01/40		175,127		183,967
6.000%, due 05/01/49		315,621		320,543
6.000%, due 01/01/53		495,863		502,958
1 yr. CMT + 2.095%, 6.095%, due 09/01/261​		4		4
1 yr. USD RFUCCT + 1.790%, 6.277%, due 02/01/421​		59,708		60,515
1 yr. MTA + 1.200%, 6.353%, due 03/01/441​		59,360		58,667
1 yr. CMT + 2.285%, 6.423%, due 05/01/351​		60,411		61,449
6.500%, due 10/01/36		181,565		192,692
6.500%, due 02/01/37		2,508		2,662
6.500%, due 07/01/37		25,462		27,088
6.500%, due 08/01/37		11,706		12,453
6.500%, due 09/01/37		17,079		18,170
6.500%, due 12/01/37		35,325		37,580
6.500%, due 05/01/40		380,769		405,202
6.500%, due 02/01/54		2,028,973		2,080,420
1 yr. CMT + 2.129%, 6.505%, due 09/01/411​		84,859		85,731
1 yr. USD RFUCCT + 1.729%, 6.567%, due 05/01/381​		379,418		384,764
1 yr. CMT + 2.503%, 6.628%, due 12/01/271​		6,662		6,701
1 yr. CMT + 2.239%, 6.662%, due 10/01/371​		612,015		626,189
1 yr. CMT + 2.243%, 6.803%, due 01/01/361​		127,798		130,521
Federal National Mortgage Association REMICS 30 day USD SOFR Average + 0.900% 6.225%, due 12/25/501​		862,170		870,804
Government National Mortgage Association 2.500%, due 09/20/51		5,258,052		4,530,144
3.000%, due 11/15/42		28,125		25,577
3.000%, due 01/20/43		408,189		373,671
3.000%, due 02/15/43		370,884		331,842
3.000%, due 02/20/43		413,000		378,074
3.000%, due 05/15/43		355,295		322,720
3.000%, due 06/15/43		114,542		104,042
3.000%, due 07/15/43		21,639		19,655
3.000%, due 11/20/43		84,140		76,501
3.000%, due 01/15/45		253,075		225,825
3.000%, due 02/15/45		18,614		16,607
3.000%, due 07/15/45		356,223		317,804
3.000%, due 10/15/45		639,411		574,666
3.000%, due 09/20/47		428,115		386,743
3.000%, due 02/20/48		261,977		236,660

12

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 04/20/50	$	1,563,647	$	1,403,073
3.000%, due 10/20/51		151,623		135,392
3.000%, due 09/20/52		437,055		389,891
3.000%, due 02/20/53		875,397		783,770
3.500%, due 11/15/42		217,384		204,040
3.500%, due 03/15/45		115,186		106,435
3.500%, due 04/15/45		102,769		95,605
3.500%, due 04/20/45		3,320		3,098
3.500%, due 11/20/45		509,977		475,737
3.500%, due 12/20/45		200,302		186,854
3.500%, due 04/20/46		306,932		285,723
3.500%, due 05/20/46		348,606		324,486
3.500%, due 04/20/47		297,451		276,168
3.500%, due 07/20/47		2,113,043		1,965,838
3.500%, due 08/20/47		221,829		205,957
3.500%, due 09/20/47		83,873		77,872
3.500%, due 11/20/47		285,279		264,867
3.500%, due 12/20/47		75,234		69,851
3.500%, due 01/20/48		1,308,640		1,215,006
3.500%, due 02/20/48		1,099,684		1,021,002
3.500%, due 03/20/48		1,648,383		1,530,441
3.500%, due 09/20/48		459,055		426,209
3.500%, due 02/20/53		355,596		328,195
1 yr. CMT + 1.500%, 3.625%, due 08/20/251​		857		848
1 yr. CMT + 1.500%, 3.625%, due 09/20/251​		1,442		1,426
1 yr. CMT + 1.500%, 3.625%, due 08/20/261​		2,826		2,784
1 yr. CMT + 1.500%, 3.625%, due 07/20/271​		1,226		1,208
1 yr. CMT + 1.500%, 3.625%, due 07/20/301​		8,381		8,273
3.750%, due 05/20/30		273,420		268,243
1 yr. CMT + 1.500%, 3.875%, due 04/20/261​		11,733		11,614
1 yr. CMT + 1.500%, 3.875%, due 06/20/261​		4,216		4,173
1 yr. CMT + 1.500%, 3.875%, due 04/20/271​		3,213		3,177
1 yr. CMT + 1.500%, 3.875%, due 04/20/301​		1,657		1,645
1 yr. CMT + 1.500%, 3.875%, due 05/20/301​		16,996		16,894
4.000%, due 12/20/40		110,752		106,707
4.000%, due 07/20/41		42,131		40,751
4.000%, due 12/15/41		610,249		590,779
4.000%, due 01/15/47		36,008		34,515
4.000%, due 02/15/47		169,164		162,150
4.000%, due 04/15/47		317,277		302,619
4.000%, due 05/15/47		56,663		54,279
4.000%, due 06/15/47		25,383		24,315
4.000%, due 07/15/47		49,924		47,823
4.000%, due 08/15/47		86,196		82,569
4.000%, due 12/15/47		14,270		13,669
4.000%, due 12/20/47		54,435		52,193
4.000%, due 01/20/48		140,107		134,328

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 03/20/48	$	183,140	$	175,117
4.000%, due 04/20/48		408,044		389,726
4.000%, due 05/20/48		117,102		112,014
4.000%, due 06/20/48		140,730		134,603
4.000%, due 07/20/48		41,894		40,058
4.000%, due 07/15/49		15,920		15,196
1 yr. CMT + 1.500%, 4.000%, due 05/20/251​		225		223
1 yr. CMT + 1.500%, 4.000%, due 09/20/261​		340		336
1 yr. CMT + 1.500%, 4.000%, due 04/20/271​		571		565
1 yr. CMT + 1.500%, 4.000%, due 08/20/271​		4,406		4,348
1 yr. CMT + 1.500%, 4.000%, due 04/20/301​		1,539		1,525
1 yr. CMT + 1.500%, 4.000%, due 05/20/301​		66,837		66,536
1 yr. CMT + 1.500%, 4.000%, due 07/20/301​		3,724		3,701
1 yr. CMT + 1.500%, 4.000%, due 08/20/301​		14,057		13,902
4.500%, due 09/15/39		191,163		190,466
4.500%, due 06/15/40		95,823		95,472
4.500%, due 07/20/40		16,406		16,348
4.500%, due 08/20/40		11,862		11,820
4.500%, due 09/20/40		49,327		49,152
4.500%, due 10/20/40		13,359		13,312
4.500%, due 01/20/41		63,838		63,612
4.500%, due 02/20/41		15,538		15,482
4.500%, due 03/20/41		95,155		94,815
4.500%, due 04/20/41		12,602		12,557
4.500%, due 06/20/41		108,550		108,161
4.500%, due 07/20/41		28,075		27,975
4.500%, due 09/20/41		2,791		2,781
4.500%, due 12/20/41		25,048		24,959
4.500%, due 05/20/43		5,732		5,712
4.500%, due 07/20/43		3,964		3,949
4.500%, due 10/20/44		53,318		52,273
4.500%, due 08/20/45		66,417		65,629
4.500%, due 12/15/45		7,078		6,950
4.500%, due 08/15/46		7,760		7,608
4.500%, due 09/15/46		135,701		133,044
4.500%, due 10/15/46		113,775		111,547
4.500%, due 01/15/47		221,803		217,460
4.500%, due 04/20/48		18,847		18,476
4.500%, due 05/20/48		53,174		52,128
4.500%, due 06/20/48		130,512		127,917
4.500%, due 10/20/48		165,405		160,531
4.500%, due 01/20/49		126,770		124,249
4.500%, due 02/20/49		220,446		216,063
1 yr. CMT + 1.500%, 4.500%, due 05/20/251​		891		886
1 yr. CMT + 1.500%, 4.500%, due 06/20/251​		1,228		1,221
1 yr. CMT + 1.500%, 4.500%, due 07/20/301​		4,195		4,162

13

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 1.500%, 4.500%, due 08/20/301​	$	924	$	917
1 yr. CMT + 1.500%, 4.500%, due 10/20/301​		2,868		2,836
1 yr. CMT + 1.500%, 4.625%, due 01/20/251​		76		76
1 yr. CMT + 1.500%, 4.625%, due 02/20/251​		171		170
1 yr. CMT + 1.500%, 4.625%, due 03/20/251​		676		672
1 yr. CMT + 1.500%, 4.625%, due 03/20/261​		1,047		1,035
1 yr. CMT + 1.500%, 4.625%, due 01/20/271​		19,834		19,585
1 yr. CMT + 1.500%, 4.625%, due 02/20/271​		1,351		1,334
1 yr. CMT + 1.500%, 4.625%, due 01/20/281​		1,959		1,933
1 yr. CMT + 1.500%, 4.625%, due 02/20/281​		831		821
5.000%, due 12/20/33		61,246		62,491
5.000%, due 01/20/34		31,400		32,039
5.000%, due 12/15/34		6,211		6,183
5.000%, due 02/20/38		44,674		45,413
5.000%, due 04/15/38		46,656		47,247
5.000%, due 04/20/38		50,994		51,842
5.000%, due 12/15/39		3,273		3,321
5.000%, due 05/15/40		79,293		80,479
5.000%, due 05/15/41		30,491		30,956
5.000%, due 08/20/41		7,203		7,313
5.000%, due 12/20/42		9,153		9,300
5.000%, due 08/20/43		755,737		767,177
5.000%, due 09/20/48		76,039		76,051
5.000%, due 10/20/48		129,015		129,220
5.000%, due 11/20/48		181,836		182,122
5.000%, due 12/20/48		166,366		166,628
5.500%, due 08/15/35		9,230		9,560
5.500%, due 02/15/38		812		845
5.500%, due 04/15/38		73,769		76,953
5.500%, due 05/15/38		76,186		79,554
5.500%, due 06/15/38		44,304		46,290
5.500%, due 10/15/38		210,255		219,252
5.500%, due 11/15/38		11,106		11,597
5.500%, due 12/15/38		2,432		2,535
5.500%, due 03/15/39		26,669		27,516
5.500%, due 05/15/39		18,975		19,801
5.500%, due 09/15/39		99,633		104,015
5.500%, due 01/15/40		3,506		3,617
5.500%, due 03/15/40		124,470		129,508
5.500%, due 09/20/48		28,179		28,610
6.000%, due 10/20/38		912		957
6.500%, due 02/15/29		67		67
6.500%, due 09/20/32		562		581
6.500%, due 01/15/36		7,405		7,575
6.500%, due 09/15/36		69,387		73,169
6.500%, due 02/15/37		1,070		1,109
6.500%, due 04/15/37		4,299		4,610

	Face amount		Value
U.S. government agency obligations—(concluded)
6.500%, due 01/15/38	$	4,833	$	5,124
6.500%, due 06/15/38		11,864		12,671
6.500%, due 07/15/38		171		171
6.500%, due 11/15/38		1,861		2,044
6.500%, due 12/20/38		4,450		4,745
9.000%, due 04/20/25		227		227
9.000%, due 12/20/26		708		712
9.000%, due 01/20/27		3,342		3,366
9.000%, due 09/20/30		675		688
9.000%, due 10/20/30		2,047		2,128
9.000%, due 11/20/30		2,435		2,478
Government National Mortgage Association REMICS 30 day USD SOFR Average + 0.650%, 5.994%, due 02/20/741​		952,951		950,496
30 day USD SOFR Average + 0.790%, 6.134%, due 04/20/741​		499,830		500,312
Government National Mortgage Association, TBA 2.000%		10,200,000		8,462,420
2.500%		3,200,000		2,757,722
3.000%		21,500,000		19,218,140
4.000%		4,550,000		4,300,822
4.500%		9,860,000		9,548,838
5.000%		6,000,000		5,933,502
5.500%		500,000		501,470
Uniform Mortgage-Backed Security, TBA 1.500%		3,000,000		2,299,674
2.000%		37,250,000		30,135,736
2.500%		9,850,000		8,269,696
3.000%		1,350,000		1,270,700
3.500%		1,500,000		1,442,169
4.500%		3,000,000		2,979,555
5.000%		18,900,000		18,665,756
5.500%		9,950,000		9,969,004
6.000%		18,900,000		19,171,917
6.500%		20,750,000		21,276,635
7.000%		1,100,000		1,136,696
Total U.S. government agency obligations (cost—$346,620,559)				334,235,871
U.S. Treasury obligations—5.3%
U.S. Treasury Inflation-Indexed Bonds, 2.375%, due 01/15/256​		499,827		494,302
U.S. Treasury Inflation-Indexed Notes 0.125% due 10/15/24		3,917,144		3,882,716
0.250% due 01/15/25		5,569,283		5,452,613
Total U.S. Treasury obligations (cost—$9,737,612)				9,829,631
Short-term U.S. treasury obligations—0.1%
U.S. Treasury Bills, 5.379%, due 10/22/246,7 ​(cost—$257,900)		261,000		257,900

14

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Short-term investments—0.9%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 5.263%7 ​ (cost—$1,438,195)		1,438,195	$	1,438,195
Total short-term investments (cost—$1,696,095)				1,696,095

	Number of contracts		Notional amount
Options purchased—0.0%†​
Put options—0.0%†​
UMBS TBA strike @ 97.656, expires 10/08/24 (Counterparty: JPMCB)		1,800,000	USD	175,788,000	1,915
UMBS TBA strike @ 98.992, expires 10/08/24 (Counterparty: MSCI)		2,100,000	USD	207,879,000	1,223
UMBS TBA strike @ 97.367, expires 10/08/24 (Counterparty: BOA)		2,000,000	USD	194,740,000	1,741
UMBS TBA strike @ 99.195, expires 10/15/24 (Counterparty: MSCI)		2,100,000	USD	208,320,000	1,459
Total put options					6,338
Total options purchased (cost—$24,086)					6,338
Swaptions purchased—0.2%
Put swaptions—0.1%
1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 12/16/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/18/25		4,300,000	USD	4,300,000	584
1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 12/16/24 (Counterparty: DB; pay floating rate); underlying swap terminates 12/18/25		10,000,000	USD	10,000,000	268

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 01/21/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 01/23/26		16,400,000	USD	16,400,000	$	674
10 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 01/28/25 (Counterparty: DB; pay floating rate); underlying swap terminates 01/30/35		6,800,000	USD	6,800,000		2,994
1 Year USD SOFR Interest Rate Swap strike @ 5.250, expires 08/19/24 (Counterparty: GS; pay floating rate); underlying swap terminates 08/21/25		6,300,000	USD	6,300,000		6
1 Year USD SOFR Interest Rate Swap strike @ 5.250, expires 03/03/25 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 03/05/26		8,000,000	USD	8,000,000		982
1 Year USD SOFR Interest Rate Swap strike @ 5.300, expires 03/13/25 (Counterparty: GS; pay floating rate); underlying swap terminates 03/17/26		3,000,000	USD	3,000,000		365
10 Year USD SOFR Interest Rate Swap strike @ 4.250, expires 11/29/24 (Counterparty: DB; pay floating rate); underlying swap terminates 12/03/34		4,200,000	USD	4,200,000		13,549
1 Year USD SOFR Interest Rate Swap strike @ 4.750, expires 10/31/24 (Counterparty: DB; pay floating rate); underlying swap terminates 11/04/25		4,000,000	USD	4,000,000		969

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
1 Year USD SOFR Interest Rate Swap strike @ 5.250, expires 10/24/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/28/25		7,500,000	USD	7,500,000	$	173
6 Month USD SOFR Interest Rate Swap strike @ 5.500, expires 08/23/24 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/27/25		29,600,000	USD	29,600,000		65
6 Month USD SOFR Interest Rate Swap strike @ 5.000, expires 08/23/24 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/27/25		29,600,000	USD	29,600,000		7,711
1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 03/25/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 03/27/26		14,000,000	USD	14,000,000		3,685
1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/25/25 (Counterparty: CITI; pay floating rate); underlying swap terminates 09/29/26		14,300,000	USD	14,300,000		9,241
10 Year USD SOFR Interest Rate Swap strike @ 6.000, expires 10/17/25 (Counterparty: GS; pay floating rate); underlying swap terminates 10/21/35		5,500,000	USD	5,500,000		11,284
1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 10/17/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/21/26		5,500,000	USD	5,500,000		2,053

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
10 Year USD SOFR Interest Rate Swap strike @ 6.000, expires 10/17/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/21/35		2,500,000	USD	2,500,000	$	5,129
1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 10/17/25 (Counterparty: BNP; pay floating rate); underlying swap terminates 10/21/26		2,500,000	USD	2,500,000		933
1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 11/03/25 (Counterparty: DB; pay floating rate); underlying swap terminates 11/05/26		2,700,000	USD	2,700,000		1,081
7 Year USD SOFR Interest Rate Swap strike @ 4.483, expires 11/25/24 (Counterparty: BNP; pay floating rate); underlying swap terminates 11/27/31		3,300,000	USD	3,300,000		3,663
7 Year USD SOFR Interest Rate Swap strike @ 4.530, expires 12/03/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/05/31		2,000,000	USD	2,000,000		2,206
7 Year USD SOFR Interest Rate Swap strike @ 4.372, expires 12/05/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/09/31		1,000,000	USD	1,000,000		1,768
7 Year USD SOFR Interest Rate Swap strike @ 4.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33		2,000,000	USD	2,000,000		29,141

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(concluded)
7 Year USD SOFR Interest Rate Swap strike @ 4.310, expires 08/06/24 (Counterparty: BNP; pay floating rate); underlying swap terminates 08/08/31		9,500,000	USD	9,500,000	$	1
7 Year USD SOFR Interest Rate Swap strike @ 4.130, expires 08/06/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/08/31		3,200,000	USD	3,200,000		3
7 Year USD SOFR Interest Rate Swap strike @ 4.255, expires 09/06/24 (Counterparty: BB; pay floating rate); underlying swap terminates 09/10/31		3,700,000	USD	3,700,000		825
10 Year USD SOFR Interest Rate Swap strike @ 4.014, expires 10/08/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/10/34		7,300,000	USD	7,300,000		22,531
10 Year USD SOFR Interest Rate Swap strike @ 3.935, expires 08/06/24 (Counterparty: BB; pay floating rate); underlying swap terminates 08/08/34		900,000	USD	900,000		38
10 Year USD SOFR Interest Rate Swap strike @ 3.970, expires 10/08/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/10/34		4,100,000	USD	4,100,000		14,954
Total put swaptions						136,876

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—0.1%
7 Year USD SOFR Interest Rate Swap strike @ 2.500, expires 03/10/25 (Counterparty: GS; pay floating rate); underlying swap terminates 03/12/32		2,200,000	USD	2,200,000	$	7,698
7 Year USD SOFR Interest Rate Swap strike @ 3.483, expires 11/25/24 (Counterparty: BNP; pay floating rate); underlying swap terminates 11/27/31		3,300,000	USD	3,300,000		42,441
7 Year USD SOFR Interest Rate Swap strike @ 3.530, expires 12/03/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/05/31		2,000,000	USD	2,000,000		29,720
7 Year USD SOFR Interest Rate Swap strike @ 3.372, expires 12/05/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/09/31		1,000,000	USD	1,000,000		10,820
7 Year USD SOFR Interest Rate Swap strike @ 3.348, expires 12/06/24 (Counterparty: BNP; pay floating rate); underlying swap terminates 12/10/31		2,000,000	USD	2,000,000		20,707
7 Year USD SOFR Interest Rate Swap strike @ 3.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33		2,000,000	USD	2,000,000		56,408

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Call swaptions—(concluded)
7 Year USD SOFR Interest Rate Swap strike @ 2.870, expires 01/21/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 01/23/32		4,400,000	USD	4,400,000	$	22,617
7 Year USD SOFR Interest Rate Swap strike @ 3.500, expires 10/08/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/10/31		4,100,000	USD	4,100,000		37,392
Total call swaptions						227,803
Total swaptions purchased (cost—$707,436)						364,679
Total investments before investments sold short (cost—$412,039,158)—213.1%						395,534,028

	Number of shares
Investments sold short—(48.3)%
U.S. government agency obligations—(48.3)%
Uniform Mortgage-Backed Security, TBA 3.000%		(44,150,000	)	(38,566,879	)
3.500%		(19,750,000	)	(17,923,797	)
3.500%		(1,400,000	)	(1,287,230	)
4.000%		(4,725,000	)	(4,429,895	)
4.000%		(1,100,000	)	(1,030,335	)
4.000%		(3,500,000	)	(3,423,490	)
4.500%		(3,900,000	)	(3,758,149	)
4.500%		(13,000,000	)	(12,529,998	)

	Number of shares			Value
Investments sold short—(concluded)
U.S. government agency obligations—(concluded)
5.000%		(800,000	)	$	(788,148	)
6.000%		(5,900,000	)		(5,984,842	)
Total U.S. government agency obligations (proceeds—$(89,296,731))					(89,722,763	)
Total investments sold short (proceeds—$(89,296,731))					(89,722,763	)
Total investments (cost—$322,742,427)—164.8%					305,811,265
Liabilities in excess of other assets—(64.8)%					(120,231,790	)
Net assets—100.0%				$	185,579,475

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 agreement—20.3%
Reverse repurchase agreement dated 07/15/24 with Citigroup, 5.440%, to be repurchased 08/13/24 for $(37,767,621), collateralized by $37,198,596 Federal National Mortgage Association obligation, 2.500%—6.500% due 06/02/31—02/01/54 and $5,258,082 Government National Mortgage Association Obligation, 2.500% due 09/20/51; (value—$(42,456,678)); (proceeds—$(37,602,837))	$	(37,602,837	)	$	(37,602,837	)
(cost—$(37,602,837))					(37,602,837	)

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	492,950,000		5,000,000	UMBS TBA, strike @ 98.594	JPMCB	08/06/24	$	9,375	$	(10,282	)	$	(907	)
USD	390,240,000		4,000,000	UMBS TBA, strike @ 97.563	CITI	08/06/24		8,750		(38,837	)		(30,087	)
USD	391,240,000		4,000,000	UMBS TBA, strike @ 97.813	CITI	08/06/24		8,750		(29,815	)		(21,065	)
USD	195,040,000		2,000,000	UMBS TBA, strike @ 97.516	CITI	08/06/24		7,344		(20,293	)		(12,949	)
USD	195,180,000		2,000,000	UMBS TBA, strike @ 97.594	MSCI	08/13/24		7,344		(18,840	)		(11,496	)
USD	146,370,000		1,500,000	UMBS TBA, strike @ 97.578	MSCI	08/13/24		4,981		(14,347	)		(9,366	)
USD	196,320,000		2,000,000	UMBS TBA, strike @ 98.164	CITI	08/06/24		3,985		(9,245	)		(5,260	)
USD	98,020,000		1,000,000	UMBS TBA, strike @ 98.016	BOA	08/06/24		1,796		(5,755	)		(3,959	)
USD	376,440,000		4,000,000	UMBS TBA, strike @ 94.109	JPMCB	10/08/24		19,218		(33,331	)		(14,113	)
USD	282,390,000		3,000,000	UMBS TBA, strike @ 94.125	CITI	10/08/24		14,297		(24,778	)		(10,481	)
	Total						$	85,840	$	(205,523	)	$	(119,683	)
				Put options
USD	126,893,000		1,300,000	UMBS TBA, strike @ 97.609	MSCI	08/13/24	$	3,047	$	(385	)	$	2,662
USD	364,440,000		4,000,000	UMBS TBA, strike @ 91.109	JPMCB	10/08/24		21,250		(8,555	)		12,695
USD	273,390,000		3,000,000	UMBS TBA, strike @ 91.125	CITI	10/08/24		16,875		(6,476	)		10,399
	Total						$	41,172	$	(15,416	)	$	25,756
	Total options written						$	127,012	$	(220,939	)	$	(93,927	)

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	59,200		59,200,000	6 Month USD SOFR Interest Rate Swap strike @ 5.250 terminating 02/27/25	JPMCB	Pay	08/23/24	$	22,200	$	(1,415	)	$	20,785
USD	2,200		2,200,000	7 Year USD SOFR Interest Rate Swap strike @ 4.443 terminating 08/08/31	BOA	Pay	08/06/24		5,940		—			5,940
USD	1,500		1,500,000	7 Year USD SOFR Interest Rate Swap strike @ 4.438 terminating 08/08/31	MSCI	Pay	08/06/24		4,068		—			4,068
USD	1,800		1,800,000	7 Year USD SOFR Interest Rate Swap strike @ 4.180 terminating 10/10/31	BOA	Pay	10/08/24		5,130		(2,145	)		2,985
USD	1,200		1,200,000	1 Day USD SOFR Interest Rate Swap strike @ 4.145 terminating 10/10/34	JPMCB	Pay	10/08/24		3,721		(2,224	)		1,497
USD	1,300		1,300,000	1 Day USD SOFR Interest Rate Swap strike @ 4.173 terminating 10/10/31	JPMCB	Pay	10/08/24		2,600		(1,592	)		1,008
USD	1,500		1,500,000	7 Year USD SOFR Interest Rate Swap strike @ 4.171 terminating 10/10/31	JPMCB	Pay	10/08/24		2,400		(1,849	)		551
Total swaptions written								$	46,059	$	(9,225	)	$	36,834

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
136	USD	U.S. Treasury Note 10 Year Futures	September 2024	$	14,896,443		$	15,206,500		$	310,057
1	USD	U.S. Treasury Note 5 Year Futures	September 2024		106,283			107,891			1,608
Total				$	15,002,726		$	15,314,391		$	311,665
Interest rate futures sell contracts:
108	USD	30 Day Federal Funds Futures	October 2024	$	(42,717,305	)	$	(42,730,918	)	$	(13,613	)
U.S. Treasury futures sell contracts:
15	USD	U.S. Treasury Note 2 Year Futures	September 2024	$	(3,054,121	)	$	(3,080,508	)	$	(26,387	)
Total				$	(45,771,426	)	$	(45,811,426	)	$	(40,000	)
Net unrealized appreciation (depreciation)										$	271,665

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio8​			Payments received by the portfolio8​			Value			Unrealized appreciation (depreciation)
USD	3,400	04/17/25	Annual		1 day USD SOFR			3.750	%	$	(44,385	)	$	(44,385	)
USD	3,400	04/18/25	Annual		1 day USD SOFR			3.750			(44,277	)		(44,277	)
USD	6,600	04/24/25	Annual		1 day USD SOFR			4.000			(68,503	)		(68,503	)
USD	3,600	04/25/25	Annual		1 day USD SOFR			4.000			(37,249	)		(37,249	)
USD	18,600	06/21/25	Annual		3.750	%		1 day USD SOFR			200,091			123,628
USD	1,700	06/21/26	Annual		3.500			1 day USD SOFR			23,829			24,000
USD	3,000	12/21/27	Annual		2.000			1 day USD SOFR			231,389			88,663
USD	4,400	03/20/29	Annual		4.250			1 day USD SOFR			(90,139	)		35,497
USD	4,200	04/10/29	Annual		1 day USD SOFR			3.940			31,174			31,174
USD	17,500	06/15/29	Annual		1 day USD SOFR			1.750			(1,554,594	)		(637,381	)
USD	2,300	11/09/29	Annual		3.205			1 day USD SOFR			83,326			83,326
USD	2,300	11/09/29	Annual		3.218			1 day USD SOFR			81,747			81,747
USD	2,400	11/09/29	Annual		3.217			1 day USD SOFR			85,367			85,367
USD	1,300	12/21/29	Annual		2.000			1 day USD SOFR			130,007			42,164
USD	1,400	03/08/30	Annual		3.513			1 day USD SOFR			18,525			18,525
USD	1,400	03/08/30	Annual		3.513			1 day USD SOFR			18,563			18,563
USD	500	03/08/30	Annual		3.635			1 day USD SOFR			3,307			3,307
USD	2,900	04/10/30	Annual		1 day USD SOFR			3.560			(26,084	)		(26,084	)
USD	2,900	05/08/30	Annual		1 day USD SOFR			3.560			(21,926	)		(21,926	)
USD	400	05/08/30	Annual		1 day USD SOFR			3.550			(3,321	)		(3,321	)
USD	6,400	06/21/30	Annual		3.000			1 day USD SOFR			226,832			154,977
USD	350	07/10/30	Annual		1 day USD SOFR			3.740			633			633
USD	2,200	10/06/30	Annual		1 day USD SOFR			4.123			30,812			30,812
USD	4,900	10/10/30	Annual		4.185			1 day USD SOFR			(88,771	)		(88,771	)
USD	1,300	10/10/30	Annual		1 day USD SOFR			4.145			20,273			20,273
USD	3,000	10/10/30	Annual		1 day USD SOFR			4.135			44,894			44,894
USD	3,200	10/10/30	Annual		1 day USD SOFR			4.118			44,357			44,357
USD	3,900	10/10/30	Annual		1 day USD SOFR			4.155			63,279			63,279

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio8​			Payments received by the portfolio8​			Value			Unrealized appreciation (depreciation)
USD	500	10/10/30	Annual		1 day USD SOFR			4.320	%	$	13,313		$	13,313
USD	3,700	11/08/30	Annual		1 day USD SOFR			4.012			31,385			31,385
USD	4,000	11/08/30	Annual		1 day USD SOFR			4.180			76,164			76,164
USD	1,000	11/08/30	Annual		1 day USD SOFR			4.192			19,795			19,795
USD	7,000	12/20/30	Annual		3.500	%		1 day USD SOFR			127,098			120,302
USD	2,200	12/22/30	Annual		3.550			1 day USD SOFR			32,424			32,424
USD	4,300	01/10/31	Annual		1 day USD SOFR			3.705			(18,000	)		(18,000	)
USD	1,100	03/12/31	Annual		3.710			1 day USD SOFR			996			996
USD	1,200	04/08/31	Annual		1 day USD SOFR			3.990			21,343			21,343
USD	1,800	04/08/31	Annual		1 day USD SOFR			3.959			28,551			28,551
USD	2,200	04/09/31	Annual		3.013			1 day USD SOFR			94,222			94,222
USD	2,300	04/15/31	Annual		3.170			1 day USD SOFR			75,311			75,311
USD	1,600	04/26/31	Annual		3.232			1 day USD SOFR			45,358			45,358
USD	5,100	06/10/31	Annual		1 day USD SOFR			3.916			82,671			82,671
USD	7,600	06/20/31	Annual		3.750			1 day USD SOFR			(48,590	)		(143,269	)
USD	1,400	06/08/32	Annual		2.451			1 day USD SOFR			116,367			116,367
USD	7,100	06/15/32	Annual		1.750			1 day USD SOFR			933,083			157,738
USD	500	06/15/32	Annual		1.750			1 day USD SOFR			67,446			38,280
USD	4,000	06/15/32	Annual		2.55			1 day USD SOFR			302,731			302,731
USD	2,300	09/16/32	Annual		2.998			1 day USD SOFR			146,126			146,126
USD	5,500	10/06/32	Annual		3.275			1 day USD SOFR			224,685			224,685
USD	2,800	11/28/32	Annual		3.368			1 day USD SOFR			87,047			87,047
USD	600	12/21/32	Annual		2.000			1 day USD SOFR			82,101			20,327
USD	1,400	03/08/33	Annual		3.453			1 day USD SOFR			27,498			27,498
USD	3,100	03/08/33	Annual		3.505			1 day USD SOFR			48,286			48,286
USD	1,000	03/08/33	Annual		1 day USD SOFR			3.510			(15,189	)		(15,189	)
USD	700	06/08/33	Annual		3.260			1 day USD SOFR			20,890			20,890
USD	5,600	12/20/33	Annual		1 day USD SOFR			3.500			(118,902	)		44,167
USD	8,500	06/20/34	Annual		3.750			1 day USD SOFR			(70,131	)		(327,534	)
USD	2,300	12/18/34	Annual		3.750			1 day USD SOFR			(36,129	)		(30,822	)
USD	3,200	12/20/53	Annual		3.500			1 day USD SOFR			213,336			22,094
USD	600	06/20/54	Annual		3.500			1 day USD SOFR			5,534			(28,890	)
USD	16,000	02/02/25	At Maturity		4.600			1 day USD SOFR			110,480			110,480
USD	29,500	02/05/25	At Maturity		4.100			1 day USD SOFR			334,253			334,253
USD	29,500	02/05/25	At Maturity		1 day USD SOFR			4.600			(188,992	)		(188,992	)
USD	27,500	02/06/25	At Maturity		4.600			1 day USD SOFR			175,619			175,619
USD	5,900	05/30/25	At Maturity		5.000			1 day USD SOFR			(3,802	)		(3,802	)
USD	8,500	06/18/25	At Maturity		5.000			1 day USD SOFR			(10,644	)		(10,644	)
USD	27,000	03/03/25	Quarterly		1.350			1 day USD SOFR			710,360			710,360
USD	8,900	05/04/25	Quarterly		1.500			1 day USD SOFR			330,029			330,029
	Total									$	3,433,279		$	2,814,959

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2024

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	18,981,280		$	98,975	$	19,080,255
Mortgage-backed securities		—			30,321,159			—		30,321,159
U.S. government agency obligations		—			334,235,871			—		334,235,871
U.S. Treasury obligations		—			9,829,631			—		9,829,631
Short term investments		—			1,438,195			—		1,438,195
Options purchased		—			6,338			—		6,338
Short-term U.S. treasury obligations		—			257,900			—		257,900
Swaptions purchased		—			364,679			—		364,679
Futures contracts		311,665			—			—		311,665
Swap agreements		—			5,922,907			—		5,922,907
Total	$	311,665		$	438,960,797		$	98,975	$	439,371,437
Liabilities
Investments sold short- U.S. government agency obligations	$	—		$	(89,722,763	)	$	—	$	(89,722,763	)
Reverse repurchase agreement		—			(37,602,837	)		—		(37,602,837	)
Options written		—			(220,939	)		—		(220,939	)
Swaptions written		—			(9,225	)		—		(9,225	)
Futures contracts		(40,000	)		—			—		(40,000	)
Swap agreements		—			(2,489,628	)		—		(2,489,628	)
Total	$	(40,000	)	$	(92,442,555	)	$	—	$	(92,482,555	)

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

¹​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

²​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $19,592,402, represented 10.6% of the Portfolio's net assets at period end.

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

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

⁵​  Zero coupon bond.

⁶​  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

⁷​  Rate shown reflects yield at July 31, 2024.

⁸​  Payments made or received are based on the notional amount.

See accompanying notes to financial statements
22

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Asset-backed securities—24.0%
Adams Outdoor Advertising LP, Series 2023-1, Class A2, 6.967%, due 07/15/531​	$	760,000	$	797,139
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/15/471​		2,300,000		2,324,814
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.678%, due 12/17/361​		411,694		408,301
Antares CLO Ltd., Series 2019-1A, Class BR, 3 mo. USD Term SOFR + 3.350%, 8.632%, due 01/20/361,2​		1,730,000		1,773,250
Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class A, 5.490%, due 06/20/291​		1,620,000		1,638,945
BHG Securitization Trust, Series 2022-C, Class B, 5.930%, due 10/17/351​		1,750,000		1,748,266
Capital Automotive REIT, Series 2024-2A, Class A2, 5.250%, due 05/15/541​		1,127,646		1,109,925
CARS-DB7 LP, Series 2023-1A, Class A2, 6.500%, due 09/15/531​		890,625		917,752
CLI Funding VIII LLC, Series 2023-1A, Class A, 6.310%, due 06/18/481​		909,595		931,100
Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, due 05/25/541​		1,830,000		1,892,448
College Avenue Student Loans LLC, Series 2021-A, Class A1, 1 mo. USD Term SOFR + 1.214%, 6.564%, due 07/25/511,2​		45,644		45,366
Series 2021-B, Class A2, 1.760%, due 06/25/521​		59,740		53,718
Series 2021-C, Class A1, 1 mo. USD Term SOFR + 1.014%, 6.364%, due 07/26/551,2​		179,993		176,342
Series 2021-C, Class B, 2.720%, due 07/26/551​		79,714		71,284
Series 2021-C, Class A2, 2.320%, due 07/26/551​		90,668		81,091
Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.260%, due 10/15/301​		109,232		108,483
Series 2022-1A, Class A, 4.600%, due 06/15/321​		445,400		443,216
Series 2022-3A, Class C, 8.450%, due 02/15/331​		2,300,000		2,390,647
DataBank Issuer LLC, Series 2023-1A, Class A2, 5.116%, due 02/25/531​		995,000		966,366
Edgeconnex Data Centers Issuer LLC, Series 2024-1, Class A2, 6.000%, due 07/27/541,5,6​		840,000		828,242

	Face amount		Value
Asset-backed securities—(continued)
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, due 11/25/451​	$	52,533	$	47,539
Golub Capital Partners ABS Funding Ltd., Series 2022-1A, Class A2B, 6.580%, due 07/22/301​		1,910,000		1,858,107
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, 1.930%, due 07/20/481​		164,324		129,863
Series 2021-5CS, Class A, 2.310%, due 10/20/481​		91,980		74,451
Lendmark Funding Trust, Series 2021-1A, Class A, 1.900%, due 11/20/311​		210,000		194,902
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.860%, due 03/20/361​		180,000		168,601
Series 2022-AA, Class B, 7.200%, due 10/20/371​		1,830,000		1,855,662
MCF CLO 10 Ltd., Series 2023-1A, Class C, 3 mo. USD Term SOFR + 4.200%, 9.501%, due 04/15/351,2​		630,000		636,662
Mosaic Solar Loan Trust, Series 2022-1A, Class A, 2.640%, due 01/20/531​		150,146		129,844
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2B, 1 mo. USD Term SOFR + 1.164%, 6.493%, due 12/15/591,2​		107,324		107,436
Series 2020-IA, Class B, 2.950%, due 04/15/691​		100,000		85,169
Series 2021-A, Class A, 0.840%, due 05/15/691​		46,180		41,309
Series 2021-DA, Class A, U.S. (Fed) Prime Rate - 1.990%, 6.510%, due 04/15/601,2​		213,725		205,614
Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, due 12/15/591​		12,900		12,748
Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.360%, due 04/20/621​		326,812		302,242
Series 2021-BA, Class AFL, 1 mo. USD Term SOFR + 0.894%, 6.240%, due 04/20/621,2​		464,390		460,906
Series 2021-CA, Class AFL, 1 mo. USD Term SOFR + 0.854%, 6.200%, due 04/20/621,2​		294,090		292,361
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, due 10/20/611​		1,150,000		1,041,273
NextGear Floorplan Master Owner Trust, Series 2023-1A, Class A2, 5.740%, due 03/15/281​		1,740,000		1,755,066

23

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Asset-backed securities—(continued)
NFAS2 LLC, Series 2022-1, Class B, 7.590%, due 09/15/281​	$	1,090,000	$	1,078,271
NMEF Funding LLC, Series 2022-B, Class A2, 6.070%, due 06/15/291​		1,089,532		1,092,866
OnDeck Asset Securitization Trust IV LLC, Series 2024-1A, Class A, 6.270%, due 06/17/311​		1,090,000		1,109,520
OneMain Financial Issuance Trust, Series 2022-3A, Class A, 5.940%, due 05/15/341​		1,610,000		1,619,932
Oportun Issuance Trust, Series 2022-3, Class B, 8.533%, due 01/08/301​		1,268,587		1,272,074
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/311​		1,970,000		1,929,595
Prodigy Finance DAC, Series 2021-1A, Class A, 1 mo. USD Term SOFR + 1.364%, 6.714%, due 07/25/511,2​		92,795		92,288
Regional Management Issuance Trust, Series 2021-2, Class A, 1.900%, due 08/15/331​		245,000		225,854
Series 2022-2B, Class B, 8.510%, due 11/17/321​		2,360,000		2,391,413
Republic Finance Issuance Trust, Series 2024-A, Class A, 5.910%, due 08/20/321​		1,490,000		1,500,465
Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.000%, due 09/15/481​		1,370,000		1,339,328
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		2,200,000		2,251,540
Sesac Finance LLC, Series 2019-1, Class A2, 5.216%, due 07/25/491​		114,000		112,276
SLM Private Education Loan Trust, Series 2010-C, Class A5, 1 mo. USD Term SOFR + 4.864%, 10.193%, due 10/15/411,2​		305,030		318,605
SMB Private Education Loan Trust, Series 2017-B, Class A2B, 1 mo. USD Term SOFR + 0.864%, 6.193%, due 10/15/351,2​		35,705		35,646
Series 2018-A, Class A2B, 1 mo. USD Term SOFR + 0.914%, 6.243%, due 02/15/361,2​		148,106		147,732
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864%, 6.193%, due 11/15/351,2​		203,410		202,734
Series 2021-A, Class A2A1, 1 mo. USD Term SOFR + 0.844%, 6.173%, due 01/15/531,2​		390,757		388,350

	Face amount		Value
Asset-backed securities—(concluded)
Series 2021-A, Class B, 2.310%, due 01/15/531​	$	88,370	$	83,749
Series 2021-C, Class APT1, 1.390%, due 01/15/531​		124,148		111,091
SoFi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.950%, due 02/25/421​		24,769		24,357
Series 2020-C, Class AFX, 1.950%, due 02/15/461​		69,524		64,243
Stack Infrastructure Issuer LLC, Series 2023-1A, Class A2, 5.900%, due 03/25/481​		740,000		747,040
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/511​		1,004,275		888,777
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.000%, due 06/25/531​		790,000		786,045
Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.316%, due 03/16/481​		1,070,000		1,086,207
Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.000%, due 10/15/481​		549,717		582,337
Total asset-backed securities (cost—$48,944,801)				49,588,785
Corporate bonds—43.6%
Agriculture—0.4%
Cargill, Inc. 5.125%, due 10/11/321​		810,000		824,259
Airlines—0.6%
Air Canada Pass-Through Trust Series 2017-1, Class AA, 3.300%, due 01/15/301​		38,797		35,957
American Airlines Pass-Through Trust Series 2016-3, Class AA, 3.000%, due 10/15/28		83,538		77,922
Series 2016-1, Class AA, 3.575%, due 01/15/28		43,359		41,516
Series 2017-1, Class AA, 3.650%, due 02/15/29		27,163		25,841
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA, 2.000%, due 06/10/28		49,454		45,590
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd. 11.000%, due 04/15/291​		870,375		829,903
United Airlines Pass-Through Trust Series 2019-2, Class AA, 2.700%, due 05/01/32		40,397		35,333
Series 2015-1, Class AA, 3.450%, due 12/01/27		28,819		27,456
Series 2018-1, Class AA, 3.500%, due 09/01/31		14,695		13,775
Series 2019-1, Class AA, 4.150%, due 08/25/31		52,787		50,327
				1,183,620

24

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Corporate bonds—(continued)
Banks—13.6%
ASB Bank Ltd. (fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/321,2​	$	1,500,000	$	1,492,220
5.398%, due 11/29/271​		1,260,000		1,283,227
Bank of America Corp. (fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/282​		840,000		818,583
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/282​		1,400,000		1,355,847
Bank of New Zealand 4.846%, due 02/07/281​		1,075,000		1,081,512
Comerica Bank 4.000%, due 07/27/253​		800,000		786,991
(fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/332​		1,280,000		1,172,431
Fifth Third Bancorp (fixed, converts to FRN on 07/28/29), 4.772%, due 07/28/302​		25,000		24,567
(fixed, converts to FRN on 10/27/27), 6.361%, due 10/27/282​		1,885,000		1,952,651
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/312​		1,800,000		1,595,578
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/282​		905,000		968,465
Huntington Bancshares, Inc. (fixed, converts to FRN on 08/04/27), 4.443%, due 08/04/282​		647,000		636,414
Huntington National Bank 5.650%, due 01/10/30		1,240,000		1,269,196
ING Groep NV (fixed, converts to FRN on 03/28/25), 3.869%, due 03/28/262​		1,400,000		1,386,277
JPMorgan Chase & Co. (fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/282​		793,000		773,121
KeyBank NA 5.850%, due 11/15/27		1,080,000		1,094,373
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/282​		1,420,000		1,378,121
(fixed, converts to FRN on 11/15/32), 7.953%, due 11/15/332​		610,000		698,211
Morgan Stanley (fixed, converts to FRN on 10/18/32), 6.342%, due 10/18/332​		885,000		957,971
NatWest Group PLC (fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/262​		1,030,000		1,057,076
Santander Holdings USA, Inc. (fixed, converts to FRN on 09/09/25), 5.807%, due 09/09/262​		855,000		860,206
(fixed, converts to FRN on 03/09/28), 6.499%, due 03/09/292​		755,000		779,605

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
Skandinaviska Enskilda Banken AB 5.375%, due 03/05/291​	$	680,000	$	693,941
State Street Corp. (fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/282,3​		555,000		574,512
Truist Financial Corp. (fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/282​		1,370,000		1,337,643
(fixed, converts to FRN on 10/28/32), 6.123%, due 10/28/332​		580,000		607,542
Wells Fargo & Co. (fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/332​		1,525,000		1,352,441
				27,988,722
Commercial services—0.7%
Ashtead Capital, Inc. 5.500%, due 08/11/321​		1,500,000		1,499,132
Diversified financial services—2.9%
Ally Financial, Inc. (fixed, converts to FRN on 01/03/29), 6.848%, due 01/03/302​		1,005,000		1,050,623
Bread Financial Holdings, Inc. 9.750%, due 03/15/291​		1,410,000		1,511,762
Brightsphere Investment Group, Inc. 4.800%, due 07/27/26		585,000		566,912
Capital One Financial Corp. (fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/282​		1,400,000		1,395,638
(fixed, converts to FRN on 05/10/32), 5.268%, due 05/10/332​		164,000		161,722
Oxford Finance LLC/ Oxford Finance Co-Issuer II, Inc. 6.375%, due 02/01/271​		1,250,000		1,220,257
				5,906,914
Electric—3.1%
Alexander Funding Trust II 7.467%, due 07/31/281​		1,145,000		1,224,952
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/281​		1,110,000		1,098,326
Duke Energy Florida LLC 5.950%, due 11/15/52		880,000		925,601
Edison International Series A, (fixed, converts to FRN on 03/15/26), 5.375%, due 03/15/262,4​		1,360,000		1,328,920
MidAmerican Energy Co. 3.650%, due 04/15/29		204,000		196,444
Nevada Power Co. Series GG, 5.900%, due 05/01/53		935,000		963,967
Southern California Edison Co. 5.950%, due 11/01/32		585,000		619,292
				6,357,502

25

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Corporate bonds—(continued)
Energy-Alternate Sources—0.5%
NextEra Energy Partners LP 2.500%, due 06/15/261,3​	$	1,180,000	$	1,085,077
Healthcare-services—0.5%
CommonSpirit Health 6.073%, due 11/01/27		965,000		1,002,719
Insurance—10.5%
Athene Global Funding 2.550%, due 06/29/251​		1,600,000		1,560,481
Athene Holding Ltd. 6.650%, due 02/01/33		1,175,000		1,264,132
Corebridge Financial, Inc. (fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/522​		1,280,000		1,303,050
Enstar Finance LLC (fixed, converts to FRN on 01/15/27), 5.500%, due 01/15/422​		1,500,000		1,340,367
Enstar Group Ltd. 4.950%, due 06/01/29		1,400,000		1,348,277
F&G Annuities & Life, Inc. 7.400%, due 01/13/28		2,110,000		2,205,091
First American Financial Corp. 2.400%, due 08/15/31		1,240,000		1,010,430
Global Atlantic Fin Co. 7.950%, due 06/15/331​		1,065,000		1,190,922
(fixed, converts to FRN on 10/15/29), 7.950%, due 10/15/541,2​		395,000		400,861
Metropolitan Life Global Funding I 4.300%, due 08/25/291​		1,690,000		1,657,140
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (fixed, converts to FRN on 05/23/32), 5.875%, due 05/23/421,2​		800,000		807,852
Reinsurance Group of America, Inc. 6.000%, due 09/15/33		1,125,000		1,172,223
RenaissanceRe Holdings Ltd. 5.750%, due 06/05/33		1,645,000		1,665,749
SiriusPoint Ltd. 7.000%, due 04/05/29		795,000		830,053
Stewart Information Services Corp. 3.600%, due 11/15/31		1,700,000		1,443,471
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/491,2​		2,600,000		2,530,151
				21,730,250
Investment companies—3.7%
BlackRock TCP Capital Corp. 6.950%, due 05/30/29		1,025,000		1,029,068
Blackstone Private Credit Fund 3.250%, due 03/15/27		209,000		195,711
7.300%, due 11/27/281​		1,525,000		1,605,310
Blue Owl Credit Income Corp. 7.750%, due 09/16/27		710,000		741,448

	Face amount		Value
Corporate bonds—(concluded)
Investment companies—(concluded)
FS KKR Capital Corp. 7.875%, due 01/15/29	$	1,830,000	$	1,925,705
HA Sustainable Infrastructure Capital, Inc. 6.375%, due 07/01/341​		1,085,000		1,075,606
Oaktree Strategic Credit Fund 6.500%, due 07/23/291,3​		1,060,000		1,064,638
				7,637,486
Media—0.5%
CCO Holdings LLC/CCO Holdings Capital Corp. 7.375%, due 03/01/311​		1,005,000		1,014,869
Oil & gas—0.4%
Sunoco LP 7.000%, due 05/01/291​		915,000		941,775
Real estate investment trusts—4.5%
Arbor Realty SR, Inc. Series QIB, 8.500%, due 10/15/271​		1,790,000		1,638,540
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/271,3​		2,635,000		2,418,756
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/261​		1,515,000		1,446,470
SBA Tower Trust 6.599%, due 01/15/281​		2,300,000		2,357,192
Scentre Group Trust 1/Scentre Group Trust 2 4.375%, due 05/28/301​		1,363,000		1,331,159
				9,192,117
Retail—0.4%
Macy's Retail Holdings LLC 5.875%, due 03/15/301,3​		865,000		830,250
Semiconductors—0.7%
ams-OSRAM AG 12.250%, due 03/30/291​		1,400,000		1,478,312
Telecommunications—0.6%
Connect Finco SARL/Connect U.S. Finco LLC 6.750%, due 10/01/261​		1,255,000		1,233,695
Total corporate bonds (cost—$87,851,725)				89,906,699
Loan assignments—11.8%
Aerospace & defense—0.4%
Propulsion BC Finco SARL 3 mo. USD Term SOFR + 3.750%, 9.085%, due 09/14/292​		870,581		874,002
Airlines—0.6%
United Airlines, Inc. 3 mo. USD Term SOFR + 2.750%, 8.033%, due 02/22/312​		1,172,062		1,175,204
Chemicals—0.5%
INEOS Enterprises Holdings U.S. Finco LLC 3 mo. USD Term SOFR + 3.750%, 9.197%, due 07/08/302​		1,029,825		1,031,112

26

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Loan assignments—(continued)
Commercial services—1.3%
Priority Holdings LLC 1 mo. USD Term SOFR + 4.750%, 10.094%, due 05/16/312​	$	1,060,000	$	1,056,470
System One Holdings LLC 3 mo. USD Term SOFR + 3.750%, 9.235%, due 03/02/282​		1,725,844		1,723,687
				2,780,157
Diversified financial services—0.6%
LendingTree, Inc. 1 mo. USD Term SOFR + 3.750%, 9.458%, due 09/15/282​		1,226,231		1,213,969
Electric—0.8%
Eastern Power LLC 1 mo. USD Term SOFR + 5.250%, 10.594%, due 04/03/282​		1,564,957		1,563,001
Health care products—0.8%
Medline Borrower LP 1 mo. USD Term SOFR + 2.500%, 8.094%, due 10/23/282​		1,109,684		1,112,946
Sotera Health Holdings LLC 0.000%, due 05/30/312,7​		545,000		544,150
				1,657,096
Healthcare-services—1.0%
IQVIA, Inc. 3 mo. USD Term SOFR + 2.000%, 7.335%, due 01/02/312​		995,000		999,040
MPH Acquisition Holdings LLC 2021 Term Loan B, 3 mo. USD Term SOFR + 4.250%, 9.859%, due 09/01/282​		1,277,020		1,073,859
				2,072,899
Home Furnishings—0.9%
Whirlpool Corp. 1 mo. USD Term SOFR + 1.250%, 6.569%, due 09/23/252,5,6​		1,855,000		1,852,681
Investment companies—0.5%
MIP V Waste Holdings LLC 3 mo. USD Term SOFR + 3.000%, 8.347%, due 12/08/282​		1,120,669		1,121,375
Pharmaceuticals—0.6%
Jazz Financing Lux SARL 1 mo. USD Term SOFR + 2.250%, 7.594%, due 05/05/282​		1,166,620		1,167,903
Pipelines—2.1%
AL NGPL Holdings LLC 3 mo. USD Term SOFR + 3.250%, 8.564%, due 04/13/282​		1,148,125		1,151,351
BCP Renaissance Parent LLC 3 mo. USD Term SOFR + 3.250%, 8.598%, due 10/31/282​		1,019,523		1,023,347

	Face amount		Value
Loan assignments—(concluded)
Pipelines—(concluded)
Medallion Midland Acquisition LLC 3 mo. USD Term SOFR + 3.500%, 8.844%, due 10/18/282​	$	905,450	$	908,845
UGI Energy Services LLC 1 mo. USD Term SOFR + 2.500%, 7.844%, due 02/22/302​		1,164,209		1,166,689
				4,250,232
Real estate investment trusts—0.4%
Starwood Property Trust, Inc. 1 mo. USD Term SOFR + 2.750%, 8.094%, due 11/18/272​		753,525		756,351
Software—0.5%
Central Parent, Inc. 3 mo. USD Term SOFR + 3.250%, 8.585%, due 07/06/292​		1,141,375		1,129,185
Telecommunications—0.8%
Connect Finco SARL 1 mo. USD Term SOFR + 3.500%, 8.844%, due 12/11/262​		299,007		297,760
Iridium Satellite LLC 1 mo. USD Term SOFR + 2.250%, 7.597%, due 09/20/302​		1,086,530		1,076,251
Lumen Technologies, Inc. 1 mo. USD Term SOFR + 6.000%, 11.344%, due 06/01/282​		327,117		276,211
				1,650,222
Total loan assignments (cost—$24,357,938)				24,295,389
Mortgage-backed securities—11.3%
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A5, 2.756%, due 05/15/531​		465,000		416,777
Bank, Series 2022-BNK42, Class A5, 4.493%, due 06/15/552​		220,000		212,900
BBCMS Mortgage Trust, Series 2019-C3, Class B, 4.096%, due 05/15/52		90,000		82,646
Benchmark Mortgage Trust, Series 2019-B15, Class B, 3.564%, due 12/15/72		210,000		176,006
Series 2019-B15, Class C, 3.720%, due 12/15/722​		111,000		85,211
Series 2022-B35, Class A5, 4.444%, due 05/15/552​		270,000		255,218
BX Commercial Mortgage Trust, Series 2021-XL2, Class A, 1 mo. USD Term SOFR + 0.803%, 6.132%, due 10/15/381,2​		221,731		219,375
Series 2021-CIP, Class A, 1 mo. USD Term SOFR + 1.035%, 6.365%, due 12/15/381,2​		213,356		210,822

27

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Mortgage-backed securities—(continued)
BX Trust, Series 2022-CLS, Class B, 6.300%, due 10/13/271​	$	2,020,000	$	1,923,291
Series 2022-GPA, Class B, 1 mo. USD Term SOFR + 2.664%, 7.993%, due 08/15/411,2​		981,468		981,468
Series 2022-GPA, Class C, 1 mo. USD Term SOFR + 3.213%, 8.542%, due 08/15/421,2​		932,395		932,978
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class B, 3.500%, due 01/15/532​		101,000		82,784
CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, due 02/10/50		300,000		281,363
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class B, 6.360%, due 07/10/281,2​		880,000		894,633
Cold Storage Trust, Series 2020-ICE5, Class A, 1 mo. USD Term SOFR + 1.014%, 6.343%, due 11/15/371,2​		530,815		529,156
COMM Mortgage Trust, Series 2015-CR25, Class A3, 3.505%, due 08/10/48		219,018		215,478
CRSO Trust 7.658%, due 07/10/282​		880,000		916,482
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%, due 09/12/401​		660,000		681,360
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD Term SOFR + 1.194%, 6.524%, due 07/15/381,2​		371,631		370,237
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K121, Class X1, 1.020%, due 10/25/302​		1,176,990		57,970
Series KL06, Class XFX, 1.364%, due 12/25/292​		720,000		34,837
Series K142, Class A2, 2.400%, due 03/25/32		385,000		335,254
Series K144, Class A2, 2.450%, due 04/25/32		270,000		235,493
Series K145, Class A2, 2.580%, due 05/25/32		605,000		531,945
Series KC02, Class A2, 3.370%, due 07/25/25		491,917		483,701
Federal Home Loan Mortgage Corp. Multifamily WI Certificates, Series K146, Class A2, 2.920%, due 07/25/32		170,000		153,313
Federal National Mortgage Association-ACES, Series 2022-M5, Class A3, 2.354%, due 01/01/342​		325,000		271,868

	Face amount		Value
Mortgage-backed securities—(concluded)
FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500%, due 01/25/392​	$	155,475	$	145,349
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class A, 1 mo. USD Term SOFR + 1.164%, 6.494%, due 04/15/381,2​		85,041		84,669
Series 2022-ACB, Class A, 30 day USD SOFR Average + 1.400%, 6.737%, due 03/15/391,2​		360,000		353,700
MF1 Trust, Series 2021-W10, Class A, 1 mo. USD Term SOFR + 1.070%, 6.399%, due 12/15/341,2​		100,000		98,813
Series 2021-W10, Class B, 1 mo. USD Term SOFR + 1.370%, 6.699%, due 12/15/341,2​		370,000		362,835
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4, 3.779%, due 05/15/482​		520,000		509,786
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%, 6.727%, due 03/15/391,2​		2,000,000		1,975,625
OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A, 6.095%, due 03/15/401,2​		2,050,000		2,076,666
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/541​		2,300,000		1,985,923
SCOTT Trust, Series 2023-SFS, Class A, 5.910%, due 03/10/401​		870,000		886,160
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 1 mo. USD Term SOFR + 2.186%, 7.515%, due 05/15/371,2​		260,000		260,650
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class A4, 4.152%, due 08/15/51		135,000		129,478
Series 2018-C44, Class A5, 4.212%, due 05/15/51		445,000		428,864
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD Term SOFR + 4.083%, 9.412%, due 11/15/271,2​		2,330,000		2,331,456
Total mortgage-backed securities (cost—$23,509,064)				23,202,540
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		164,491
State of California, GO Bonds, 7.550%, due 04/01/39		70,000		86,094
				250,585

28

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—(concluded)
Michigan—0.0%†​
University of Michigan, Revenue Bonds, Series B, 3.504%, due 04/01/52	$	93,000	$	73,437
Minnesota—0.0%†​
University of Minnesota, Revenue Bonds, 4.048%, due 04/01/52		78,000		68,701
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		117,181
New Jersey Turnpike Authority, Taxable Refunding, Revenue Bonds, Series B, 2.782%, due 01/01/40		25,000		19,107
				136,288
New York—0.1%
New York State Dormitory Authority, Personal Income Tax, Refunding,Revenue Bonds, Series C, 2.052%, due 03/15/30		120,000		105,852
Series C, 2.152%, due 03/15/31		165,000		142,951
				248,803
Texas—0.1%
City of Houston TX, GO Bonds, 3.961%, due 03/01/47		85,000		73,998
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds, Series B, 2.754%, due 10/01/41		50,000		37,594
				111,592
Total municipal bonds (cost—$1,042,313)				889,406
	Number of shares
Preferred stocks—0.6%
Capital markets—0.6%
Trinity Capital, Inc. (cost—$1,250,000)		50,000		1,256,000

	Face amount		Value
U.S. Treasury obligations—4.6%
U.S. Treasury Bonds 1.375% due 08/15/50	$	5,125,000	$	2,714,048
3.625% due 02/15/53		1,250,000		1,097,900
U.S. Treasury Notes, 4.125%, due 03/31/29		5,600,000		5,642,438
Total U.S. Treasury obligations (cost—$9,702,403)				9,454,386
	Number of shares
Common stocks—1.1%
Mortgage real estate investment—1.1%
Ellington Financial, Inc.,Series C2,4 ​(cost—$2,335,000)		93,400		2,286,432
Short-term investments—2.6%
Investment companies—1.4%
State Street Institutional U.S. Government Money Market Fund, 5.263%8 ​(cost—$2,808,340)		2,808,340		2,808,340
	Face amount
Short-term U.S. treasury obligations—1.2%
U.S. Treasury Bills 5.149% due 01/23/258​	$	1,300,000		1,268,971
5.338% due 10/10/248​		1,200,000		1,187,948
Total short-term U.S. treasury obligations (cost—$2,456,737)				2,456,919
Total Short-term investments (cost—$5,265,077)				5,265,259
	Number of shares
Investment of cash collateral from securities loaned—2.1%
Money market funds—2.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%8 ​(cost—$4,371,102)		4,371,102		4,371,102
Total investments (cost—$208,629,423)—102.1%				210,515,998
Liabilities in excess of other assets—(2.1)%				(4,335,729	)
Net assets—100.0%			$	206,180,269

29

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

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:
88	USD	U.S. Long Bond Futures	September 2024	$	10,332,667		$	10,628,750		$	296,083
107	USD	U.S. Treasury Note 10 Year Futures	September 2024		11,699,219			11,963,938			264,719
16	USD	U.S. Treasury Note 2 Year Futures	September 2024		3,257,914			3,285,875			27,961
150	USD	Ultra U.S. Treasury Bond Futures	September 2024		18,678,915			19,195,312			516,397
240	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2024		27,066,239			27,738,750			672,511
Total				$	71,034,954		$	72,812,625		$	1,777,671
U.S. Treasury futures sell contracts:
200	USD	U.S. Treasury Note 5 Year Futures	September 2024	$	(21,221,675	)	$	(21,578,125	)	$	(356,450	)
Total				$	(21,221,675	)	$	(21,578,125	)	$	(356,450	)
Net unrealized appreciation (depreciation)										$	1,421,221

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	48,760,543	$	828,242	$	49,588,785
Corporate bonds		—			89,906,699		—		89,906,699
Loan assignments		—			22,442,708		1,852,681		24,295,389
Mortgage-backed securities		—			23,202,540		—		23,202,540
Municipal bonds		—			889,406		—		889,406
U.S. Treasury obligations		—			9,454,386		—		9,454,386
Common stocks		2,286,432			—		—		2,286,432
Preferred stocks		1,256,000			—		—		1,256,000
Short-term investments		—			2,808,340		—		2,808,340
Short-term U.S. treasury obligations		—			2,456,919		—		2,456,919
Investment of cash collateral from securities loaned		—			4,371,102		—		4,371,102
Futures contracts		1,777,671			—		—		1,777,671
Total	$	5,320,103		$	204,292,643	$	2,680,923	$	212,293,669
Liabilities
Futures contracts	$	(356,450	)	$	—	$	—	$	(356,450	)
Total	$	(356,450	)	$	—	$	—	$	(356,450	)

At July 31, 2024, there were no transfers in or out of Level 3.

30

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2024

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs for the year ended July 31, 2024:

	Asset-backed securities			Loan assignments			Total
Beginning balance	$	2,457,423		$	—		$	2,457,423
Purchases		825,528			1,855,000			2,680,528
Sales		(1,700,000	)		—			(1,700,000	)
Accrued discounts/(premiums)		414			—			414
Total realized gain/(loss)		265			—			265
Net change in unrealized appreciation/depreciation		30,657			(2,319	)		28,338
Transfers into Level 3		—			—			—
Transfers out of Level 3		(786,045	)		—			(786,045	)
Ending balance	$	828,242		$	1,852,681		$	2,680,923

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2024 was $395.

Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.

Quantitative disclosure about significant unobservable inputs

Asset class	Fair value at July 31, 2024		Valuation technique	Unobservable input	Price range (weighted average)*
Asset-backed securities	$	828,242	Broker quote	Single broker quote	$	98.600
Loan assignments		1,852,681	Broker quote	Single broker quote		99.875

*  Weighted by relative fair value

Portfolio footnotes

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

¹​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $105,378,343, represented 51.1% of the Portfolio's net assets at period end.

²​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

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

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

⁶​  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

⁷​  Position is unsettled. Contract rate was not determined at July 31, 2024 and does not take effect until settlement.

⁸​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
31

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Asset-backed securities—16.6%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1, 1 mo. USD Term SOFR + 0.404%, 6.044%, due 07/25/342​		260,850	$	254,989
Adams Outdoor Advertising LP, Series 2023-1, Class A2, 6.967%, due 07/15/533​		980,000		1,027,890
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/15/473​		3,000,000		3,032,366
Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class D, 6.315%, due 05/17/323​		233,942		235,629
Antares CLO Ltd., Series 2019-1A, Class BR, 3 mo. USD Term SOFR + 3.350%, 8.632%, due 01/20/362,3​		2,270,000		2,326,750
Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C, 6.180%, due 10/20/273​		135,000		134,979
Series 2023-4A, Class A, 5.490%, due 06/20/293​		2,100,000		2,124,559
Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class D, 30 day USD SOFR Average + 2.750%, 8.097%, due 06/25/472,3,4​		17,743		17,933
Series 2024-EDU1, Class C,
30 day USD SOFR Average + 1.800%, 7.147%, due 06/25/472,3,4​		41,089		41,235
Beacon Container Finance II LLC, Series 2021-1A, Class A, 2.250%, due 10/22/463​		96,425		87,293
BHG Securitization Trust, Series 2022-C, Class B, 5.930%, due 10/17/353​		2,340,000		2,337,682
BPCRE Ltd., Series 2022-FL2, Class A, 1 mo. USD Term SOFR + 2.400%, 7.734%, due 01/16/372,3​		272,731		273,089
Business Jet Securities LLC, Series 2024-1A, Class B, 6.924%, due 05/15/393​		96,547		98,278
Series 2024-1A, Class A, 6.197%, due 05/15/393​		112,960		114,837
Capital Automotive REIT, Series 2024-2A, Class A2, 5.250%, due 05/15/543​		1,456,958		1,434,063
CARS-DB7 LP, Series 2023-1A, Class A2, 6.500%, due 09/15/533​		1,167,708		1,203,275
CHEC Loan Trust, Series 2004-2, Class M1, 1 mo. USD Term SOFR + 1.074%, 6.424%, due 06/25/342​		187,656		185,239

	Face amount1​		Value
Asset-backed securities—(continued)
CLI Funding VIII LLC, Series 2023-1A, Class A, 6.310%, due 06/18/483​		1,155,186	$	1,182,497
Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, due 05/25/543,4​		2,360,000		2,440,534
Compass Datacenters Issuer II LLC, Series 2024-1A, Class B, 7.000%, due 02/25/493​		102,000		103,143
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.450%, due 02/15/333​		3,050,000		3,170,207
CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.300%, due 04/20/483​		58,000		55,457
DataBank Issuer LLC, Series 2023-1A, Class A2, 5.116%, due 02/25/533​		1,285,000		1,248,020
Dell Equipment Finance Trust, Series 2024-1, Class C, 5.730%, due 03/22/303​		100,000		101,481
Delta Funding Home Equity Loan Trust, Series 1999-3, Class A1A, 1 mo. USD Term SOFR + 0.934%, 6.263%, due 09/15/292​		24,768		23,769
Edgeconnex Data Centers Issuer LLC, Series 2024-1, Class A2, 6.000%, due 07/27/543,4,5​		1,090,000		1,074,743
ELFI Graduate Loan Program LLC, Series 2024-A, Class A, 5.560%, due 08/25/493​		102,000		103,381
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 1 mo. USD Term SOFR + 0.594%, 5.944%, due 10/25/362​		963,828		630,294
Frontier Issuer LLC, Series 2023-1, Class A2, 6.600%, due 08/20/533​		139,000		141,503
Series 2024-1, Class B, 7.020%, due 06/20/543​		97,000		99,091
FS Rialto Issuer LLC, Series 2022-FL4, Class A, 30 day USD SOFR Average + 1.900%, 7.243%, due 01/19/392,3​		754,179		753,441
GLS Auto Receivables Issuer Trust, Series 2024-1A, Class D, 5.950%, due 12/17/293​		61,000		61,708
GoldenTree Loan Management U.S. CLO 4 Ltd., Series 2019-4A, Class ARR, 3 mo. USD Term SOFR + 1.150%, 6.433%, due 04/24/312,3​		444,508		445,059
Golub Capital Partners ABS Funding Ltd., Series 2022-1A, Class A2B, 6.580%, due 07/22/303​		2,580,000		2,509,903

32

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Asset-backed securities—(continued)
Gracie Point International Funding LLC, Series 2024-1A, Class C, 90 day USD SOFR Average + 3.500%, 8.850%, due 03/01/282,3​		100,000	$	100,556
Series 2024-1A, Class A,
90 day USD SOFR Average + 1.700%, 7.050%, due 03/01/282,3​		108,000		108,400
GSAMP Trust, Series 2006-HE4, Class A1, 1 mo. USD Term SOFR + 0.394%, 5.744%, due 06/25/362​		494,881		479,162
HGI CRE CLO Ltd., Series 2022-FL3, Class A, 30 day USD SOFR Average + 1.700%, 7.038%, due 04/20/372,3​		789,584		788,255
Hilton Grand Vacations Trust, Series 2022-1D, Class D, 6.790%, due 06/20/343​		54,283		52,647
Series 2022-2A, Class B, 4.740%, due 01/25/373​		55,781		55,150
Series 2022-2A, Class A, 4.300%, due 01/25/373​		64,706		63,574
Series 2024-1B, Class C, 6.620%, due 09/15/393​		58,165		59,762
Series 2024-1B, Class B, 5.990%, due 09/15/393​		24,928		25,485
Series 2024-2A, Class C, 5.990%, due 03/25/383​		126,422		128,439
HPEFS Equipment Trust, Series 2024-2A, Class D, 5.820%, due 04/20/323​		114,000		115,447
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.153%, due 05/20/323​		239,011		240,842
JP Morgan Mortgage Trust, Series 2023-HE3, Class M1, 30 day USD SOFR Average + 2.100%, 7.445%, due 05/25/542,3​		95,000		95,773
Series 2024-HE1, Class M2,
30 day USD SOFR Average + 2.400%, 7.744%, due 08/25/542,3​		36,000		36,207
Series 2024-HE1, Class M1,
30 day USD SOFR Average + 2.000%, 7.344%, due 08/25/542,3​		47,000		47,270
KREF Ltd., Series 2022-FL3, Class A,
1 mo. USD Term SOFR + 1.450%, 6.791%, due 02/17/392,3​		600,000		597,035
Kubota Credit Owner Trust, Series 2024-2A, Class A4, 5.190%, due 05/15/303​		108,000		109,417
LoanCore Issuer Ltd., Series 2021-CRE6, Class A, 1 mo. USD Term SOFR + 1.414%, 6.743%, due 11/15/382,3​		392,057		389,760

	Face amount1​		Value
Asset-backed securities—(continued)
M360 Ltd., Series 2021-CRE3, Class A, 1 mo. USD Term SOFR + 1.614%, 6.960%, due 11/22/382,3​		429,240	$	426,436
Mariner Finance Issuance Trust, Series 2022-AA, Class B, 7.200%, due 10/20/373​		2,431,000		2,465,090
MCF CLO 10 Ltd., Series 2023-1A, Class C, 3 mo. USD Term SOFR + 4.200%, 9.501%, due 04/15/352,3​		820,000		828,671
MetroNet Infrastructure Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/20/523​		173,643		177,286
MF1 Ltd., Series 2022-FL8, Class A, 1 mo. USD Term SOFR + 1.350%, 6.691%, due 02/19/372,3​		581,198		575,283
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2, 1 mo. USD Term SOFR + 0.819%, 6.169%, due 12/25/342​		124,430		117,427
MVW LLC, Series 2022-1A, Class B, 4.400%, due 11/21/393​		97,184		95,302
Series 2023-2A, Class C, 7.060%, due 11/20/403​		88,122		90,283
Series 2024-1A, Class B, 5.510%, due 02/20/433​		95,916		97,052
Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.940%, due 07/15/693​		43,057		38,009
Series 2021-EA, Class A, 0.970%, due 12/16/693​		216,881		188,956
Series 2021-FA, Class A, 1.110%, due 02/18/703​		462,284		399,684
Series 2021-GA, Class A, 1.580%, due 04/15/703​		172,982		152,566
Series 2024-A, Class A, 5.660%, due 10/15/723​		235,234		239,474
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, due 10/20/613​		1,500,000		1,358,182
NextGear Floorplan Master Owner Trust, Series 2023-1A, Class A2, 5.740%, due 03/15/283​		2,250,000		2,269,482
NFAS2 LLC, Series 2022-1, Class B, 7.590%, due 09/15/283​		1,460,000		1,444,289
NMEF Funding LLC, Series 2022-B, Class A2, 6.070%, due 06/15/293​		1,455,761		1,460,216
OnDeck Asset Securitization Trust IV LLC, Series 2024-1A, Class A, 6.270%, due 06/17/313​		1,410,000		1,435,251

33

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Asset-backed securities—(continued)
OneMain Financial Issuance Trust, Series 2022-2A, Class A, 4.890%, due 10/14/343​		288,000	$	286,486
Series 2022-3A, Class A, 5.940%, due 05/15/343​		2,120,000		2,133,078
Oportun Issuance Trust, Series 2022-3, Class B, 8.533%, due 01/08/303​		1,684,063		1,688,692
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/313​		2,560,000		2,507,494
Pagaya AI Debt Trust, Series 2024-3, Class A, 6.258%, due 10/15/313​		428,934		430,239
Prestige Auto Receivables Trust, Series 2021-1A, Class D, 2.080%, due 02/15/283​		179,000		169,188
Series 2021-1A, Class C, 1.530%, due 02/15/283​		121,000		117,952
Regional Management Issuance Trust, Series 2022-2B, Class B, 8.510%, due 11/17/323​		3,140,000		3,181,795
Republic Finance Issuance Trust, Series 2024-A, Class A, 5.910%, due 08/20/323​		1,920,000		1,933,485
Residential Asset Securities Corporation Trust, Series 2005-KS11, Class M2, 1 mo. USD Term SOFR + 0.744%, 6.094%, due 12/25/352​		28,462		28,405
Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.000%, due 09/15/483​		1,790,000		1,749,925
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		3,000,000		3,070,282
Series 2024-1, Class C, 5.450%, due 03/15/30		50,000		50,379
Saxon Asset Securities Trust, Series 2004-1, Class M1, 1 mo. USD Term SOFR + 0.909%, 2.003%, due 03/25/352​		54,313		48,744
Series 2006-1, Class M1, 1 mo. USD Term SOFR + 0.579%, 5.929%, due 03/25/362​		695,544		663,068
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.510%, due 01/20/323​		68,000		68,915
Series 2024-1A, Class A2, 5.350%, due 06/21/273​		401,943		401,578
Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class C, 1.950%, due 09/20/383​		49,842		47,065
Series 2021-2A, Class B, 1.800%, due 09/20/383​		21,120		20,058
Series 2022-2A, Class B, 5.040%, due 06/20/403​		93,466		92,232

	Face amount1​		Value
Asset-backed securities—(continued)
Series 2023-2A, Class C, 7.300%, due 04/20/403​		75,047	$	76,952
Series 2023-3A, Class C, 7.120%, due 09/20/403​		87,326		89,088
Series 2024-1A, Class C, 5.940%, due 01/20/433​		89,962		91,171
Series 2024-2A, Class C, 5.830%, due 06/20/413​		117,000		117,503
SoFi Professional Loan Program LLC, Series 2019-C, Class BFX, 3.050%, due 11/16/483​		158,000		136,695
Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.430%, due 12/22/313,4​		171,000		172,803
Stack Infrastructure Issuer LLC, Series 2023-1A, Class A2, 5.900%, due 03/25/483​		950,000		959,037
Series 2023-3A, Class A2, 5.900%, due 10/25/483​		124,000		125,435
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/513​		1,348,879		1,193,750
Structured Asset Securities Corp., Series 2005-WF1, Class M1, 1 mo. USD Term SOFR + 0.774%, 6.124%, due 02/25/352​		4,468		4,663
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2001-SB1, Class A2, 3.375%, due 08/25/31		18,231		18,146
Subway Funding LLC, Series 2024-1A, Class A2I, 6.028%, due 07/30/543​		100,000		102,359
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.050%, due 09/20/453​		59,750		55,190
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.000%, due 06/25/533​		1,020,000		1,014,893
TIF Funding III LLC, Series 2024-1A, Class C, 6.310%, due 04/20/493​		97,500		98,840
Series 2024-1A, Class B, 5.580%, due 04/20/493​		106,275		107,285
Towd Point Mortgage Trust, Series 2024-CES1, Class A1B, 6.049%, due 01/25/642,3​		91,248		91,236
Series 2024-CES1, Class A1A, 5.848%, due 01/25/642,3​		132,310		132,468
Series 2024-CES2, Class A1A, 6.125%, due 02/25/642,3,4​		210,947		212,966
Trafigura Securitisation Finance PLC, Series 2024-1A, Class B, 7.290%, due 11/15/273​		200,000		200,774
U.S. Bank NA, Series 2023-1, Class B, 6.789%, due 08/25/323​		176,245		177,820

34

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Asset-backed securities—(concluded)
U.S. Small Business Administration, Series 2005-20H, Class 1, 5.110%, due 08/01/25		19,631	$	19,512
Series 2007-20D, Class 1, 5.320%, due 04/01/27		100,580		99,107
Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.316%, due 03/16/483​		1,370,000		1,390,751
VMC Finance LLC, Series 2022-FL5, Class A, 30 day USD SOFR Average + 1.900%, 7.242%, due 02/18/392,3​		737,120		735,098
Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.000%, due 10/15/483​		720,940		763,720
Ziply Fiber Issuer LLC, Series 2024-1A, Class B, 7.810%, due 04/20/543​		155,000		160,629
Total asset-backed securities (cost—$72,210,346)				73,463,388
Corporate bonds—46.6%
Aerospace & defense—0.6%
Boeing Co. 2.700%, due 02/01/27		100,000		93,613
2.750%, due 02/01/26		300,000		287,855
3.450%, due 11/01/28		200,000		184,790
5.805%, due 05/01/50		405,000		377,403
5.930%, due 05/01/60		100,000		91,974
L3Harris Technologies, Inc. 5.400%, due 07/31/33		110,000		112,013
Rolls-Royce PLC 5.750%, due 10/15/273​		200,000		202,361
RTX Corp. 5.750%, due 11/08/26		100,000		102,097
TransDigm, Inc. 6.375%, due 03/01/293​		55,000		56,023
6.625%, due 03/01/323​		30,000		30,685
6.750%, due 08/15/283​		460,000		468,842
6.875%, due 12/15/303​		435,000		447,337
				2,454,993
Agriculture—0.4%
BAT Capital Corp. 6.343%, due 08/02/30		200,000		212,880
Cargill, Inc. 5.125%, due 10/11/323​		1,085,000		1,104,099
Imperial Brands Finance PLC 3.500%, due 07/26/263​		200,000		193,907
5.875%, due 07/01/343​		200,000		200,622
				1,711,508
Airlines—0.4%
American Airlines Pass-Through Trust Series 2016-2, Class AA, 3.200%, due 06/15/28		195,600		184,009

	Face amount1​		Value
Corporate bonds—(continued)
Airlines—(concluded)
Series 2015-2, Class AA, 3.600%, due 09/22/27		186,303	$	178,757
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.000%, due 10/29/24		95,572		95,261
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd. 11.000%, due 04/15/293​		1,126,125		1,073,760
JetBlue Pass-Through Trust Series 2019-1, Class A, 2.950%, due 05/15/28		237,817		215,800
Spirit Airlines Pass-Through Trust Series 2015-1A, 4.100%, due 04/01/28		53,909		50,199
				1,797,786
Apparel—0.0%†​
Birkenstock Financing SARL 5.250%, due 04/30/296​	EUR	100,000		109,091
Tapestry, Inc. 7.700%, due 11/27/30		100,000		105,882
				214,973
Auto manufacturers—0.7%
American Honda Finance Corp. Secured Overnight Financing Rate Index + 0.670%, 6.038%, due 01/10/252​		200,000		200,379
Daimler Truck Finance North America LLC 2.000%, due 12/14/263​		200,000		187,444
Ford Motor Credit Co. LLC 3.375%, due 11/13/25		200,000		195,010
5.800%, due 03/05/27		200,000		201,903
Hyundai Capital America 5.250%, due 01/08/273​		200,000		201,228
5.875%, due 04/07/253​		200,000		200,587
5.950%, due 09/21/263​		100,000		101,761
Jaguar Land Rover Automotive PLC 4.500%, due 07/15/286​	EUR	100,000		108,212
Nissan Motor Acceptance Co. LLC 2.000%, due 03/09/263​		100,000		94,365
2.750%, due 03/09/283​		200,000		180,997
Nissan Motor Co. Ltd. 3.522%, due 09/17/253​		200,000		195,261
4.810%, due 09/17/303​		200,000		188,403
Volkswagen Bank GmbH 2.500%, due 07/31/266​	EUR	700,000		744,036
Volkswagen Group of America Finance LLC 2.850%, due 09/26/243​		200,000		199,125
				2,998,711
Auto parts & equipment—0.1%
Adient Global Holdings Ltd. 8.250%, due 04/15/313,7​		85,000		89,367

35

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
IHO Verwaltungs GmbH 4.625% PIK, 3.875%, due 05/15/276,8​	EUR	100,000	$	105,925
ZF Europe Finance BV 3.000%, due 10/23/296​		200,000		198,909
				394,201
Banks—13.6%
ABN AMRO Bank NV (fixed, converts to FRN on 10/13/25), 6.575%, due 10/13/262,3​		200,000		202,790
ASB Bank Ltd. (fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/322,3​		1,700,000		1,691,183
5.398%, due 11/29/273​		1,680,000		1,710,969
Australia & New Zealand Banking Group Ltd. 5.671%, due 10/03/25		250,000		252,388
Banco Santander SA 4.379%, due 04/12/28		200,000		195,561
5.147%, due 08/18/25		200,000		199,415
Bangkok Bank PCL 5.650%, due 07/05/343​		25,000		25,731
Bank of America Corp. (fixed, converts to FRN on 02/13/30), 2.496%, due 02/13/312​		290,000		256,051
(fixed, converts to FRN on 04/29/30), 2.592%, due 04/29/312​		200,000		176,748
(fixed, converts to FRN on 02/04/32), 2.972%, due 02/04/332​		270,000		234,091
(fixed, converts to FRN on 04/24/27), 3.705%, due 04/24/282​		100,000		96,963
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/282​		200,000		194,901
Series MM, (fixed, converts to FRN on 01/28/25), 4.300%, due 01/28/252,9​		20,000		19,699
Series RR, (fixed, converts to FRN on 01/27/27), 4.375%, due 01/27/272,7,9​		200,000		188,892
(fixed, converts to FRN on 04/27/27), 4.376%, due 04/27/282​		250,000		246,876
(fixed, converts to FRN on 07/22/27), 4.948%, due 07/22/282​		225,000		225,614
(fixed, converts to FRN on 01/20/26), 5.080%, due 01/20/272​		200,000		200,122
(fixed, converts to FRN on 01/23/34), 5.468%, due 01/23/352​		130,000		132,930
(fixed, converts to FRN on 09/15/28), 5.819%, due 09/15/292​		200,000		207,090
Series AA, (fixed, converts to FRN on 03/17/25), 6.100%, due 03/17/252,9​		140,000		139,576
Series X, (fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/242,9​		47,000		46,957

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of Montreal 5.300%, due 06/05/26		105,000	$	105,991
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/282​		1,760,000		1,704,494
Series I, (fixed, converts to FRN on 12/20/26), 3.750%, due 12/20/262,9​		170,000		156,872
(fixed, converts to FRN on 03/14/29), 4.975%, due 03/14/302​		200,000		202,329
Bank of New Zealand 4.846%, due 02/07/283​		1,390,000		1,398,420
Bank of Nova Scotia 5.350%, due 12/07/26		170,000		172,039
Banque Federative du Credit Mutuel SA 4.753%, due 07/13/273​		200,000		199,549
5.896%, due 07/13/263​		200,000		203,737
Barclays PLC 4.836%, due 05/09/28		535,000		526,055
(fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/292​		200,000		199,354
(fixed, converts to FRN on 11/02/32), 7.437%, due 11/02/332​		400,000		451,599
(fixed, converts to FRN on 09/15/29), 8.000%, due 03/15/292,9​		200,000		205,410
BNP Paribas SA 3.375%, due 01/09/253​		200,000		198,015
(fixed, converts to FRN on 01/12/27), 4.625%, due 01/12/272,3,9​		200,000		183,966
(fixed, converts to FRN on 05/20/29), 5.497%, due 05/20/302,3​		200,000		202,810
BPCE SA (fixed, converts to FRN on 10/19/28), 6.714%, due 10/19/292,3​		250,000		262,940
CaixaBank SA (fixed, converts to FRN on 03/15/29), 5.673%, due 03/15/302,3​		200,000		203,795
Citibank NA 5.864%, due 09/29/25		100,000		100,960
Citigroup, Inc. Series X, (fixed, converts to FRN on 02/18/26), 3.875%, due 02/18/262,9​		128,000		121,311
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/282​		660,000		643,953
Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/252,9​		22,000		21,714
Series U, (fixed, converts to FRN on 09/12/24), 5.000%, due 09/12/242,9​		39,000		38,891
Citizens Financial Group, Inc. Series B, 3 mo. USD Term SOFR + 3.265%, 8.579%, due 10/06/242,9​		60,000		59,526

36

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
Series C,
3 mo. USD Term SOFR + 3.419%, 8.733%, due 10/06/242,9​		80,000	$	79,376
Comerica Bank 4.000%, due 07/27/25		1,020,000		1,003,413
(fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/332​		1,690,000		1,547,975
Danske Bank AS (fixed, converts to FRN on 03/01/29), 5.705%, due 03/01/302,3​		200,000		204,532
Deutsche Bank AG (fixed, converts to FRN on 11/26/24), 3.961%, due 11/26/252​		200,000		198,845
(fixed, converts to FRN on 02/08/27), 5.706%, due 02/08/282​		200,000		201,996
(fixed, converts to FRN on 11/20/28), 6.819%, due 11/20/292​		200,000		211,567
Fifth Third Bancorp (fixed, converts to FRN on 11/01/26), 1.707%, due 11/01/272​		40,000		37,184
(fixed, converts to FRN on 04/25/32), 4.337%, due 04/25/332​		105,000		97,816
(fixed, converts to FRN on 07/28/29), 4.772%, due 07/28/302​		35,000		34,394
(fixed, converts to FRN on 10/27/27), 6.361%, due 10/27/282​		2,430,000		2,517,211
Series H, 3 mo. USD Term SOFR + 3.295%, 8.626%, due 09/03/242,9​		115,000		113,979
Goldman Sachs Bank USA Secured Overnight Financing Rate + 0.750%, 6.116%, due 05/21/272​		250,000		250,101
Secured Overnight Financing Rate + 0.770%, 6.138%, due 03/18/272​		200,000		199,989
Goldman Sachs Group, Inc. (fixed, converts to FRN on 10/21/26), 1.948%, due 10/21/272​		100,000		93,578
(fixed, converts to FRN on 04/22/31), 2.615%, due 04/22/322​		400,000		343,626
(fixed, converts to FRN on 09/29/24), 3.272%, due 09/29/252​		200,000		199,198
3.500%, due 04/01/25		100,000		98,751
Series U, (fixed, converts to FRN on 08/10/26), 3.650%, due 08/10/262,7,9​		45,000		41,579
Series T, (fixed, converts to FRN on 05/10/26), 3.800%, due 05/10/262,7,9​		20,000		18,780
Series V, (fixed, converts to FRN on 11/10/26), 4.125%, due 11/10/262,9​		50,000		46,811
(fixed, converts to FRN on 08/23/27), 4.482%, due 08/23/282​		265,000		261,829
3 mo. USD Term SOFR + 2.012%, 7.275%, due 10/28/272​		200,000		205,452

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
Series X,
(fixed, converts to FRN on 05/10/29), 7.500%, due 05/10/292,9​		125,000	$	128,833
Grupo Aval Ltd. 4.375%, due 02/04/303​		70,000		59,522
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/312​		2,000,000		1,772,865
(fixed, converts to FRN on 09/09/31), 4.700%, due 03/09/312,9​		200,000		172,724
(fixed, converts to FRN on 08/11/32), 5.402%, due 08/11/332​		200,000		201,901
(fixed, converts to FRN on 03/09/33), 6.254%, due 03/09/342​		600,000		638,612
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/282​		1,205,000		1,289,503
Huntington Bancshares, Inc. (fixed, converts to FRN on 08/04/27), 4.443%, due 08/04/282​		830,000		816,420
Series G, (fixed, converts to FRN on 10/15/27), 4.450%, due 10/15/272,9​		50,000		46,001
Series F, (fixed, converts to FRN on 07/15/30), 5.625%, due 07/15/302,7,9​		19,000		18,199
(fixed, converts to FRN on 02/02/34), 5.709%, due 02/02/352​		85,000		85,932
Series E, 3 mo. USD Term SOFR + 3.142%, 8.443%, due 10/15/242,9​		124,000		121,711
Huntington National Bank 5.650%, due 01/10/30		1,645,000		1,683,731
ING Groep NV (fixed, converts to FRN on 03/28/25), 3.869%, due 03/28/262​		1,800,000		1,782,356
(fixed, converts to FRN on 11/16/27), 3.875%, due 05/16/272,7,9​		227,000		195,532
(fixed, converts to FRN on 03/19/29), 5.335%, due 03/19/302​		200,000		202,800
(fixed, converts to FRN on 11/16/26), 5.750%, due 11/16/262,9​		200,000		193,863
Secured Overnight Financing Rate + 1.560%, 6.928%, due 09/11/272​		200,000		202,950
Intesa Sanpaolo SpA Series XR, 4.000%, due 09/23/293​		200,000		188,434
7.200%, due 11/28/333​		200,000		220,284
JPMorgan Chase & Co. (fixed, converts to FRN on 09/22/26), 1.470%, due 09/22/272​		200,000		186,162
(fixed, converts to FRN on 06/01/27), 2.182%, due 06/01/282​		250,000		232,650
(fixed, converts to FRN on 02/24/27), 2.947%, due 02/24/282​		200,000		190,861
(fixed, converts to FRN on 04/22/51), 3.328%, due 04/22/522​		105,000		76,287

37

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/292​		200,000	$	191,934
(fixed, converts to FRN on 01/29/26), 3.960%, due 01/29/272​		100,000		98,472
Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/252,9​		16,000		15,880
Series FFF, (fixed, converts to FRN on 08/01/24), 5.000%, due 08/01/242,9​		45,000		45,000
(fixed, converts to FRN on 07/24/28), 5.299%, due 07/24/292​		200,000		203,558
(fixed, converts to FRN on 10/22/26), 6.070%, due 10/22/272​		200,000		205,193
Series CC, 3 mo. USD Term SOFR + 2.842%, 8.089%, due 11/01/242,9​		45,000		45,333
KeyBank NA,7 ​5.850%, due 11/15/27		1,435,000		1,454,098
Lloyds Bank PLC 7.500%, due 04/02/322,6​		800,000		531,886
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/282​		1,785,000		1,732,356
(fixed, converts to FRN on 01/05/34), 5.679%, due 01/05/352​		200,000		204,849
(fixed, converts to FRN on 11/15/32), 7.953%, due 11/15/332​		810,000		927,132
(fixed, converts to FRN on 03/27/30), 8.000%, due 09/27/292,7,9​		200,000		207,664
M&T Bank Corp. Series I, (fixed, converts to FRN on 09/01/26), 3.500%, due 09/01/262,9​		190,000		163,792
Series G, (fixed, converts to FRN on 08/01/24), 5.000%, due 02/01/252,9​		56,000		55,553
(fixed, converts to FRN on 03/13/31), 6.082%, due 03/13/322,7​		45,000		46,172
Mitsubishi UFJ Financial Group, Inc. 2.193%, due 02/25/25		200,000		196,444
Mizuho Financial Group, Inc. (fixed, converts to FRN on 05/22/29), 3.261%, due 05/22/302​		200,000		185,541
(fixed, converts to FRN on 07/10/29), 5.382%, due 07/10/302,7​		200,000		203,753
Morgan Stanley 3.591%, due 07/22/282​		300,000		288,560
(fixed, converts to FRN on 03/21/29), 3.790%, due 03/21/302​	EUR	100,000		109,802
(fixed, converts to FRN on 02/01/28), 5.123%, due 02/01/292​		200,000		201,878
(fixed, converts to FRN on 07/20/28), 5.449%, due 07/20/292​		200,000		204,213
(fixed, converts to FRN on 01/18/34), 5.466%, due 01/18/352​		45,000		45,795

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 04/19/34), 5.831%, due 04/19/352​		70,000	$	73,136
(fixed, converts to FRN on 01/19/33), 5.948%, due 01/19/382​		90,000		91,938
(fixed, converts to FRN on 10/18/32), 6.342%, due 10/18/332​		1,380,000		1,493,786
Morgan Stanley Bank NA (fixed, converts to FRN on 05/26/27), 5.504%, due 05/26/282​		250,000		254,473
Secured Overnight Financing Rate + 1.080%, 6.448%, due 01/14/282​		250,000		251,779
NatWest Group PLC (fixed, converts to FRN on 11/28/30), 3.032%, due 11/28/352​		550,000		476,498
(fixed, converts to FRN on 05/22/27), 3.073%, due 05/22/282​		200,000		190,102
(fixed, converts to FRN on 03/02/33), 6.016%, due 03/02/342​		200,000		210,822
(fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/262​		1,370,000		1,406,014
Nordea Bank Abp 1.500%, due 09/30/263​		200,000		186,145
PNC Financial Services Group, Inc. Series T, (fixed, converts to FRN on 09/15/26), 3.400%, due 09/15/262,9​		304,000		271,801
Series S, (fixed, converts to FRN on 11/01/26), 5.000%, due 11/01/262,9​		22,000		21,054
Series W, (fixed, converts to FRN on 03/15/30), 6.250%, due 03/15/302,7,9​		75,000		73,113
(fixed, converts to FRN on 10/20/33), 6.875%, due 10/20/342​		85,000		94,598
Royal Bank of Canada 4.950%, due 04/25/25		140,000		139,731
Santander Holdings USA, Inc. (fixed, converts to FRN on 01/06/27), 2.490%, due 01/06/282​		1,200,000		1,118,396
(fixed, converts to FRN on 09/09/25), 5.807%, due 09/09/262​		1,140,000		1,146,941
(fixed, converts to FRN on 03/09/28), 6.499%, due 03/09/292​		1,145,000		1,182,315
Santander U.K. Group Holdings PLC (fixed, converts to FRN on 01/10/28), 6.534%, due 01/10/292​		100,000		104,005
(fixed, converts to FRN on 11/21/25), 6.833%, due 11/21/262​		400,000		407,285
Skandinaviska Enskilda Banken AB (fixed, converts to FRN on 05/13/25), 5.125%, due 05/13/252,6,9​		200,000		197,145
5.375%, due 03/05/293​		885,000		903,144
Societe Generale SA (fixed, converts to FRN on 01/10/33), 6.691%, due 01/10/342,3​		300,000		317,963

38

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(continued)
Standard Chartered PLC
(fixed, converts to FRN on 07/06/26), 6.187%, due 07/06/272,3​		100,000	$	101,635
State Street Corp. (fixed, converts to FRN on 02/06/25), 1.746%, due 02/06/262​		115,000		112,883
(fixed, converts to FRN on 03/30/25), 2.901%, due 03/30/262​		80,000		78,634
(fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/282​		740,000		766,016
Sumitomo Mitsui Financial Group, Inc. 1.902%, due 09/17/28		200,000		178,597
2.632%, due 07/14/26		145,000		138,898
3.010%, due 10/19/26		50,000		48,064
5.316%, due 07/09/29		200,000		204,283
Svenska Handelsbanken AB 5.250%, due 06/15/263​		250,000		252,474
Toronto-Dominion Bank 3.766%, due 06/06/25		100,000		98,874
5.532%, due 07/17/26		85,000		86,035
Truist Financial Corp. (fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/282​		1,720,000		1,679,377
Series N, (fixed, converts to FRN on 09/01/24), 4.800%, due 09/01/242,9​		110,000		108,351
Series Q, (fixed, converts to FRN on 09/01/30), 5.100%, due 03/01/302,9​		15,000		14,010
(fixed, converts to FRN on 01/26/33), 5.122%, due 01/26/342​		200,000		196,198
(fixed, converts to FRN on 06/08/33), 5.867%, due 06/08/342​		170,000		175,426
(fixed, converts to FRN on 10/28/32), 6.123%, due 10/28/332​		770,000		806,564
Series L, 3 mo. USD Term SOFR + 3.364%, 8.703%, due 12/15/242,7,9​		73,000		73,292
U.S. Bancorp Series N, (fixed, converts to FRN on 01/15/27), 3.700%, due 01/15/272,7,9​		310,000		280,464
(fixed, converts to FRN on 02/01/33), 4.839%, due 02/01/342​		200,000		193,941
Wells Fargo & Co. (fixed, converts to FRN on 10/30/24), 2.406%, due 10/30/252​		400,000		396,896
(fixed, converts to FRN on 02/11/30), 2.572%, due 02/11/312​		470,000		416,399
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/272​		200,000		193,554
(fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/332​		1,915,000		1,698,312

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(concluded)
Series BB,
(fixed, converts to FRN on 03/15/26), 3.900%, due 03/15/262,9​		60,000	$	57,554
(fixed, converts to FRN on 07/25/28), 5.574%, due 07/25/292​		200,000		204,801
(fixed, converts to FRN on 10/23/33), 6.491%, due 10/23/342​		130,000		141,647
(fixed, converts to FRN on 09/15/28), 7.625%, due 09/15/282,7,9​		50,000		53,184
Wells Fargo Bank NA 5.450%, due 08/07/26		100,000		101,342
5.550%, due 08/01/25		100,000		100,530
Westpac Banking Corp. (fixed, converts to FRN on 11/18/31), 3.020%, due 11/18/362​		240,000		202,446
5.512%, due 11/17/25		145,000		146,378
				60,408,493
Beverages—0.2%
Constellation Brands, Inc. 4.800%, due 01/15/29		100,000		100,236
JDE Peet's NV 4.500%, due 01/23/346​	EUR	200,000		224,835
Molson Coors Beverage Co. 4.200%, due 07/15/46		300,000		247,232
Suntory Holdings Ltd. 2.250%, due 10/16/243​		200,000		198,553
				770,856
Biotechnology—0.1%
Amgen, Inc. 5.750%, due 03/02/63		240,000		241,617
Regeneron Pharmaceuticals, Inc. 1.750%, due 09/15/30		300,000		253,574
				495,191
Building Materials—0.0%†​
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.625%, due 12/15/303​		200,000		203,755
Chemicals—0.1%
International Flavors & Fragrances, Inc. 2.300%, due 11/01/303​		200,000		170,775
Olympus Water U.S. Holding Corp. 4.250%, due 10/01/283,7​		65,000		59,934
9.750%, due 11/15/283​		165,000		175,340
				406,049
Commercial services—0.7%
Ashtead Capital, Inc. 5.500%, due 08/11/323​		1,700,000		1,699,016
Block, Inc. 6.500%, due 05/15/323​		200,000		203,240
Boost Newco Borrower LLC 7.500%, due 01/15/313​		195,000		205,388

39

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.500%, due 01/15/316​	GBP	100,000	$	138,357
CoStar Group, Inc. 2.800%, due 07/15/303​		200,000		174,148
Duke University Series 2020, 2.682%, due 10/01/44		300,000		222,879
Emory University Series 2020, 2.143%, due 09/01/30		200,000		175,020
HealthEquity, Inc. 4.500%, due 10/01/293​		225,000		211,941
Verisure Midholding AB 5.250%, due 02/15/296​	EUR	100,000		107,013
Worldline SA 4.125%, due 09/12/286​		100,000		108,941
				3,245,943
Computers—0.0%†​
Dell International LLC/EMC Corp. 5.850%, due 07/15/25		200,000		200,805
Diversified financial services—2.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.450%, due 04/03/26		200,000		197,956
5.100%, due 01/19/29		50,000		50,315
Ally Financial, Inc. 2.200%, due 11/02/28		200,000		177,235
Series C, (fixed, converts to FRN on 05/15/28), 4.700%, due 05/15/282,9​		104,000		86,313
(fixed, converts to FRN on 01/03/29), 6.848%, due 01/03/302​		1,285,000		1,343,334
American Express Co. Series D, (fixed, converts to FRN on 09/15/26), 3.550%, due 09/15/262,9​		140,000		130,721
(fixed, converts to FRN on 04/23/26), 5.645%, due 04/23/272​		200,000		202,271
(fixed, converts to FRN on 10/30/25), 6.338%, due 10/30/262​		200,000		202,927
Aviation Capital Group LLC 5.375%, due 07/15/293​		200,000		200,811
6.250%, due 04/15/283​		200,000		206,711
Avolon Holdings Funding Ltd. 5.750%, due 03/01/293​		200,000		203,004
Bread Financial Holdings, Inc. 9.750%, due 03/15/293​		1,805,000		1,935,271
Brightsphere Investment Group, Inc. 4.800%, due 07/27/26		755,000		731,655
Capital One Financial Corp. Series M, (fixed, converts to FRN on 09/01/26), 3.950%, due 09/01/262,7,9​		385,000		355,335

	Face amount1​		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
(fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/282​		1,700,000	$	1,694,703
(fixed, converts to FRN on 02/01/29), 5.700%, due 02/01/302​		125,000		127,543
(fixed, converts to FRN on 06/08/33), 6.377%, due 06/08/342​		45,000		47,203
Charles Schwab Corp. Series I, (fixed, converts to FRN on 06/01/26), 4.000%, due 06/01/262,9​		132,000		123,267
Series H, (fixed, converts to FRN on 12/01/30), 4.000%, due 12/01/302,9​		256,000		216,127
Series K,
(fixed, converts to FRN on 06/01/27), 5.000%, due 06/01/272,7,9​		55,000		51,877
Series G,
(fixed, converts to FRN on 06/01/25), 5.375%, due 06/01/252,9​		15,000		14,824
Lazard Group LLC 4.375%, due 03/11/29		100,000		97,271
LeasePlan Corp. NV 2.875%, due 10/24/243​		200,000		198,615
Lehman Brothers Holdings, Inc. 0.000%, due 12/30/13		1,900,000		950
1.000%, due 01/24/1310​		4,500,000		2,250
1.000%, due 12/30/49		900,000		450
Navient Corp. Series A, 5.625%, due 01/25/25		100,000		98,846
Nomura Holdings, Inc. Secured Overnight Financing Rate + 1.250%, 6.619%, due 07/02/272​		200,000		201,457
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.375%, due 02/01/273​		1,660,000		1,620,502
				10,519,744
Electric—6.1%
Adani Electricity Mumbai Ltd. 3.949%, due 02/12/303​		262,000		229,446
AES Corp. 2.450%, due 01/15/31		200,000		172,681
Alexander Funding Trust II 7.467%, due 07/31/283​		1,475,000		1,577,996
Algonquin Power & Utilities Corp. 5.365%, due 06/15/26		200,000		200,488
Alliant Energy Finance LLC 5.950%, due 03/30/293​		100,000		104,131
Ameren Corp. 5.000%, due 01/15/29		200,000		201,209
American Electric Power Co., Inc. 5.950%, due 11/01/32		195,000		204,275
(fixed, converts to FRN on 12/15/29), 7.050%, due 12/15/542​		135,000		136,493

40

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Electric—(continued)
Appalachian Power Co. Series AA, 2.700%, due 04/01/31		200,000	$	173,814
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/283​		1,495,000		1,479,277
AusNet Services Holdings Pty. Ltd. (fixed, converts to FRN on 09/11/26), 1.625%, due 03/11/812,6​		EUR 100,000		101,405
Avangrid, Inc.,7 ​3.800%, due 06/01/29		1,600,000		1,521,737
Black Hills Corp. 2.500%, due 06/15/30		200,000		172,774
Calpine Corp. 3.750%, due 03/01/313​		45,000		39,911
4.625%, due 02/01/293​		263,000		248,525
5.000%, due 02/01/313​		264,000		249,318
5.125%, due 03/15/283​		30,000		29,056
CenterPoint Energy Houston Electric LLC 5.200%, due 10/01/28		200,000		204,023
Constellation Energy Generation LLC 6.125%, due 01/15/34		200,000		213,395
6.500%, due 10/01/53		50,000		55,030
Dominion Energy, Inc. Series C, 2.250%, due 08/15/31		200,000		167,829
Series C, (fixed, converts to FRN on 04/15/27), 4.350%, due 01/15/272,9​		60,000		56,938
5.375%, due 11/15/32		270,000		274,443
Series B, (fixed, converts to FRN on 06/01/34), 7.000%, due 06/01/542​		155,000		162,781
DTE Energy Co. 5.100%, due 03/01/29		300,000		302,742
Duke Energy Florida LLC 5.950%, due 11/15/52		1,175,000		1,235,888
Duke Energy Progress LLC 2.000%, due 08/15/31		1,200,000		1,001,984
Edison International Series B, (fixed, converts to FRN on 03/15/27), 5.000%, due 12/15/262,9​		235,000		225,848
Series A, (fixed, converts to FRN on 03/15/26), 5.375%, due 03/15/262,9​		1,810,000		1,768,636
5.450%, due 06/15/29		200,000		203,529
Electricite de France SA (fixed, converts to FRN on 12/06/28), 7.500%, due 09/06/282,6,9​	EUR	200,000		235,110
Elia Group SA (fixed, converts to FRN on 06/15/28), 5.850%, due 03/15/282,6,9​		100,000		112,351
Enel Finance America LLC 7.100%, due 10/14/273​		500,000		531,526

	Face amount1​		Value
Corporate bonds—(continued)
Electric—(continued)
EPH Financing International AS 6.651%, due 11/13/286​	EUR	200,000	$	228,201
Eversource Energy 5.500%, due 01/01/34		80,000		80,606
5.950%, due 02/01/29		100,000		104,067
Exelon Corp. 2.750%, due 03/15/27		200,000		190,268
5.150%, due 03/15/29		200,000		203,262
Georgia Power Co. 5.004%, due 02/23/27		200,000		201,950
Secured Overnight Financing Rate Index + 0.750%, 6.113%, due 05/08/252​		200,000		200,735
IPALCO Enterprises, Inc. 4.250%, due 05/01/30		200,000		189,790
MidAmerican Energy Co. 3.650%, due 04/15/29		1,400,000		1,348,142
Monongahela Power Co. 3.550%, due 05/15/273​		1,800,000		1,737,887
National Rural Utilities Cooperative Finance Corp. 4.800%, due 03/15/28		100,000		100,472
Nevada Power Co. Series GG, 5.900%, due 05/01/53		1,245,000		1,283,571
New York State Electric & Gas Corp. 2.150%, due 10/01/313​		1,400,000		1,148,751
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/27		300,000		290,605
5.749%, due 09/01/25		165,000		166,142
Niagara Mohawk Power Corp. 4.278%, due 12/15/283​		300,000		290,727
NRG Energy, Inc. 3.625%, due 02/15/313​		50,000		43,750
3.875%, due 02/15/323​		3,000		2,620
5.250%, due 06/15/293​		50,000		48,618
(fixed, converts to FRN on 03/15/28), 10.250%, due 03/15/282,3,9​		260,000		288,106
Orsted AS (fixed, converts to FRN on 12/08/28), 5.250%, due 12/31/992,6​	EUR	200,000		220,991
Pacific Gas & Electric Co. 3.150%, due 01/01/26		100,000		97,167
3.400%, due 08/15/24		200,000		199,801
4.300%, due 03/15/45		425,000		334,375
4.950%, due 07/01/50		52,830		45,029
5.550%, due 05/15/29		200,000		204,284
6.400%, due 06/15/33		200,000		211,627
6.950%, due 03/15/34		100,000		110,319
PacifiCorp 2.700%, due 09/15/30		100,000		88,603
5.100%, due 02/15/29		200,000		202,807
Pinnacle West Capital Corp. Secured Overnight Financing Rate + 0.820%, 6.187%, due 06/10/262​		200,000		199,975

41

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Electric—(concluded)
Southern California Edison Co. 5.150%, due 06/01/29		200,000	$	203,555
5.850%, due 11/01/27		100,000		103,207
5.950%, due 11/01/32		775,000		820,430
Southern Co. Series A, 3.700%, due 04/30/30		200,000		188,572
Series B, (fixed, converts to FRN on 01/15/26), 4.000%, due 01/15/512​		435,000		422,507
Southwestern Electric Power Co. Series M, 4.100%, due 09/15/28		200,000		194,189
SSE PLC (fixed, converts to FRN on 04/21/28), 4.000%, due 01/21/282,6,9​		EUR 100,000		106,915
Vattenfall AB (fixed, converts to FRN on 08/17/28), 6.875%, due 08/17/832,6​		GBP 100,000		131,144
Vistra Operations Co. LLC 4.375%, due 05/01/293​		25,000		23,590
5.000%, due 07/31/273​		525,000		514,049
5.500%, due 09/01/263​		10,000		9,910
6.875%, due 04/15/323​		450,000		463,150
WEC Energy Group, Inc. 1.800%, due 10/15/30		200,000		167,382
				27,006,437
Electronics—0.1%
Honeywell International, Inc. 4.125%, due 11/02/34	EUR	200,000		226,763
TD SYNNEX Corp. 6.100%, due 04/12/34		209,000		215,009
				441,772
Energy-Alternate Sources—0.3%
NextEra Energy Partners LP 2.500%, due 06/15/263,7​		1,540,000		1,416,118
Engineering & construction—0.1%
Abertis Infraestructuras Finance BV (fixed, converts to FRN on 02/24/26), 3.248%, due 11/24/252,6,9​	EUR	200,000		211,853
Sydney Airport Finance Co. Pty. Ltd. 3.375%, due 04/30/253​		300,000		295,540
				507,393
Entertainment—0.4%
Banijay Entertainment SAS 7.000%, due 05/01/296​	EUR	100,000		113,434
Churchill Downs, Inc. 6.750%, due 05/01/313​		225,000		228,503
Cirsa Finance International SARL 7.875%, due 07/31/286​	EUR	200,000		229,004

	Face amount1​		Value
Corporate bonds—(continued)
Entertainment—(concluded)
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/293​		225,000	$	212,462
Warnermedia Holdings, Inc. 4.054%, due 03/15/29		300,000		277,950
5.050%, due 03/15/42		635,000		500,941
				1,562,294
Food—0.2%
Bellis Acquisition Co. PLC 8.125%, due 05/14/306​	GBP	100,000		127,221
Campbell Soup Co. 5.400%, due 03/21/34		120,000		122,113
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL 6.500%, due 12/01/52		45,000		45,431
Kroger Co. 5.400%, due 01/15/49		115,000		111,314
Post Holdings, Inc. 6.250%, due 02/15/323​		60,000		60,761
Sysco Corp. 6.600%, due 04/01/50		184,000		208,394
				675,234
Gas—0.2%
APA Infrastructure Ltd. (fixed, converts to FRN on 02/09/29), 7.125%, due 11/09/832,6​	EUR	100,000		117,240
National Fuel Gas Co. 2.950%, due 03/01/31		300,000		257,966
NiSource, Inc. 3.600%, due 05/01/30		200,000		187,891
Southern California Gas Co. 2.950%, due 04/15/27		100,000		95,598
Southwest Gas Corp. 4.050%, due 03/15/32		200,000		185,408
				844,103
Healthcare-products—0.2%
Medline Borrower LP 3.875%, due 04/01/293​		395,000		368,620
Medline Borrower LP/Medline Co-Issuer, Inc. 6.250%, due 04/01/293​		275,000		280,593
Zimmer Biomet Holdings, Inc. 5.350%, due 12/01/28		200,000		204,668
				853,881
Healthcare-services—0.5%
Centene Corp. 2.625%, due 08/01/31		300,000		250,063
CommonSpirit Health 6.073%, due 11/01/27		1,290,000		1,340,422
HCA, Inc. 3.125%, due 03/15/27		200,000		191,567
4.125%, due 06/15/29		49,000		47,271
5.500%, due 06/01/33		95,000		96,150

42

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
Icon Investments Six DAC 5.809%, due 05/08/27		200,000	$	204,022
UnitedHealth Group, Inc. 5.875%, due 02/15/53		185,000		195,770
				2,325,265
Holding companies-diversified—0.0%†​
Benteler International AG 10.500%, due 05/15/283​		75,000		79,762
Insurance—7.7%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.250%, due 10/15/273​		40,000		38,066
6.750%, due 04/15/283​		355,000		356,758
7.000%, due 01/15/313​		15,000		15,270
Aon North America, Inc. 5.450%, due 03/01/34		90,000		91,854
Athene Global Funding 2.550%, due 06/29/253​		1,800,000		1,755,541
5.583%, due 01/09/293​		200,000		204,088
5.684%, due 02/23/263​		200,000		201,459
Athene Holding Ltd. 6.650%, due 02/01/33		1,555,000		1,672,958
Corebridge Financial, Inc. 4.350%, due 04/05/42		130,000		110,667
5.750%, due 01/15/34		95,000		97,800
(fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/522​		1,690,000		1,720,433
Corebridge Global Funding 5.750%, due 07/02/263​		100,000		101,297
Enstar Finance LLC (fixed, converts to FRN on 01/15/27), 5.500%, due 01/15/422​		2,000,000		1,787,156
Enstar Group Ltd. 4.950%, due 06/01/29		1,850,000		1,781,652
Equitable Holdings, Inc. 4.350%, due 04/20/28		300,000		294,530
F&G Annuities & Life, Inc. 7.400%, due 01/13/28		2,715,000		2,837,356
F&G Global Funding 5.875%, due 06/10/273​		100,000		101,025
Fidelity National Financial, Inc. 3.400%, due 06/15/30		200,000		181,231
First American Financial Corp. 2.400%, due 08/15/31		1,645,000		1,340,449
GA Global Funding Trust 0.800%, due 09/13/243​		1,400,000		1,391,415
Global Atlantic Fin Co. 7.950%, due 06/15/333​		1,360,000		1,520,802
(fixed, converts to FRN on 10/15/29), 7.950%, due 10/15/542,3​		600,000		608,903
HUB International Ltd. 7.250%, due 06/15/303​		425,000		438,336

	Face amount1​		Value
Corporate bonds—(continued)
Insurance—(concluded)
Liberty Mutual Group, Inc.
(fixed, converts to FRN on 12/15/26), 4.125%, due 12/15/512,3​		110,000	$	102,958
MassMutual Global Funding II Secured Overnight Financing Rate + 0.980%, 6.348%, due 07/10/262,3​		200,000		201,671
Metropolitan Life Global Funding I 4.300%, due 08/25/293​		2,240,000		2,196,445
5.000%, due 01/06/263​		150,000		150,293
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (fixed, converts to FRN on 05/23/32), 5.875%, due 05/23/422,3​		1,000,000		1,009,815
Mutual of Omaha Cos Global Funding 5.350%, due 04/09/273​		250,000		252,379
New York Life Global Funding 0.850%, due 01/15/263​		125,000		118,220
Northwestern Mutual Global Funding 0.800%, due 01/14/263​		53,000		50,102
4.350%, due 09/15/273​		985,000		977,878
Pacific Life Global Funding II 5.500%, due 07/18/283​		100,000		102,685
Panther Escrow Issuer LLC 7.125%, due 06/01/313​		105,000		107,741
Principal Life Global Funding II 1.500%, due 11/17/263​		145,000		134,952
Protective Life Global Funding 5.215%, due 06/12/293​		200,000		203,381
Prudential Financial, Inc. (fixed, converts to FRN on 02/28/32), 5.125%, due 03/01/522​		70,000		65,837
(fixed, converts to FRN on 03/15/34), 6.500%, due 03/15/542​		50,000		50,975
Reinsurance Group of America, Inc. 6.000%, due 09/15/33		1,445,000		1,505,656
RenaissanceRe Holdings Ltd. 5.750%, due 06/05/33		2,105,000		2,131,551
RGA Global Funding 6.000%, due 11/21/283​		200,000		209,016
SiriusPoint Ltd. 7.000%, due 04/05/29		1,025,000		1,070,195
Stewart Information Services Corp. 3.600%, due 11/15/31		2,000,000		1,698,201
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/492,3​		3,400,000		3,308,659
				34,297,656
Internet—0.1%
Expedia Group, Inc. 3.800%, due 02/15/28		100,000		96,576
6.250%, due 05/01/253​		196,000		196,599
				293,175

43

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Investment companies—2.5%
BlackRock TCP Capital Corp. 6.950%, due 05/30/29		1,325,000	$	1,330,259
Blackstone Private Credit Fund 7.300%, due 11/27/283​		1,975,000		2,079,008
Blue Owl Capital Corp. 2.875%, due 06/11/28		1,100,000		993,090
Blue Owl Credit Income Corp. 7.750%, due 09/16/27		950,000		992,079
FS KKR Capital Corp. 7.875%, due 01/15/29		2,390,000		2,514,992
Golub Capital BDC, Inc.,7 ​7.050%, due 12/05/28		200,000		207,503
HA Sustainable Infrastructure Capital, Inc. 6.375%, due 07/01/343​		1,400,000		1,387,878
Oaktree Strategic Credit Fund 6.500%, due 07/23/293,7​		1,365,000		1,370,973
				10,875,782
Iron & steel—0.1%
CSN Inova Ventures 6.750%, due 01/28/283,7​		145,000		139,664
Metinvest BV 7.650%, due 10/01/273​		25,000		17,625
7.750%, due 10/17/293​		110,000		73,150
				230,439
Lodging—0.1%
Las Vegas Sands Corp. 6.000%, due 08/15/29		200,000		203,720
6.200%, due 08/15/34		55,000		55,632
Marriott International, Inc. 5.550%, due 10/15/28		200,000		206,158
Melco Resorts Finance Ltd. 5.625%, due 07/17/273​		105,000		100,078
Wynn Macau Ltd. 5.500%, due 01/15/263​		75,000		73,688
				639,276
Machinery-diversified—0.1%
Ingersoll Rand, Inc. 5.700%, due 08/14/33		25,000		26,210
TK Elevator Midco GmbH 4.375%, due 07/15/276​	EUR	200,000		211,469
				237,679
Media—0.7%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500%, due 08/15/303​		60,000		52,532
4.750%, due 03/01/303​		55,000		49,239
4.750%, due 02/01/323​		100,000		85,520
7.375%, due 03/01/313​		1,300,000		1,312,766
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		200,000		174,966
3.500%, due 06/01/41		200,000		138,650

	Face amount1​		Value
Corporate bonds—(continued)
Media—(concluded)
3.900%, due 06/01/52		100,000	$	64,820
4.800%, due 03/01/50		565,000		426,741
Comcast Corp. 2.937%, due 11/01/56		405,000		251,949
Fox Corp. 5.576%, due 01/25/49		310,000		293,012
6.500%, due 10/13/33		170,000		182,423
				3,032,618
Mining—0.0%†​
Corp. Nacional del Cobre de Chile 3.150%, due 01/14/303​		125,000		112,031
Office & business equipment—0.0%†​
Zebra Technologies Corp. 6.500%, due 06/01/323​		55,000		56,513
Oil & gas—0.5%
BP Capital Markets PLC (fixed, converts to FRN on 06/22/26), 3.250%, due 03/22/262,6,9​	EUR	200,000		212,392
Continental Resources, Inc. 5.750%, due 01/15/313​		200,000		201,280
Diamondback Energy, Inc. 5.750%, due 04/18/54		65,000		64,339
6.250%, due 03/15/53		85,000		89,788
Ecopetrol SA 5.875%, due 05/28/45		65,000		46,930
FORESEA Holding SA 7.500%, due 06/15/306​		20,272		18,878
KazMunayGas National Co. JSC 5.750%, due 04/19/473​		65,000		56,747
Medco Bell Pte. Ltd. 6.375%, due 01/30/273​		55,000		54,367
Pertamina Persero PT 6.450%, due 05/30/443​		40,000		42,475
Petrobras Global Finance BV,7 ​6.500%, due 07/03/33		40,000		40,754
Petroleos Mexicanos 6.350%, due 02/12/48		85,000		55,569
6.750%, due 09/21/47		55,000		37,194
Pioneer Natural Resources Co. 5.100%, due 03/29/26		100,000		100,549
Sunoco LP 7.000%, due 05/01/293​		1,185,000		1,219,676
				2,240,938
Packaging & containers—0.1%
Mauser Packaging Solutions Holding Co. 7.875%, due 04/15/273​		230,000		237,368
WRKCo, Inc. 4.650%, due 03/15/26		200,000		198,609
4.900%, due 03/15/29		100,000		100,478
				536,455

44

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Pharmaceuticals—0.9%
Bayer AG (fixed, converts to FRN on 09/25/30), 5.375%, due 03/25/822,6​	EUR	100,000	$	104,437
Bayer U.S. Finance LLC 6.125%, due 11/21/263​		400,000		407,878
Cigna Group 4.375%, due 10/15/28		200,000		197,224
CVS Health Corp. 5.050%, due 03/25/48		575,000		507,102
CVS Pass-Through Trust Series 2013, 4.704%, due 01/10/363​		2,326,921		2,148,381
Pfizer Investment Enterprises Pte. Ltd. 4.750%, due 05/19/33		200,000		199,358
5.340%, due 05/19/63		110,000		107,173
Teva Pharmaceutical Finance Netherlands II BV 4.375%, due 05/09/30	EUR	200,000		212,662
				3,884,215
Pipelines—0.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/293​		75,000		73,335
6.625%, due 02/01/323​		260,000		265,259
Cheniere Energy Partners LP 3.250%, due 01/31/32		200,000		174,482
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/313​		90,000		86,322
7.500%, due 12/15/333​		290,000		306,721
Enbridge, Inc. 5.300%, due 04/05/29		200,000		203,670
Series NC5, (fixed, converts to FRN on 01/15/29), 8.250%, due 01/15/842​		100,000		104,875
Energy Transfer LP 5.250%, due 04/15/29		200,000		202,978
5.250%, due 07/01/29		200,000		202,170
5.950%, due 05/15/54		150,000		148,123
6.100%, due 12/01/28		200,000		208,520
Greensaif Pipelines Bidco SARL 5.853%, due 02/23/363​		200,000		200,610
Kinder Morgan, Inc. 5.550%, due 06/01/45		100,000		96,252
7.750%, due 01/15/32		200,000		230,818
MPLX LP 4.700%, due 04/15/48		378,000		320,484
5.000%, due 03/01/33		200,000		195,681
ONEOK, Inc. 5.650%, due 11/01/28		200,000		206,186
5.850%, due 01/15/26		200,000		202,049
Venture Global Calcasieu Pass LLC 3.875%, due 08/15/293​		100,000		92,458
Venture Global LNG, Inc. 8.125%, due 06/01/283​		20,000		20,829
8.375%, due 06/01/313​		20,000		21,017
9.500%, due 02/01/293​		20,000		22,250
9.875%, due 02/01/323​		20,000		22,202

	Face amount1​		Value
Corporate bonds—(continued)
Pipelines—(concluded)
Western Midstream Operating LP 6.350%, due 01/15/29		200,000	$	209,035
				3,816,326
Private Equity —0.0%†
Carlyle Finance Subsidiary LLC 3.500%, due 09/19/293​		200,000		188,801
Real estate—0.1%
CBRE Services, Inc. 5.500%, due 04/01/29		200,000		205,104
Newmark Group, Inc. 7.500%, due 01/12/29		200,000		209,971
				415,075
Real estate investment trusts—2.8%
Arbor Realty SR, Inc. Series QIB, 8.500%, due 10/15/273​		2,395,000		2,192,348
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/273​		3,450,000		3,166,872
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/263​		1,900,000		1,814,055
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 7.000%, due 02/01/303​		55,000		55,988
RHP Hotel Properties LP/RHP Finance Corp. 4.750%, due 10/15/27		50,000		48,541
6.500%, due 04/01/323​		190,000		192,146
7.250%, due 07/15/283​		30,000		30,976
SBA Tower Trust 6.599%, due 01/15/283​		3,100,000		3,177,085
Scentre Group Trust 1/Scentre Group Trust 2 4.375%, due 05/28/303​		1,715,000		1,674,936
				12,352,947
Retail—0.3%
Cougar JV Subsidiary LLC 8.000%, due 05/15/323​		55,000		57,549
Dufry One BV 3.375%, due 04/15/286​	EUR	100,000		104,978
Macy's Retail Holdings LLC 5.875%, due 03/15/303,7​		1,127,000		1,081,725
McDonald's Corp. 3.625%, due 09/01/49		130,000		96,760
				1,341,012
Savings & loans—0.1%
Nationwide Building Society (fixed, converts to FRN on 02/16/27), 2.972%, due 02/16/282,3​		200,000		189,893
(fixed, converts to FRN on 10/18/26), 6.557%, due 10/18/272,3​		250,000		257,552
				447,445

45

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Semiconductors—0.8%
ams-OSRAM AG 12.250%, due 03/30/293​		1,800,000	$	1,900,687
Broadcom, Inc. 3.137%, due 11/15/353​		777,000		641,199
4.926%, due 05/15/373​		268,000		258,620
5.050%, due 07/12/29		200,000		202,463
Foundry JV Holdco LLC 6.250%, due 01/25/353​		200,000		210,232
Intel Corp. 5.600%, due 02/21/54		85,000		84,480
Marvell Technology, Inc. 5.950%, due 09/15/33		185,000		194,373
Micron Technology, Inc. 4.975%, due 02/06/26		200,000		199,716
				3,691,770
Shipbuilding—0.0%†​
Huntington Ingalls Industries, Inc. 2.043%, due 08/16/28		200,000		179,360
Software—0.3%
Fiserv, Inc. 5.450%, due 03/15/34		200,000		204,522
Oracle Corp. 2.875%, due 03/25/31		200,000		176,961
3.850%, due 04/01/60		200,000		142,065
3.950%, due 03/25/51		215,000		163,300
4.000%, due 11/15/47		345,000		269,298
4.650%, due 05/06/30		100,000		99,790
5.550%, due 02/06/53		210,000		204,239
UKG, Inc. 6.875%, due 02/01/313​		210,000		215,845
				1,476,020
Telecommunications—1.1%
Altice France SA 5.875%, due 02/01/273​	EUR	200,000		163,744
AT&T, Inc. 3.500%, due 09/15/53		275,000		192,263
British Telecommunications PLC (fixed, converts to FRN on 12/20/28), 8.375%, due 12/20/832,6​	GBP	230,000		317,370
C&W Senior Finance Ltd. 6.875%, due 09/15/273​		45,000		43,827
Connect Finco SARL/Connect U.S. Finco LLC 6.750%, due 10/01/263​		1,665,000		1,636,735
Crown Castle Towers LLC 4.241%, due 07/15/283​		81,000		77,920
Iliad Holding SASU 5.625%, due 10/15/286​	EUR	200,000		218,073
Lorca Telecom Bondco SA 4.000%, due 09/18/276​		200,000		214,556
Motorola Solutions, Inc. 2.300%, due 11/15/30		200,000		172,248
Optics Bidco SpA 7.875%, due 07/31/286​	EUR	200,000		242,243

	Face amount1​		Value
Corporate bonds—(concluded)
Telecommunications—(concluded)
Oztel Holdings SPC Ltd. 6.625%, due 04/24/283​		110,000	$	112,475
Rogers Communications, Inc. 3.800%, due 03/15/32		114,000		104,273
T-Mobile USA, Inc. 2.050%, due 02/15/28		100,000		91,236
2.550%, due 02/15/31		200,000		173,775
3.400%, due 10/15/52		370,000		259,424
4.500%, due 04/15/50		205,000		175,402
Verizon Communications, Inc. 2.987%, due 10/30/56		210,000		132,427
Vodafone Group PLC 4.875%, due 06/19/49		275,000		245,291
(fixed, converts to FRN on 08/30/29), 6.500%, due 08/30/842,6​	EUR	100,000		117,186
				4,690,468
Transportation—0.0%†​
MV24 Capital BV 6.748%, due 06/01/343​		31,532		29,737
Water—0.0%†​
Thames Water Utilities Finance PLC 4.375%, due 01/18/316​	EUR	100,000		78,757
Veolia Environnement SA (fixed, converts to FRN on 02/22/29), 5.993%, due 11/22/282,6,9​		100,000		113,529
				192,286
Total corporate bonds (cost—$206,255,794)				206,793,291
Loan assignments—7.1%
Aerospace & defense—0.3%
Propulsion BC Finco SARL 3 mo. USD Term SOFR + 3.750%, 9.085%, due 09/14/292​		1,129,268		1,133,706
Airlines—0.3%
United Airlines, Inc. 3 mo. USD Term SOFR + 2.750%, 8.033%, due 02/22/312​		1,521,188		1,525,264
Chemicals—0.3%
INEOS Enterprises Holdings U.S. Finco LLC 3 mo. USD Term SOFR + 3.750%, 9.197%, due 07/08/302​		1,333,300		1,334,967
Commercial services—0.8%
Priority Holdings LLC 1 mo. USD Term SOFR + 4.750%, 10.094%, due 05/16/312​		1,370,000		1,365,438
System One Holdings LLC 3 mo. USD Term SOFR + 3.750%, 9.235%, due 03/02/282​		2,230,655		2,227,867
				3,593,305

46

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Loan assignments—(continued)
Diversified financial services—0.4%
LendingTree, Inc. 1 mo. USD Term SOFR + 3.750%, 9.209%, due 09/15/282​		1,590,653	$	1,574,747
Electric—0.5%
Eastern Power LLC 1 mo. USD Term SOFR + 5.250%, 10.594%, due 04/03/282​		2,019,945		2,017,420
Lightstone Holdco LLC 2022 Extended Term Loan B, 3 mo. USD Term SOFR + 5.750%, 11.002%, due 01/29/272​		88,159		87,939
2022 Extended Term Loan C,
3 mo. USD Term SOFR + 5.750%, 11.002%, due 01/29/272​		4,986		4,974
				2,110,333
Health care products—0.5%
Medline Borrower LP 1 mo. USD Term SOFR + 2.750%, 8.094%, due 10/23/282​		1,458,697		1,462,985
Sotera Health Holdings LLC 8.590%, due 05/30/312​		700,000		698,908
				2,161,893
Healthcare-services—0.6%
IQVIA, Inc. 3 mo. USD Term SOFR + 2.000%, 7.335%, due 01/02/312​		1,233,800		1,238,809
MPH Acquisition Holdings LLC 2021 Term Loan B, 3 mo. USD Term SOFR + 4.250%, 9.859%, due 09/01/282​		1,669,950		1,404,277
				2,643,086
Home Furnishings—0.5%
Whirlpool Corp. 1 mo. USD Term SOFR + 1.250%, 6.569%, due 09/23/252,4,5​		2,400,000		2,397,000
Investment companies—0.3%
MIP V Waste Holdings LLC 3 mo. USD Term SOFR + 3.000%, 8.347%, due 12/08/282​		1,441,566		1,442,474
Pharmaceuticals—0.4%
Jazz Financing Lux SARL 1 mo. USD Term SOFR + 2.250%, 7.594%, due 05/05/282​		1,529,351		1,531,033
Pipelines—1.2%
AL NGPL Holdings LLC 3 mo. USD Term SOFR + 3.250%, 8.564%, due 04/13/282​		1,469,984		1,474,114
BCP Renaissance Parent LLC 3 mo. USD Term SOFR + 3.250%, 8.598%, due 10/31/282​		1,330,235		1,335,224

	Face amount1​		Value
Loan assignments—(concluded)
Pipelines—(concluded)
Medallion Midland Acquisition LLC 3 mo. USD Term SOFR + 3.500%, 8.844%, due 10/18/282​		1,154,200	$	1,158,528
UGI Energy Services LLC 1 mo. USD Term SOFR + 2.500%, 7.844%, due 02/22/302​		1,527,717		1,530,971
				5,498,837
Real estate investment trusts—0.2%
Starwood Property Trust, Inc. 1 mo. USD Term SOFR + 2.750%, 8.094%, due 11/18/272​		1,004,700		1,008,468
Software—0.3%
Central Parent, Inc. 3 mo. USD Term SOFR + 3.250%, 8.585%, due 07/06/292​		1,488,750		1,472,850
Polaris Newco LLC USD Term Loan B, 3 mo. USD Term SOFR + 4.000%, 9.514%, due 06/02/282​		9,823		9,834
				1,482,684
Telecommunications—0.5%
Connect Finco SARL 1 mo. USD Term SOFR + 3.500%, 8.844%, due 12/11/262​		382,965		381,368
Iridium Satellite LLC 1 mo. USD Term SOFR + 2.250%, 7.597%, due 09/20/302​		1,389,170		1,376,029
Lumen Technologies, Inc. 1 mo. USD Term SOFR + 6.000%, 11.344%, due 06/01/282​		421,772		356,136
				2,113,533
Total loan assignments (cost—$31,629,461)				31,551,330
Mortgage-backed securities—10.5%
Adjustable Rate Mortgage Trust, Series 2005-5, Class 2A1, 5.598%, due 09/25/352​		27,241		23,447
Banc of America Funding Trust, Series 2005-D, Class A1, 5.601%, due 05/25/352​		135,568		123,950
Bank, Series 2021-BN38, Class C, 3.218%, due 12/15/642​		51,000		40,206
Series 2022-BNK41, Class B, 3.790%, due 04/15/652​		63,000		54,779
Series 2019-BN17, Class C, 4.508%, due 04/15/522​		72,000		64,987
Bank of America Mortgage Trust, Series 2002-G, Class 1A3, 5.750%, due 07/20/322​		65		62

47

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(continued)
Bank5, Series 2024-5YR5, Class B, 6.539%, due 02/15/292​		37,000	$	37,893
Series 2023-5YR3, Class C, 7.315%, due 09/15/562​		43,000		44,933
BBCMS Mortgage Trust, Series 2022-C17, Class XA, 1.151%, due 09/15/552​		1,298,796		95,903
BCP Trust, Series 2021-330N, Class A, 1 mo. USD Term SOFR + 0.913%, 6.243%, due 06/15/382,3​		500,000		468,137
Bear Stearns ALT-A Trust, Series 2004-9, Class 2A1, 4.614%, due 09/25/342​		45,644		40,046
Series 2006-1, Class 21A2, 4.632%, due 02/25/362​		247,782		167,811
Series 2005-7, Class 22A1, 5.102%, due 09/25/352​		240,593		140,675
Bear Stearns ARM Trust, Series 2004-7, Class 1A1, 0.000%, due 10/25/342​		38,109		32,621
Series 2004-6, Class 2A1, 3.999%, due 09/25/342​		158,241		142,066
Series 2004-3, Class 1A2, 5.270%, due 07/25/342​		35,681		33,118
Series 2003-5, Class 2A1, 5.395%, due 08/25/332​		35,862		32,813
Series 2003-1, Class 6A1, 6.500%, due 04/25/332​		3,031		3,003
Benchmark Mortgage Trust, Series 2020-B19, Class AS, 2.148%, due 09/15/53		53,000		42,019
Series 2020-B19, Class B, 2.351%, due 09/15/53		47,000		35,777
Series 2020-B17, Class C, 3.371%, due 03/15/532​		90,000		65,668
Series 2020-IG2, Class UBRC, 3.509%, due 09/15/482,3​		100,000		92,552
Series 2020-B16, Class C, 3.654%, due 02/15/532​		59,000		46,947
Series 2019-B10, Class B, 4.180%, due 03/15/622​		211,000		184,535
Series 2024-V6, Class C, 6.669%, due 03/15/29		44,000		44,706
Series 2024-V7, Class B, 6.852%, due 05/15/562​		77,000		81,111
Series 2024-V5, Class C, 6.973%, due 01/10/572​		33,000		34,048
Series 2024-V8, Class B, 7.178%, due 07/15/572​		140,000		146,654
Series 2023-B40, Class C, 7.406%, due 12/15/562​		41,000		44,063
BPR Trust, Series 2022-OANA, Class D, 1 mo. USD Term SOFR + 3.695%, 9.024%, due 04/15/372,3​		156,979		157,371

	Face amount1​		Value
Mortgage-backed securities—(continued)
BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 1 mo. USD Term SOFR + 1.764%, 7.093%, due 09/15/362,3​		228,071	$	224,296
Series 2024-KING, Class C, 1 mo. USD Term SOFR + 1.940%, 7.269%, due 05/15/342,3​		105,000		103,563
Series 2024-MF, Class C, 1 mo. USD Term SOFR + 1.941%, 7.270%, due 02/15/392,3​		162,000		157,950
Series 2024-KING, Class D, 1 mo. USD Term SOFR + 2.490%, 7.819%, due 05/15/342,3​		120,000		118,353
Series 2024-XL5, Class D, 1 mo. USD Term SOFR + 2.690%, 8.019%, due 03/15/412,3​		156,314		154,898
Series 2023-XL3, Class D, 1 mo. USD Term SOFR + 3.589%, 8.918%, due 12/09/402,3​		82,555		82,529
BX Trust, Series 2019-OC11, Class D, 3.944%, due 12/09/412,3​		100,000		89,689
Series 2022-CLS, Class B, 6.300%, due 10/13/273​		2,700,000		2,570,735
Series 2024-BIO, Class C, 1 mo. USD Term SOFR + 2.640%, 7.969%, due 02/15/412,3​		222,000		221,028
Series 2022-GPA, Class B, 1 mo. USD Term SOFR + 2.664%, 7.993%, due 08/15/412,3​		1,315,167		1,315,167
Series 2024-VLT4, Class E, 1 mo. USD Term SOFR + 2.889%, 8.218%, due 07/15/292,3​		136,000		135,767
Series 2022-GPA, Class C, 1 mo. USD Term SOFR + 3.213%, 8.542%, due 08/15/422,3​		1,256,279		1,257,064
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047%, 7.376%, due 12/15/372,3​		127,000		126,762
Series 2019-LIFE, Class F, 1 mo. USD Term SOFR + 2.847%, 8.176%, due 12/15/372,3​		100,000		99,476
Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, 6.000%, due 02/25/552,3​		125,947		126,332
Series 2024-3, Class A6, 6.000%, due 02/25/552,3​		190,156		190,101
Series 2024-4, Class A6, 6.000%, due 03/25/552,3​		203,357		203,975
Chase Mortgage Finance Trust, Series 2005-S3, Class A10, 5.500%, due 11/25/35		726,783		526,964
Series 2007-S6, Class 2A1, 5.500%, due 12/25/49		478,482		214,137

48

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(continued)
CHL Mortgage Pass-Through Trust, Series 2005-HYB9, Class 5A1, 1 yr. USD Term SOFR + 2.465%, 7.940%, due 02/20/362​		83,796	$	75,212
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class XA, 1.299%, due 02/10/482​		2,599,735		5,789
Series 2017-P8, Class C, 4.256%, due 09/15/502​		68,000		58,767
Series 2023-SMRT, Class C, 5.852%, due 10/12/402,3​		100,000		98,029
Series 2023-PRM3, Class C, 6.360%, due 07/10/282,3​		100,000		100,291
Series 2023-PRM3, Class B, 6.360%, due 07/10/282,3​		1,120,000		1,138,623
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, 6.460%, due 08/25/352​		53,729		52,883
Series 2005-6, Class A2, 1 yr. CMT + 2.150%, 6.520%, due 09/25/352​		4,406		4,267
Series 2005-6, Class A3, 1 yr. CMT + 1.800%, 6.830%, due 09/25/352​		370		360
Series 2005-11, Class A1A, 1 yr. CMT + 2.400%, 7.410%, due 05/25/352​		19,165		18,801
Cold Storage Trust, Series 2020-ICE5, Class D, 1 mo. USD Term SOFR + 2.214%, 7.543%, due 11/15/372,3​		294,897		293,976
COMM Mortgage Trust, Series 2014-UBS3, Class XA, 0.726%, due 06/10/472​		729,516		7
Series 2024-277P, Class B, 7.232%, due 08/10/442,3​		134,000		136,988
CONE Trust, Series 2024-DFW1, Class A, 1 mo. USD Term SOFR + 1.642%, 6.942%, due 08/15/262,3​		54,000		53,882
Series 2024-DFW1, Class D, 1 mo. USD Term SOFR + 3.040%, 8.340%, due 08/15/262,3​		57,000		56,875
Countrywide Alternative Loan Trust, Series 2006-14CB, Class A1, 6.000%, due 06/25/36		1,156,805		645,273
Series 2006-41CB, Class 1A9, 6.000%, due 01/25/37		290,064		151,801
Series 2005-62, Class 2A1, 1 yr. MTA + 1.000%, 6.173%, due 12/25/352​		74,969		61,879
Series 2003-J3, Class 2A1, 6.250%, due 12/25/33		8,472		8,828
Countrywide Reperforming Loan REMICS Trust, Series 2003-R4, Class 2A, 4.737%, due 01/25/342,3​		349,524		303,634

	Face amount1​		Value
Mortgage-backed securities—(continued)
Series 2006-R1, Class AF1, 1 mo. USD Term SOFR + 0.454%, 5.804%, due 01/25/362,3​		254,571	$	235,760
CRSO Trust 7.658%, due 07/10/282​		1,130,000		1,176,846
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%, due 09/12/403​		860,000		887,833
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1 mo. USD Term SOFR + 0.634%, 5.976%, due 08/19/452​		99,620		82,686
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.555%, due 09/10/352,3​		155,000		149,107
ELM Trust, Series 2024-ELM, Class D10, 6.626%, due 06/10/392,3​		100,000		101,135
Series 2024-ELM, Class D15, 6.674%, due 06/10/392,3​		100,000		101,134
Federal Home Loan Mortgage Corp. Multiclass Certificates, Series 2020-RR04, Class X, 2.126%, due 02/27/292​		3,460,000		245,060
Federal Home Loan Mortgage Corp. REMICS, Series 2764, Class LZ, 4.500%, due 03/15/34		188,196		187,021
Series 2921, Class PG, 5.000%, due 01/15/35		443,507		440,113
Series 2764, Class ZG, 5.500%, due 03/15/34		135,956		139,942
Series 2400, Class FQ, 30 day USD SOFR Average + 0.614%, 5.952%, due 01/15/322​		4,233		4,227
Series 2983, Class TZ, 6.000%, due 05/15/35		445,838		465,877
Series 3149, Class CZ, 6.000%, due 05/15/36		548,444		575,845
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, Class M2, 30 day USD SOFR Average + 1.800%, 7.147%, due 11/25/412,3​		130,000		131,211
Series 2022-DNA1, Class M2, 30 day USD SOFR Average + 2.500%, 7.847%, due 01/25/422,3​		417,000		425,549
Series 2022-DNA3, Class M1B, 30 day USD SOFR Average + 2.900%, 8.247%, due 04/25/422,3​		210,000		218,597
Series 2022-DNA4, Class M1B, 30 day USD SOFR Average + 3.350%, 8.697%, due 05/25/422,3​		436,000		458,140
Series 2021-DNA6, Class B1, 30 day USD SOFR Average + 3.400%, 8.747%, due 10/25/412,3​		200,000		207,361

49

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(continued)
Series 2022-DNA6, Class M1B, 30 day USD SOFR Average + 3.700%, 9.047%, due 09/25/422,3​		362,000	$	385,530
Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750%, 9.097%, due 02/25/422,3​		439,000		461,622
Series 2022-DNA5, Class M1B, 30 day USD SOFR Average + 4.500%, 9.847%, due 06/25/422,3​		192,000		208,020
Series 2022-HQA1, Class M2, 30 day USD SOFR Average + 5.250%, 10.597%, due 03/25/422,3​		383,000		416,220
Series 2022-HQA1, Class B1, 30 day USD SOFR Average + 7.000%, 12.347%, due 03/25/422,3​		200,000		223,325
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, due 02/25/43		305,858		312,318
Series T-58, Class 2A, 6.500%, due 09/25/43		140,495		141,717
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M2, 30 day USD SOFR Average + 1.900%, 7.247%, due 12/25/412,3​		343,000		347,504
Series 2017-C06, Class 1M2, 30 day USD SOFR Average + 2.764%, 8.112%, due 02/25/302​		134,634		138,661
Series 2017-C06, Class 2M2, 30 day USD SOFR Average + 2.914%, 8.262%, due 02/25/302​		141,063		145,881
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100%, 8.447%, due 03/25/422,3​		191,000		198,514
Series 2022-R01, Class 1B1, 30 day USD SOFR Average + 3.150%, 8.497%, due 12/25/412,3​		178,000		184,163
Series 2023-R02, Class 1M2, 30 day USD SOFR Average + 3.350%, 8.697%, due 01/25/432,3​		144,000		152,313
Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%, 8.847%, due 03/25/422,3​		475,000		500,180
Series 2023-R01, Class 1M2, 30 day USD SOFR Average + 3.750%, 9.098%, due 12/25/422,3​		227,000		243,317
Series 2022-R08, Class 1B1, 30 day USD SOFR Average + 5.600%, 10.947%, due 07/25/422,3​		336,000		368,552
Federal National Mortgage Association REMICS, Series 2006-65, Class GD, 6.000%, due 07/25/26		12,046		12,030
Series 2003-64, Class AH, 6.000%, due 07/25/33		568,126		585,077

	Face amount1​		Value
Mortgage-backed securities—(continued)
Federal National Mortgage Association REMICS Trust, Series 1999-W4, Class A9, 6.250%, due 02/25/29		45,451	$	45,641
Federal National Mortgage Association Trust, Series 2004-W8, Class 2A, 6.500%, due 06/25/44		147,734		149,575
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 6.750%, due 08/25/352​		7,791		5,440
Government National Mortgage Association REMICS, Series 2020-86, Class WK, 1.000%, due 06/20/50		223,354		169,965
Series 2020-107, Class AB, 1.000%, due 07/20/50		282,396		218,972
Series 2020-112, Class KA, 1.000%, due 08/20/50		229,804		177,680
Series 2021-119, Class NC, 1.500%, due 07/20/51		205,031		167,880
Series 2021-103, Class HE, 2.000%, due 06/20/51		201,691		167,002
Series 2018-38, Class WF, 1 mo. USD Term SOFR + 0.414%, 5.758%, due 10/20/432​		604,360		575,842
Series 2017-182, Class FW, 1 mo. USD Term SOFR + 0.464%, 5.808%, due 05/20/472​		201,884		191,195
Series 2015-H20, Class FB, 1 mo. USD Term SOFR + 0.714%, 6.044%, due 08/20/652​		562,865		561,397
Great Wolf Trust, Series 2024-WOLF, Class D, 1 mo. USD Term SOFR + 2.890%, 8.219%, due 03/15/392,3​		110,000		109,931
GS Mortgage Securities Trust, Series 2019-GC42, Class C, 3.701%, due 09/10/522​		122,000		99,813
Series 2015-GS1, Class AS, 4.037%, due 11/10/482​		169,000		155,995
Series 2016-GS2, Class C, 4.697%, due 05/10/492​		70,000		66,022
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 5.108%, due 09/25/352​		76,863		72,076
HarborView Mortgage Loan Trust, Series 2005-4, Class 3A1, 5.101%, due 07/19/352​		105,638		77,944
Series 2004-11, Class 3A1A, 1 mo. USD Term SOFR + 0.814%, 6.156%, due 01/19/352​		14,445		13,200
Hilton USA Trust, Series 2016-HHV, Class E, 4.194%, due 11/05/382,3​		100,000		94,396
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-NINE, Class B, 2.854%, due 09/06/382,3​		125,000		116,459

50

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(continued)
Series 2022-OPO, Class D, 3.450%, due 01/05/392,3​		144,000	$	110,160
JP Morgan Mortgage Trust, Series 2005-A8, Class 1A1, 4.984%, due 11/25/352​		247,872		198,159
Series 2006-A4, Class 2A2, 5.824%, due 06/25/362​		124,237		87,163
Series 2024-2, Class A6A, 6.000%, due 08/25/542,3​		171,137		172,059
Series 2024-4, Class A6A, 6.000%, due 10/25/542,3​		183,665		184,236
LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.921%, due 07/25/392,3,4​		217,000		216,998
Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.335%, due 09/10/392,3​		100,000		87,386
MED Commercial Mortgage Trust, Series 2024-MOB, Class C, 1 mo. USD Term SOFR + 2.291%, 7.619%, due 05/15/412,3​		100,000		99,124
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class C, 4.558%, due 05/15/502​		103,000		95,271
Morgan Stanley Capital I Trust, Series 2017-H1, Class B, 4.075%, due 06/15/50		19,000		17,660
Series 2017-H1, Class C, 4.281%, due 06/15/502​		50,000		45,271
Series 2018-L1, Class AS, 4.637%, due 10/15/512​		63,000		60,697
Series 2018-H4, Class C, 5.051%, due 12/15/512​		80,000		69,963
Series 2021-230P, Class B, 1 mo. USD Term SOFR + 1.563%, 6.892%, due 12/15/382,3​		63,000		59,004
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, 6.000%, due 07/25/542,3​		172,000		172,157
MSWF Commercial Mortgage Trust, Series 2023-1, Class C, 6.683%, due 05/15/562​		42,000		44,165
Series 2023-2, Class C, 7.018%, due 12/15/562​		32,000		33,935
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%, 6.727%, due 03/15/392,3​		2,650,000		2,617,703
NAAC Reperforming Loan REMICS Trust Certificates, Series 2004-R3, Class A1, 6.500%, due 02/25/353​		347,259		295,683
OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A, 6.095%, due 03/15/402,3​		2,640,000		2,674,340
OBX Trust, Series 2021-NQM4, Class A1, 1.957%, due 10/25/612,3​		282,253		235,176

	Face amount1​		Value
Mortgage-backed securities—(continued)
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/543​		3,100,000	$	2,676,679
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614%, due 02/10/323​		73,045		65,756
Series 2017-1MKT, Class C, 4.016%, due 02/10/323​		100,000		86,005
ONE Mortgage Trust, Series 2021-PARK, Class E, 1 mo. USD Term SOFR + 1.864%, 7.194%, due 03/15/362,3​		150,000		140,590
ONNI Commerical Mortgage Trust, Series 2024-APT, Class C, 6.645%, due 07/15/392,3​		136,000		136,101
ORL Trust, Series 2023-GLKS, Class D, 1 mo. USD Term SOFR + 4.301%, 9.630%, due 10/19/362,3​		128,000		128,240
RFMSI Trust, Series 2004-S9, Class 1A23, 5.500%, due 12/25/34		145,139		136,666
SCOTT Trust, Series 2023-SFS, Class A, 5.910%, due 03/10/403​		1,125,000		1,145,897
Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 1 mo. USD Term SOFR + 0.514%, 5.860%, due 07/20/362​		37,413		32,256
Series 2024-4, Class A10, 6.000%, due 05/25/542,3​		214,710		215,676
SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.737%, due 12/25/612,3​		447,932		374,941
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 6.551%, due 07/25/342​		123,575		117,813
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD Term SOFR + 0.534%, 5.884%, due 04/25/362​		323,664		282,670
Structured Asset Mortgage Investments Trust, Series 2002-AR3, Class A1, 1 mo. USD Term SOFR + 0.774%, 6.116%, due 09/19/322​		13,188		12,594
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1, 4.452%, due 09/25/372​		81,818		80,500
Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.750%, due 09/25/623​		218,861		207,807
Verus Securitization Trust, Series 2021-6, Class A1, 1.630%, due 10/25/662,3​		563,585		478,185
Series 2021-6, Class A3, 1.887%, due 10/25/662,3​		217,049		185,536

51

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(concluded)
Series 2022-4, Class A3, 4.740%, due 04/25/672,3​		110,043	$	106,237
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR2, Class 2A1, 3.905%, due 03/25/362​		310,939		272,457
Series 2005-AR13, Class A1A1, 1 mo. USD Term SOFR + 0.694%, 6.044%, due 10/25/452​		164,531		159,289
Series 2006-AR9, Class 1A, 1 yr. MTA + 1.000%, 6.173%, due 08/25/462​		219,898		200,118
Series 2002-AR6, Class A, 1 yr. MTA + 1.400%, 6.573%, due 06/25/422​		4,463		4,067
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class B, 3.811%, due 11/15/49		143,000		133,760
Series 2017-C39, Class C, 4.118%, due 09/15/50		76,000		67,596
Series 2015-NXS4, Class C, 4.671%, due 12/15/482​		54,000		50,988
Series 2024-1CHI, Class C, 6.226%, due 07/15/352,3​		132,000		131,721
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 0.637%, due 09/15/572​		2,997,817		43
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD Term SOFR + 4.083%, 9.412%, due 11/15/272,3​		3,100,000		3,101,938
Total mortgage-backed securities (cost—$47,372,490)				46,510,101
Municipal bonds—0.4%
California—0.0%†​
Golden State Tobacco Securitization Corp., Revenue Bonds, Series A-1, 3.714%, due 06/01/41		200,000		159,908
Florida—0.1%
State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds, Series A, 5.526%, due 07/01/34		200,000		205,230
Illinois—0.3%
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series B, 3.057%, due 01/01/34		1,400,000		1,216,264

	Face amount1​		Value
Municipal bonds—(concluded)
Texas—0.0%†​
Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023-1,Class A1 5.102%, due 04/01/35		97,004	$	98,544
Total municipal bonds (cost—$1,704,125)				1,679,946
Non-U.S. government agency obligations—0.8%
Angola—0.0%†​
Angola Government International Bonds 8.750%, due 04/14/323​		10,000		8,901
Angolan Government International Bond 9.375%, due 05/08/483​		35,000		29,455
				38,356
Brazil—0.0%†​
Brazil Letras do Tesouro Nacional 0.000%, due 04/01/25	BRL	800,000		131,888
Colombia—0.0%†​
Colombia Government International Bonds 3.000%, due 01/30/30		50,000		41,625
Dominican Republic—0.0%†​
Dominican Republic International Bonds 6.850%, due 01/27/453​		110,000		110,962
El Salvador—0.0%†​
El Salvador Government International Bonds 9.500%, due 07/15/523​		25,000		20,219
Guatemala—0.0%†​
Guatemala Government Bonds 3.700%, due 10/07/333​		45,000		37,294
Indonesia—0.1%
Indonesia Government International Bonds 4.625%, due 04/15/433​		165,000		151,903
Israel—0.1%
Israel Government International Bonds 5.500%, due 03/12/34		200,000		195,312
Japan—0.1%
Japan Bank for International Cooperation 2.875%, due 07/21/27		300,000		287,938
Japan International Cooperation Agency 2.750%, due 04/27/27		300,000		286,962
				574,900
Mexico—0.1%
Mexico Government International Bonds 3.500%, due 02/12/34		175,000		145,600
4.400%, due 02/12/52		175,000		130,211
				275,811

52

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Non-U.S. government agency obligations—(continued)
Mongolia—0.0%†​
Mongolia Government International Bonds 5.125%, due 04/07/263​		55,000	$	53,631
Oman—0.0%†​
Oman Government International Bonds 7.000%, due 01/25/513​		70,000		75,163
Panama—0.0%†​
Panama Government International Bonds 2.252%, due 09/29/32		80,000		59,120
Paraguay—0.1%
Paraguay Government International Bond 5.400%, due 03/30/503​		35,000		31,203
Paraguay Government International Bonds 3.849%, due 06/28/333​		40,000		35,437
4.950%, due 04/28/313​		70,000		68,316
				134,956
Poland—0.0%†​
Republic of Poland Government International Bonds 5.125%, due 09/18/34		100,000		100,169
Qatar—0.0%†​
Qatar Government International Bonds 4.400%, due 04/16/503​		60,000		53,269
Romania—0.1%
Romania Government International Bonds 3.000%, due 02/14/316​		104,000		88,232
3.625%, due 03/27/323​		50,000		43,203
4.000%, due 02/14/513​		60,000		42,187
5.375%, due 03/22/313​	EUR	250,000		273,184
				446,806
Saudi Arabia—0.1%
Saudi Government International Bonds 3.250%, due 11/17/513​		120,000		79,800
3.750%, due 01/21/553​		50,000		35,703
4.875%, due 07/18/333​		200,000		197,688
5.000%, due 01/18/533​		200,000		177,875
				491,066
South Africa—0.0%†​
Republic of South Africa Government International Bonds 5.650%, due 09/27/47		90,000		69,412
5.750%, due 09/30/49		45,000		34,594
				104,006
United Kingdom—0.1%
U.K. Gilts 4.375%, due 07/31/546​	GBP	365,000		456,134

	Face amount1​		Value
Non-U.S. government agency obligations—(concluded)
Uruguay—0.0%†​
Uruguay Government International Bonds 5.100%, due 06/18/50		50,000	$	48,281
Total non-U.S. government agency obligations (cost $3,905,390)				3,600,871
	Number of shares
Preferred stocks—0.3%
Capital markets—0.3%
Trinity Capital, Inc. (cost—$1,250,000)		50,000		1,256,000
	Face amount1​
U.S. government agency obligations—10.7%
Federal Home Loan Mortgage Corp. 2.500%, due 02/01/51		88,254		74,107
2.500%, due 03/01/52		88,438		74,222
2.500%, due 10/01/53		143,962		121,089
3.500%, due 05/01/52		491,215		445,552
3.500%, due 07/01/52		309,838		281,213
3.500%, due 11/01/52		502,032		455,208
4.000%, due 04/01/52		504,599		473,904
4.000%, due 10/01/52		301,253		282,261
4.000%, due 11/01/52		436,718		409,112
4.000%, due 01/01/53		278,996		261,360
4.500%, due 08/01/52		998,614		962,853
4.500%, due 09/01/52		446,120		430,015
4.500%, due 10/01/52		222,207		214,511
5.000%, due 10/01/52		219,633		216,695
5.000%, due 11/01/52		298,138		294,065
5.000%, due 12/01/52		427,543		421,559
5.000%, due 02/01/53		221,304		218,069
5.000%, due 04/01/53		411,743		405,569
5.000%, due 05/01/53		700,357		689,898
5.000%, due 03/01/54		200,000		197,005
5.500%, due 04/01/53		519,439		520,641
5.500%, due 07/01/53		833,838		836,029
5.500%, due 08/01/53		397,411		399,071
5.500%, due 10/01/53		194,666		195,027
5.500%, due 12/01/53		441,438		442,228
5.500%, due 03/01/54		122,612		123,209
5.500%, due 06/01/54		297,240		297,839
6.000%, due 06/01/53		207,754		211,396
6.000%, due 07/01/53		431,846		438,092
6.000%, due 08/01/53		182,378		184,987
6.000%, due 10/01/53		306,839		311,228
6.000%, due 02/01/54		202,949		205,852
7.645%, due 05/01/25		127,193		126,789
Federal Home Loan Mortgage Corp. STACR REMICS Trust 30 day USD SOFR Average + 2.000%, 7.347%, due 03/25/442,3​		210,000		210,920

53

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Portfolio of investments—July 31, 2024

	Face amount1​		Value
U.S. government agency obligations—(continued)
30 day USD SOFR Average + 4.350%, 9.697%, due 04/25/422,3​		111,000	$	118,446
Federal National Mortgage Association 2.500%, due 09/01/51		404,571		340,779
2.500%, due 10/01/51		480,730		404,799
2.500%, due 12/01/51		539,904		454,291
3.000%, due 02/01/52		968,777		850,519
3.000%, due 07/01/52		149,444		130,528
3.000%, due 03/01/53		47,166		41,196
3.500%, due 07/01/52		27,295		24,756
3.750%, due 11/01/262,4,5​		2,179		2,179
4.000%, due 06/01/52		573,180		537,845
4.000%, due 07/01/52		204,145		191,727
4.000%, due 10/01/52		541,948		508,826
4.500%, due 08/01/52		219,145		211,268
4.500%, due 09/01/52		664,911		640,943
4.500%, due 10/01/52		239,991		231,664
4.500%, due 01/01/53		233,290		224,796
4.500%, due 05/01/53		415,072		400,307
1 yr. CMT + 2.100%, 4.799%, due 05/01/302​		10,237		10,112
5.000%, due 10/01/52		274,166		270,324
5.000%, due 12/01/52		514,770		507,565
5.000%, due 02/01/53		444,165		438,102
5.000%, due 03/01/53		392,476		386,765
5.000%, due 04/01/53		421,391		415,537
5.000%, due 05/01/53		91,445		90,077
5.000%, due 06/01/53		660,307		650,419
5.000%, due 07/01/53		188,287		186,168
5.188%, due 11/01/342​		1,124,595		1,124,595
5.500%, due 01/01/53		422,366		423,416
5.500%, due 02/01/53		219,438		219,953
5.500%, due 03/01/53		59,490		59,631
5.500%, due 07/01/53		289,774		290,364
5.500%, due 09/01/53		295,303		295,868
5.500%, due 02/01/54		217,401		217,750
5.500%, due 03/01/54		193,935		194,278
5.500%, due 06/01/54		173,455		173,830
1 yr. USD RFUCCT + 1.603%, 5.978%, due 12/01/352​		12,286		12,280
6.000%, due 06/01/53		403,971		409,907
6.000%, due 07/01/53		450,784		457,232
6.000%, due 08/01/53		45,440		46,090
6.000%, due 09/01/53		330,007		334,727
6.000%, due 10/01/53		328,981		333,686
6.000%, due 12/01/53		60,995		61,868
6.000%, due 02/01/54		133,297		135,919
1 yr. USD RFUCCT + 1.780%, 6.030%, due 11/01/352​		2,840		2,858
1 yr. USD RFUCCT + 1.831%, 6.206%, due 03/01/362​		13,396		13,465
1 yr. USD RFUCCT + 1.912%, 6.287%, due 02/01/362​		13,833		13,938
1 yr. USD RFUCCT + 1.815%, 6.323%, due 03/01/362​		14,644		14,709
1 yr. CMT + 2.405%, 6.655%, due 05/01/272​		233		232

	Face amount1​		Value
U.S. government agency obligations—(concluded)
6 mo. USD RFUCCT + 1.538%, 6.663%, due 01/01/362​		2,456	$	2,459
1 yr. CMT + 2.230%, 6.866%, due 04/01/272​		2,702		2,707
Government National Mortgage Association 1 yr. CMT + 1.500%, 3.625%, due 07/20/252​		199		197
1 yr. CMT + 1.500%, 3.875%, due 05/20/262​		1,032		1,022
1 yr. CMT + 1.500%, 4.625%, due 01/20/262​		343		339
5.000%, due 12/20/49		41,160		41,308
Uniform Mortgage-Backed Security, TBA 2.500%		1,205,000		1,010,237
3.500%		800,000		726,027
4.000%		4,800,000		4,500,211
4.500%		900,000		867,461
5.000%		5,390,000		5,312,258
5.500%		10,195,000		10,213,879
6.000%		400,000		405,756
Total U.S. government agency obligations(cost—$47,353,293)				47,621,970
U.S. Treasury obligations—11.0%
U.S. Treasury Bonds 1.375% due 08/15/50		7,195,000		3,810,258
1.625% due 11/15/50		2,000,000		1,132,656
2.250% due 08/15/49		100,000		66,832
2.375% due 02/15/42		600,000		451,992
2.875% due 08/15/45		500,000		392,422
2.875% due 05/15/49		200,000		152,539
3.000% due 11/15/44		500,000		403,066
3.000% due 02/15/49		200,000		156,336
3.000% due 08/15/52		2,400,000		1,865,437
3.250% due 05/15/42		11,000,000		9,440,234
3.625% due 02/15/53		10,400,000		9,134,531
3.875% due 02/15/43		300,000		279,645
3.875% due 05/15/43		900,000		837,563
4.375% due 08/15/43		400,000		398,047
U.S. Treasury Inflation-Indexed Bonds 0.125% due 02/15/51		120,626		72,588
0.750% due 02/15/45		400,098		309,331
1.000% due 02/15/46		265,086		213,609
1.000% due 02/15/49		124,804		98,040
1.500% due 02/15/53		422,604		367,191
U.S. Treasury Inflation-Indexed Notes 0.125% due 10/15/24		244,812		242,660
0.125% due 10/15/25		121,036		117,245
0.125% due 07/15/31		703,050		629,496
0.125% due 01/15/32		339,879		300,452
0.250% due 01/15/25		1,060,744		1,038,523
0.375% due 07/15/25		1,191,879		1,163,140
0.625% due 01/15/26		132,171		128,191
0.625% due 07/15/32		972,801		890,254
1.250% due 04/15/28		1,465,828		1,431,818
U.S. Treasury Notes 0.500% due 08/31/27		5,900,000		5,297,094

54

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
U.S. Treasury obligations—(concluded)
2.625% due 07/31/29		700,000	$	658,465
4.125% due 03/31/29		7,000,000		7,053,047
4.250% due 12/31/2411​		283,000		281,970
Total U.S. Treasury obligations (cost—$52,956,930)				48,814,672
	Number of shares
Common stocks—0.7%
Mortgage real estate investment—0.7%
Ellington Financial, Inc.,Series C (cost—$3,025,000)		121,000		2,962,080
Exchange traded funds—0.3%
Invesco Senior Loan ETF (cost—$1,676,021)		73,013		1,533,273
	Face amount1​
Short-term investments—2.6%
Commercial paper—0.1%
Electric—0.1%
NextEra Energy Capital Holdings, Inc., 5.570% due 08/13/243,12 ​(cost—$249,536)		250,000		249,536
	Number of shares
Investment companies—1.9%
State Street Institutional U.S. Government Money Market Fund, 5.263%13 ​(cost $8,673,590)		8,673,590		8,673,590
	Face amount1​
Short-term U.S. treasury obligations—0.6%
U.S. Treasury Bills 5.149% due 01/23/2511,13​		1,450,000		1,415,390
5.338% due 10/10/2411,13​		1,300,000		1,286,944
Total short-term U.S. treasury obligations (cost—$2,702,129)				2,702,334
Total short-term investments (cost—$11,625,255)				11,625,460
	Number of shares
Investment of cash collateral from securities loaned—1.1%
Money market funds—1.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%13 ​(cost—$4,915,118)		4,915,118		4,915,118

	Number of contracts		Notional amount		Value
Options purchased—0.0%†​
Put options—0.0%†​
Call USD vs. Put GBP strike @ 1.200, expires 09/26/24 (Counterparty: GS)		200,000	USD	240,000	$	31
CDX.NA.IG.S42 strike @ 0.600, expires 09/18/24 (Counterparty: BNP)		900,000	USD	540,000		678
CDX.NA.IG.S42 strike @ 0.600, expires 11/20/24 (Counterparty: BNP)		600,000	USD	360,000		1,116
CDX.NA.IG.S42 strike @ 0.600, expires 11/20/24 (Counterparty: GSI)		600,000	USD	360,000		1,116
Total put options						2,941
Call options—0.0%†​
Call USD vs. Put CNH strike @ 7.400, expires 12/06/24 (Counterparty: BNP)		100,000	USD	740,000		303
Call USD vs. Put CNH strike @ 7.375, expires 02/14/25 (Counterparty: HSBC)		100,000	USD	738,000		554
Call USD vs. Put CNH strike @ 7.325, expires 12/06/24 (Counterparty: BNP)		100,000	USD	733,000		478
Total call options						1,335
Total options purchased (cost—$42,678)						4,276
Swaptions purchased—0.0%†​
Put swaptions—0.0%†​
30 Year USD SOFR Interest Rate Swap strike @ 3.920, expires 02/27/25 (Counterparty: GS; pay floating rate); underlying swap terminates 03/03/55		100,000	USD	100,000		2,219
30 Year USD SOFR Interest Rate Swap strike @ 4.329, expires 05/29/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/02/55		200,000	USD	200,000		3,145
Total put swaptions						5,364

55

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—0.0%†​
1 Year USD SOFR Interest Rate Swap strike @ 2.749, expires 11/13/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/15/25		1,800,000	USD	1,800,000	$	1,692
1 Year USD SOFR Interest Rate Swap strike @ 2.725, expires 11/14/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/18/25		900,000	USD	900,000		801
1 Year USD SOFR Interest Rate Swap strike @ 2.754, expires 11/15/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/19/25		900,000	USD	900,000		908
1 Year USD SOFR Interest Rate Swap strike @ 2.765, expires 11/18/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/20/25		900,000	USD	900,000		966
1 Year USD SOFR Interest Rate Swap strike @ 2.800, expires 11/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/22/25		900,000	USD	900,000		1,155
1 Year USD SOFR Interest Rate Swap strike @ 2.820, expires 11/21/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/25/25		900,000	USD	900,000		1,267
1 Year USD SOFR Interest Rate Swap strike @ 2.850, expires 11/22/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/26/25		900,000	USD	900,000		1,422

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
1 Year USD SOFR Interest Rate Swap strike @ 2.920, expires 11/25/24 (Counterparty: GS; pay floating rate); underlying swap terminates 11/27/25		900,000	USD	900,000	$	1,800
1 Year USD SOFR Interest Rate Swap strike @ 2.930, expires 11/29/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/03/25		1,800,000	USD	1,800,000		4,007
1 Year USD SOFR Interest Rate Swap strike @ 2.920, expires 12/03/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/05/25		900,000	USD	900,000		2,008
1 Year USD SOFR Interest Rate Swap strike @ 2.840, expires 12/05/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/09/25		900,000	USD	900,000		1,677
1 Year USD SOFR Interest Rate Swap strike @ 2.900, expires 12/09/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/11/25		900,000	USD	900,000		2,050
1 Year USD SOFR Interest Rate Swap strike @ 2.930, expires 12/11/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/13/25		900,000	USD	900,000		2,308
1 Year USD SOFR Interest Rate Swap strike @ 2.900, expires 12/13/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/17/25		900,000	USD	900,000		2,204

56

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Call swaptions—(concluded)
1 Year USD SOFR Interest Rate Swap strike @ 2.800, expires 12/17/24 (Counterparty: GS; pay floating rate); underlying swap terminates 12/19/25		900,000	USD	900,000	$	1,733
Total call swaptions						25,998
Total swaptions purchased (cost—$11,197)						31,362
Total investments (cost—$485,933,098)—108.7%						482,363,138
Liabilities in excess of other assets—(8.7)%						(38,487,444	)
Net assets—100.0%					$	443,875,694

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

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Unrealized Current value			appreciation (depreciation)
USD	112,000		1,000	U.S. Treasury 10 Year Notes, strike @ 112.000	GS	08/23/24	$	342	$	(859	)	$	(517	)
USD	338,000		3,000	U.S. Treasury 10 Year Notes, strike @ 112.500	GS	08/23/24		903		(1,735	)		(832	)
Total							$	1,245	$	(2,594	)	$	(1,349	)
				Put options
GBP	440,000		400,000	Call USD vs. Put GBP, strike @ 1.100	GS	09/26/24	$	4,099	$	—		$	4,099
USD	218,000		2,000	U.S. Treasury 10 Year Notes, strike @ 109.000	GS	08/23/24		716		(62	)		654
USD	220,000		2,000	U.S. Treasury 10 Year Notes, strike @ 110.000	GS	08/23/24		669		(156	)		513
USD	1,440,000		1,800,000	CDX.NA.IG.S42, strike @ 0.800	BNP	09/18/24		2,100		(382	)		1,718
USD	960,000		1,200,000	CDX.NA.IG.S42, strike @ 0.800	BNP	11/20/24		1,080		(1,006	)		74
USD	960,000		1,200,000	CDX.NA.IG.S42, strike @ 0.800	GSI	11/20/24		1,201		(1,006	)		195
Total							$	9,865	$	(2,612	)	$	7,253
Total options written							$	11,110	$	(5,206	)	$	5,904

57

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

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	200		200,000	10 Year USD SOFR Interest Rate Swap strike @ 2.310 terminating 11/15/34	GS	Pay	11/13/24	$	—		$	(1,301	)	$	(1,301	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.300 terminating 11/18/34	GS	Pay	11/14/24		—			(638	)		(638	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.310 terminating 11/19/34	GS	Pay	11/15/24		—			(672	)		(672	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.310 terminating 11/20/34	GS	Pay	11/18/24		—			(682	)		(682	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.350 terminating 11/22/34	GS	Pay	11/20/24		—			(809	)		(809	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.357 terminating 11/25/34	GS	Pay	11/21/24		—			(842	)		(842	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.360 terminating 11/26/34	GS	Pay	11/22/24		—			(861	)		(861	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.400 terminating 11/27/34	GS	Pay	11/25/24		(1	)		(998	)		(999	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.465 terminating 12/03/34	GS	Pay	11/29/24		—			(1,285	)		(1,285	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.468 terminating 12/03/34	GS	Pay	11/29/24		—			(1,295	)		(1,295	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.440 terminating 12/05/34	GS	Pay	12/03/24		—			(1,211	)		(1,211	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.363 terminating 12/09/34	GS	Pay	12/05/24		—			(969	)		(969	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.395 terminating 12/11/34	GS	Pay	12/09/24		—			(1,098	)		(1,098	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.468 terminating 12/13/34	GS	Pay	12/11/24		—			(1,395	)		(1,395	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.425 terminating 12/17/34	GS	Pay	12/13/24		—			(1,252	)		(1,252	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.353 terminating 12/19/34	GS	Pay	12/17/24		—			(1,025	)		(1,025	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.850 terminating 08/05/34	BOA	Pay	08/01/24		385			(1,887	)		(1,502	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.795 terminating 08/06/34	GS	Pay	08/02/24		395			(1,440	)		(1,045	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.715 terminating 08/07/34	MSCI	Pay	08/05/24		397			(866	)		(469	)
EUR	100		100,000	6 mo. EURIBOR strike @ 2.680 terminating 08/07/34	CITI	Pay	08/05/24		276			(967	)		(691	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.645 terminating 08/07/34	GS	Pay	08/05/24		340			(452	)		(112	)
EUR	100		100,000	5 Year USD SOFR Interest Rate Swap strike @ 2.700 terminating 08/09/29	NW	Pay	08/09/24		149			(737	)		(588	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.679 terminating 08/13/34	GS	Pay	08/09/24		368			(835	)		(467	)
EUR	100		100,000	5 Year USD SOFR Interest Rate Swap strike @ 2.650 terminating 08/12/29	MSCI	Pay	08/12/24		137			(544	)		(407	)

58

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.595 terminating 08/19/34	GS	Pay	08/15/24	$	355	$	(596	)	$	(241	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.532 terminating 08/20/34	GS	Pay	08/16/24		355		(414	)		(59	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.558 terminating 08/21/34	GS	Pay	08/19/24		340		(514	)		(174	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.613 terminating 08/22/34	GS	Pay	08/20/24		357		(738	)		(381	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.599 terminating 08/28/34	GS	Pay	08/26/24		360		(755	)		(395	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.643 terminating 08/28/34	GS	Pay	08/26/24		365		(944	)		(579	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.611 terminating 08/28/34	GS	Pay	08/26/24		404		(804	)		(400	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.555 terminating 08/28/34	GS	Pay	08/26/24		370		(595	)		(225	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.565 terminating 08/28/34	GS	Pay	08/26/24		360		(629	)		(269	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.525 terminating 09/04/34	JPMCB	Pay	08/30/24		375		(622	)		(247	)
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.514 terminating 09/04/34	GS	Pay	08/30/24		378		(588	)		(210	)
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.480 terminating 09/04/34	BB	Pay	09/02/24		279		(409	)		(130	)
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.470 terminating 09/04/34	JPMCB	Pay	08/30/24		377		(469	)		(92	)
Total								$	7,121	$	(32,138	)	$	(25,017	)
				Put swaptions
USD	400		400,000	5 Year USD SOFR Interest Rate Swap strike @ 4.244 terminating 03/03/30	GS	Pay	02/27/25	$	4,600	$	(1,387	)	$	3,213
USD	1,000		1,000,000	5 Year USD SOFR Interest Rate Swap strike @ 4.750 terminating 06/02/30	MSCI	Pay	05/29/25		8,875		(2,319	)		6,556
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 4.250 terminating 08/05/34	BOA	Pay	08/01/24		385		—			385
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 4.195 terminating 08/06/34	GS	Pay	08/02/24		395		—			395
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 4.115 terminating 08/07/34	MSCI	Pay	08/05/24		398		—			398
EUR	100		100,000	6 mo. EURIBOR strike @ 2.970 terminating 08/07/34	CITI	Pay	08/05/24		276		—			276
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 4.045 terminating 08/07/34	GS	Pay	08/05/24		340		—			340
EUR	100		100,000	5 Year USD SOFR Interest Rate Swap strike @ 2.950 terminating 08/09/29	NW	Pay	08/09/24		150		(2	)		148
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 4.029 terminating 08/13/34	GS	Pay	08/09/24		368		(8	)		360
EUR	100		100,000	5 Year USD SOFR Interest Rate Swap strike @ 2.910 terminating 08/12/29	MSCI	Pay	08/12/24		136		(4	)		132

59

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

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	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.945 terminating 08/19/34	GS	Pay	08/15/24	$	355	$	(54	)	$	301
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.882 terminating 08/20/34	GS	Pay	08/16/24		355		(103	)		252
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.908 terminating 08/21/34	GS	Pay	08/19/24		340		(92	)		248
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.963 terminating 08/22/34	GS	Pay	08/20/24		358		(66	)		292
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.949 terminating 08/28/34	GS	Pay	08/26/24		361		(94	)		267
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.993 terminating 08/28/34	GS	Pay	08/26/24		365		(68	)		297
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.961 terminating 08/28/34	GS	Pay	08/26/24		404		(86	)		318
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.915 terminating 08/28/34	GS	Pay	08/26/24		360		(120	)		240
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.905 terminating 08/28/34	GS	Pay	08/26/24		370		(128	)		242
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.875 terminating 09/04/34	JPMCB	Pay	08/30/24		375		(221	)		154
USD	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 3.864 terminating 09/04/34	GS	Pay	08/30/24		379		(236	)		143
EUR	100		100,000	10 Year USD SOFR Interest Rate Swap strike @ 2.760 terminating 09/04/34	BB	Pay	09/02/24		279		(203	)		76
USD	100		100,000	1 Day USD SOFR Interest Rate Swap strike @ 3.820 terminating 09/04/34	JPMCB	Pay	08/30/24		377		(304	)		73
Total								$	20,601	$	(5,495	)	$	15,106
Total swaptions written								$	27,722	$	(37,633	)	$	(9,911	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Index futures buy contracts:
4	EUR	Euro Bund 10 Year Futures	September 2024	$	566,285	$	578,917	$	12,632
20	EUR	EURO Schatz 2 Year Index Futures	September 2024		2,279,891		2,295,993		16,102
Interest rate futures buy contracts:
12	CAD	Canadian Bond 10 Year Futures	September 2024	$	1,036,174	$	1,068,540	$	32,366
U.S. Treasury futures buy contracts:
103	USD	U.S. Long Bond Futures	September 2024	$	12,093,456	$	12,440,468	$	347,012
257	USD	U.S. Treasury Note 10 Year Futures	September 2024		28,127,128		28,735,813		608,685
148	USD	U.S. Treasury Note 2 Year Futures	September 2024		30,137,796		30,394,344		256,548
296	USD	U.S. Treasury Note 5 Year Futures	September 2024		31,414,959		31,935,625		520,666
239	USD	Ultra U.S. Treasury Bond Futures	September 2024		29,761,737		30,584,531		822,794
167	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2024		18,827,764		19,301,547		473,783
Total				$	154,245,190	$	157,335,778	$	3,090,588

60

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

Futures contracts—(concluded)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
5	EUR	EURO Bobl 5 Year Index Future	September 2024	$	(624,242	)	$	(635,876	)	$	(11,634	)
4	GBP	Long Gilt Futures	September 2024		(500,075	)		(510,209	)		(10,134	)
U.S. Treasury futures sell contracts:
220	USD	U.S. Treasury Note 5 Year Futures	September 2024	$	(23,343,842	)	$	(23,735,937	)	$	(392,095	)
57	USD	Ultra U.S. Treasury Bond Futures	September 2024		(7,062,950	)		(7,294,219	)		(231,269	)
37	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2024		(4,159,846	)		(4,276,391	)		(116,545	)
Total				$	(35,690,955	)	$	(36,452,632	)	$	(761,677	)
Net unrealized appreciation (depreciation)										$	2,328,911

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁴​

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio15​			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
AT&T, Inc., 3.800%, due 06/20/28	USD	400	06/20/28	Quarterly		1.000	%	$	1,223		$	7,206		$	8,429
Boeing Co., 2.600%, due 06/20/26	USD	100	06/20/26	Quarterly		1.000			(321	)		523			202
Boeing Co., 2.600%, due 06/20/29	USD	200	06/20/29	Quarterly		1.000			1,948			(2,037	)		(89	)
T-Mobile USA, Inc., 4.750%, due 06/20/28	USD	200	06/20/28	Quarterly		5.000			(26,777	)		34,483			7,706
Verizon Communications, Inc., 4.125%, due 06/20/28	USD	400	06/20/28	Quarterly		1.000			824			7,641			8,465
Verizon Communications, Inc., 4.125%, due 06/20/28	USD	100	12/20/28	Quarterly		1.000			208			1,930			2,138
Total								$	(22,895	)	$	49,746		$	26,851

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio15​			Payments received by the portfolio15​			Value			Unrealized appreciation (depreciation)
AUD	500	09/20/33	Semi-annual		6 Month AUD Bank Bill Swap			4.500	%	$	7,884		$	14,858
AUD	300	03/20/34	Semi-annual		6 Month AUD Bank Bill Swap			4.500			4,594			12,684
AUD	500	09/18/34	Semi-annual		6 mo. AUD Bank Bill Swap			4.500			8,894			6,622
BRL	4,300	01/04/27	At Maturity		1 day BRL CDI			11.548			(2,225	)		(2,225	)
BRL	4,700	01/04/27	At Maturity		1 day BRL CDI			11.496			(3,246	)		(3,246	)
BRL	2,150	01/04/27	At Maturity		1 day BRL CDI			11.528			(1,288	)		(1,288	)
BRL	1,300	01/04/27	At Maturity		1 day BRL CDI			11.945			841			841
BRL	2,500	01/04/27	At Maturity		1 day BRL CDI			11.454			(2,285	)		(2,285	)
BRL	1,400	01/04/27	At Maturity		1 day BRL CDI			11.407			(1,483	)		(1,483	)
CAD	1,100	06/01/32	Semi-annual		3.500	%		1 day CAD CORRA			(22,618	)		(13,836	)
CAD	300	12/20/33	Semi-annual		3.750			1 day CAD CORRA			(10,997	)		(9,879	)
EUR	200	03/09/33	Annual		6 Month EURIBOR			2.547			(1,659	)		(1,659	)
EUR	2,300	09/18/34	Annual		6 Month EURIBOR			2.750			38,253			9,619
EUR	1,000	09/18/54	Semi-annual		2.500			6 mo. EURIBOR			(28,931	)		14,157

61

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Portfolio of investments—July 31, 2024

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio15​		Payments received by the portfolio15​			Value			Unrealized appreciation (depreciation)
JPY	98,700	09/20/43	Annual		1.000	1 day JPY TONA			$	44,616		$	36,916
USD	400	05/31/28	Annual		3.807	1 day USD SOFR				5			5
USD	200	06/20/29	Annual		3.750	1 day USD SOFR				158			1,690
USD	100	10/31/30	Annual		3.727	1 day USD SOFR				63			63
USD	100	10/31/30	Annual		3.722	1 day USD SOFR				92			92
USD	200	10/31/30	Annual		3.739	1 day USD SOFR				(21	)		(21	)
USD	100	10/31/30	Annual		3.732	1 day USD SOFR				33			33
USD	675	04/30/31	Annual		3.694	1 day USD SOFR				(4,463	)		(4,463	)
USD	100	04/30/31	Annual		3.662	1 day USD SOFR				(106	)		(106	)
USD	200	04/30/31	Annual		3.600	1 day USD SOFR				511			511
USD	300	06/15/32	Annual		1.750	1 day USD SOFR				39,426			2,995
USD	1,200	06/21/33	Annual		3.000	1 day USD SOFR				63,834			44,489
USD	1,800	08/15/33	Annual		3.687	1 day USD SOFR				2,813			2,813
USD	700	08/15/33	Annual		3.734	1 day USD SOFR				(1,562	)		(1,562	)
USD	300	08/15/33	Annual		3.763	1 day USD SOFR				(1,369	)		(1,369	)
USD	200	08/15/33	Annual		3.753	1 day USD SOFR				(749	)		(749	)
USD	700	08/15/33	Annual		3.717	1 day USD SOFR				(583	)		(583	)
USD	300	08/15/33	Annual		3.745	1 day USD SOFR				(932	)		(932	)
USD	300	08/15/33	Annual		3.754	1 day USD SOFR				(1,153	)		(1,153	)
USD	100	11/22/33	Annual		4.250	1 day USD SOFR				(3,744	)		(3,744	)
USD	100	12/19/33	Annual		3.950	1 day USD SOFR				(1,723	)		(1,723	)
USD	600	12/20/33	Annual		3.500	1 day USD SOFR				15,151			12,238
USD	100	01/08/34	Annual		3.648	1 day USD SOFR				767			767
USD	100	01/08/34	Annual		3.670	1 day USD SOFR				576			576
USD	100	01/09/34	Annual		3.594	1 day USD SOFR				1,218			1,218
USD	100	04/29/34	Annual		1 day USD SOFR		4.078	%		3,361			3,361
USD	300	02/18/35	Annual		4.095	1 day USD SOFR				(13,667	)		(13,667	)
USD	1,800	06/20/54	Annual		3.500	1 day USD SOFR				28,493			(16,598	)
USD	200	12/18/54	Annual		3.500	1 day USD SOFR				131			(4,637	)
USD	1,700	10/18/24	At Maturity		5.388	1 day USD SOFR				(516	)		(516	)
USD	1,600	05/31/25	At Maturity		5.160	1 day USD SOFR				(3,535	)		(3,485	)
USD	800	12/18/25	At Maturity		3.500	1 day USD SOFR				5,028			4,643
Total									$	157,887		$	79,982

OTC credit default swap agreements on corporate issues—sell protection¹⁴​

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio14​			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
JPMCB	Banco do Brasil SA, 4.625%, due 12/20/24	USD	100	12/20/24	Quarterly		(1.000	)	$	(2,244	)	$	320	$	795

62

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2024

OTC credit default swap agreements on credit indices—sell protection¹⁴​

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the portfolio15​			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
JPMCB	iTraxx Europe Crossover S40	EUR	100	12/20/28	Quarterly		5.000	%	$	(14,247	)	$	18,939	$	4,692
BOA	iTraxx Europe Crossover S40	EUR	200	12/20/28	Quarterly		5.000			(28,191	)		37,906		9,715
Total									$	(42,438	)	$	56,845	$	14,407

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	157,058	CNH	1,121,158	02/18/25	$	407
BB	USD	72,703	TRY	2,494,876	08/06/24		2,320
BB	USD	44,468	TRY	1,542,583	08/22/24		1,075
BB	USD	35,302	TRY	1,237,381	08/29/24		934
BB	USD	23,203	TRY	836,282	09/17/24		781
BB	MXN	1,057,000	USD	58,255	09/18/24		1,933
BB	USD	556	MXN	10,417	09/18/24		(1	)
BB	USD	34,738	TRY	1,231,279	09/19/24		499
BB	USD	26,071	TRY	921,901	09/24/24		171
BB	USD	57,848	TRY	2,064,260	09/25/24		849
BB	USD	18,856	TRY	665,296	09/30/24		(38	)
BB	USD	17,203	TRY	609,803	10/04/24		(27	)
BNP	USD	210,732	AUD	316,000	08/02/24		(4,084	)
BNP	TWD	2,492,378	USD	77,457	09/13/24		1,286
BNP	USD	550,528	MXN	9,919,000	09/18/24		(21,996	)
BNP	CNH	9,320,115	USD	1,295,000	12/10/24		(7,593	)
BNP	USD	285,560	CNH	2,047,893	12/10/24		657
BOA	CNH	1,121,746	USD	157,058	02/18/25		(489	)
BOA	EUR	3,290,000	USD	3,594,110	08/16/24		31,205
BOA	JPY	5,000,000	USD	31,810	08/16/24		(1,636	)
CITI	BRL	1,838,031	USD	330,581	08/02/24		5,620
CITI	USD	203,718	BRL	1,153,471	08/02/24		214
CITI	USD	125,210	BRL	684,561	08/02/24		(4,181	)
CITI	USD	205,145	JPY	33,000,000	08/08/24		15,336
CITI	USD	29,467	TRY	1,023,171	08/27/24		565
CITI	TWD	960,427	USD	29,802	09/13/24		450
CITI	USD	168,817	MXN	3,030,000	09/18/24		(7,364	)
CITI	EUR	2,010,825	USD	2,189,389	10/17/24		5,410
CITI	GBP	450,000	USD	578,087	10/17/24		(754	)
CITI	JPY	384,930	USD	2,428	10/17/24		(170	)
CITI	USD	330,581	BRL	1,856,213	11/04/24		(5,736	)
CITI	USD	750,000	CNH	5,399,540	12/10/24		4,648
GS	BRL	800,000	USD	143,432	04/02/25		5,972
GS	AUD	316,000	USD	206,673	08/02/24		24
GS	BRL	1,149,967	USD	203,099	08/02/24		(214	)

63

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GS	USD	224,165	BRL	1,149,966	08/02/24	$	(20,852	)
GS	USD	93,883	TRY	3,240,009	08/14/24		2,674
GS	MYR	2,596,159	USD	552,845	08/21/24		(12,960	)
GS	USD	206,832	AUD	316,000	09/03/24		(10	)
GS	USD	32,767	TRY	1,162,491	09/10/24		824
GS	TWD	1,058,758	USD	32,835	09/13/24		477
GS	MXN	2,235,000	USD	123,979	09/18/24		4,888
GSI	EUR	565,000	USD	610,708	08/08/24		(930	)
GSI	USD	165,000	BRL	920,832	08/08/24		(2,310	)
GSI	USD	162,048	HUF	59,279,750	08/08/24		730
GSI	USD	2,906	HUF	1,062,600	10/17/24		6
HSBC	GBP	1,029,000	USD	1,302,110	08/02/24		(20,721	)
HSBC	USD	1,319,081	GBP	1,029,000	08/02/24		3,750
HSBC	GBP	1,029,000	USD	1,319,457	09/03/24		(3,787	)
HSBC	TWD	64,899	USD	2,016	09/13/24		33
HSBC	USD	8,660	TWD	280,324	09/13/24		(93	)
HSBC	TWD	279,302	USD	8,660	11/18/24		65
JPMCB	USD	25,385	TRY	867,997	08/07/24		690
JPMCB	USD	23,409	TRY	840,371	08/08/24		1,810
JPMCB	CAD	388,000	USD	284,772	08/16/24		3,627
JPMCB	USD	86,431	TRY	3,153,426	08/26/24		6,237
JPMCB	USD	39,474	TRY	1,385,727	08/28/24		1,153
JPMCB	USD	21,047	TRY	733,065	09/04/24		274
JPMCB	TWD	1,830,638	USD	56,861	09/13/24		914
JPMCB	USD	14,266	TWD	465,357	09/13/24		(44	)
JPMCB	MXN	9,325,017	USD	515,294	09/18/24		18,412
JPMCB	USD	207,328	MXN	3,706,000	09/18/24		(9,855	)
JPMCB	CNH	54,000	USD	7,561	10/25/24		39
JPMCB	USD	43,955	TRY	1,734,634	11/08/24		3,163
JPMCB	TWD	463,574	USD	14,266	11/18/24		1
JPMCB	CNH	2,048,865	USD	285,560	12/10/24		(792	)
Net unrealized appreciation (depreciation)						$	3,486

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—	$	72,388,645	$	1,074,743	$	73,463,388
Corporate bonds		—		206,793,291		—		206,793,291

64

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Fair valuation summary—(concluded)

Assets       Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Loan assignments	$	—		$	29,154,330		$	2,397,000	$	31,551,330
Mortgage-backed securities		—			46,510,101			—		46,510,101
Municipal bonds		—			1,679,946			—		1,679,946
Non-U.S. government agency obligations		—			3,600,871			—		3,600,871
U.S. government agency obligations		—			47,619,791			2,179		47,621,970
U.S. Treasury obligations		—			48,814,672			—		48,814,672
Common stocks		2,962,080			—			—		2,962,080
Preferred stocks		1,256,000			—			—		1,256,000
Exchange traded funds		1,533,273			—			—		1,533,273
Investment companies		—			8,673,590			—		8,673,590
Commercial paper		—			249,536			—		249,536
Short-term U.S. treasury obligations		—			2,702,334			—		2,702,334
Options purchased		—			4,276			—		4,276
Swaptions Purchased		—			31,362			—		31,362
Investment of cash collateral from securities loaned		—			4,915,118			—		4,915,118
Futures contracts		3,090,588			—			—		3,090,588
Swap agreements		—			375,690			—		375,690
Forward foreign currency contracts		—			130,123			—		130,123
Total	$	8,841,941		$	473,643,676		$	3,473,922	$	485,959,539
Liabilities
Options written	$	(2,812	)	$	(2,394	)	$	—	$	(5,206	)
Swaptions written		—			(37,633	)		—		(37,633	)
Futures contracts		(761,677	)		—			—		(761,677	)
Swap agreements		—			(110,892	)		—		(110,892	)
Forward foreign currency contracts		—			(126,637	)		—		(126,637	)
Total	$	(764,489	)	$	(277,556	)	$	—	$	(1,042,045	)

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

¹​  In U.S. dollars unless otherwise indicated.

²​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

³​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $184,804,208, represented 41.6% of the Portfolio's net assets at period end.

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

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

⁶​  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.

65

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Portfolio of investments—July 31, 2024

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

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

¹²​  Zero coupon bond.

¹³​  Rate shown reflects yield at July 31, 2024.

¹⁴​  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.

¹⁵​  Payments made or received are based on the notional amount.

See accompanying notes to financial statements
66

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—101.2%
Alabama—3.6%
County of Jefferson AL Sewer Revenue, Refunding, Revenue Bonds, 5.000%, due 10/01/32	$	1,000,000	$	1,109,351
5.000%, due 10/01/39		1,000,000		1,097,071
County of Jefferson AL Sewer Revenue, Revenue Bonds, 5.000%, due 10/01/38		1,000,000		1,102,315
5.250%, due 10/01/40		750,000		831,519
Lower Alabama Gas District, Gas Project, Revenue Bonds, 4.000%, due 12/01/501​		2,500,000		2,506,777
				6,647,033
Arizona—3.1%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds, Series A, 4.000%, due 11/01/35		2,000,000		2,028,026
Arizona Industrial Development Authority, Revenue Bonds, Series 2019-2,Class A 3.625%, due 05/20/33		913,123		866,490
Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, 4.000%, due 06/01/491​		750,000		760,806
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		1,061,528
Salt Verde Financial Corp., Revenue Bonds, 5.000%, due 12/01/32		1,000,000		1,078,804
				5,795,654
Arkansas—0.7%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds, 5.000%, due 10/01/34		1,320,000		1,406,401
California—1.3%
California Housing Finance Agency, Revenue Bonds, Series 2021-1,Class A 3.500%, due 11/20/35		1,424,254		1,366,154
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding, Revenue Bonds, Series A-SAN FRANCIS, 5.000%, due 05/01/39		1,000,000		1,092,539
				2,458,693
Colorado—0.7%
Colorado Heakth Facilities Authority, AdventHealth Obligated Group, Refunding, Revenue Bonds, Series B, 5.000%, due 11/15/491​		140,000		145,925

	Face amount		Value
Municipal bonds—(continued)
Colorado—(concluded)
Colorado Heakth Facilities Authority, Intermountain Healthcare Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/30	$	1,000,000	$	1,099,097
				1,245,022
Connecticut—1.5%
State of Connecticut Special Tax, Revenue Bonds, Series A, 4.000%, due 05/01/36		1,000,000		1,037,362
Series A, 4.000%, due 05/01/39		1,650,000		1,678,710
				2,716,072
District of Columbia—0.9%
District of Columbia, Income Tax Revenue, Revenue Bonds, Series A, 5.000%, due 07/01/41		1,500,000		1,670,893
Florida—4.0%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, (AGM), Series D, 5.000%, due 07/01/35		1,500,000		1,672,805
City of Jacksonville FL, Refunding, Revenue Bonds, Series A, 5.000%, due 10/01/39		750,000		842,489
County of Miami-Dade FL Water & Sewer System, Revenue Bonds, Series B, 5.000%, due 10/01/40		1,250,000		1,420,903
County of Polk FL Utility System, Refunding, Revenue Bonds, 5.000%, due 10/01/35		625,000		701,432
JEA Electric System, Refunding, Revenue Bonds, Series 3A, 5.000%, due 10/01/34		1,630,000		1,790,249
Orange County Convention Center/Orlando, Refunding, Revenue Bonds, Series B, 5.000%, due 10/01/30		1,000,000		1,031,575
				7,459,453
Georgia—3.5%
Fulton County Development Authority of Georgia, WellStar Health System, Revenue Bonds, Series A, 5.000%, due 04/01/36		1,000,000		1,033,297
Georgia Ports Authority, Revenue Bonds, 5.000%, due 07/01/41		1,500,000		1,664,987
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.500%, due 09/15/28		1,500,000		1,597,895

67

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—(continued)
Georgia—(concluded)
Series C, 5.000%, due 09/01/531​	$	1,000,000	$	1,069,052
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds, Series A, 5.000%, due 01/01/33		1,000,000		1,056,485
				6,421,716
Hawaii—0.6%
Hawaii Airports System, Revenue Bonds, AMT, Series A, 5.000%, due 07/01/29		1,000,000		1,050,523
Illinois—9.3%
Chicago Midway International Airport, Revenue Bonds, Series C, 5.000%, due 01/01/34		1,500,000		1,635,931
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds, Series B, 5.000%, due 01/01/35		1,000,000		1,019,584
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT, Series A, 5.000%, due 01/01/29		1,000,000		1,004,350
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, (AGM), Series 2017-2, 5.000%, due 11/01/31		1,000,000		1,048,617
City of Chicago IL Wastewater Transmission Revenue, Refunding, Revenue Bonds, (BAM), Series A, 5.000%, due 01/01/38		1,700,000		1,944,389
City of Chicago IL, Refunding, GO Bonds, Series A, 4.000%, due 01/01/35		1,250,000		1,250,164
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds, 5.000%, due 11/15/35		2,500,000		2,621,277
Illinois Finance Authority, University of Chicago, Refunded, Revenue Bonds, Series A, 5.250%, due 04/01/43		900,000		1,024,231
Illinois Municipal Electric Agency, Refunding, Revenue Bonds, Series A, 5.000%, due 02/01/32		2,500,000		2,533,035
Regional Transportation Authority, Revenue Bonds, (NATL), 6.500%, due 07/01/30		1,000,000		1,136,237
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/36		1,770,000		1,905,430
				17,123,245

	Face amount		Value
Municipal bonds—(continued)
Indiana—5.6%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds, Series 1, 4.000%, due 10/01/36	$	2,020,000	$	2,099,922
Indiana Finance Authority, Indiana University Health Inc Obligated Group, Revenue Bonds, Series B, 2.250%, due 12/01/581​		5,250,000		5,171,714
Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds, Series A, 5.250%, due 02/01/35		1,000,000		1,018,423
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/30		2,055,000		2,061,514
				10,351,573
Iowa—0.3%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, Series A-2,Class 1,Class 1 5.000%, due 06/01/33		500,000		541,325
Kentucky—1.7%
Kentucky Public Energy Authority, Revenue Bonds, Series A, 4.000%, due 12/01/501​		1,000,000		1,004,765
Series A-1, 5.250%, due 04/01/541​		2,000,000		2,177,415
				3,182,180
Louisiana—2.4%
Jefferson Sales Tax District, Revenue Bonds, (AGM), Series B, 4.000%, due 12/01/32		1,895,000		1,953,056
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		1,506,437
Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds, Series A-3, 2.200%, due 06/01/371​		1,000,000		967,806
				4,427,299
Massachusetts—1.1%
Commonwealth of Massachusetts, GO Bonds, Series D, 4.000%, due 05/01/34		2,000,000		2,056,311

68

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—(continued)
Michigan—2.5%
Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds, 5.000%, due 07/01/38	$	1,000,000	$	1,112,742
Michigan Finance Authority, Corewell Health Obligated Group, Revenue Bonds, 5.000%, due 08/01/33		50,000		50,000
Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT, Series P3, 5.000%, due 06/30/32		3,300,000		3,420,274
				4,583,016
Missouri—1.1%
Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/34		2,000,000		2,022,040
Nebraska—0.7%
Nebraska Public Power District, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/31		1,300,000		1,381,815
Nevada—0.3%
City of Reno Reno First Lien, County of Washoe NV Sales Tax Revenue, Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/33		500,000		529,332
New Jersey—4.0%
New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds, 5.000%, due 07/01/33		1,000,000		1,076,247
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		6,000,000		6,295,783
				7,372,030
New Mexico—1.1%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, Series 1A, 5.000%, due 09/01/28		2,000,000		2,091,866
New York—9.5%
City Of New York NY, GO Bonds, Series B, Subseries B-1, 5.250%, due 10/01/41		1,180,000		1,332,453
City of New York, Refunding, GO Bonds, Series A-1, 5.000%, due 08/01/32		1,270,000		1,412,182
New York City Municipal Water Finance Authority, Revenue Bonds, 4.000%, due 06/15/391​		3,000,000		3,000,000

	Face amount		Value
Municipal bonds—(continued)
New York—(concluded)
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, Series E, 4.000%, due 03/15/42	$	2,860,000	$	2,865,471
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds, Series A, 4.000%, due 03/15/39		2,600,000		2,632,341
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT, 5.000%, due 12/01/35		2,000,000		2,157,617
5.000%, due 12/01/36		1,000,000		1,074,057
New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds, (AGM), 4.250%, due 06/30/42		1,000,000		1,000,129
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT, Series A-P3, 5.000%, due 07/01/34		1,000,000		1,001,155
TSASC, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,036,239
				17,511,644
North Carolina—0.9%
Charlotte NC Airport Revenue, Revenue Bonds, Series B, 5.000%, due 07/01/36		1,540,000		1,674,044
North Dakota—0.8%
North Dakota Housing Finance Agency, Revenue Bonds, Series C, 5.000%, due 07/01/42		1,330,000		1,447,358
Ohio—2.9%
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 5.000%, due 12/01/41		1,500,000		1,706,652
Ohio Water Development Authority, Revenue Bonds, Series A, 5.000%, due 12/01/39		1,500,000		1,716,200
State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds, Series C, 2.750%, due 01/01/521​		1,980,000		1,926,852
				5,349,704
Oklahoma—0.4%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (AGM), Series A, 4.000%, due 01/01/33		650,000		670,768

69

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—(continued)
Pennsylvania—10.1%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 04/01/29	$	3,190,000	$	3,355,309
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds, 5.000%, due 06/01/31		1,500,000		1,602,465
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, 5.000%, due 06/30/34		2,200,000		2,349,832
Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, Series 134B, 5.000%, due 10/01/27		1,250,000		1,287,223
Pennsylvania Turnpike Commission, Motor License, Refunding, Revenue Bonds, Series 2ND, 5.000%, due 12/01/33		1,500,000		1,570,417
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/32		1,250,000		1,286,046
Philadelphia Authority for Industrial Development, Revenue Bonds, 5.000%, due 05/01/38		2,300,000		2,596,839
Philadelphia School District Prerefunded, GO Bonds,(State Aid Withholding), Series F, 5.000%, due 09/01/30		10,000		10,414
Philadelphia School District, GO Bonds, (State Aid Withholding), Series A, 4.000%, due 09/01/35		1,500,000		1,527,430
Series A, 5.000%, due 09/01/31		1,000,000		1,054,659
Southeastern Pennsylvania Transportation Authority,Revenue Bonds, 5.250%, due 06/01/40		1,750,000		1,978,940
				18,619,574
Rhode Island—1.9%
Rhode Island Health and Educational Building Corp., State of Rhode Island, Revenue Bonds, (Short-Term Appropriation), 4.000%, due 05/15/42		2,300,000		2,275,881
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT, Series A-SENIOR BONDS, 5.000%, due 12/01/30		1,125,000		1,194,344
				3,470,225

	Face amount		Value
Municipal bonds—(continued)
South Carolina—0.8%
Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds, Series B, 4.000%, due 01/01/34	$	1,500,000	$	1,526,190
Tennessee—4.1%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds, Series A, 5.000%, due 10/01/35		1,350,000		1,397,623
Metropolitan Government of Nashville & Davidson County TN, GO Bonds, 4.000%, due 07/01/33		1,500,000		1,535,534
Series C, 4.000%, due 01/01/32		3,000,000		3,167,823
Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.250%, due 09/01/26		1,500,000		1,533,821
				7,634,801
Texas—11.3%
Board of Regents of the University of Texas System, Refunding, Revenue Bonds, Series A, 5.000%, due 08/15/37		1,000,000		1,163,806
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT, Series 1A, 5.000%, due 04/01/30		1,000,000		1,041,662
Central Texas Turnpike System, Refunding, Revenue Bonds, Series C, 5.000%, due 08/15/372​		2,500,000		2,817,056
City of El Paso TX, GO Bonds, 5.000%, due 08/15/34		2,000,000		2,051,545
Dayton Independent School District, GO Bonds, (PSF-GTD), 4.000%, due 02/15/40		1,400,000		1,391,000
Garland Independent School District, GO Bonds, (PSF-GTD), Series A, 5.000%, due 02/15/42		2,000,000		2,218,319
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds, Series A, 4.000%, due 10/01/35		1,750,000		1,765,313
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/29		1,000,000		1,003,417

70

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount		Value
Municipal bonds—(continued)
Texas—(concluded)
Katy Independent School District, CIB, Refunding, GO Bonds, (PSF-GTD), Series A, 3.000%, due 02/15/32	$	2,375,000	$	2,224,010
Midland Independent School District, GO Bonds, (PSF-GTD), 5.000%, due 02/15/37		1,680,000		1,910,933
Plano Independent School District, GO Bonds, 5.000%, due 02/15/43		1,000,000		1,093,840
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Series B, 5.500%, due 01/01/541​		1,000,000		1,122,194
West Travis County Public Utility Agency, Refunding, Revenue Bonds, (BAM), 5.000%, due 08/15/30		1,000,000		1,055,275
				20,858,370
Virginia—1.4%
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Refunding, Revenue Bonds, 5.000%, due 12/31/42		1,000,000		1,057,077
Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/392​		1,350,000		1,510,479
				2,567,556
Washington—3.8%
Energy Northwest, Bonneville Power Administration, Refunding, Revenue Bonds, Series A, 5.000%, due 07/01/35		1,250,000		1,424,698
Grant County Public Utility District No. 2 Electric Revenue, Refunding, Revenue Bonds, Series R, 2.000%, due 01/01/441​		1,000,000		979,547
Port of Seattle, Revenue Bonds, AMT, Series C, 5.000%, due 04/01/32		1,000,000		1,001,423

	Face amount		Value
Municipal bonds—(concluded)
Washington—(concluded)
State of Washington, GO Bonds, Series B, 5.000%, due 02/01/43	$	1,000,000	$	1,104,827
State of Washington, Refunding, GO Bonds, Series R-2022-C, 4.000%, due 07/01/36		1,500,000		1,572,573
Washington State Housing Finance Commission, Revenue Bonds, Series A-1, 3.500%, due 12/20/35		952,695		884,216
				6,967,284
Wisconsin—3.3%
City of Milwaukee WI, GO Bonds, (AGM), Series B4, 5.000%, due 04/01/35		2,000,000		2,258,733
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds, 5.000%, due 03/01/34		1,500,000		1,540,375
Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds, Series A-2, 3.700%, due 10/01/461​		2,330,000		2,312,112
				6,111,220
Total municipal bonds (cost—$190,714,115)				186,942,230
	Number of shares
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund, 5.263%3 ​(cost—$499,961)		499,961		499,961
Total investments (cost—$191,214,076)—101.5%				187,442,191
Liabilities in excess of other assets—(1.5)%				(2,767,486	)
Net assets—100.0%			$	184,674,705

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.

71

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2024

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds	$	—	$	186,942,230	$	—	$	186,942,230
Short-term investments		—		499,961		—		499,961
Total	$	—	$	187,442,191	$	—	$	187,442,191

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

¹​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

²​  Security 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​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
72

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Asset-backed securities—1.1%
United States—1.1%
Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A, 5.680%, due 03/15/342​		571,000	$	576,981
GM Financial Automobile Leasing Trust, Series 2024-1, Class A3, 5.090%, due 03/22/27		438,000		438,653
Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.820%, due 04/20/372​		408,000		411,573
Tesla Auto Lease Trust, Series 2024-A, Class A3, 5.300%, due 06/21/272​		219,000		219,746
Toyota Lease Owner Trust, Series 2024-A, Class A3, 5.250%, due 04/20/272​		331,000		332,949
Total asset-backed securities (cost—$1,966,806)				1,979,902
Corporate bonds—32.5%
Australia—1.8%
Glencore Funding LLC 6.375%, due 10/06/302​		87,000		92,496
Santos Finance Ltd. 6.875%, due 09/19/332​		152,000		165,221
Westpac Banking Corp. 1.079%, due 04/05/273​	EUR	2,950,000		3,035,374
				3,293,091
Brazil—0.2%
Braskem Netherlands Finance BV 4.500%, due 01/31/302​		429,000		371,085
Canada—4.2%
Bank of Montreal 0.125%, due 01/26/273​	EUR	3,100,000		3,126,991
Enbridge, Inc. 5.300%, due 04/05/29		260,000		264,771
(fixed, converts to FRN on 01/15/28), 7.375%, due 01/15/834​		530,000		533,157
Toronto-Dominion Bank 0.864%, due 03/24/273​	EUR	2,950,000		3,022,533
3.666%, due 09/08/313​	EUR	700,000		791,050
				7,738,502
China—0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.300%, due 06/18/29		196,000		190,957
Denmark—0.8%
Danske Bank AS (fixed, converts to FRN on 03/01/29), 5.705%, due 03/01/302,4​		230,000		235,212
(fixed, converts to FRN on 06/21/29), 4.750%, due 06/21/303,4​	EUR	350,000		400,212
(fixed, converts to FRN on 09/11/25), 1.621%, due 09/11/262,4​		830,000		796,149
				1,431,573

	Face amount1​		Value
Corporate bonds—(continued)
France—2.1%
BNP Paribas SA (fixed, converts to FRN on 02/20/34), 5.738%, due 02/20/352,4,5​		200,000	$	204,434
(fixed, converts to FRN on 08/16/29), 7.750%, due 08/16/292,4,5,6​		425,000		437,749
BPCE SA 0.500%, due 02/24/273​	EUR	100,000		100,721
4.375%, due 07/13/283​	EUR	600,000		669,175
(fixed, converts to FRN on 01/18/26), 5.975%, due 01/18/272,4​		370,000		373,186
(fixed, converts to FRN on 10/19/28), 6.714%, due 10/19/292,4​		830,000		872,960
(fixed, converts to FRN on 10/19/33), 7.003%, due 10/19/342,4​		250,000		273,891
Credit Agricole SA (fixed, converts to FRN on 10/03/28), 6.316%, due 10/03/292,4​		355,000		370,541
Electricite de France SA 6.900%, due 05/23/532​		200,000		222,855
TotalEnergies SE (fixed, converts to FRN on 09/04/30), 2.000%, due 06/04/303,4,6​	EUR	250,000		237,703
				3,763,215
Germany—1.0%
Commerzbank AG (fixed, converts to FRN on 12/05/25), 4.000%, due 12/05/303,4​	EUR	800,000		861,165
Deutsche Bank AG (fixed, converts to FRN on 11/20/28), 6.819%, due 11/20/294​		185,000		195,699
RWE Finance U.S. LLC 5.875%, due 04/16/342​		150,000		154,457
Volkswagen Leasing GmbH 0.625%, due 07/19/293​	EUR	200,000		188,814
Vonovia SE 0.625%, due 12/14/293​	EUR	400,000		372,235
5.000%, due 11/23/303​	EUR	100,000		115,551
				1,887,921
India—0.2%
Muthoot Finance Ltd. 7.125%, due 02/14/282​		340,000		345,100
Indonesia—0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.450%, due 05/21/283​		202,000		203,014
Ireland—2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.450%, due 10/29/26		350,000		330,641
3.300%, due 01/30/32		150,000		132,046
5.750%, due 06/06/28		175,000		179,596
AIB Group PLC (fixed, converts to FRN on 04/04/27), 2.250%, due 04/04/283,4​	EUR	500,000		524,702

73

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Ireland—(concluded)
Avolon Holdings Funding Ltd. 2.875%, due 02/15/252​		385,000	$	377,473
4.250%, due 04/15/262​		1,105,000		1,078,734
5.750%, due 03/01/292​		741,000		752,130
6.375%, due 05/04/282​		155,000		159,798
Bank of Ireland Group PLC (fixed, converts to FRN on 07/04/30), 5.000%, due 07/04/313,4​	EUR	300,000		350,289
(fixed, converts to FRN on 09/16/25), 6.253%, due 09/16/262,4​		310,000		312,685
SMBC Aviation Capital Finance DAC 5.300%, due 04/03/292,5​		215,000		217,621
5.550%, due 04/03/342​		255,000		256,849
				4,672,564
Italy—1.2%
Enel Finance International NV 5.500%, due 06/15/522​		200,000		187,343
Intesa Sanpaolo SpA 5.250%, due 01/13/303​	EUR	300,000		354,352
6.625%, due 06/20/332​		405,000		428,984
7.000%, due 11/21/252​		200,000		204,102
UniCredit SpA 0.850%, due 01/19/313​	EUR	350,000		321,666
(fixed, converts to FRN on 01/17/28), 4.800%, due 01/17/293,4​	EUR	400,000		452,197
(fixed, converts to FRN on 06/03/26), 7.500%, due 06/03/263,4,6​	EUR	200,000		222,721
				2,171,365
Japan—0.2%
Takeda Pharmaceutical Co. Ltd. 5.300%, due 07/05/34		200,000		202,696
5.650%, due 07/05/54		200,000		199,737
				402,433
Mexico—0.4%
Petroleos Mexicanos 5.950%, due 01/28/31		900,000		741,510
Netherlands—0.4%
Cooperatieve Rabobank UA (fixed, converts to FRN on 12/01/26), 0.375%, due 12/01/273,4​	EUR	100,000		101,220
ING Groep NV (fixed, converts to FRN on 11/16/26), 5.750%, due 11/16/264,6​		580,000		562,202
				663,422
New Zealand—0.6%
Westpac Securities NZ Ltd. 3.750%, due 04/20/283​	EUR	1,039,000		1,150,943
Norway—0.2%
Aker BP ASA 5.600%, due 06/13/282​		205,000		209,128
6.000%, due 06/13/332​		205,000		211,703
				420,831

	Face amount1​		Value
Corporate bonds—(continued)
Spain—0.9%
Banco Santander SA 6.607%, due 11/07/28		400,000	$	427,221
CaixaBank SA (fixed, converts to FRN on 03/15/29), 5.673%, due 03/15/302,4​		415,000		422,875
(fixed, converts to FRN on 07/19/28), 5.000%, due 07/19/293,4​	EUR	400,000		455,833
(fixed, converts to FRN on 09/13/33), 6.840%, due 09/13/342,4​		230,000		249,972
				1,555,901
United Kingdom—3.8%
BAT Capital Corp. 4.540%, due 08/15/47		157,000		125,844
Eversholt Funding PLC 6.359%, due 12/02/253​	GBP	301,000		392,082
Gatwick Funding Ltd. 6.125%, due 03/02/263​	GBP	100,000		131,055
Heathrow Funding Ltd. 1.125%, due 10/08/303​	EUR	300,000		281,682
6.450%, due 12/10/313​	GBP	350,000		484,823
6.750%, due 12/03/263​	GBP	478,000		638,097
HSBC Holdings PLC (fixed, converts to FRN on 03/04/29), 5.546%, due 03/04/304​		440,000		448,509
Lloyds Banking Group PLC (fixed, converts to FRN on 08/07/26), 5.985%, due 08/07/274​		240,000		244,068
Nationwide Building Society 2.000%, due 04/28/273​	EUR	300,000		314,587
NatWest Group PLC (fixed, converts to FRN on 06/29/26), 6.000%, due 12/29/254,6​		370,000		365,225
(fixed, converts to FRN on 09/06/27), 4.067%, due 09/06/283,4​	EUR	505,000		557,328
(fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/264​		425,000		436,172
Santander U.K. Group Holdings PLC (fixed, converts to FRN on 11/21/25), 6.833%, due 11/21/264​		814,000		828,824
Segro Capital SARL 1.250%, due 03/23/263​	EUR	200,000		209,156
Standard Chartered PLC (fixed, converts to FRN on 01/12/27), 2.608%, due 01/12/282,4​		343,000		321,916
(fixed, converts to FRN on 02/08/27), 6.750%, due 02/08/282,4,5​		819,000		847,206
(fixed, converts to FRN on 02/15/28), 7.750%, due 08/15/272,4,6​		200,000		203,500
(fixed, converts to FRN on 09/23/26), 1.200%, due 09/23/313,4​	EUR	200,000		202,964
				7,033,038
United States—11.8%
AbbVie, Inc. 4.050%, due 11/21/39		81,000		72,356
5.050%, due 03/15/34		160,000		162,947

74

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
United States—(continued)
5.400%, due 03/15/54		234,000	$	237,057
AES Corp. 1.375%, due 01/15/26		460,000		435,710
Ameren Illinois Co. 5.900%, due 12/01/52		40,001		42,315
Bank of America Corp. (fixed, converts to FRN on 04/25/28), 5.202%, due 04/25/294​		325,000		328,969
(fixed, converts to FRN on 09/15/28), 5.819%, due 09/15/294​		905,000		937,081
(fixed, converts to FRN on 10/20/31), 2.572%, due 10/20/324​		311,000		264,228
Baxter International, Inc. 2.539%, due 02/01/325​		370,000		311,571
Berry Global, Inc. 5.650%, due 01/15/342​		130,000		130,482
Boeing Co. 6.528%, due 05/01/342​		75,000		78,730
6.858%, due 05/01/542​		215,000		227,609
7.008%, due 05/01/642,5​		120,000		127,195
Broadcom, Inc. 3.137%, due 11/15/352​		80,000		66,018
3.419%, due 04/15/332​		180,000		158,915
Cencora, Inc. 2.700%, due 03/15/31		337,000		294,886
2.800%, due 05/15/30		76,000		68,238
5.125%, due 02/15/34		169,000		170,369
CF Industries, Inc. 4.950%, due 06/01/43		159,000		142,898
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		250,000		218,707
3.500%, due 06/01/41		275,000		190,643
Cheniere Energy Partners LP 4.500%, due 10/01/29		440,000		425,817
Citigroup, Inc. (fixed, converts to FRN on 02/13/29), 5.174%, due 02/13/304​		580,000		586,380
(fixed, converts to FRN on 03/20/29), 3.980%, due 03/20/304​		460,000		441,983
(fixed, converts to FRN on 05/01/31), 2.561%, due 05/01/324​		210,000		179,168
Columbia Pipelines Operating Co. LLC 5.927%, due 08/15/302​		65,000		67,830
6.036%, due 11/15/332​		230,000		240,543
Comcast Corp. 2.937%, due 11/01/56		300,000		186,629
5.500%, due 11/15/32		430,000		449,003
ConocoPhillips Co. 5.550%, due 03/15/54		130,000		130,984
Constellation Energy Generation LLC 6.250%, due 10/01/39		175,000		187,696
6.500%, due 10/01/53		80,000		88,049

	Face amount1​		Value
Corporate bonds—(continued)
United States—(continued)
Duke Energy Corp. 5.800%, due 06/15/54		90,000	$	90,040
Edison International 5.450%, due 06/15/29		295,000		300,205
Energy Transfer LP 5.550%, due 02/15/28		402,000		409,459
5.750%, due 02/15/33		225,000		230,539
EnLink Midstream LLC 6.500%, due 09/01/302​		245,000		255,307
Entergy Arkansas LLC 5.750%, due 06/01/54		45,000		46,057
Enterprise Products Operating LLC (fixed, converts to FRN on 02/15/28), 5.375%, due 02/15/784​		74,000		69,921
Fifth Third Bancorp (fixed, converts to FRN on 07/28/29), 4.772%, due 07/28/304​		105,000		103,182
FirstEnergy Transmission LLC 2.866%, due 09/15/282​		210,000		194,833
Ford Motor Credit Co. LLC 4.867%, due 08/03/27	EUR	677,000		755,667
5.800%, due 03/08/29		270,000		272,763
General Electric Co. 4.125%, due 09/19/353​	EUR	88,000		99,081
General Motors Financial Co., Inc. 5.550%, due 07/15/29		450,000		458,676
Goldman Sachs Group, Inc. (fixed, converts to FRN on 04/25/29), 5.727%, due 04/25/304​		345,000		356,365
(fixed, converts to FRN on 05/01/28), 4.223%, due 05/01/294​		665,000		649,648
(fixed, converts to FRN on 07/23/29), 5.049%, due 07/23/304​		310,000		311,523
(fixed, converts to FRN on 07/23/34), 5.330%, due 07/23/354​		110,000		110,817
(fixed, converts to FRN on 10/21/26), 1.948%, due 10/21/274​		280,000		262,018
HCA, Inc. 3.500%, due 09/01/30		117,000		107,941
3.500%, due 07/15/51		190,000		130,445
4.625%, due 03/15/52		105,000		86,714
5.250%, due 06/15/49		10,000		9,121
ITC Holdings Corp. 2.950%, due 05/14/302​		45,000		40,635
5.400%, due 06/01/332​		370,000		373,644
JBS USA Holding Lux SARL/ JBS USA Food Co./JBS Lux Co. SARL 7.250%, due 11/15/532​		120,000		132,451
Jersey Central Power & Light Co. 2.750%, due 03/01/322​		330,000		280,457
KeyCorp (fixed, converts to FRN on 03/06/34), 6.401%, due 03/06/354​		141,000		147,079
Marvell Technology, Inc. 2.950%, due 04/15/31		79,000		69,585
5.750%, due 02/15/29		67,000		69,437

75

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
United States—(continued)
5.950%, due 09/15/33		109,000	$	114,523
Monongahela Power Co. 5.850%, due 02/15/342​		60,000		62,365
Morgan Stanley (fixed, converts to FRN on 04/13/27), 5.652%, due 04/13/284​		370,000		376,983
(fixed, converts to FRN on 04/18/29), 5.656%, due 04/18/304​		405,000		417,767
(fixed, converts to FRN on 04/19/34), 5.831%, due 04/19/354​		170,000		177,615
(fixed, converts to FRN on 07/20/28), 5.449%, due 07/20/294​		655,000		668,798
(fixed, converts to FRN on 07/21/33), 5.424%, due 07/21/344​		250,000		253,758
Morgan Stanley Bank NA (fixed, converts to FRN on 05/26/27), 5.504%, due 05/26/284​		250,000		254,473
Netflix, Inc. 4.625%, due 05/15/29	EUR	700,000		805,411
Occidental Petroleum Corp. 4.625%, due 06/15/45		85,000		68,647
5.375%, due 01/01/32		50,000		50,486
5.550%, due 10/01/345​		85,000		85,465
6.200%, due 03/15/40		50,000		51,404
Pacific Gas & Electric Co. 5.800%, due 05/15/34		265,000		270,195
6.150%, due 01/15/33		210,000		218,748
6.750%, due 01/15/53		143,000		153,376
6.950%, due 03/15/34		240,000		264,765
Pfizer Investment Enterprises Pte. Ltd. 5.300%, due 05/19/53		100,000		98,754
5.340%, due 05/19/63		120,000		116,916
Prologis Euro Finance LLC 1.000%, due 02/06/35	EUR	200,000		166,551
Prudential Financial, Inc. (fixed, converts to FRN on 03/15/34), 6.500%, due 03/15/544​		124,000		126,419
Realty Income Corp. 5.125%, due 07/06/34	EUR	100,000		118,809
San Diego Gas & Electric Co. 5.350%, due 04/01/53		170,000		166,404
Southern Co. Gas Capital Corp. 5.750%, due 09/15/33		100,000		104,730
Series 20-A, 1.750%, due 01/15/31		220,000		181,969
Take-Two Interactive Software, Inc. 5.600%, due 06/12/34		40,000		40,767
T-Mobile USA, Inc. 3.375%, due 04/15/29		320,000		299,926
U.S. Bancorp (fixed, converts to FRN on 01/23/34), 5.678%, due 01/23/354​		65,000		66,765
Virginia Electric & Power Co. 5.000%, due 01/15/34		180,000		179,520
Vistra Operations Co. LLC 3.700%, due 01/30/272​		209,000		201,861

	Face amount1​		Value
Corporate bonds—(concluded)
United States—(concluded)
6.000%, due 04/15/342​		65,000	$	66,510
Warnermedia Holdings, Inc. 4.279%, due 03/15/32		300,000		260,235
5.050%, due 03/15/42		355,000		280,054
Wells Fargo & Co. (fixed, converts to FRN on 04/22/27), 5.707%, due 04/22/284​		460,000		468,979
(fixed, converts to FRN on 07/25/33), 5.557%, due 07/25/344​		106,000		108,374
(fixed, converts to FRN on 10/23/28), 6.303%, due 10/23/294​		38,000		40,009
WPC Eurobond BV 1.350%, due 04/15/28	EUR	200,000		200,004
				21,662,951
Total corporate bonds (cost—$58,163,438)				59,699,416
Mortgage-backed securities—2.6%
Spain—0.2%
Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Class A, 3 mo. EUR EURIBOR + 0.150%, 3.824%, due 01/18/493,4​	EUR	241,766		258,034
				258,034
United Kingdom—0.5%
Gemgarto PLC, Series 2021-1A, Class A, Sterling Overnight Index Average + 0.590%, 5.823%, due 12/16/672,4​	GBP	164,525		211,365
Silverstone Master Issuer PLC, Series 2022-1A, Class 2A, Sterling Overnight Index Average + 0.290%, 5.523%, due 01/21/702,4​	GBP	600,000		769,208
				980,573
United States—1.9%
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.466%, due 12/25/592,4​		66,530		63,242
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, 4.575%, due 09/10/584​		470,000		436,350
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, 4.918%, due 01/15/494​		320,000		288,232
Federal National Mortgage Association REMICS, Series 2021-86, Class T, 2.500%, due 09/25/48		1,553,725		1,375,545
GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.322%, due 05/10/504​		350,000		274,720

76

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Mortgage-backed securities—(concluded)
United States—(concluded)
OBX Trust Series 2020-EXP1, Class 2A1, 1 mo. USD Term SOFR + 0.864%, 6.214%, due 02/25/602,4​		70,854	$	68,365
Series 2023-NQM1, Class A1, 6.120%, due 11/25/622,4​		197,277		198,291
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.275%, due 02/25/502,4​		14,396		13,625
UBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.430%, due 11/15/504​		360,000		323,383
Series 2018-C11, Class B, 4.713%, due 06/15/514​		440,000		389,978
Verus Securitization Trust, Series 2020-1, Class A1, 3.417%, due 01/25/602,4​		55,377		53,580
				3,485,311
Total mortgage-backed securities (cost—$5,135,556)				4,723,918
Non-U.S. government agency obligations—34.6%
Bahrain—0.3%
Bahrain Government International Bonds 6.750%, due 09/20/293​		545,000		557,944
Bermuda—0.5%
Bermuda Government International Bonds 4.750%, due 02/15/292​		910,000		889,270
Brazil—0.3%
Brazil Government International Bonds 3.875%, due 06/12/30		725,000		655,821
Canada—3.6%
Hydro-Quebec Series 19, 6.500%, due 02/15/35	CAD	750,000		660,684
Province of British Columbia 2.800%, due 06/18/48	CAD	300,000		169,807
Province of Ontario 3.650%, due 06/02/33	CAD	3,430,000		2,460,363
Province of Quebec 3.600%, due 09/01/33	CAD	3,360,000		2,397,813
5.000%, due 12/01/41	CAD	1,100,000		871,284
				6,559,951
China—6.6%
China Development Bank Series 2305, 3.020%, due 03/06/33	CNY	13,210,000		1,947,669
China Government Bonds Series INBK, 2.350%, due 02/25/34	CNY	51,000,000		7,180,834
Series INBK, 2.670%, due 11/25/33	CNY	13,770,000		1,989,850
4.500%, due 05/22/343	CNY	6,000,000		967,771
				12,086,124
Colombia—0.4%
Republic of Colombia 3.250%, due 04/22/32		950,000		742,900

	Face amount1​		Value
Non-U.S. government agency obligations—(continued)
Dominican Republic—0.4%
Dominican Republic International Bonds 4.875%, due 09/23/323​		720,000	$	659,477
France—1.8%
Caisse d'Amortissement de la Dette Sociale 0.450%, due 01/19/323​	EUR	2,800,000		2,536,370
0.600%, due 11/25/293​	EUR	900,000		867,057
				3,403,427
Hungary—1.0%
Hungary Government Bond Series 35/A, 7.000%, due 10/24/35	HUF	248,510,000		712,973
Hungary Government International Bonds 5.500%, due 03/26/362​		321,000		314,781
6.125%, due 05/22/282​		291,000		298,821
6.125%, due 05/22/283​		500,000		513,437
				1,840,012
Israel—0.8%
Israel Government International Bonds 5.375%, due 03/12/29		480,000		478,330
5.500%, due 03/12/34		967,000		944,336
				1,422,666
Italy—0.8%
Italy Buoni Poliennali del Tesoro Series 7Y, 3.500%, due 02/15/313​	EUR	1,300,000		1,424,089
Japan—4.1%
Japan Government Ten Year Bonds Series 361, 0.100%, due 12/20/30	JPY	214,350,000		1,374,298
Series 370, 0.500%, due 03/20/33	JPY	199,400,000		1,282,600
Japan Government Thirty Year Bonds Series 74, 1.000%, due 03/20/52	JPY	369,600,000		1,879,370
Japan Government Twenty Year Bonds Series 183, 1.400%, due 12/20/42	JPY	224,900,000		1,414,571
Series 186, 1.500%, due 09/20/43	JPY	240,500,000		1,524,234
				7,475,073
Mexico—2.3%
Mexico Bonos Series M, 7.750%, due 05/29/31	MXN	77,000,000		3,718,068
Mexico Government International Bonds 4.490%, due 05/25/32	EUR	496,000		537,735
				4,255,803
Morocco—0.2%
Morocco Government International Bonds 2.375%, due 12/15/272​		340,000		307,700
Romania—0.4%
Romanian Government International Bond 1.750%, due 07/13/303​	EUR	810,000		727,597
South Korea—2.3%
Korea Treasury Bonds Series 2409, 3.000%, due 09/10/24	KRW	5,964,350,000		4,323,931
Spain—3.4%
Spain Government Bonds 3.150%, due 04/30/333​	EUR	1,400,000		1,535,151
3.550%, due 10/31/333​	EUR	4,200,000		4,733,924
				6,269,075

77

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Non-U.S. government agency obligations—(concluded)
Supranationals—3.5%
Banque Ouest Africaine de Developpement 2.750%, due 01/22/332​	EUR	227,000	$	198,522
4.700%, due 10/22/313​		850,000		748,187
European Union 3.000%, due 03/04/533​	EUR	5,410,000		5,498,656
				6,445,365
United Kingdom—1.9%
U.K. Gilts 1.250%, due 07/31/513​	GBP	700,000		446,973
1.625%, due 10/22/283​	GBP	1,105,000		1,305,612
3.750%, due 10/22/533​	GBP	1,600,000		1,796,179
				3,548,764
Total non-U.S. government agency obligations (cost—$65,610,547)				63,594,989
U.S. government agency obligations—15.3%
United States—15.3%
Federal Home Loan Mortgage Corp. 2.500%, due 11/01/51		1,988,280		1,698,959
5.000%, due 01/01/53		922,836		909,920
5.500%, due 05/01/53		3,805,816		3,814,046
6.000%, due 06/01/53		536,704		544,381
6.000%, due 07/01/53		890,967		903,854
6.000%, due 08/01/53		1,522,857		1,544,638
6.000%, due 07/01/54		630,000		641,255
Federal National Mortgage Association 2.500%, due 07/01/51		3,485,471		2,956,012
2.500%, due 12/01/51		719,880		614,220
2.500%, due 05/01/52		796,314		674,858
3.000%, due 08/01/51		1,824,395		1,614,366
3.000%, due 11/01/51		1,902,824		1,677,153
3.000%, due 01/01/52		1,573,543		1,392,987
3.000%, due 03/01/52		749,147		659,859
3.000%, due 05/01/52		1,064,984		930,593
3.000%, due 07/01/52		869,494		759,435
3.500%, due 04/01/52		4,330,883		3,966,028
3.500%, due 05/01/58		1,233,818		1,120,657
6.500%, due 10/01/53		1,681,942		1,724,590
Total U.S. government agency obligations (cost—$28,629,862)				28,147,811

	Face amount1​		Value
U.S. Treasury obligations—9.1%
United States—9.1%
U.S. Treasury Bonds 4.125%, due 08/15/53		61,000	$	58,665
4.250%, due 02/15/54		60,000		59,006
4.500%, due 02/15/44		740,000		747,400
U.S. Treasury Notes 4.250%, due 06/30/29		8,190,000		8,303,252
4.375%, due 05/15/34		1,660,000		1,702,537
4.500%, due 05/15/27		1,350,000		1,363,922
4.500%, due 05/31/29		1,250,000		1,281,055
4.625%, due 04/30/31		1,250,000		1,298,437
4.875%, due 05/31/26		1,950,000		1,967,977
Total U.S. Treasury obligations (cost—$16,388,870)				16,782,251
	Number of shares
Short-term investments—3.4%
Investment companies—3.4%
State Street Institutional U.S. Government Money Market Fund, 5.263%7 ​(cost $6,299,020)		6,299,020		6,299,020
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%7 ​(cost $946,625)		946,625		946,625
Total investments (cost $183,140,724)—99.1%				182,173,932
Other assets in excess of liabilities—0.9%				1,674,546
Net assets—100.0%			$	183,848,478

78

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

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

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
73	AUD	Australian Bond 10 Year Futures	September 2024	$	5,406,778		$	5,503,359		$	96,581
71	EUR	Eurex Short-Term Euro-BTP Futures	September 2024		8,073,036			8,142,708			69,672
4	EUR	German Euro Buxl 30 Year Futures	September 2024		571,346			583,289			11,943
5	EUR	Italian Government Bond Futures	September 2024		632,797			643,722			10,925
1	JPY	Japan Government Bond 10 Year Futures	September 2024		953,176			952,705			(471	)
42	GBP	United Kingdom Long Gilt Bond Futures	September 2024		5,306,734			5,357,197			50,463
U.S. Treasury futures buy contracts:
45	USD	U.S. Long Bond Futures	September 2024	$	5,265,252		$	5,435,156		$	169,904
158	USD	U.S. Treasury Note 2 Year Futures	September 2024		32,262,121			32,448,016			185,895
Total				$	58,471,240		$	59,066,152		$	594,912
Index futures sell contracts:
10	EUR	EURO Bobl 5 Year Index Future	September 2024	$	(1,251,394	)	$	(1,271,752	)	$	(20,358	)
Interest rate futures sell contracts:
28	CAD	Canadian Bond 10 Year Futures	September 2024	$	(2,415,566	)	$	(2,493,261	)	$	(77,695	)
8	EUR	EURO 10 Year Euro BUND Futures	September 2024		(1,147,609	)		(1,157,834	)		(10,225	)
U.S. Treasury futures sell contracts:
82	USD	U.S. Treasury Note 10 Year Futures	September 2024	$	(8,891,719	)	$	(9,168,625	)	$	(276,906	)
2	USD	U.S. Treasury Note 5 Year Futures	September 2024		(215,230	)		(215,781	)		(551	)
22	USD	Ultra U.S. Treasury Bond Futures	September 2024		(2,745,375	)		(2,815,313	)		(69,938	)
43	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2024		(4,934,644	)		(4,969,859	)		(35,215	)
Total				$	(21,601,537	)	$	(22,092,425	)	$	(490,888	)
Net unrealized appreciation (depreciation)										$	104,024

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	342,588	TRY	14,681,607	01/22/25	$	25,658
BB	CAD	30,749	USD	22,584	08/27/24		297
BB	GBP	176,883	JPY	35,888,603	08/27/24		13,011
BB	MXN	2,635,690	USD	147,222	08/27/24		6,301
BB	USD	946,271	CZK	22,032,959	08/27/24		(7,494	)
BNP	CNY	854,133	USD	117,859	08/27/24		(671	)
BNP	CZK	16,020,469	EUR	630,133	08/27/24		156
BNP	EUR	420,089	MXN	8,168,122	08/27/24		(18,449	)
BNP	EUR	210,515	SEK	2,425,953	08/27/24		(1,279	)
BNP	JPY	70,954,192	USD	457,161	08/27/24		(18,240	)
BNP	PLN	2,701,002	EUR	628,842	08/27/24		99
BNP	USD	1,097,657	CNY	7,974,863	08/27/24		9,028
BNP	USD	353,235	EUR	324,038	08/27/24		(2,137	)

79

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	457,466	JPY	70,795,266	08/27/24	$	16,872
CITI	AUD	337,620	NZD	371,206	08/27/24		2
CITI	EUR	210,535	AUD	348,163	08/27/24		(285	)
CITI	EUR	210,515	NZD	378,527	08/27/24		(2,804	)
CITI	EUR	3,651,532	USD	3,977,912	08/27/24		21,451
CITI	EUR	326,899	USD	354,137	08/27/24		(61	)
CITI	GBP	176,710	NZD	381,760	08/27/24		(11	)
CITI	HUF	227,420,306	USD	627,113	08/27/24		3,005
CITI	JPY	34,960,623	GBP	177,302	08/27/24		(6,254	)
CITI	JPY	70,940,030	USD	457,821	08/27/24		(17,486	)
CITI	MXN	8,259,170	EUR	421,030	08/27/24		14,601
CITI	MXN	44,936,764	USD	2,517,105	08/27/24		114,499
CITI	NZD	193,971	USD	113,815	08/27/24		(1,632	)
CITI	SEK	2,442,414	AUD	345,291	08/27/24		(2,403	)
CITI	SEK	2,474,635	EUR	210,223	08/27/24		(3,590	)
CITI	SGD	346,752	USD	258,540	08/27/24		(1,196	)
CITI	USD	454,703	AUD	698,738	08/27/24		2,538
CITI	USD	228,619	CAD	315,594	08/27/24		131
CITI	USD	2,609,903	EUR	2,383,665	08/27/24		(27,183	)
CITI	USD	71,599	GBP	55,818	08/27/24		176
CITI	USD	228,668	GBP	176,493	08/27/24		(1,722	)
CITI	USD	687,937	JPY	107,807,634	08/27/24		34,388
CITI	USD	342,085	NZD	580,021	08/27/24		3,131
CITI	USD	1,894,980	PLN	7,436,535	08/27/24		(19,311	)
CITI	USD	228,619	SEK	2,440,582	08/27/24		(436	)
CITI	USD	1,995,906	THB	71,990,545	08/27/24		27,795
GSI	TRY	11,081,434	USD	267,603	01/22/25		(10,343	)
GSI	CHF	202,494	AUD	349,783	08/27/24		(2,412	)
GSI	EUR	209,590	USD	227,627	08/27/24		534
GSI	GBP	176,576	CHF	199,604	08/27/24		950
GSI	GBP	176,710	USD	228,471	08/27/24		1,246
GSI	JPY	35,856,106	USD	227,279	08/27/24		(12,962	)
GSI	PLN	2,709,853	EUR	630,668	08/27/24		(156	)
GSI	PLN	457,234	USD	115,185	08/27/24		(140	)
GSI	THB	49,060,342	USD	1,367,087	08/27/24		(12,031	)
GSI	USD	228,116	JPY	34,868,910	08/27/24		5,510
GSI	USD	158,566	RON	726,166	08/27/24		(649	)
GSI	USD	759,506	SEK	7,993,099	08/27/24		(12,187	)
HSBC	EUR	249,285	USD	271,868	08/27/24		1,766
HSBC	USD	386,183	DKK	2,646,151	08/27/24		(1,883	)
HSBC	USD	298,777	EUR	274,071	08/27/24		(1,818	)
HSBC	USD	320,782	ILS	1,165,259	08/27/24		(11,989	)
MSCI	TRY	3,600,173	USD	88,871	01/22/25		(1,429	)
MSCI	AUD	337,059	SEK	2,389,480	08/27/24		2,840
MSCI	CAD	2,418,230	USD	1,775,558	08/27/24		22,768

80

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	CAD	35,262	USD	25,493	08/27/24	$	(66	)
MSCI	EUR	210,223	CAD	314,676	08/27/24		307
MSCI	GBP	176,620	JPY	35,014,545	08/27/24		7,493
MSCI	JPY	17,954,734	USD	116,794	08/27/24		(3,505	)
MSCI	NZD	379,790	EUR	210,515	08/27/24		2,052
MSCI	USD	1,963,294	AUD	2,900,307	08/27/24		(65,389	)
MSCI	USD	1,949,028	CNY	14,145,956	08/27/24		14,030
MSCI	USD	358,900	GBP	277,887	08/27/24		(1,576	)
MSCI	USD	11,237,519	JPY	1,778,022,789	08/27/24		675,459
MSCI	USD	146,744	NOK	1,572,230	08/27/24		(2,553	)
SCB	USD	24,931	GBP	19,175	08/27/24		(275	)
SSB	CAD	27,364	USD	20,064	08/27/24		230
TDB	CHF	202,491	SEK	2,469,490	08/27/24		(413	)
TDB	JPY	36,364,251	USD	227,454	08/27/24		(16,191	)
TDB	NZD	202,713	USD	123,585	08/27/24		2,934
TDB	USD	1,507,415	CHF	1,343,738	08/27/24		27,495
TDB	USD	226,551	JPY	36,156,604	08/27/24		15,703
Net unrealized appreciation (depreciation)						$	783,845

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—	$	1,979,902	$	—	$	1,979,902
Corporate bonds		—		59,699,416		—		59,699,416
Mortgage-backed securities		—		4,723,918		—		4,723,918
Non-U.S. government agency obligations		—		63,594,989		—		63,594,989
U.S. government agency obligations		—		28,147,811		—		28,147,811
U.S. Treasury obligations		—		16,782,251		—		16,782,251
Short-term investments		—		6,299,020		—		6,299,020
Investment of cash collateral from securities loaned		—		946,625		—		946,625
Futures contracts		595,383		—		—		595,383
Forward foreign currency contracts		—		1,074,456		—		1,074,456
Total	$	595,383	$	183,248,388	$	—	$	183,843,771

81

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2024

Fair valuation summary—(concluded)

Liabilities       Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Futures contracts	$	(491,359	)	$	—		$	—	$	(491,359	)
Forward foreign currency contracts		—			(290,611	)		—		(290,611	)
Total	$	(491,359	)	$	(290,611	)	$	—	$	(781,970	)

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

¹​  In U.S. dollars unless otherwise indicated.

²​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $18,990,759, represented 10.3% 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​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

⁵​  Security, or portion thereof, was on loan at the period end.

⁶​  Perpetual investment. Date shown reflects the next call date.

⁷​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
82

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—96.4%
Advertising—0.7%
Clear Channel Outdoor Holdings, Inc. 5.125%, due 08/15/272​		75,000	$	72,647
7.500%, due 06/01/292​		125,000		107,334
7.750%, due 04/15/282​		200,000		176,637
7.875%, due 04/01/302​		100,000		101,770
Lamar Media Corp. 3.750%, due 02/15/28		25,000		23,547
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.250%, due 01/15/292​		125,000		115,904
4.625%, due 03/15/302​		175,000		160,795
5.000%, due 08/15/272​		200,000		195,450
Summer BC Holdco B SARL 5.750%, due 10/31/263​	EUR	275,000		296,127
				1,250,211
Aerospace & defense—1.5%
AAR Escrow Issuer LLC 6.750%, due 03/15/292​		50,000		51,109
Bombardier, Inc. 6.000%, due 02/15/282​		175,000		174,498
7.250%, due 07/01/312​		50,000		51,473
7.500%, due 02/01/292​		100,000		104,415
7.875%, due 04/15/272​		305,000		305,462
Evander Gold Mines Ltd. 10.000%, due 04/19/264,5,6​	EUR	103,770		0
Spirit AeroSystems, Inc. 4.600%, due 06/15/28		125,000		118,427
9.375%, due 11/30/292​		100,000		108,230
9.750%, due 11/15/302​		150,000		167,174
TransDigm, Inc. 4.625%, due 01/15/29		175,000		165,497
4.875%, due 05/01/29		100,000		95,160
5.500%, due 11/15/27		750,000		740,589
6.375%, due 03/01/292​		50,000		50,930
6.625%, due 03/01/322​		100,000		102,283
6.750%, due 08/15/282​		275,000		280,286
6.875%, due 12/15/302​		75,000		77,127
7.125%, due 12/01/312​		100,000		103,789
Triumph Group, Inc. 9.000%, due 03/15/282​		80,000		84,263
				2,780,712
Agriculture—0.2%
Darling Ingredients, Inc. 5.250%, due 04/15/272​		75,000		73,768
6.000%, due 06/15/302​		100,000		99,225
MHP Lux SA 6.250%, due 09/19/293​		200,000		143,000
Tereos Finance Groupe I SA 5.875%, due 04/30/302​	EUR	100,000		109,986
				425,979

	Face amount1​		Value
Corporate bonds—(continued)
Airlines—0.9%
Air Canada 3.875%, due 08/15/262​		25,000	$	24,046
Allegiant Travel Co. 7.250%, due 08/15/272​		50,000		46,634
American Airlines, Inc. 7.250%, due 02/15/282​		100,000		99,915
8.500%, due 05/15/292​		150,000		154,427
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.500%, due 04/20/262​		131,250		130,371
5.750%, due 04/20/292​		275,000		268,731
Avianca Midco 2 PLC 9.000%, due 12/01/282​		525,000		510,274
Delta Air Lines, Inc. 7.375%, due 01/15/26		75,000		76,634
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd. 11.000%, due 04/15/292​		82,500		78,664
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.875%, due 10/15/27		25,147		25,434
United Airlines, Inc. 4.375%, due 04/15/262​		50,000		48,749
4.625%, due 04/15/292​		150,000		141,756
				1,605,635
Apparel—0.3%
Crocs, Inc. 4.125%, due 08/15/312​		175,000		153,697
4.250%, due 03/15/292​		25,000		23,063
CT Investment GmbH 6.375%, due 04/15/302​	EUR	200,000		220,498
6.375%, due 04/15/303​		100,000		110,249
Hanesbrands, Inc. 9.000%, due 02/15/312​		50,000		52,919
Kontoor Brands, Inc. 4.125%, due 11/15/292​		75,000		68,938
				629,364
Auto manufacturers—0.7%
Allison Transmission, Inc. 3.750%, due 01/30/312​		25,000		22,251
4.750%, due 10/01/272​		75,000		73,204
Aston Martin Capital Holdings Ltd. 10.375%, due 03/31/292​	GBP	100,000		128,866
Ford Motor Co. 4.750%, due 01/15/43		125,000		102,296
5.291%, due 12/08/46		50,000		44,436
Ford Motor Credit Co. LLC 4.000%, due 11/13/30		200,000		181,746
Jaguar Land Rover Automotive PLC 5.875%, due 01/15/282​		200,000		198,027
6.875%, due 11/15/263​	EUR	200,000		227,379
JB Poindexter & Co., Inc. 8.750%, due 12/15/312​		75,000		78,835

83

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Mclaren Finance PLC 7.500%, due 08/01/262​		200,000	$	174,800
Wabash National Corp. 4.500%, due 10/15/282​		25,000		22,698
				1,254,538
Auto parts & equipment—2.5%
Adient Global Holdings Ltd. 7.000%, due 04/15/282​		25,000		25,554
8.250%, due 04/15/312​		25,000		26,284
Adler Pelzer Holding GmbH 9.500%, due 04/01/272​	EUR	200,000		214,560
9.500%, due 04/01/273​		100,000		107,280
American Axle & Manufacturing, Inc. 5.000%, due 10/01/29		25,000		22,929
Clarios Global LP 6.750%, due 05/15/252​		42,000		42,020
Clarios Global LP/Clarios U.S. Finance Co. 6.250%, due 05/15/262​		25,000		24,984
8.500%, due 05/15/272​		25,000		25,187
Dana Financing Luxembourg SARL 8.500%, due 07/15/312​	EUR	125,000		146,557
Dana, Inc. 4.500%, due 02/15/32		25,000		21,843
5.375%, due 11/15/27		25,000		24,568
Dealer Tire LLC/DT Issuer LLC 8.000%, due 02/01/282​		75,000		74,822
Dornoch Debt Merger Sub, Inc. 6.625%, due 10/15/292​		275,000		240,939
Forvia SE 2.750%, due 02/15/273​	EUR	350,000		364,626
Goodyear Tire & Rubber Co. 5.000%, due 07/15/29		75,000		70,785
5.250%, due 04/30/31		25,000		23,313
5.250%, due 07/15/31		275,000		257,102
7.000%, due 03/15/28		25,000		25,534
9.500%, due 05/31/25		50,000		50,144
Grupo Antolin-Irausa SA 3.500%, due 04/30/283​	EUR	100,000		88,772
10.375%, due 01/30/302​		125,000		135,134
IHO Verwaltungs GmbH 8.750% Cash or 9.500% PIK, 8.750%, due 05/15/282,7​		225,000		260,247
Mahle GmbH 6.500%, due 05/02/312​		100,000		110,200
Nemak SAB de CV 2.250%, due 07/20/283​		150,000		141,975
2.250%, due 07/20/282​		125,000		118,313
3.625%, due 06/28/313​		200,000		158,500
Phinia, Inc. 6.750%, due 04/15/292​		25,000		25,500
Schaeffler AG 4.500%, due 03/28/303​	EUR	100,000		107,413
Standard Profil Automotive GmbH 6.250%, due 04/30/263​		100,000		95,279

	Face amount1​		Value
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
Tenneco, Inc. 8.000%, due 11/17/282​		225,000	$	204,201
TI Automotive Finance PLC 3.750%, due 04/15/293​	EUR	175,000		175,947
ZF Europe Finance BV 3.000%, due 10/23/293​		200,000		198,909
6.125%, due 03/13/293​		300,000		341,805
ZF Finance GmbH 5.750%, due 08/03/263​		100,000		110,931
ZF North America Capital, Inc. 6.750%, due 04/23/302​		150,000		152,802
6.875%, due 04/14/282​		150,000		153,746
6.875%, due 04/23/322​		150,000		155,086
7.125%, due 04/14/302​		150,000		155,705
				4,679,496
Banks—2.1%
Access Bank PLC 6.125%, due 09/21/263​		200,000		189,938
Banco de Credito e Inversiones SA (fixed, converts to FRN on 05/08/29), 8.750%, due 02/08/292,6,8​		200,000		209,450
Banco de Credito Social Cooperativo SA (fixed, converts to FRN on 03/09/27), 1.750%, due 03/09/283,6​	EUR	200,000		204,271
Barclays PLC (fixed, converts to FRN on 06/15/25), 7.125%, due 06/15/256,8​	GBP	200,000		256,313
Citigroup, Inc. Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/256,8​		175,000		172,722
Series T, (fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/266,8​		125,000		124,939
Commerzbank AG (fixed, converts to FRN on 12/29/26), 1.375%, due 12/29/313,6​	EUR	200,000		202,348
(fixed, converts to FRN on 12/05/25), 4.000%, due 12/05/303,6​		100,000		107,646
(fixed, converts to FRN on 12/06/27), 6.500%, due 12/06/323,6​		100,000		115,320
Deutsche Bank AG (fixed, converts to FRN on 06/24/27), 4.000%, due 06/24/323,6​		400,000		428,957
(fixed, converts to FRN on 05/19/26), 5.625%, due 05/19/313,6​		100,000		110,141
Freedom Mortgage Corp. 6.625%, due 01/15/272​		250,000		245,048
7.625%, due 05/01/262​		75,000		75,083
12.000%, due 10/01/282​		25,000		26,898
12.250%, due 10/01/302​		25,000		27,401
Goldman Sachs Group, Inc. Series R, (fixed, converts to FRN on 02/10/25), 4.950%, due 02/10/256,8​		75,000		74,278

84

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Banks—(concluded)
Intesa Sanpaolo SpA 2.925%, due 10/14/303​	EUR	250,000	$	254,761
3.928%, due 09/15/263​		250,000		271,960
JPMorgan Chase & Co. Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/256,8​		75,000		74,436
UniCredit SpA (fixed, converts to FRN on 09/23/24), 2.000%, due 09/23/293,6​	EUR	400,000		431,255
(fixed, converts to FRN on 01/15/27), 2.731%, due 01/15/323,6​		325,000		339,109
				3,942,274
Beverages—0.2%
Primo Water Holdings, Inc. 3.875%, due 10/31/283​		200,000		208,884
4.375%, due 04/30/292​		150,000		139,685
Triton Water Holdings, Inc. 6.250%, due 04/01/292​		100,000		96,893
				445,462
Biotechnology—0.1%
Grifols SA 3.875%, due 10/15/283​	EUR	225,000		214,285
Building materials—2.1%
AmeriTex HoldCo Intermediate LLC 10.250%, due 10/15/282​		50,000		53,160
Builders FirstSource, Inc. 4.250%, due 02/01/322​		300,000		268,116
5.000%, due 03/01/302​		100,000		95,677
6.375%, due 06/15/322​		225,000		228,194
Cemex SAB de CV (fixed, converts to FRN on 09/08/26), 5.125%, due 06/08/262,6,8​		200,000		194,626
(fixed, converts to FRN on 09/08/26), 5.125%, due 06/08/263,6,8​		600,000		583,878
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.375%, due 12/15/302​	EUR	125,000		141,444
6.625%, due 12/15/302​		100,000		101,877
Griffon Corp. 5.750%, due 03/01/28		250,000		244,726
JELD-WEN, Inc. 4.625%, due 12/15/252​		25,000		24,622
Knife River Corp. 7.750%, due 05/01/312​		50,000		52,460
Masterbrand, Inc. 7.000%, due 07/15/322​		25,000		25,685
Miter Brands Acquisition Holdco, Inc./ MIWD Borrower LLC 6.750%, due 04/01/322​		75,000		76,095
MIWD Holdco II LLC/MIWD Finance Corp. 5.500%, due 02/01/302​		75,000		70,057
New Enterprise Stone & Lime Co., Inc. 5.250%, due 07/15/282​		75,000		72,029
9.750%, due 07/15/282​		100,000		102,283

	Face amount1​		Value
Corporate bonds—(continued)
Building materials—(concluded)
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.500%, due 04/15/302​		50,000	$	46,809
Project Grand U.K. PLC 9.000%, due 06/01/292​	EUR	100,000		110,065
Sisecam U.K. PLC 8.250%, due 05/02/292​		200,000		203,812
Smyrna Ready Mix Concrete LLC 6.000%, due 11/01/282​		225,000		222,886
Standard Industries, Inc. 2.250%, due 11/21/263​	EUR	225,000		231,635
4.375%, due 07/15/302​		175,000		159,425
5.000%, due 02/15/272​		125,000		122,305
6.500%, due 08/15/322,9​		50,000		50,091
Summit Materials LLC/Summit Materials Finance Corp. 5.250%, due 01/15/292​		100,000		97,761
6.500%, due 03/15/272​		50,000		50,063
7.250%, due 01/15/312​		45,000		46,923
West China Cement Ltd. 4.950%, due 07/08/263​		200,000		163,837
				3,840,541
Chemicals—3.6%
ASP Unifrax Holdings, Inc. 7.500%, due 09/30/292​		25,000		12,500
Avient Corp. 5.750%, due 05/15/252​		100,000		99,761
7.125%, due 08/01/302​		125,000		128,344
Braskem Idesa SAPI 6.990%, due 02/20/323​		300,000		227,400
Braskem Netherlands Finance BV 4.500%, due 01/31/303​		850,000		735,250
Chemours Co. 4.000%, due 05/15/26	EUR	200,000		210,659
4.625%, due 11/15/292​		50,000		43,794
5.375%, due 05/15/27		75,000		72,050
5.750%, due 11/15/282​		175,000		163,712
Consolidated Energy Finance SA 5.000%, due 10/15/282​	EUR	225,000		206,532
Herens Midco SARL 5.250%, due 05/15/293​		200,000		162,338
INEOS Finance PLC 6.375%, due 04/15/292​		150,000		167,008
INEOS Quattro Finance 2 PLC 8.500%, due 03/15/292​		200,000		230,243
Innophos Holdings, Inc. 9.375%, due 02/15/282​		100,000		86,500
Iris Holdings, Inc. 8.750% Cash or 9.500% PIK, 8.750%, due 02/15/262,7​		125,000		103,750
Italmatch Chemicals SpA 10.000%, due 02/06/282​	EUR	125,000		144,548
Methanex Corp. 5.125%, due 10/15/27		75,000		73,025
Minerals Technologies, Inc. 5.000%, due 07/01/282​		100,000		96,140

85

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Nobian Finance BV 3.625%, due 07/15/263​	EUR	125,000	$	132,796
NOVA Chemicals Corp. 4.250%, due 05/15/292​		50,000		45,232
5.000%, due 05/01/252​		50,000		49,554
5.250%, due 06/01/272​		75,000		73,192
8.500%, due 11/15/282​		125,000		132,666
9.000%, due 02/15/302​		150,000		158,577
OCP SA 6.875%, due 04/25/443​		500,000		488,765
7.500%, due 05/02/542​		200,000		206,250
Olin Corp. 5.625%, due 08/01/29		150,000		148,113
Olympus Water U.S. Holding Corp. 5.375%, due 10/01/293​	EUR	225,000		222,554
6.250%, due 10/01/292​		200,000		183,531
9.625%, due 11/15/283​	EUR	125,000		145,214
Polar U.S. Borrower LLC/Schenectady International Group, Inc. 6.750%, due 05/15/262​		125,000		34,813
Rain Carbon, Inc. 12.250%, due 09/01/292​		50,000		54,044
Sasol Financing USA LLC 4.500%, due 11/08/273​		200,000		182,400
5.500%, due 03/18/31		300,000		258,000
SCIH Salt Holdings, Inc. 4.875%, due 05/01/282​		25,000		23,307
6.625%, due 05/01/292​		150,000		141,405
SCIL IV LLC/SCIL USA Holdings LLC 9.500%, due 07/15/282​	EUR	150,000		175,283
9.500%, due 07/15/283​		100,000		116,855
Synthomer PLC 7.375%, due 05/02/292​		125,000		142,639
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.125%, due 04/01/292​		240,000		90,980
5.375%, due 09/01/252​		46,000		38,410
Tronox, Inc. 4.625%, due 03/15/292​		175,000		159,393
UPL Corp. Ltd. (fixed, converts to FRN on 05/27/25), 5.250%, due 02/27/253,6,8​		200,000		148,750
WR Grace Holdings LLC 4.875%, due 06/15/272​		125,000		120,890
5.625%, due 08/15/292​		125,000		114,382
7.375%, due 03/01/312​		50,000		51,341
				6,802,890
Coal—0.0%†​
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/244,5,10​		550,000		5,500
Murray Energy Corp. 9.000% Cash and 3.000% PIK, 12.000%, due 04/15/242,4,5​		1,268,693		0
				5,500

	Face amount1​		Value
Corporate bonds—(continued)
Commercial services—4.2%
ADT Security Corp. 4.125%, due 08/01/292​		100,000	$	93,290
4.875%, due 07/15/322​		150,000		139,456
Adtalem Global Education, Inc. 5.500%, due 03/01/282​		81,000		78,717
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.000%, due 06/01/292​		200,000		174,259
6.625%, due 07/15/262​		9,000		9,013
9.750%, due 07/15/272​		250,000		249,789
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, due 06/01/282​	EUR	100,000		101,520
4.625%, due 06/01/282​		200,000		184,346
4.875%, due 06/01/283​	GBP	150,000		176,586
Alta Equipment Group, Inc. 9.000%, due 06/01/292​		50,000		47,381
Amber Finco PLC 6.625%, due 07/15/292​	EUR	100,000		112,150
AMN Healthcare, Inc. 4.000%, due 04/15/292​		250,000		228,944
4.625%, due 10/01/272​		25,000		24,015
APi Group DE, Inc. 4.125%, due 07/15/292​		175,000		161,547
APX Group, Inc. 5.750%, due 07/15/292​		175,000		170,254
Arena Luxembourg Finance SARL 1.875%, due 02/01/283​	EUR	125,000		124,890
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, due 03/01/292​		200,000		183,056
5.750%, due 07/15/272​		25,000		24,170
Avis Budget Finance PLC 7.250%, due 07/31/302​	EUR	200,000		212,769
BCP V Modular Services Finance II PLC 4.750%, due 11/30/283​		100,000		103,005
BCP V Modular Services Finance PLC 6.750%, due 11/30/293​		250,000		229,978
Block, Inc. 6.500%, due 05/15/322​		75,000		76,215
Boels Topholding BV 5.750%, due 05/15/302​	EUR	100,000		109,795
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.500%, due 01/15/313​	GBP	200,000		276,715
Brink's Co. 6.500%, due 06/15/292​		75,000		76,431
6.750%, due 06/15/322​		100,000		101,938
Carriage Services, Inc. 4.250%, due 05/15/292​		75,000		67,947
Champions Financing, Inc. 8.750%, due 02/15/292​		25,000		25,499
CPI CG, Inc. 10.000%, due 07/15/292​		50,000		52,125

86

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Commercial services—(continued)
GEO Group, Inc. 8.625%, due 04/15/29		75,000	$	78,091
10.250%, due 04/15/31		100,000		107,195
Herc Holdings, Inc. 6.625%, due 06/15/292​		75,000		76,576
Hertz Corp. 3.000%, due 01/15/282​		50,000		4,500
5.000%, due 12/01/292​		50,000		33,047
La Financiere Atalian 3.500% Cash and 5.000% PIK, 8.500%, due 06/30/28	EUR	298,201		190,465
Loxam SAS 4.500%, due 02/15/273​		100,000		108,441
6.375%, due 05/31/292​		100,000		112,963
Matthews International Corp. 5.250%, due 12/01/252​		100,000		98,750
Mavis Tire Express Services Topco Corp. 6.500%, due 05/15/292​		325,000		309,213
Mundys SpA 1.875%, due 02/12/283​	EUR	225,000		226,169
Neptune Bidco U.S., Inc. 9.290%, due 04/15/292​		275,000		269,326
NESCO Holdings II, Inc. 5.500%, due 04/15/292​		125,000		116,342
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. 4.000%, due 06/15/292​		100,000		92,463
PECF USS Intermediate Holding III Corp. 8.000%, due 11/15/292​		125,000		53,125
Prime Security Services Borrower LLC/Prime Finance, Inc. 6.250%, due 01/15/282​		75,000		74,753
PROG Holdings, Inc. 6.000%, due 11/15/292​		25,000		24,049
Q-Park Holding I BV 2.000%, due 03/01/272​	EUR	100,000		102,744
5.125%, due 02/15/302​		100,000		109,135
Rekeep SpA 7.250%, due 02/01/263​		175,000		173,769
RR Donnelley & Sons Co. 9.500%, due 08/01/292,9​		75,000		75,938
10.875%, due 08/01/292,9​		75,000		74,813
Service Corp. International 3.375%, due 08/15/30		25,000		22,120
4.000%, due 05/15/31		225,000		202,716
United Rentals North America, Inc. 3.750%, due 01/15/32		75,000		66,206
3.875%, due 02/15/31		125,000		112,970
4.000%, due 07/15/30		225,000		205,797
5.250%, due 01/15/30		275,000		269,021
5.500%, due 05/15/27		25,000		24,904
6.000%, due 12/15/292​		25,000		25,366
Verisure Holding AB 7.125%, due 02/01/282​	EUR	125,000		141,538
9.250%, due 10/15/273​		100,000		114,134

	Face amount1​		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Verisure Midholding AB 5.250%, due 02/15/293​		200,000	$	214,026
WASH Multifamily Acquisition, Inc. 5.750%, due 04/15/262​		100,000		98,411
Williams Scotsman, Inc. 4.625%, due 08/15/282​		75,000		71,370
6.125%, due 06/15/252​		60,000		60,031
6.625%, due 06/15/292​		50,000		50,914
				7,807,191
Computers—0.9%
Amentum Escrow Corp. 7.250%, due 08/01/322,9​		75,000		76,598
ASGN, Inc. 4.625%, due 05/15/282​		175,000		167,683
CA Magnum Holdings 5.375%, due 10/31/263​		200,000		192,625
Exela Intermediate LLC/Exela Finance, Inc. 11.500% PIK, 11.500%, due 04/15/262,7​		158,398		24,948
Insight Enterprises, Inc. 6.625%, due 05/15/322​		25,000		25,719
McAfee Corp. 7.375%, due 02/15/302​		75,000		69,961
NCR Atleos Corp. 9.500%, due 04/01/292​		200,000		218,484
NCR Voyix Corp. 5.000%, due 10/01/282​		125,000		119,529
5.125%, due 04/15/292​		300,000		286,614
5.250%, due 10/01/302​		25,000		23,455
Seagate HDD Cayman 4.125%, due 01/15/31		80,000		72,532
9.625%, due 12/01/32		226,125		258,952
Western Digital Corp. 4.750%, due 02/15/26		50,000		49,131
				1,586,231
Cosmetics/Personal Care—0.1%
Coty, Inc. 5.750%, due 09/15/282​	EUR	100,000		112,897
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 6.625%, due 07/15/302​		50,000		51,342
				164,239
Distribution & wholesale—0.5%
American Builders & Contractors Supply Co., Inc. 4.000%, due 01/15/282​		50,000		47,221
Azelis Finance NV 5.750%, due 03/15/283​	EUR	300,000		333,963
BCPE Empire Holdings, Inc. 7.625%, due 05/01/272​		175,000		169,326
Li & Fung Ltd. 5.250%, due 11/03/243,8​		200,000		99,595
OPENLANE, Inc. 5.125%, due 06/01/252​		16,000		15,881

87

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
Resideo Funding, Inc. 4.000%, due 09/01/292​		50,000	$	45,574
6.500%, due 07/15/322​		50,000		49,997
Ritchie Bros Holdings, Inc. 6.750%, due 03/15/282​		50,000		51,051
7.750%, due 03/15/312​		50,000		52,575
Velocity Vehicle Group LLC 8.000%, due 06/01/292​		25,000		25,750
Windsor Holdings III LLC 8.500%, due 06/15/302​		50,000		52,625
				943,558
Diversified financial services—4.0%
4finance SA 10.750%, due 10/26/26	EUR	200,000		206,309
AG Issuer LLC 6.250%, due 03/01/282​		100,000		95,838
AG TTMT Escrow Issuer LLC 8.625%, due 09/30/272​		25,000		25,526
Agps Bondco PLC 5.000%, due 01/14/293​	EUR	200,000		68,831
Ally Financial, Inc. Series B, (fixed, converts to FRN on 05/15/26), 4.700%, due 05/15/266,8​		100,000		91,681
6.700%, due 02/14/33		100,000		102,788
Bracken MidCo1 PLC 6.750% Cash or 7.500% PIK, 6.750%, due 11/01/273,7​	GBP	100,000		121,652
Bread Financial Holdings, Inc. 9.750%, due 03/15/292​		75,000		80,413
Coinbase Global, Inc. 0.500%, due 06/01/26		25,000		25,672
3.375%, due 10/01/282​		325,000		286,102
3.625%, due 10/01/312​		275,000		228,630
Credito Real SAB de CV SOFOM ER,11 ​5.000%, due 02/01/273​	EUR	275,000		26,839
doValue SpA 3.375%, due 07/31/262​		150,000		156,297
Enova International, Inc. 9.125%, due 08/01/292,9​		25,000		25,248
Freedom Mortgage Holdings LLC 9.250%, due 02/01/292​		75,000		75,537
Garfunkelux Holdco 3 SA 7.750%, due 11/01/253​	GBP	225,000		183,696
GGAM Finance Ltd. 6.875%, due 04/15/292​		25,000		25,561
8.000%, due 02/15/272​		25,000		25,848
Global Aircraft Leasing Co. Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 09/15/242,7​		249,147		244,787
goeasy Ltd. 7.625%, due 07/01/292​		150,000		153,428
9.250%, due 12/01/282​		50,000		53,621
Hightower Holding LLC 9.125%, due 01/31/302​		50,000		50,776

	Face amount1​		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
International Personal Finance PLC 9.750%, due 11/12/25	EUR	100,000	$	109,264
Intrum AB 9.250%, due 03/15/283​		100,000		74,808
Iqera Group SAS 6.500%, due 09/30/242​		83,280		60,838
Jane Street Group/JSG Finance, Inc. 4.500%, due 11/15/292​		75,000		70,997
Jefferson Capital Holdings LLC 6.000%, due 08/15/262​		100,000		99,289
9.500%, due 02/15/292​		100,000		104,919
Jerrold Finco PLC 5.250%, due 01/15/273​	GBP	175,000		218,785
7.875%, due 04/15/302​		100,000		128,904
Macquarie Airfinance Holdings Ltd. 6.400%, due 03/26/292​		25,000		25,657
6.500%, due 03/26/312​		50,000		51,890
8.125%, due 03/30/292​		50,000		52,901
8.375%, due 05/01/282​		25,000		26,471
Manappuram Finance Ltd. 7.375%, due 05/12/283​		250,000		250,234
Midcap Financial Issuer Trust 6.500%, due 05/01/282​		200,000		193,174
Nationstar Mortgage Holdings, Inc. 5.125%, due 12/15/302​		75,000		69,846
5.500%, due 08/15/282​		100,000		97,121
5.750%, due 11/15/312​		50,000		47,719
6.000%, due 01/15/272​		75,000		74,441
7.125%, due 02/01/322​		50,000		51,037
Navient Corp. 5.000%, due 03/15/27		231,000		223,340
5.500%, due 03/15/29		250,000		232,490
Series A, 5.625%, due 08/01/33		150,000		124,928
6.750%, due 06/15/26		200,000		202,138
9.375%, due 07/25/30		75,000		79,904
11.500%, due 03/15/31		100,000		110,825
Newday Bondco PLC 13.250%, due 12/15/263​	GBP	103,000		142,210
OneMain Finance Corp. 3.875%, due 09/15/28		25,000		22,838
4.000%, due 09/15/30		75,000		65,652
5.375%, due 11/15/29		25,000		24,024
6.625%, due 01/15/28		75,000		75,997
7.125%, due 03/15/26		150,000		152,567
7.500%, due 05/15/31		100,000		102,827
7.875%, due 03/15/30		200,000		208,533
9.000%, due 01/15/29		25,000		26,507
PennyMac Financial Services, Inc. 4.250%, due 02/15/292​		175,000		162,233
5.750%, due 09/15/312​		75,000		71,649
7.875%, due 12/15/292​		125,000		130,848
PRA Group, Inc. 7.375%, due 09/01/252​		25,000		24,979
8.375%, due 02/01/282​		100,000		101,244

88

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Provident Funding Associates LP/PFG Finance Corp. 6.375%, due 06/15/252​		75,000	$	72,927
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 3.625%, due 03/01/292​		75,000		68,850
3.875%, due 03/01/312​		75,000		66,715
4.000%, due 10/15/332​		250,000		215,020
SLM Corp. 3.125%, due 11/02/26		225,000		212,921
StoneX Group, Inc. 7.875%, due 03/01/312​		25,000		26,025
Synchrony Financial 7.250%, due 02/02/33		75,000		76,707
VFH Parent LLC/Valor Co-Issuer, Inc. 7.500%, due 06/15/312​		25,000		25,750
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 6.375%, due 02/01/302​		100,000		79,658
7.875%, due 05/01/272​		150,000		135,778
World Acceptance Corp. 7.000%, due 11/01/262​		150,000		144,289
				7,573,748
Electric—3.2%
AES Andes SA (fixed, converts to FRN on 04/07/25), 6.350%, due 10/07/793,6​		200,000		197,638
AES Corp. (fixed, converts to FRN on 01/15/30), 7.600%, due 01/15/556​		75,000		76,319
AES Espana BV 5.700%, due 05/04/282​		400,000		383,704
American Electric Power Co., Inc. (fixed, converts to FRN on 12/15/34), 6.950%, due 12/15/546​		50,000		50,578
(fixed, converts to FRN on 12/15/29), 7.050%, due 12/15/546​		75,000		75,829
Calpine Corp. 4.500%, due 02/15/282​		25,000		23,949
5.000%, due 02/01/312​		100,000		94,439
5.125%, due 03/15/282​		325,000		314,768
Clean Renewable Power Mauritius Pte. Ltd. 4.250%, due 03/25/272​		174,000		164,049
Clearway Energy Operating LLC 3.750%, due 01/15/322​		50,000		43,601
4.750%, due 03/15/282​		50,000		47,997
ContourGlobal Power Holdings SA 3.125%, due 01/01/282​	EUR	100,000		99,792
3.125%, due 01/01/283​		200,000		199,584
Electricidad Firme de Mexico Holdings SA de CV 4.900%, due 11/20/262​		200,000		189,400
Electricite de France SA (fixed, converts to FRN on 01/22/26), 5.000%, due 01/22/263,6,8​	EUR	200,000		216,228

	Face amount1​		Value
Corporate bonds—(continued)
Electric—(concluded)
(fixed, converts to FRN on 01/29/25), 5.375%, due 01/29/253,6,8​		100,000	$	108,387
Energia Group Roi Financeco DAC 6.875%, due 07/31/282​		250,000		281,986
Eskom Holdings SOC Ltd. 6.350%, due 08/10/283​		200,000		197,250
Instituto Costarricense de Electricidad 6.375%, due 05/15/433​		200,000		177,500
6.750%, due 10/07/312​		300,000		301,704
Investment Energy Resources Ltd. 6.250%, due 04/26/292​		200,000		191,876
Leeward Renewable Energy Operations LLC 4.250%, due 07/01/292​		50,000		45,496
Mong Duong Finance Holdings BV 5.125%, due 05/07/292​		316,230		303,186
NRG Energy, Inc. 3.375%, due 02/15/292​		50,000		45,000
3.625%, due 02/15/312​		25,000		21,875
5.250%, due 06/15/292​		150,000		145,854
5.750%, due 01/15/28		25,000		24,845
6.625%, due 01/15/27		46,000		45,967
(fixed, converts to FRN on 03/15/28), 10.250%, due 03/15/282,6,8​		125,000		138,512
PG&E Corp. 5.000%, due 07/01/28		150,000		146,311
Pike Corp. 8.625%, due 01/31/312​		25,000		26,883
RRI Energy, Inc. 3.000%, due 06/15/174,5,11​		75,000		0
San Miguel Global Power Holdings Corp. (fixed, converts to FRN on 10/21/25), 7.000%, due 10/21/253,6,8​		200,000		197,876
Talen Energy Supply LLC 8.625%, due 06/01/302​		125,000		134,704
TransAlta Corp. 7.750%, due 11/15/29		50,000		52,458
Vistra Corp. (fixed, converts to FRN on 12/15/26), 7.000%, due 12/15/262,6,8​		175,000		176,005
(fixed, converts to FRN on 10/15/26), 8.000%, due 10/15/262,6,8​		125,000		127,954
Vistra Operations Co. LLC 4.375%, due 05/01/292​		100,000		94,362
5.000%, due 07/31/272​		50,000		48,957
5.500%, due 09/01/262​		200,000		198,191
5.625%, due 02/15/272​		75,000		74,424
6.875%, due 04/15/322​		175,000		180,114
7.750%, due 10/15/312​		250,000		264,189
				5,929,741
Electrical components & equipment—0.2%
Belden, Inc. 3.375%, due 07/15/313​	EUR	300,000		300,941
Energizer Holdings, Inc. 6.500%, due 12/31/272​		50,000		50,269

89

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Electrical components & equipment—(concluded)
EnerSys 6.625%, due 01/15/322​		25,000	$	25,449
Senvion Holding GmbH,11 ​3.875%, due 10/25/223​	EUR	400,000		1,082
WESCO Distribution, Inc. 6.625%, due 03/15/322​		25,000		25,467
				403,208
Electronics—0.7%
Coherent Corp. 5.000%, due 12/15/292​		225,000		214,627
EquipmentShare.com, Inc. 8.625%, due 05/15/322​		100,000		103,826
Imola Merger Corp. 4.750%, due 05/15/292​		600,000		564,710
Likewize Corp. 9.750%, due 10/15/252​		75,000		75,996
Sensata Technologies BV 4.000%, due 04/15/292​		200,000		185,335
Sensata Technologies, Inc. 3.750%, due 02/15/312​		75,000		66,243
TTM Technologies, Inc. 4.000%, due 03/01/292​		200,000		185,703
				1,396,440
Energy-Alternate Sources—0.7%
Continuum Energy Aura Pte. Ltd. 9.500%, due 02/24/273​		400,000		412,624
Greenko Power II Ltd. 4.300%, due 12/13/282​		216,875		202,101
ReNew Pvt Ltd. 5.875%, due 03/05/272​		299,000		291,053
SK Battery America, Inc. 2.125%, due 01/26/263​		200,000		189,562
TerraForm Power Operating LLC 4.750%, due 01/15/302​		125,000		116,058
5.000%, due 01/31/282​		50,000		48,183
				1,259,581
Engineering & construction—1.0%
Aeropuertos Argentina 2000 SA 8.500%, due 08/01/313​		100,000		102,551
Arcosa, Inc. 4.375%, due 04/15/292​		50,000		47,128
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners 4.050%, due 04/27/263​		200,000		189,000
HTA Group Ltd. 7.500%, due 06/04/292​		300,000		301,125
IHS Holding Ltd. 5.625%, due 11/29/263​		200,000		190,750
6.250%, due 11/29/283​		350,000		312,704
OHL Operaciones SA 5.100% Cash or 4.650% PIK, 9.750%, due 03/31/262,7​	EUR	97,414		96,465

	Face amount1​		Value
Corporate bonds—(continued)
Engineering & construction—(concluded)
Sarens Finance Co. NV 5.750%, due 02/21/273​		338,000	$	362,417
TopBuild Corp. 4.125%, due 02/15/322​		75,000		67,561
Weekley Homes LLC/Weekley Finance Corp. 4.875%, due 09/15/282​		200,000		190,405
				1,860,106
Entertainment—3.4%
888 Acquisitions Ltd. 7.558%, due 07/15/272​	EUR	175,000		182,765
10.750%, due 05/15/303​	GBP	200,000		261,288
Affinity Interactive 6.875%, due 12/15/272​		150,000		130,788
Allwyn Entertainment Financing U.K. PLC 7.250%, due 04/30/302​	EUR	125,000		143,060
Allwyn International AS 3.875%, due 02/15/273​		100,000		106,466
AMC Entertainment Holdings, Inc. 5.875%, due 11/15/26		25,000		20,375
7.500%, due 02/15/292​		25,000		18,230
10.000% Cash or 12.000% PIK, 10.000%, due 06/15/262,7​		74,932		71,000
Boyne USA, Inc. 4.750%, due 05/15/292​		50,000		47,351
Caesars Entertainment, Inc. 4.625%, due 10/15/292​		325,000		301,946
6.500%, due 02/15/322​		50,000		50,660
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp./Millennium Op 5.250%, due 07/15/29		102,000		99,331
6.500%, due 10/01/28		200,000		201,900
Churchill Downs, Inc. 4.750%, due 01/15/282​		75,000		72,412
5.500%, due 04/01/272​		150,000		148,223
5.750%, due 04/01/302​		125,000		122,560
Cinemark USA, Inc. 5.250%, due 07/15/282​		50,000		48,336
7.000%, due 08/01/322​		50,000		50,887
Cirsa Finance International SARL 6.500%, due 03/15/293​	EUR	100,000		111,607
Codere Finance 2 13.000%, due 06/30/253​		6,555		7,042
Codere Finance 2 Luxembourg SA 8.000% Cash or 3.000% PIK, 11.000%, due 09/30/263​		100,556		50,060
8.000% Cash or 3.000% PIK, 11.000%, due 09/30/262​		61,563		30,648
Empire Resorts, Inc. 7.750%, due 11/01/263​		300,000		289,306
Everi Holdings, Inc. 5.000%, due 07/15/292​		50,000		49,528
Inter Media & Communication SpA 6.750%, due 02/09/273​	EUR	148,708		159,580
6.750%, due 02/09/272​		99,139		106,387

90

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Entertainment—(concluded)
International Game Technology PLC 4.125%, due 04/15/262​		200,000	$	196,092
Jacobs Entertainment, Inc. 6.750%, due 02/15/292​		225,000		210,338
LHMC Finco 2 SARL 7.250% Cash or 8.000% PIK, 7.250%, due 10/02/253,7​	EUR	202,018		218,633
Light & Wonder International, Inc. 7.000%, due 05/15/282​		225,000		226,656
7.250%, due 11/15/292​		25,000		25,725
Lions Gate Capital Holdings LLC 5.500%, due 04/15/292​		50,000		31,569
Live Nation Entertainment, Inc. 3.750%, due 01/15/282​		125,000		117,530
4.750%, due 10/15/272​		150,000		145,445
5.625%, due 03/15/262​		225,000		223,069
Lottomatica SpA 5.375%, due 06/01/302​	EUR	100,000		109,986
3 mo. EUR EURIBOR + 3.250%, 7.056%, due 06/01/312,6​		100,000		109,504
7.125%, due 06/01/282​		100,000		113,907
Melco Resorts Finance Ltd. 7.625%, due 04/17/322​		200,000		199,188
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/292​		125,000		118,035
Mohegan Tribal Gaming Authority 8.000%, due 02/01/262​		150,000		140,489
Motion Finco SARL 7.375%, due 06/15/302​	EUR	225,000		254,110
Penn Entertainment, Inc. 4.125%, due 07/01/292​		225,000		199,122
Playtech PLC 4.250%, due 03/07/263​	EUR	125,000		134,561
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, due 09/01/292​		125,000		93,452
5.875%, due 09/01/312​		125,000		88,642
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.875%, due 11/01/262​		75,000		73,145
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. 6.625%, due 03/01/302​		50,000		48,901
SeaWorld Parks & Entertainment, Inc. 5.250%, due 08/15/292​		150,000		142,882
Six Flags Entertainment Corp. 5.500%, due 04/15/272​		25,000		24,860
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, due 10/01/292​		125,000		120,328
7.125%, due 02/15/312​		75,000		78,185
				6,326,090

	Face amount1​		Value
Corporate bonds—(continued)
Environmental control—0.2%
Clean Harbors, Inc. 6.375%, due 02/01/312​		50,000	$	50,566
GFL Environmental, Inc. 3.500%, due 09/01/282​		50,000		46,480
6.750%, due 01/15/312​		50,000		51,416
Madison IAQ LLC 5.875%, due 06/30/292​		100,000		93,619
Paprec Holding SA 7.250%, due 11/17/292​	EUR	100,000		113,923
Reworld Holding Corp. 5.000%, due 09/01/30		100,000		90,578
				446,582
Food—1.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.500%, due 03/15/292​		25,000		22,776
4.625%, due 01/15/272​		175,000		170,617
4.875%, due 02/15/302​		175,000		167,197
5.875%, due 02/15/282​		50,000		49,576
6.500%, due 02/15/282​		150,000		152,169
B&G Foods, Inc. 8.000%, due 09/15/282​		75,000		76,474
BRF SA 4.875%, due 01/24/303​		200,000		182,500
C&S Group Enterprises LLC 5.000%, due 12/15/282​		50,000		37,107
Chobani LLC/Chobani Finance Corp., Inc. 7.625%, due 07/01/292​		50,000		51,823
Ingles Markets, Inc. 4.000%, due 06/15/312​		175,000		154,817
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.500%, due 01/15/30		100,000		99,646
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. 9.000%, due 02/15/292​		150,000		153,941
Lamb Weston Holdings, Inc. 4.125%, due 01/31/302​		75,000		68,467
4.375%, due 01/31/322​		125,000		112,668
Nathan's Famous, Inc. 6.625%, due 11/01/252​		60,000		59,994
NBM U.S. Holdings, Inc. 7.000%, due 05/14/263​		200,000		200,200
Performance Food Group, Inc. 4.250%, due 08/01/292​		125,000		115,773
5.500%, due 10/15/272​		50,000		49,333
Pilgrim's Pride Corp. 6.250%, due 07/01/33		75,000		77,665
Post Holdings, Inc. 4.500%, due 09/15/312​		50,000		45,471
4.625%, due 04/15/302​		350,000		326,066
5.500%, due 12/15/292​		75,000		72,764
5.625%, due 01/15/282​		25,000		24,753
Rallye SA Series COFP, 5.250%, due 02/28/323​	EUR	800,000		2,165

91

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Food—(concluded)
Sigma Holdco BV 5.750%, due 05/15/263​		57,085	$	60,769
Simmons Foods, Inc./Simmons Prepared Foods,Inc./Simmons Pet Food, Inc./Simmons Feed 4.625%, due 03/01/292​		175,000		157,480
U.S. Foods, Inc. 4.750%, due 02/15/292​		200,000		191,508
6.875%, due 09/15/282​		50,000		51,399
7.250%, due 01/15/322​		50,000		52,290
Ulker Biskuvi Sanayi AS 7.875%, due 07/08/312​		200,000		202,938
United Natural Foods, Inc. 6.750%, due 10/15/282​		50,000		45,676
				3,236,022
Food service—0.1%
TKC Holdings, Inc. 10.500%, due 05/15/292​		100,000		97,250
Forest products & paper—0.1%
Appcion 9.000%, due 06/01/252,4,5,10,11​		650,000		6,500
Domtar Corp. 6.750%, due 10/01/282​		83,000		75,550
Mercer International, Inc. 5.125%, due 02/01/29		50,000		42,377
				124,427
Gas—0.3%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		19,000		18,874
5.750%, due 05/20/27		150,000		145,149
5.875%, due 08/20/26		50,000		49,252
EP Infrastructure AS 1.698%, due 07/30/263​	EUR	100,000		101,329
2.045%, due 10/09/283​		150,000		143,180
UGI International LLC 2.500%, due 12/01/293​		175,000		168,370
				626,154
Hand & machine tools—0.3%
IMA Industria Macchine Automatiche SpA 3.750%, due 01/15/283​		100,000		105,120
3 mo. EUR EURIBOR + 3.750%, 7.435%, due 04/15/292,6​		100,000		109,395
Regal Rexnord Corp. 6.050%, due 02/15/26		50,000		50,388
6.050%, due 04/15/28		50,000		51,238
6.300%, due 02/15/30		50,000		52,149
6.400%, due 04/15/33		50,000		52,228
Werner FinCo LP/Werner FinCo, Inc. 11.500%, due 06/15/282​		25,000		27,156
8.750% Cash and 5.750% PIK, 14.500%, due 10/15/282,7​		130,811		131,039
				578,713

	Face amount1​		Value
Corporate bonds—(continued)
Healthcare-products—0.9%
Avantor Funding, Inc. 3.875%, due 07/15/283​	EUR	200,000	$	213,324
3.875%, due 11/01/292​		150,000		138,216
4.625%, due 07/15/282​		250,000		240,702
Bausch & Lomb Corp. 8.375%, due 10/01/282​		175,000		179,799
Endo Design LLC 6.000%, due 06/30/282,4,5​		129,000		0
9.500%, due 07/31/272,4,5​		215,000		0
Marcolin SpA 6.125%, due 11/15/263​	EUR	100,000		108,669
Medline Borrower LP 3.875%, due 04/01/292​		207,000		193,175
5.250%, due 10/01/292​		375,000		362,473
RAY Financing LLC 6.500%, due 07/15/312​	EUR	100,000		110,389
Sotera Health Holdings LLC 7.375%, due 06/01/312​		100,000		102,005
				1,648,752
Healthcare-services—3.1%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/292​		100,000		95,749
5.500%, due 07/01/282​		125,000		122,602
AHP Health Partners, Inc. 5.750%, due 07/15/292​		100,000		95,514
Catalent Pharma Solutions, Inc. 2.375%, due 03/01/283​	EUR	275,000		287,680
3.125%, due 02/15/292​		50,000		48,274
Charles River Laboratories International, Inc. 4.000%, due 03/15/312​		82,000		74,507
CHS/Community Health Systems, Inc. 4.750%, due 02/15/312​		250,000		205,623
5.250%, due 05/15/302​		125,000		109,009
5.625%, due 03/15/272​		175,000		167,572
6.000%, due 01/15/292​		75,000		69,634
6.125%, due 04/01/302​		150,000		113,820
6.875%, due 04/01/282​		23,000		17,969
6.875%, due 04/15/292​		200,000		164,005
8.000%, due 12/15/272​		250,000		250,155
10.875%, due 01/15/322​		350,000		376,245
Concentra Escrow Issuer Corp. 6.875%, due 07/15/322​		100,000		103,032
DaVita, Inc. 4.625%, due 06/01/302​		150,000		137,363
Encompass Health Corp. 4.750%, due 02/01/30		125,000		119,160
Ephios Subco 3 SARL 7.875%, due 01/31/312​	EUR	100,000		116,614
Fortrea Holdings, Inc. 7.500%, due 07/01/302​		50,000		50,717
HCA, Inc. 6.000%, due 04/01/54		50,000		50,378
IQVIA, Inc. 2.250%, due 03/15/293​	EUR	100,000		99,834
6.500%, due 05/15/302​		200,000		205,784

92

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
LifePoint Health, Inc. 5.375%, due 01/15/292​		100,000	$	90,595
10.000%, due 06/01/322​		125,000		132,660
11.000%, due 10/15/302​		75,000		84,177
ModivCare Escrow Issuer, Inc. 5.000%, due 10/01/292​		75,000		50,759
Molina Healthcare, Inc. 3.875%, due 11/15/302​		100,000		90,434
3.875%, due 05/15/322​		150,000		132,278
4.375%, due 06/15/282​		150,000		142,795
MPH Acquisition Holdings LLC 5.500%, due 09/01/282​		200,000		156,129
Prime Healthcare Services, Inc. 7.250%, due 11/01/252​		150,000		149,986
Radiology Partners, Inc. 4.275% Cash and 3.500% PIK, 7.775%, due 01/31/292,7​		90,625		85,300
Select Medical Corp. 6.250%, due 08/15/262​		125,000		125,977
Surgery Center Holdings, Inc. 7.250%, due 04/15/322​		75,000		77,456
Tenet Healthcare Corp. 4.250%, due 06/01/29		50,000		47,171
4.375%, due 01/15/30		75,000		70,356
5.125%, due 11/01/27		175,000		171,886
6.125%, due 10/01/28		450,000		451,126
6.125%, due 06/15/30		275,000		276,035
6.250%, due 02/01/27		50,000		50,104
6.750%, due 05/15/31		250,000		256,886
U.S. Acute Care Solutions LLC 9.750%, due 05/15/292​		75,000		74,361
				5,797,711
Holding companies-diversified—0.2%
Benteler International AG 9.375%, due 05/15/282​	EUR	125,000		142,742
9.375%, due 05/15/283​		100,000		114,194
ProGroup AG 5.375%, due 04/15/312​		100,000		107,585
				364,521
Home builders—1.5%
Adams Homes, Inc. 9.250%, due 10/15/282​		175,000		181,268
Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625%, due 08/01/292​		75,000		69,248
4.625%, due 04/01/302​		150,000		136,931
6.625%, due 01/15/282​		100,000		100,506
Beazer Homes USA, Inc. 5.875%, due 10/15/27		50,000		49,523
7.250%, due 10/15/29		100,000		101,403
7.500%, due 03/15/312​		25,000		25,369
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC 4.875%, due 02/15/302​		25,000		22,918

	Face amount1​		Value
Corporate bonds—(continued)
Home builders—(concluded)
5.000%, due 06/15/292​		125,000	$	116,090
Century Communities, Inc. 3.875%, due 08/15/292​		75,000		68,381
Dream Finders Homes, Inc. 8.250%, due 08/15/282​		100,000		103,739
Empire Communities Corp. 9.750%, due 05/01/292​		75,000		77,433
Forestar Group, Inc. 3.850%, due 05/15/262​		100,000		96,695
5.000%, due 03/01/282​		125,000		120,333
Installed Building Products, Inc. 5.750%, due 02/01/282​		150,000		147,891
KB Home 4.000%, due 06/15/31		125,000		112,769
6.875%, due 06/15/27		50,000		51,584
7.250%, due 07/15/30		75,000		77,817
LGI Homes, Inc. 4.000%, due 07/15/292​		25,000		22,382
8.750%, due 12/15/282​		100,000		106,245
Maison Finco PLC 6.000%, due 10/31/273​	GBP	100,000		121,317
Mattamy Group Corp. 4.625%, due 03/01/302​		125,000		116,562
Miller Homes Group Finco PLC 7.000%, due 05/15/293​	GBP	100,000		122,288
Shea Homes LP/Shea Homes Funding Corp. 4.750%, due 02/15/28		100,000		95,799
4.750%, due 04/01/29		125,000		118,505
STL Holding Co. LLC 8.750%, due 02/15/292​		75,000		78,083
Taylor Morrison Communities, Inc. 5.875%, due 06/15/272​		100,000		100,408
Thor Industries, Inc. 4.000%, due 10/15/292​		75,000		67,583
Tri Pointe Homes, Inc. 5.700%, due 06/15/28		75,000		74,800
Winnebago Industries, Inc. 6.250%, due 07/15/282​		100,000		99,135
				2,783,005
Home furnishings—0.2%
Arcelik AS 8.500%, due 09/25/283​		200,000		210,750
Tempur Sealy International, Inc. 4.000%, due 04/15/292​		125,000		114,176
				324,926
Household products—0.1%
Edgewell Personal Care Co. 4.125%, due 04/01/292​		175,000		162,843
5.500%, due 06/01/282​		75,000		73,522
				236,365
Household products/wares—0.0%†​
Central Garden & Pet Co. 4.125%, due 04/30/312​		100,000		88,849

93

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Housewares—0.3%
Newell Brands, Inc. 5.700%, due 04/01/26		200,000	$	199,522
6.375%, due 09/15/27		75,000		74,915
6.625%, due 09/15/29		50,000		50,164
6.875%, due 04/01/36		125,000		119,698
7.000%, due 04/01/46		50,000		43,917
Scotts Miracle-Gro Co. 4.000%, due 04/01/31		125,000		110,434
4.375%, due 02/01/32		50,000		44,260
				642,910
Insurance—0.5%
Acrisure LLC/Acrisure Finance, Inc. 8.500%, due 06/15/292​		25,000		25,695
AmWINS Group, Inc. 6.375%, due 02/15/292​		25,000		25,362
AssuredPartners, Inc. 5.625%, due 01/15/292​		100,000		95,256
Baldwin Insurance Group Holdings LLC/ Baldwin Insurance Group Holdings Finance 7.125%, due 05/15/312​		75,000		77,335
FWD Group Holdings Ltd. (fixed, converts to FRN on 06/15/27), 8.045%, due 12/15/243,6,8​		300,000		298,053
HUB International Ltd. 5.625%, due 12/01/292​		25,000		24,005
7.250%, due 06/15/302​		75,000		77,353
MGIC Investment Corp. 5.250%, due 08/15/28		25,000		24,681
Tongyang Life Insurance Co. Ltd. (fixed, converts to FRN on 09/22/25), 5.250%, due 09/22/253,6,8​		200,000		196,542
				844,282
Internet—1.0%
Cogent Communications Group LLC 7.000%, due 06/15/272​		125,000		126,096
Cogent Communications Group, Inc./ Cogent Communications Finance, Inc. 7.000%, due 06/15/272​		50,000		50,489
Gen Digital, Inc. 6.750%, due 09/30/272​		50,000		50,856
7.125%, due 09/30/302​		150,000		155,072
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.500%, due 03/01/292​		50,000		45,461
5.250%, due 12/01/272​		200,000		196,897
iliad SA 2.375%, due 06/17/263​	EUR	400,000		419,913
Match Group Holdings II LLC 4.125%, due 08/01/302​		75,000		67,385
Millennium Escrow Corp. 6.625%, due 08/01/262​		75,000		39,431
Prosus NV 3.832%, due 02/08/513​		200,000		131,313

	Face amount1​		Value
Corporate bonds—(continued)
Internet—(concluded)
Uber Technologies, Inc. 8.000%, due 11/01/262​		150,000	$	150,633
United Group BV 3.125%, due 02/15/263​	EUR	200,000		213,203
4.000%, due 11/15/273​		100,000		105,768
Ziff Davis, Inc. 4.625%, due 10/15/302​		69,000		62,237
				1,814,754
Investment companies—0.7%
Compass Group Diversified Holdings LLC 5.000%, due 01/15/322​		75,000		68,294
5.250%, due 04/15/292​		125,000		119,769
Huarong Finance 2019 Co. Ltd. (fixed, converts to FRN on 09/30/25), 4.250%, due 09/30/253,6,8​		250,000		243,589
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, due 02/01/29		50,000		43,510
5.250%, due 05/15/27		125,000		119,886
6.250%, due 05/15/26		225,000		224,276
9.000%, due 06/15/302​		50,000		50,650
9.750%, due 01/15/292​		75,000		78,980
Linx Capital Ltd. 15.200%, due 04/01/252,7​	EUR	444,034		360,417
				1,309,371
Iron & steel—1.2%
ATI, Inc. 4.875%, due 10/01/29		75,000		71,236
5.125%, due 10/01/31		100,000		94,390
7.250%, due 08/15/30		50,000		52,276
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/262​		175,000		157,324
Big River Steel LLC/BRS Finance Corp. 6.625%, due 01/31/292​		140,000		140,283
Carpenter Technology Corp. 6.375%, due 07/15/28		200,000		201,155
Cleveland-Cliffs, Inc. 4.875%, due 03/01/312​		50,000		45,634
5.875%, due 06/01/27		225,000		224,702
6.750%, due 04/15/302​		100,000		100,680
Commercial Metals Co. 4.125%, due 01/15/30		50,000		46,296
4.375%, due 03/15/32		50,000		45,684
CSN Inova Ventures 6.750%, due 01/28/283​		250,000		240,800
Infrabuild Australia Pty. Ltd. 14.500%, due 11/15/282​		50,000		51,546
Metinvest BV 7.750%, due 10/17/293​		200,000		133,000
Mineral Resources Ltd. 8.000%, due 11/01/272​		100,000		102,635
8.125%, due 05/01/272​		148,000		149,985
9.250%, due 10/01/282​		50,000		53,173

94

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Iron & steel—(concluded)
Samarco Mineracao SA 9.000% PIK, 9.000%, due 06/30/313,7​		360,627	$	334,121
TMS International Corp. 6.250%, due 04/15/292​		25,000		23,208
				2,268,128
Leisure time—3.4%
Acushnet Co. 7.375%, due 10/15/282​		25,000		26,068
Carnival Corp. 5.750%, due 03/01/272​		800,000		796,011
5.750%, due 01/15/302​	EUR	175,000		195,318
5.750%, due 01/15/303​		100,000		111,878
6.000%, due 05/01/292​		350,000		349,150
6.650%, due 01/15/28		100,000		100,420
7.000%, due 08/15/292​		25,000		26,128
7.625%, due 03/01/262​		425,000		429,111
10.500%, due 06/01/302​		175,000		190,204
Carnival PLC 1.000%, due 10/28/29	EUR	125,000		112,344
Codere New Holdco SA 3.000%, due 11/30/273,4,7,10​		125,662		204
Deuce Finco PLC 5.500%, due 06/15/272​	GBP	125,000		153,912
Life Time, Inc. 5.750%, due 01/15/262​		275,000		273,953
8.000%, due 04/15/262​		425,000		430,730
Lindblad Expeditions LLC 6.750%, due 02/15/272​		50,000		49,907
MajorDrive Holdings IV LLC 6.375%, due 06/01/292​		125,000		118,720
NCL Corp. Ltd. 5.875%, due 03/15/262​		400,000		398,212
5.875%, due 02/15/272​		50,000		49,638
7.750%, due 02/15/292​		100,000		105,249
8.125%, due 01/15/292​		25,000		26,577
NCL Finance Ltd. 6.125%, due 03/15/282​		100,000		100,102
Pinnacle Bidco PLC 10.000%, due 10/11/283​	GBP	200,000		275,582
Royal Caribbean Cruises Ltd. 4.250%, due 07/01/262​		75,000		73,046
5.375%, due 07/15/272​		500,000		497,066
5.500%, due 08/31/262​		125,000		124,437
5.500%, due 04/01/282​		50,000		49,810
6.000%, due 02/01/332,9​		150,000		150,983
6.250%, due 03/15/322​		25,000		25,495
7.500%, due 10/15/27		100,000		105,735
TUI AG 5.875%, due 03/15/292​	EUR	100,000		108,437
TUI Cruises GmbH 6.250%, due 04/15/292​		100,000		109,860
Viking Cruises Ltd. 5.875%, due 09/15/272​		375,000		372,750
6.250%, due 05/15/252​		75,000		75,076

	Face amount1​		Value
Corporate bonds—(continued)
Leisure time—(concluded)
7.000%, due 02/15/292​		100,000	$	100,981
Viking Ocean Cruises Ship VII Ltd. 5.625%, due 02/15/292​		75,000		74,006
VOC Escrow Ltd. 5.000%, due 02/15/282​		150,000		146,366
				6,333,466
Lodging—2.2%
Boyd Gaming Corp. 4.750%, due 12/01/27		25,000		24,297
4.750%, due 06/15/312​		250,000		230,282
Fortune Star BVI Ltd. 3.950%, due 10/02/263​	EUR	100,000		98,288
Full House Resorts, Inc. 8.250%, due 02/15/282​		175,000		172,273
Grupo Posadas SAB de CV Steps to 8.000% on 12/30/2025, 7.000%, due 12/30/273,6​		150,000		135,891
Hilton Domestic Operating Co., Inc. 3.625%, due 02/15/322​		125,000		109,480
4.000%, due 05/01/312​		325,000		294,374
4.875%, due 01/15/30		50,000		48,343
5.750%, due 05/01/282​		125,000		124,869
6.125%, due 04/01/322​		75,000		75,761
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. 4.875%, due 07/01/312​		200,000		180,076
5.000%, due 06/01/292​		200,000		188,114
Melco Resorts Finance Ltd. 5.250%, due 04/26/262​		300,000		290,531
MGM Resorts International 4.750%, due 10/15/28		100,000		96,133
5.500%, due 04/15/27		75,000		74,445
6.500%, due 04/15/32		100,000		100,338
ONE Hotels GmbH 7.750%, due 04/02/313​	EUR	150,000		168,228
Sani/Ikos Financial Holdings 1 SARL 7.250%, due 07/31/302​		100,000		109,091
Station Casinos LLC 4.500%, due 02/15/282​		25,000		23,727
4.625%, due 12/01/312​		50,000		45,565
Studio City Finance Ltd. 5.000%, due 01/15/292​		200,000		177,750
5.000%, due 01/15/293​		250,000		222,187
Travel & Leisure Co. 4.625%, due 03/01/302​		75,000		68,925
6.625%, due 07/31/262​		100,000		100,923
TVL Finance PLC 3 mo. EUR EURIBOR + 3.750%, 7.445%, due 06/30/302,6​	EUR	100,000		108,198
10.250%, due 04/28/282​	GBP	200,000		264,719
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/272​		150,000		146,967

95

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Lodging—(concluded)
Wynn Macau Ltd. 5.500%, due 01/15/263​		300,000	$	294,750
5.500%, due 10/01/273​		200,000		190,891
				4,165,416
Machinery-construction & mining—0.1%
BWX Technologies, Inc. 4.125%, due 04/15/292​		75,000		70,722
Terex Corp. 5.000%, due 05/15/292​		150,000		144,155
Vertiv Group Corp. 4.125%, due 11/15/282​		50,000		47,372
				262,249
Machinery-diversified—0.8%
ATS Corp. 4.125%, due 12/15/282​		25,000		23,143
Chart Industries, Inc. 7.500%, due 01/01/302​		150,000		156,045
9.500%, due 01/01/312​		125,000		135,770
Esab Corp. 6.250%, due 04/15/292​		50,000		50,707
Galapagos SA,11 ​5.375%, due 06/15/213​	EUR	27,500		149
GrafTech Global Enterprises, Inc. 9.875%, due 12/15/282​		50,000		38,663
Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC 9.000%, due 02/15/292​		75,000		77,023
Mangrove Luxco III SARL 7.775%, due 10/09/253,7​	EUR	234,844		254,236
3 mo. EUR EURIBOR + 5.000%, 8.674%, due 07/15/292,6​		125,000		135,295
OT Merger Corp. 7.875%, due 10/15/292​		50,000		21,786
Selecta Group BV 3.500% Cash or 4.500% PIK, 8.000%, due 04/01/262,7​	EUR	207,887		218,967
10.000%, due 07/01/262,7​		93,367		89,196
9.250% Cash or 10.000% PIK, 10.000%, due 07/01/263,7​		77,583		74,117
TK Elevator Midco GmbH 4.375%, due 07/15/273​		200,000		211,469
				1,486,566
Media—4.7%
Altice Financing SA 2.250%, due 01/15/253​		100,000		105,795
3.000%, due 01/15/283​		275,000		232,887
4.250%, due 08/15/293​		275,000		227,277
5.000%, due 01/15/282​		200,000		159,708
AMC Networks, Inc. 4.250%, due 02/15/29		200,000		137,608
10.250%, due 01/15/292​		25,000		24,704

	Face amount1​		Value
Corporate bonds—(continued)
Media—(continued)
Audacy Capital Corp. 6.750%, due 03/31/292​		75,000	$	3,000
CCO Holdings LLC/CCO Holdings Capital Corp. 4.250%, due 02/01/312​		275,000		233,986
4.250%, due 01/15/342​		425,000		335,745
4.500%, due 06/01/332​		725,000		595,589
4.750%, due 03/01/302​		225,000		201,432
4.750%, due 02/01/322​		650,000		555,881
5.000%, due 02/01/282​		150,000		142,803
5.375%, due 06/01/292​		50,000		46,743
6.375%, due 09/01/292​		200,000		194,733
7.375%, due 03/01/312​		100,000		100,982
CSC Holdings LLC 4.500%, due 11/15/312​		400,000		275,821
5.000%, due 11/15/312​		200,000		80,176
11.750%, due 01/31/292​		200,000		180,798
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.875%, due 08/15/272​		300,000		288,886
DISH DBS Corp. 5.125%, due 06/01/29		125,000		52,345
5.250%, due 12/01/262​		75,000		62,428
5.750%, due 12/01/282​		150,000		110,103
7.375%, due 07/01/28		175,000		82,250
7.750%, due 07/01/26		50,000		32,162
DISH Network Corp. 11.750%, due 11/15/272​		250,000		250,232
Gray Television, Inc. 4.750%, due 10/15/302​		150,000		100,704
5.375%, due 11/15/312​		125,000		81,481
iHeartCommunications, Inc. 4.750%, due 01/15/282​		50,000		30,860
5.250%, due 08/15/272​		150,000		98,227
6.375%, due 05/01/26		30,291		25,607
8.375%, due 05/01/27		75,000		30,660
Liberty Interactive LLC 8.250%, due 02/01/30		25,000		12,935
McGraw-Hill Education, Inc. 8.000%, due 08/01/292​		125,000		121,879
Midcontinent Communications/ Midcontinent Finance Corp. 5.375%, due 08/15/272​		125,000		122,702
News Corp. 3.875%, due 05/15/292​		225,000		208,309
5.125%, due 02/15/322​		200,000		189,997
Nexstar Media, Inc. 4.750%, due 11/01/282​		25,000		23,002
RCS & RDS SA 2.500%, due 02/05/253​	EUR	100,000		106,971
Scripps Escrow II, Inc. 5.375%, due 01/15/312​		50,000		23,935
Scripps Escrow, Inc. 5.875%, due 07/15/272​		25,000		17,382
Sinclair Television Group, Inc. 4.125%, due 12/01/302​		100,000		69,506
5.125%, due 02/15/272​		100,000		84,575

96

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Media—(concluded)
Sirius XM Radio, Inc. 3.875%, due 09/01/312​		350,000	$	292,373
4.000%, due 07/15/282​		125,000		114,719
5.000%, due 08/01/272​		50,000		48,382
5.500%, due 07/01/292​		175,000		167,280
Sunrise FinCo I BV 4.875%, due 07/15/312​		400,000		363,912
TEGNA, Inc. 4.625%, due 03/15/28		25,000		22,936
5.000%, due 09/15/29		25,000		22,814
Univision Communications, Inc. 4.500%, due 05/01/292​		475,000		414,895
7.375%, due 06/30/302​		125,000		120,348
8.000%, due 08/15/282​		25,000		25,124
Videotron Ltd. 3.625%, due 06/15/292​		100,000		92,984
Virgin Media Finance PLC 5.000%, due 07/15/302​		200,000		168,547
Virgin Media Secured Finance PLC 4.125%, due 08/15/303​	GBP	200,000		217,901
Virgin Media Vendor Financing Notes III DAC 4.875%, due 07/15/283​		100,000		117,113
VZ Vendor Financing II BV 2.875%, due 01/15/292​	EUR	300,000		290,693
Ziggo Bond Co. BV 6.000%, due 01/15/272​		200,000		198,875
				8,741,702
Metal fabricate/hardware—0.2%
Advanced Drainage Systems, Inc. 5.000%, due 09/30/272​		75,000		73,452
Park-Ohio Industries, Inc. 6.625%, due 04/15/27		175,000		168,148
Roller Bearing Co. of America, Inc. 4.375%, due 10/15/292​		75,000		70,012
				311,612
Mining—1.8%
Arsenal AIC Parent LLC 8.000%, due 10/01/302​		150,000		159,592
11.500%, due 10/01/312​		50,000		55,870
Coeur Mining, Inc. 5.125%, due 02/15/292​		100,000		93,436
Constellium SE 3.125%, due 07/15/292​	EUR	275,000		276,785
3.125%, due 07/15/293​		100,000		100,649
5.375%, due 08/15/322,9​		175,000		189,867
First Quantum Minerals Ltd. 6.875%, due 10/15/273​		500,000		491,875
9.375%, due 03/01/292​		200,000		210,626
FMG Resources August 2006 Pty. Ltd. 4.375%, due 04/01/312​		275,000		248,561
5.875%, due 04/15/302​		150,000		147,818
6.125%, due 04/15/322​		150,000		148,482
Freeport-McMoRan, Inc. 5.450%, due 03/15/43		75,000		71,892

	Face amount1​		Value
Corporate bonds—(continued)
Mining—(concluded)
Hudbay Minerals, Inc. 4.500%, due 04/01/262​		75,000	$	73,344
IAMGOLD Corp. 5.750%, due 10/15/282​		50,000		47,922
Kaiser Aluminum Corp. 4.500%, due 06/01/312​		25,000		22,152
4.625%, due 03/01/282​		125,000		117,167
Novelis Corp. 3.250%, due 11/15/262​		100,000		95,139
3.875%, due 08/15/312​		50,000		43,924
4.750%, due 01/30/302​		25,000		23,622
Novelis Sheet Ingot GmbH 3.375%, due 04/15/293​	EUR	100,000		102,802
Taseko Mines Ltd. 8.250%, due 05/01/302​		50,000		51,268
Vedanta Resources Finance II PLC 13.875%, due 01/21/273​		94,000		94,499
Vedanta Resources Ltd. 13.875%, due 12/09/283​		376,000		374,120
WE Soda Investments Holding PLC 9.500%, due 10/06/283​		200,000		205,625
				3,447,037
Miscellaneous manufacturers—0.4%
Amsted Industries, Inc. 4.625%, due 05/15/302​		25,000		23,036
CTEC II GmbH 5.250%, due 02/15/303​	EUR	300,000		303,595
FXI Holdings, Inc. 12.250%, due 11/15/262​		234,000		232,830
12.250%, due 11/15/262​		94,000		93,489
LSB Industries, Inc. 6.250%, due 10/15/282​		25,000		24,314
Trinity Industries, Inc. 7.750%, due 07/15/282​		150,000		156,532
				833,796
Office & business equipment—0.1%
Xerox Holdings Corp. 5.000%, due 08/15/252​		51,000		50,116
8.875%, due 11/30/292​		25,000		23,225
Zebra Technologies Corp. 6.500%, due 06/01/322​		50,000		51,376
				124,717
Oil & gas—9.7%
Aethon United BR LP/Aethon United Finance Corp. 8.250%, due 02/15/262​		100,000		101,315
Antero Resources Corp. 7.625%, due 02/01/292​		49,000		50,612
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 8.250%, due 12/31/282​		25,000		25,664
9.000%, due 11/01/272​		150,000		184,569

97

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Athabasca Oil Corp. 9.750%, due 11/01/262​		108,000	$	113,960
Baytex Energy Corp. 8.500%, due 04/30/302​		150,000		158,329
California Resources Corp. 8.250%, due 06/15/292​		25,000		25,601
Chesapeake Energy Corp. 5.500%, due 02/01/262​		50,000		49,714
6.750%, due 04/15/292​		250,000		252,592
Chord Energy Corp. 6.375%, due 06/01/262​		75,000		75,343
CITGO Petroleum Corp. 7.000%, due 06/15/252​		150,000		149,903
8.375%, due 01/15/292​		250,000		260,493
Civitas Resources, Inc. 5.000%, due 10/15/262​		175,000		171,158
8.375%, due 07/01/282​		50,000		52,496
8.625%, due 11/01/302​		50,000		54,005
CNX Resources Corp. 6.000%, due 01/15/292​		125,000		123,732
7.250%, due 03/01/322​		25,000		25,826
7.375%, due 01/15/312​		25,000		25,810
Comstock Resources, Inc. 5.875%, due 01/15/302​		100,000		93,017
6.750%, due 03/01/292​		150,000		145,332
Cosan Overseas Ltd. 8.250%, due 11/05/243,8​		300,000		305,217
Crescent Energy Finance LLC 7.625%, due 04/01/322​		25,000		25,639
9.250%, due 02/15/282​		75,000		79,176
Ecopetrol SA 4.625%, due 11/02/31		200,000		165,540
5.875%, due 05/28/45		350,000		252,700
8.375%, due 01/19/36		200,000		199,000
8.625%, due 01/19/29		200,000		212,200
Encino Acquisition Partners Holdings LLC 8.750%, due 05/01/312​		25,000		26,245
Energean Israel Finance Ltd. 4.875%, due 03/30/263​		300,000		284,064
5.875%, due 03/30/313​		75,000		63,563
FORESEA Holding SA 7.500%, due 06/15/303​		200,000		186,247
Global Marine, Inc. 7.000%, due 06/01/28		125,000		117,106
Gulfport Energy Corp. 8.000%, due 05/17/262​		170,052		172,335
Hilcorp Energy I LP/Hilcorp Finance Co. 6.000%, due 04/15/302​		100,000		97,836
6.000%, due 02/01/312​		175,000		169,841
6.250%, due 11/01/282​		75,000		74,981
6.875%, due 05/15/342​		25,000		24,871
8.375%, due 11/01/332​		50,000		54,086
Ithaca Energy North Sea PLC 9.000%, due 07/15/262​		200,000		203,328
Kraken Oil & Gas Partners LLC 7.625%, due 08/15/292​		75,000		75,719

	Face amount1​		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Leviathan Bond Ltd. 6.125%, due 06/30/253​		75,000	$	73,050
6.750%, due 06/30/303​		200,000		178,000
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/262​		175,000		174,077
Matador Resources Co. 6.500%, due 04/15/322​		25,000		25,128
6.875%, due 04/15/282​		75,000		76,481
MC Brazil Downstream Trading SARL 7.250%, due 06/30/313​		233,949		216,110
Medco Laurel Tree Pte. Ltd. 6.950%, due 11/12/282​		400,000		396,804
MEG Energy Corp. 5.875%, due 02/01/292​		75,000		74,065
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/262​		125,000		124,887
10.500%, due 05/15/272​		75,000		76,712
Murphy Oil Corp. 6.375%, due 07/15/28		118,000		118,780
Nabors Industries Ltd. 7.250%, due 01/15/262​		50,000		50,910
7.500%, due 01/15/282​		100,000		98,260
Nabors Industries, Inc. 8.875%, due 08/15/312​		100,000		102,020
Northern Oil & Gas, Inc. 8.125%, due 03/01/282​		275,000		280,603
8.750%, due 06/15/312​		100,000		105,396
Parkland Corp. 4.500%, due 10/01/292​		250,000		233,437
4.625%, due 05/01/302​		100,000		92,972
5.875%, due 07/15/272​		150,000		149,493
PBF Holding Co. LLC/PBF Finance Corp. 6.000%, due 02/15/28		275,000		269,754
7.875%, due 09/15/302​		125,000		129,462
Permian Resources Operating LLC 5.375%, due 01/15/262​		300,000		299,476
5.875%, due 07/01/292​		25,000		24,849
7.000%, due 01/15/322​		200,000		207,077
8.000%, due 04/15/272​		100,000		103,220
Petrobras Global Finance BV 6.500%, due 07/03/33		200,000		203,770
6.850%, due 06/05/15		200,000		182,062
Petroleos Mexicanos 2.750%, due 04/21/273​	EUR	475,000		460,734
4.750%, due 02/26/293​		275,000		262,276
5.950%, due 01/28/31		220,000		181,258
6.500%, due 03/13/27		175,000		168,175
6.500%, due 06/02/41		1,250,000		868,312
6.625%, due 06/15/35		562,000		435,269
6.700%, due 02/16/32		700,000		596,820
6.750%, due 09/21/47		479,000		323,924
6.875%, due 10/16/25		700,000		698,906
6.950%, due 01/28/60		250,000		167,975
7.690%, due 01/23/50		1,000,000		735,750

98

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Oil & gas—(continued)
10.000%, due 02/07/33		100,000	$	102,050
Precision Drilling Corp. 6.875%, due 01/15/292​		100,000		99,975
7.125%, due 01/15/262​		47,000		47,053
Puma International Financing SA 7.750%, due 04/25/293​		200,000		202,385
Raizen Fuels Finance SA 6.950%, due 03/05/542​		200,000		205,910
Range Resources Corp. 8.250%, due 01/15/29		150,000		155,809
Sanchez Energy Corp. 6.125%, due 01/15/23		325,000		7,313
7.750%, due 06/15/2111​		475,000		10,688
Saturn Oil & Gas, Inc. 9.625%, due 06/15/292​		50,000		51,382
SM Energy Co. 5.625%, due 06/01/25		50,000		49,973
6.750%, due 09/15/26		100,000		100,108
6.750%, due 08/01/292​		75,000		75,497
Southwestern Energy Co. 4.750%, due 02/01/32		25,000		23,362
5.375%, due 03/15/30		25,000		24,405
8.375%, due 09/15/28		125,000		129,090
Sunoco LP 7.250%, due 05/01/322​		25,000		25,989
Sunoco LP/Sunoco Finance Corp. 4.500%, due 04/30/30		100,000		93,309
6.000%, due 04/15/27		150,000		149,695
7.000%, due 09/15/282​		75,000		77,145
Talos Production, Inc. 9.000%, due 02/01/292​		75,000		79,025
9.375%, due 02/01/312​		100,000		105,985
Teine Energy Ltd. 6.875%, due 04/15/292​		125,000		123,953
TGNR Intermediate Holdings LLC 5.500%, due 10/15/292​		25,000		23,706
Transocean Aquila Ltd. 8.000%, due 09/30/282​		50,000		50,947
Transocean Titan Financing Ltd. 8.375%, due 02/01/282​		50,000		52,001
Transocean, Inc. 6.800%, due 03/15/38		175,000		150,224
7.500%, due 04/15/31		125,000		120,599
8.000%, due 02/01/272​		86,000		86,142
8.250%, due 05/15/292​		75,000		76,580
8.500%, due 05/15/312​		25,000		25,593
8.750%, due 02/15/302​		22,500		23,635
9.350%, due 12/15/41		125,000		117,302
Trident Energy Finance PLC 12.500%, due 11/30/292​		300,000		312,000
Tullow Oil PLC 10.250%, due 05/15/263​		512,000		493,281
Valaris Ltd. 8.375%, due 04/30/302​		25,000		26,177
Vermilion Energy, Inc. 6.875%, due 05/01/302​		125,000		124,334

	Face amount1​		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Viper Energy, Inc. 5.375%, due 11/01/272​		75,000	$	73,806
Vital Energy, Inc. 7.750%, due 07/31/292​		100,000		101,128
7.875%, due 04/15/322​		100,000		101,717
9.750%, due 10/15/30		75,000		81,982
YPF SA 6.950%, due 07/21/273​		100,000		91,845
8.500%, due 03/23/253​		50,000		49,647
8.500%, due 07/28/253​		200,000		199,450
				18,217,616
Oil & gas services—1.0%
Archrock Partners LP/Archrock Partners Finance Corp. 6.250%, due 04/01/282​		175,000		174,579
6.875%, due 04/01/272​		75,000		75,333
Bristow Group, Inc. 6.875%, due 03/01/282​		100,000		99,095
Enerflex Ltd. 9.000%, due 10/15/272​		100,000		103,115
Helix Energy Solutions Group, Inc. 9.750%, due 03/01/292​		125,000		133,564
Kodiak Gas Services LLC 7.250%, due 02/15/292​		50,000		51,435
Nine Energy Service, Inc. 13.000%, due 02/01/28		150,000		119,623
Oceaneering International, Inc. 6.000%, due 02/01/28		25,000		24,895
OHI Group SA 13.000%, due 07/22/292​		200,000		201,310
Star Holding LLC 8.750%, due 08/01/312​		50,000		49,251
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 09/01/27		75,000		75,429
7.125%, due 03/15/292​		125,000		127,210
Weatherford International Ltd. 8.625%, due 04/30/302​		575,000		598,531
				1,833,370
Packaging & containers—2.0%
ARD Finance SA 5.000% Cash or 5.750% PIK, 5.000%, due 06/30/273,7​	EUR	175,000		37,879
6.500% Cash or 7.250% PIK, 6.500%, due 06/30/272,7​		400,000		101,000
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.000%, due 09/01/283​	EUR	200,000		190,476
6.000%, due 06/15/272​		200,000		198,807
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, due 08/15/263​	EUR	100,000		88,205
5.250%, due 08/15/272​		200,000		116,040

99

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Packaging & containers—(concluded)
Ball Corp. 3.125%, due 09/15/31		125,000	$	106,703
6.000%, due 06/15/29		150,000		151,459
6.875%, due 03/15/28		125,000		128,525
Berry Global, Inc. 4.500%, due 02/15/262​		50,000		48,836
5.625%, due 07/15/272​		75,000		74,233
Clydesdale Acquisition Holdings, Inc. 6.625%, due 04/15/292​		25,000		24,907
Crown Americas LLC 5.250%, due 04/01/30		25,000		24,485
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750%, due 02/01/26		50,000		49,235
Crown Cork & Seal Co., Inc. 7.375%, due 12/15/26		100,000		104,203
Crown European Holdings SACA 4.500%, due 01/15/302,9​	EUR	100,000		109,029
Fiber Bidco SpA 6.125%, due 06/15/312​		200,000		213,844
Graphic Packaging International LLC 2.625%, due 02/01/293​		225,000		226,190
4.750%, due 07/15/272​		25,000		24,523
6.375%, due 07/15/322​		25,000		25,285
Guala Closures SpA 3.250%, due 06/15/283​	EUR	250,000		251,342
Intelligent Packaging Holdco Issuer LP 9.000% Cash or 9.7500% PIK, 9.000%, due 01/15/262,7​		75,000		72,000
Kleopatra Holdings 2 SCA 6.500%, due 09/01/263​	EUR	125,000		86,749
LABL, Inc. 10.500%, due 07/15/272​		50,000		48,701
Mauser Packaging Solutions Holding Co. 9.250%, due 04/15/272​		75,000		75,101
OI European Group BV 4.750%, due 02/15/302​		225,000		206,932
5.250%, due 06/01/292​	EUR	100,000		108,230
Owens-Brockway Glass Container, Inc. 6.625%, due 05/13/272​		163,000		163,159
7.250%, due 05/15/312​		100,000		98,944
7.375%, due 06/01/322​		25,000		24,693
Sealed Air Corp. 4.000%, due 12/01/272​		181,000		171,653
5.000%, due 04/15/292​		75,000		72,436
6.500%, due 07/15/322​		50,000		50,681
Sealed Air Corp./Sealed Air Corp. U.S. 6.125%, due 02/01/282​		25,000		25,173
7.250%, due 02/15/312​		50,000		52,055
Trident TPI Holdings, Inc. 12.750%, due 12/31/282​		25,000		27,328
TriMas Corp. 4.125%, due 04/15/292​		150,000		138,511
Trivium Packaging Finance BV 3.750%, due 08/15/263​	EUR	100,000		106,469
				3,824,021

	Face amount1​		Value
Corporate bonds—(continued)
Pharmaceuticals—2.5%
Bausch Health Americas, Inc. 8.500%, due 01/31/272​		50,000	$	37,000
9.250%, due 04/01/262​		25,000		22,070
Bausch Health Cos., Inc. 5.000%, due 01/30/282​		75,000		42,000
5.250%, due 01/30/302​		125,000		63,125
5.250%, due 02/15/312​		125,000		63,519
5.500%, due 11/01/252​		150,000		140,490
5.750%, due 08/15/272​		50,000		40,750
6.125%, due 02/01/272​		125,000		106,304
7.000%, due 01/15/282​		75,000		43,500
7.250%, due 05/30/292​		125,000		67,530
9.000%, due 12/15/252​		175,000		155,750
BellRing Brands, Inc. 7.000%, due 03/15/302​		150,000		154,578
Cheplapharm Arzneimittel GmbH 4.375%, due 01/15/283​	EUR	375,000		390,158
Endo Finance Holdings, Inc. 8.500%, due 04/15/312​		25,000		26,348
Endo Luxembourg Finance SARL 6.125%, due 04/01/292,4,5​		125,000		0
Grifols SA 1.625%, due 02/15/253​	EUR	325,000		348,660
Gruenenthal GmbH 3.625%, due 11/15/263​		100,000		106,331
6.750%, due 05/15/303​		100,000		114,010
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, due 09/01/252​		62,000		61,595
HLF Financing SARL LLC/Herbalife International, Inc. 4.875%, due 06/01/292​		25,000		17,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 14.750%, due 11/14/282​		24,504		26,668
Neopharmed Gentili SpA 7.125%, due 04/08/303​	EUR	175,000		194,794
Nidda Healthcare Holding GmbH 7.500%, due 08/21/263​		250,000		277,321
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, due 04/30/282​		200,000		187,904
5.125%, due 04/30/312​		200,000		184,059
Owens & Minor, Inc. 4.500%, due 03/31/292​		125,000		109,847
6.625%, due 04/01/302​		100,000		93,412
P&L Development LLC/PLD Finance Corp. 7.750%, due 11/15/252​		125,000		114,999
Par Pharmaceutical, Inc. 7.500%, due 04/01/272,4,5​		198,000		0
Prestige Brands, Inc. 3.750%, due 04/01/312​		25,000		22,040
5.125%, due 01/15/282​		100,000		97,768
Rossini SARL 6.750%, due 12/31/292​	EUR	100,000		112,013

100

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Teva Pharmaceutical Finance Netherlands II BV 4.375%, due 05/09/30		325,000	$	345,576
4.500%, due 03/01/25		275,000		297,273
7.375%, due 09/15/29		150,000		181,818
7.875%, due 09/15/31		200,000		252,705
Teva Pharmaceutical Finance Netherlands III BV 4.100%, due 10/01/46		200,000		140,813
				4,639,728
Pipelines—4.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/292​		25,000		24,445
5.750%, due 03/01/272​		150,000		149,635
6.625%, due 02/01/322​		75,000		76,517
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.000%, due 07/15/292​		75,000		77,047
7.250%, due 07/15/322​		25,000		26,022
Buckeye Partners LP 6.875%, due 07/01/292​		100,000		101,591
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/312​		250,000		239,785
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125%, due 06/01/282​		100,000		99,637
8.625%, due 03/15/292​		225,000		233,750
DT Midstream, Inc. 4.125%, due 06/15/292​		25,000		23,370
4.375%, due 06/15/312​		75,000		69,148
Energy Transfer LP (fixed, converts to FRN on 10/01/29), 7.125%, due 10/01/546​		75,000		75,256
(fixed, converts to FRN on 05/15/29), 8.000%, due 05/15/546​		25,000		26,615
EnLink Midstream Partners LP 5.050%, due 04/01/45		75,000		62,408
5.450%, due 06/01/47		125,000		110,137
5.600%, due 04/01/44		150,000		134,633
EQM Midstream Partners LP 4.500%, due 01/15/292​		225,000		215,595
4.750%, due 01/15/312​		300,000		283,257
5.500%, due 07/15/28		100,000		99,503
6.375%, due 04/01/292​		50,000		51,041
6.500%, due 07/01/272​		25,000		25,476
6.500%, due 07/15/48		75,000		76,131
7.500%, due 06/01/272​		75,000		77,052
7.500%, due 06/01/302​		75,000		80,943
Galaxy Pipeline Assets Bidco Ltd. 1.750%, due 09/30/273​		112,240		105,716
Genesis Energy LP/Genesis Energy Finance Corp. 7.750%, due 02/01/28		25,000		25,369
7.875%, due 05/15/32		100,000		102,114

	Face amount1​		Value
Corporate bonds—(continued)
Pipelines—(continued)
8.000%, due 01/15/27		50,000	$	51,126
8.875%, due 04/15/30		50,000		52,936
Harvest Midstream I LP 7.500%, due 09/01/282​		200,000		204,670
7.500%, due 05/15/322​		75,000		77,165
Hess Midstream Operations LP 5.125%, due 06/15/282​		225,000		219,027
5.500%, due 10/15/302​		50,000		48,574
6.500%, due 06/01/292​		50,000		50,976
Howard Midstream Energy Partners LLC 7.375%, due 07/15/322​		150,000		154,489
8.875%, due 07/15/282​		100,000		106,446
ITT Holdings LLC 6.500%, due 08/01/292​		150,000		140,751
Kinetik Holdings LP 5.875%, due 06/15/302​		125,000		123,736
Martin Midstream Partners LP/Martin Midstream Finance Corp. 11.500%, due 02/15/282​		150,000		164,323
New Fortress Energy, Inc. 6.500%, due 09/30/262​		75,000		69,738
6.750%, due 09/15/252​		179,000		175,976
8.750%, due 03/15/292​		25,000		22,669
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, due 02/15/292​		225,000		228,028
8.375%, due 02/15/322​		75,000		76,639
Northriver Midstream Finance LP 6.750%, due 07/15/322​		100,000		100,564
NuStar Logistics LP 5.625%, due 04/28/27		25,000		24,907
6.375%, due 10/01/30		125,000		127,572
Plains All American Pipeline LP Series B, 3 mo. USD Term SOFR + 4.372%, 9.694%, due 09/03/246,8​		225,000		224,343
Prairie Acquiror LP 9.000%, due 08/01/292​		75,000		77,331
Rockies Express Pipeline LLC 3.600%, due 05/15/252​		25,000		24,508
4.800%, due 05/15/302​		50,000		46,715
4.950%, due 07/15/292​		25,000		23,909
6.875%, due 04/15/402​		100,000		98,358
7.500%, due 07/15/382​		25,000		26,198
Summit Midstream Holdings LLC 8.625%, due 10/31/292​		75,000		76,677
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 12/31/302​		125,000		118,447
6.000%, due 09/01/312​		100,000		94,262
7.375%, due 02/15/292​		75,000		75,984
Transportadora de Gas del Sur SA 8.500%, due 07/24/312​		400,000		400,900

101

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Pipelines—(concluded)
Venture Global Calcasieu Pass LLC 3.875%, due 11/01/332​		225,000	$	195,135
4.125%, due 08/15/312​		25,000		22,726
6.250%, due 01/15/302​		100,000		102,700
Venture Global LNG, Inc. 8.125%, due 06/01/282​		300,000		312,431
8.375%, due 06/01/312​		150,000		157,630
9.500%, due 02/01/292​		200,000		222,498
9.875%, due 02/01/322​		250,000		277,522
Western Midstream Operating LP 5.300%, due 03/01/48		75,000		66,011
				7,536,790
Real estate—2.0%
Alpha Star Holding VIII Ltd. 8.375%, due 04/12/273​		200,000		205,375
Anywhere Real Estate Group LLC/ Anywhere Co-Issuer Corp. 7.000%, due 04/15/302​		144,400		122,469
Anywhere Real Estate Group LLC/ Realogy Co-Issuer Corp. 5.250%, due 04/15/302​		25,000		16,739
5.750%, due 01/15/292​		75,000		51,553
Canary Wharf Group Investment Holdings PLC 2.625%, due 04/23/253​	GBP	100,000		122,095
CPI Property Group SA 7.000%, due 05/07/293​	EUR	250,000		266,231
Greystar Real Estate Partners LLC 7.750%, due 09/01/302​		75,000		79,529
Heimstaden Bostad Treasury BV 1.625%, due 10/13/313​	EUR	400,000		324,360
Howard Hughes Corp. 4.125%, due 02/01/292​		125,000		114,694
5.375%, due 08/01/282​		250,000		242,436
Kennedy-Wilson, Inc. 4.750%, due 02/01/30		50,000		42,734
MAF Global Securities Ltd. (fixed, converts to FRN on 03/20/26), 6.375%, due 03/20/263,6,8​		200,000		197,600
Newmark Group, Inc. 7.500%, due 01/12/29		25,000		26,246
NWD Finance BVI Ltd. (fixed, converts to FRN on 06/10/28), 4.125%, due 03/10/283,6,8​		300,000		200,514
Pakuwon Jati Tbk. PT 4.875%, due 04/29/283​		200,000		190,312
Peach Property Finance GmbH 4.375%, due 11/15/253​	EUR	200,000		188,041
PHM Group Holding OY 4.750%, due 06/18/263​		250,000		261,891
Pingan Real Estate Capital Ltd. 3.450%, due 07/29/263​		200,000		177,776
Ronshine China Holdings Ltd.,11 ​8.100%, due 06/09/233​		50,000		500

	Face amount1​		Value
Corporate bonds—(continued)
Real estate—(concluded)
Samhallsbyggnadsbolaget i Norden AB 2.375%, due 09/04/263​	EUR	100,000	$	83,744
(fixed, converts to FRN on 03/14/26), 2.625%, due 12/14/253,6,8​		200,000		72,024
SBB Treasury OYJ 1.125%, due 11/26/293​		150,000		99,596
Signa Development Finance SCS 5.500%, due 07/23/263​		100,000		14,610
5.500%, due 07/23/262​		200,000		29,221
Vanke Real Estate Hong Kong Co. Ltd. 3.975%, due 11/09/273​		200,000		125,376
Vivion Investments SARL 3.000%, due 08/08/243​	EUR	100,000		107,700
Yanlord Land HK Co. Ltd. 5.125%, due 05/20/263​		400,000		353,376
				3,716,742
Real estate investment trusts—2.4%
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/272​		225,000		206,535
Diversified Healthcare Trust 9.750%, due 06/15/25		88,000		88,118
Iron Mountain Information Management Services, Inc. 5.000%, due 07/15/322​		375,000		350,253
Iron Mountain U.K. PLC 3.875%, due 11/15/252​	GBP	100,000		126,034
Iron Mountain, Inc. 4.500%, due 02/15/312​		225,000		206,804
4.875%, due 09/15/272​		125,000		122,057
4.875%, due 09/15/292​		75,000		71,659
5.000%, due 07/15/282​		50,000		48,470
5.250%, due 07/15/302​		250,000		240,603
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. 4.250%, due 02/01/272​		25,000		24,191
4.750%, due 06/15/292​		50,000		47,521
7.000%, due 07/15/312​		25,000		25,587
MPT Operating Partnership LP/MPT Finance Corp. 0.993%, due 10/15/26	EUR	100,000		85,025
3.375%, due 04/24/30	GBP	250,000		202,924
3.500%, due 03/15/31		250,000		164,259
4.625%, due 08/01/29		50,000		36,287
5.000%, due 10/15/27		200,000		163,980
5.250%, due 08/01/26		100,000		89,823
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, due 05/15/292​		125,000		118,113
5.875%, due 10/01/282​		50,000		49,500
7.000%, due 02/01/302​		50,000		50,898
RHP Hotel Properties LP/RHP Finance Corp. 4.500%, due 02/15/292​		100,000		94,738
6.500%, due 04/01/322​		100,000		101,130

102

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
7.250%, due 07/15/282​		50,000	$	51,626
Rithm Capital Corp. 8.000%, due 04/01/292​		75,000		74,346
RLJ Lodging Trust LP 3.750%, due 07/01/262​		200,000		190,924
4.000%, due 09/15/292​		200,000		178,470
SBA Communications Corp. 3.875%, due 02/15/27		25,000		24,070
Service Properties Trust 4.375%, due 02/15/30		50,000		37,416
4.750%, due 10/01/26		125,000		119,747
4.950%, due 02/15/27		25,000		23,422
4.950%, due 10/01/29		75,000		59,785
5.250%, due 02/15/26		150,000		147,850
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.750%, due 04/15/282​		75,000		64,772
6.500%, due 02/15/292​		75,000		56,687
10.500%, due 02/15/282​		250,000		252,862
VICI Properties LP/VICI Note Co., Inc. 4.125%, due 08/15/302​		75,000		69,551
4.625%, due 12/01/292​		150,000		144,422
XHR LP 4.875%, due 06/01/292​		75,000		70,771
6.375%, due 08/15/252​		125,000		125,012
				4,406,242
Retail—4.5%
1011778 BC ULC/New Red Finance, Inc. 3.875%, due 01/15/282​		25,000		23,505
4.000%, due 10/15/302​		500,000		445,987
4.375%, due 01/15/282​		50,000		47,544
6.125%, due 06/15/292​		75,000		75,766
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/273​		200,000		198,360
Arko Corp. 5.125%, due 11/15/292​		50,000		43,619
Asbury Automotive Group, Inc. 4.500%, due 03/01/28		15,000		14,346
4.625%, due 11/15/292​		50,000		46,721
4.750%, due 03/01/30		25,000		23,492
5.000%, due 02/15/322​		25,000		23,038
Bath & Body Works, Inc. 6.625%, due 10/01/302​		100,000		100,950
6.750%, due 07/01/36		375,000		375,394
BCPE Ulysses Intermediate, Inc. 7.750% Cash or 8.500% PIK, 7.750%, due 04/01/272,7​		100,000		96,551
Beacon Roofing Supply, Inc. 4.125%, due 05/15/292​		125,000		114,809
4.500%, due 11/15/262​		175,000		169,858
6.500%, due 08/01/302​		100,000		102,255
Bertrand Franchise Finance SAS 3 mo. EUR EURIBOR + 3.750%, 7.489%, due 07/18/302,6​	EUR	100,000		108,766

	Face amount1​		Value
Corporate bonds—(continued)
Retail—(continued)
Brinker International, Inc. 8.250%, due 07/15/302​		25,000	$	26,349
Carvana Co. 13.000% PIK, 13.000%, due 06/01/302,7​		50,000		55,147
14.000% PIK, 14.000%, due 06/01/312,7​		125,000		145,556
CEC Entertainment LLC 6.750%, due 05/01/262​		50,000		49,941
Ceconomy AG 6.250%, due 07/15/292​	EUR	225,000		242,587
Dufry One BV 2.000%, due 02/15/273​		200,000		205,357
4.750%, due 04/18/313​		100,000		109,057
Eroski S Coop 10.625%, due 04/30/292​		250,000		286,796
Evergreen Acqco 1 LP/TVI, Inc. 9.750%, due 04/26/282​		40,000		42,194
Ferrellgas LP/Ferrellgas Finance Corp. 5.375%, due 04/01/262​		200,000		200,630
5.875%, due 04/01/292​		175,000		163,019
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.750%, due 01/15/302​		200,000		177,455
FirstCash, Inc. 4.625%, due 09/01/282​		125,000		119,425
5.625%, due 01/01/302​		75,000		72,849
6.875%, due 03/01/322​		100,000		101,137
Foundation Building Materials, Inc. 6.000%, due 03/01/292​		100,000		89,618
Gap, Inc. 3.625%, due 10/01/292​		25,000		21,852
3.875%, due 10/01/312​		25,000		21,000
Global Auto Holdings Ltd./AAG FH U.K. Ltd. 8.750%, due 01/15/322​		200,000		191,072
Group 1 Automotive, Inc. 6.375%, due 01/15/302​		25,000		25,215
IRB Holding Corp. 7.000%, due 06/15/252​		50,000		50,002
Ken Garff Automotive LLC 4.875%, due 09/15/282​		75,000		70,915
Kohl's Corp. 4.625%, due 05/01/31		25,000		20,293
LBM Acquisition LLC 6.250%, due 01/15/292​		150,000		132,530
LCM Investments Holdings II LLC 4.875%, due 05/01/292​		200,000		188,345
8.250%, due 08/01/312​		75,000		78,656
Lithia Motors, Inc. 3.875%, due 06/01/292​		200,000		181,637
4.625%, due 12/15/272​		150,000		144,300
Macy's Retail Holdings LLC 4.500%, due 12/15/34		50,000		42,452
5.125%, due 01/15/42		150,000		121,584
5.875%, due 04/01/292​		100,000		97,671
5.875%, due 03/15/302​		25,000		23,996

103

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Retail—(concluded)
6.375%, due 03/15/37		75,000	$	65,916
Maxeda DIY Holding BV 5.875%, due 10/01/263​	EUR	200,000		169,372
Michaels Cos., Inc. 7.875%, due 05/01/292​		75,000		43,109
Murphy Oil USA, Inc. 3.750%, due 02/15/312​		25,000		22,199
4.750%, due 09/15/29		50,000		47,834
5.625%, due 05/01/27		25,000		24,751
Nordstrom, Inc. 4.375%, due 04/01/30		50,000		45,460
Patrick Industries, Inc. 4.750%, due 05/01/292​		100,000		93,268
7.500%, due 10/15/272​		50,000		50,219
Punch Finance PLC 6.125%, due 06/30/262​	GBP	125,000		158,500
6.125%, due 06/30/263​		100,000		126,800
QVC, Inc. 4.450%, due 02/15/25		100,000		98,849
5.450%, due 08/15/34		125,000		78,750
Raising Cane's Restaurants LLC 9.375%, due 05/01/292​		50,000		53,978
Rite Aid Corp. 8.000%, due 11/15/262​		103,000		42,745
Sally Holdings LLC/Sally Capital, Inc. 6.750%, due 03/01/32		50,000		49,823
Sizzling Platter LLC/Sizzling Platter Finance Corp. 8.500%, due 11/28/252​		200,000		201,500
Sonic Automotive, Inc. 4.625%, due 11/15/292​		75,000		68,555
4.875%, due 11/15/312​		75,000		66,978
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, due 09/30/262​		75,000		73,824
Staples, Inc. 12.750%, due 01/15/302​		219,659		170,578
Stonegate Pub Co. Financing 2019 PLC 8.000%, due 07/13/253​	GBP	325,000		417,887
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.000%, due 06/01/312​		75,000		68,076
Superior Plus LP/Superior General Partner, Inc. 4.500%, due 03/15/292​		125,000		116,167
Victoria's Secret & Co. 4.625%, due 07/15/292​		50,000		41,478
Victra Holdings LLC/Victra Finance Corp. 7.750%, due 02/15/262​		25,000		25,097
Vivo Energy Investments BV 5.125%, due 09/24/273​		300,000		284,719
Yum! Brands, Inc. 4.750%, due 01/15/302​		25,000		24,092
5.375%, due 04/01/32		225,000		217,998
				8,458,120

	Face amount1​		Value
Corporate bonds—(continued)
Savings & loans—0.0%†​
Washington Mutual, Inc. 0.000%, due 09/21/494,11,12​		500,000	$	6,063
Semiconductors—0.3%
Amkor Technology, Inc. 6.625%, due 09/15/272​		50,000		50,116
BE Semiconductor Industries NV 4.500%, due 07/15/312​	EUR	125,000		134,971
Entegris, Inc. 4.750%, due 04/15/292​		75,000		72,360
5.950%, due 06/15/302​		25,000		24,942
ON Semiconductor Corp. 3.875%, due 09/01/282​		175,000		163,468
Synaptics, Inc. 4.000%, due 06/15/292​		125,000		114,515
				560,372
Software—1.7%
Alteryx, Inc. 8.750%, due 03/15/282​		50,000		51,375
AthenaHealth Group, Inc. 6.500%, due 02/15/302​		300,000		282,850
Camelot Finance SA 4.500%, due 11/01/262​		100,000		97,488
Castle U.S. Holding Corp. 9.500%, due 02/15/282​		225,000		106,111
Cloud Software Group, Inc. 6.500%, due 03/31/292​		350,000		341,162
9.000%, due 09/30/292​		375,000		372,902
Dun & Bradstreet Corp. 5.000%, due 12/15/292​		50,000		47,448
Dye & Durham Ltd. 8.625%, due 04/15/292​		25,000		25,581
Elastic NV 4.125%, due 07/15/292​		75,000		69,099
Fair Isaac Corp. 4.000%, due 06/15/282​		25,000		23,522
IPD 3 BV 3 mo. EUR EURIBOR + 3.375%, 7.086%, due 06/15/312,6​	EUR	100,000		108,239
MicroStrategy, Inc. 6.125%, due 06/15/282​		50,000		49,450
MSCI, Inc. 3.250%, due 08/15/332​		50,000		42,544
3.625%, due 09/01/302​		50,000		45,706
3.625%, due 11/01/312​		50,000		44,691
Open Text Corp. 3.875%, due 02/15/282​		100,000		93,351
3.875%, due 12/01/292​		150,000		136,160
6.900%, due 12/01/272​		50,000		51,886
Open Text Holdings, Inc. 4.125%, due 02/15/302​		125,000		114,012
4.125%, due 12/01/312​		275,000		244,824
Playtika Holding Corp. 4.250%, due 03/15/292​		125,000		111,064
ROBLOX Corp. 3.875%, due 05/01/302​		50,000		44,804

104

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Software—(concluded)
Rocket Software, Inc. 6.500%, due 02/15/292​		25,000	$	22,581
SS&C Technologies, Inc. 5.500%, due 09/30/272​		275,000		272,412
Twilio, Inc. 3.875%, due 03/15/31		100,000		89,796
UKG, Inc. 6.875%, due 02/01/312​		175,000		179,871
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.500%, due 09/01/252​		100,000		87,000
				3,155,929
Telecommunications—5.2%
Altice France Holding SA 4.000%, due 02/15/283​	EUR	200,000		60,281
6.000%, due 02/15/282​		400,000		123,049
8.000%, due 05/15/273​	EUR	175,000		64,299
10.500%, due 05/15/272​		400,000		149,798
Altice France SA 3.375%, due 01/15/283​	EUR	400,000		305,844
5.125%, due 07/15/292​		375,000		262,986
5.500%, due 10/15/292​		200,000		140,652
C&W Senior Finance Ltd. 6.875%, due 09/15/273​		200,000		194,438
Ciena Corp. 4.000%, due 01/31/302​		50,000		45,913
CommScope LLC 4.750%, due 09/01/292​		50,000		36,250
6.000%, due 03/01/262​		50,000		46,934
7.125%, due 07/01/282​		25,000		15,778
8.250%, due 03/01/272​		25,000		17,302
CommScope Technologies LLC 6.000%, due 06/15/252​		61,000		57,264
Digicel Group Holdings Ltd. Series 1B, 0.000%, due 12/31/302,4,5,12		60,603		3,030
Series 3A, 0.000%, due 12/31/302,4,5,12​		376		188
Series 3B, 0.000%, due 12/31/302,4,5,12​		46,129		461
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S. 9.000% Cash and 1.500% PIK, 12.000%, due 05/25/277​		401,766		398,753
eircom Finance DAC 3.500%, due 05/15/263​	EUR	125,000		133,731
Embarq Corp. 7.995%, due 06/01/36		125,000		36,425
Frontier Communications Holdings LLC 5.000%, due 05/01/282​		150,000		144,459
5.875%, due 10/15/272​		75,000		74,262
5.875%, due 11/01/29		17,911		16,120
6.000%, due 01/15/302​		100,000		90,124
6.750%, due 05/01/292​		275,000		259,838
8.625%, due 03/15/312​		150,000		157,110
8.750%, due 05/15/302​		100,000		104,763

	Face amount1​		Value
Corporate bonds—(continued)
Telecommunications—(continued)
GoTo Group, Inc. 5.500%, due 05/01/282​		48,510	$	38,086
5.500%, due 05/01/282​		66,990		24,731
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		125,000		58,619
Iliad Holding SASU 6.875%, due 04/15/312​	EUR	125,000		139,172
Intelsat Jackson Holdings SA 6.500%, due 03/15/302​		25,000		23,783
Level 3 Financing, Inc. 3.625%, due 01/15/292​		50,000		24,000
3.750%, due 07/15/292​		150,000		70,875
3.875%, due 10/15/302​		25,000		16,107
4.250%, due 07/01/282​		275,000		149,875
4.500%, due 04/01/302​		50,000		33,504
4.625%, due 09/15/272​		50,000		33,020
4.875%, due 06/15/292​		25,000		17,625
10.500%, due 05/15/302​		96,000		98,112
10.750%, due 12/15/302​		25,000		25,781
Liberty Costa Rica Senior Secured Finance 10.875%, due 01/15/312​		200,000		211,125
Lorca Telecom Bondco SA 4.000%, due 09/18/272​	EUR	225,000		241,376
Lumen Technologies, Inc. 4.125%, due 04/15/292​		21,250		15,566
4.125%, due 04/15/302​		21,250		14,981
Millicom International Cellular SA 4.500%, due 04/27/313​		200,000		174,690
7.375%, due 04/02/322​		200,000		199,860
Nokia of America Corp. 6.450%, due 03/15/29		175,000		173,687
Odido Holding BV 3.750%, due 01/15/293​	EUR	175,000		181,800
Optics Bidco SpA 1.625%, due 01/18/29		284,000		274,895
2.375%, due 10/12/273​		100,000		102,160
3.625%, due 05/25/263​		200,000		213,796
5.250%, due 03/17/55		100,000		104,496
Series 2034, 6.000%, due 09/30/342​		200,000		189,000
7.875%, due 07/31/283​	EUR	200,000		242,243
PLT VII Finance SARL 3 mo. EUR EURIBOR + 3.500%, 7.240%, due 06/15/312,6​		100,000		108,225
SoftBank Group Corp. 3.125%, due 09/19/253​		375,000		399,269
3.875%, due 07/06/323​		300,000		290,178
TalkTalk Telecom Group Ltd. 3.875%, due 02/20/253​	GBP	100,000		96,095
Telecom Italia Capital SA 6.375%, due 11/15/33		75,000		73,086
7.200%, due 07/18/36		50,000		49,902
Telecom Italia SpA 1.625%, due 01/18/293​	EUR	141,000		135,501
2.375%, due 10/12/273​		150,000		154,113

105

PACE High Yield Investments

Portfolio of investments—July 31, 2024

	Face amount1​		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
Telecommunications Services of Trinidad & Tobago Ltd. 8.875%, due 10/18/293​		400,000	$	397,252
Telesat Canada/Telesat LLC 4.875%, due 06/01/272​		50,000		22,811
5.625%, due 12/06/262​		125,000		59,365
6.500%, due 10/15/272​		75,000		22,007
Turkcell Iletisim Hizmetleri AS 5.800%, due 04/11/283​		400,000		386,250
Viasat, Inc. 6.500%, due 07/15/282​		25,000		20,352
7.500%, due 05/30/312​		50,000		36,698
Vmed O2 U.K. Financing I PLC 4.250%, due 01/31/312​		200,000		169,338
4.750%, due 07/15/312​		200,000		171,707
5.625%, due 04/15/322​	EUR	125,000		133,712
5.625%, due 04/15/323​		100,000		106,970
Vodafone Group PLC (fixed, converts to FRN on 08/27/26), 2.625%, due 08/27/803,6​		225,000		235,650
(fixed, converts to FRN on 08/27/30), 3.000%, due 08/27/803,6​		100,000		99,051
(fixed, converts to FRN on 10/03/28), 4.200%, due 10/03/783,6​		125,000		133,862
(fixed, converts to FRN on 04/04/29), 7.000%, due 04/04/796​		175,000		181,165
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.750%, due 08/15/282​		75,000		72,346
Zayo Group Holdings, Inc. 4.000%, due 03/01/272​		150,000		127,555
				9,715,477
Toys/Games/Hobbies—0.1%
Mattel, Inc. 5.450%, due 11/01/41		25,000		22,982
5.875%, due 12/15/272​		100,000		100,604
6.200%, due 10/01/40		25,000		25,101
				148,687
Transportation—0.7%
Cargo Aircraft Management, Inc. 4.750%, due 02/01/282​		25,000		23,506
First Student Bidco, Inc./First Transit Parent, Inc. 4.000%, due 07/31/292​		25,000		22,803
Genesee & Wyoming, Inc. 6.250%, due 04/15/322​		150,000		151,789
Rand Parent LLC 8.500%, due 02/15/302​		100,000		98,887
Seaspan Corp. 5.500%, due 08/01/292​		175,000		156,222
Transnet SOC Ltd. 8.250%, due 02/06/283​		400,000		405,250
Watco Cos. LLC/Watco Finance Corp. 7.125%, due 08/01/322​		100,000		102,415

	Face amount1​		Value
Corporate bonds—(concluded)
Transportation—(concluded)
XPO, Inc. 6.250%, due 06/01/282​		50,000	$	50,544
7.125%, due 06/01/312​		50,000		51,573
7.125%, due 02/01/322​		50,000		51,711
Zenith Finco PLC 6.500%, due 06/30/272​	GBP	275,000		259,895
				1,374,595
Trucking & leasing—0.3%
Fly Leasing Ltd. 7.000%, due 10/15/242​		125,000		124,604
Fortress Transportation & Infrastructure Investors LLC 5.500%, due 05/01/282​		75,000		73,530
7.000%, due 05/01/312​		75,000		77,326
7.000%, due 06/15/322​		225,000		232,047
7.875%, due 12/01/302​		25,000		26,500
				534,007
Water—0.1%
Solaris Midstream Holdings LLC 7.625%, due 04/01/262​		175,000		176,145
Thames Water Utilities Finance PLC 2.375%, due 04/22/403​	GBP	100,000		80,706
				256,851
Total corporate bonds (cost—$192,354,732)				180,450,913
Loan assignments—1.1%
Advertising—0.1%
Clear Channel International BV 3 mo. USD Term SOFR + 7.500%, 7.500%, due 04/01/276​		200,000		195,250
Building materials—0.0%†
MI Windows & Doors LLC 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.500%, 8.844%, due 03/28/316​		50,000		50,116
Commercial services—0.0%†​
GTCR W Merger Sub LLC USD Term Loan B, 3 mo. USD Term SOFR + 3.000%, 8.335%, due 01/31/316​		50,000		50,023
Computers—0.2%
Amentum Government Services Holdings LLC 0.000%, due 07/30/316,13​		125,000		124,688
Diebold Nixdorf, Inc. 2023 Exit Term Loan, 1 mo. USD Term SOFR + 7.500%, 12.826%, due 08/11/286​		162,745		167,865
Vericast Corp. 0.000%, due 06/16/266,13​		132,563		131,900
				424,453

106

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Portfolio of investments—July 31, 2024

	Face amount1​		Value
Loan assignments—(continued)
Diversified financial services—0.1%
Mulhacen Pte. Ltd. EUR 1st Lien Term Loan, 6 mo. EURIBOR + 10.000%, 10.000%, due 08/01/266​	EUR	123,745	$	72,095
EUR 2nd Lien Term Loan, 6 mo. EURIBOR + 8.000%, 8.000%, due 12/01/266​		259,267		67,342
				139,437
Entertainment—0.2%
Allen Media LLC 2021 Term Loan B, 3 mo. USD Term SOFR + 5.500%, 10.985%, due 02/10/276​		70,933		46,816
Delta 2 Lux SARL 2022 Term Loan B, 3 mo. USD Term SOFR + 2.250%, 7.585%, due 01/15/306​		25,000		25,083
Great Canadian Gaming Corp. 2021 Term Loan, 3 mo. USD Term SOFR + 4.000%, 9.609%, due 11/01/266​		98,000		98,441
Scientific Games Holdings LP 3 mo. USD Term SOFR + 3.000%, 8.318%, due 04/04/296​		147,750		147,455
UFC Holdings LLC 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750%, 8.291%, due 04/29/266​		62,120		62,249
				380,044
Food—0.1%
Northeast Grocery, Inc. Term Loan B, 3 mo. USD Term SOFR + 7.500%, 12.827%, due 12/13/286​		220,781		224,093
Health care products—0.0%†​
Avantor Funding, Inc. 2024 Term Loan, 1 mo. USD Term SOFR + 2.000%, 7.444%, due 11/08/276​		23,207		23,339
Healthcare-services—0.0%†​
LifePoint Health, Inc. 3 mo. USD Term SOFR + 4.000%, 9.329%, due 05/17/316​		25,000		25,063
Internet—0.1%
Endure Digital, Inc. Term Loan, 1 mo. USD Term SOFR + 3.500%, 8.949%, due 02/10/286​		72,750		64,784
Machinery-diversified—0.0%†​
Titan Acquisition Ltd. 2024 Term Loan B, 6 mo. USD Term SOFR + 5.000%, 10.326%, due 02/15/296​		50,000		50,078
Pharmaceuticals—0.0%†​
Mallinckrodt International Finance SA 2023 First Out Term Loan, 1 mo. USD Term SOFR + 7.500%, 12.845%, due 11/14/286​		9,381		10,335

	Face amount1​		Value
Loan assignments—(concluded)
Software—0.1%
Athenahealth Group, Inc. 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%, 8.594%, due 02/15/296​		87,366	$	87,147
Telecommunications—0.2%
Altice France SA 2023 USD Term Loan B14, 3 mo. USD Term SOFR + 5.500%, 10.801%, due 08/15/286​		160,853		122,409
Consolidated Communications, Inc. 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%, 8.958%, due 10/02/276​		150,000		142,747
				265,156
Total loan assignments (cost—$2,271,423)				1,989,318
Non-U.S. government agency obligations—0.1%
Nigeria—0.1%
Nigeria Government International Bonds 7.375%, due 09/28/333​		200,000		163,437
Ukraine—0.0%†​
Ukreximbank Via Biz Finance PLC 9.750%, due 01/22/253​		25,750		24,205
Total non-U.S. government agency obligations (cost $195,814)				187,642
	Number of shares
Preferred stocks—0.0†​%
Machinery—0.0%†​
Selecta Group BV, Class A1*,4​	EUR	21,852		11,115
Selecta Group BV, Class A2*,4​		43,703		22,230
				33,345
Total preferred stocks (cost—$19,205)				33,345
	Face amount1​
Warrants—0.0†​%
Air Methods Corp.*,4,5​		389		0
Air Methods Corp.*,4,5​		184		0
California Resources Corp. expires 10/27/24*		201		3,158
Chalice Mining Ltd. expires 10/01/24*,4​		9		0
Chalice Mining Ltd. expires 10/01/25*,4​		9		1
Curo Group Holdings LLC expires 08/01/28*		1,440		0
Intelsat SA expires 02/17/27*,4​		1		1
Linx Synthetic expires 12/31/49*,4,5​	EUR	1		29,437
Total warrants (cost—$166,218)				32,597

107

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Portfolio of investments—July 31, 2024

	Number of shares
Common stocks—0.6%
Aerospace & defense—0.0%†​
Evander Gold Mines Ltd.*,4,5​		2,750	$	0
Chemicals—0.0%†​
Cornerstone Cs*,4,5​		1,205		4,218
Consumer finance—0.0%†​
Curo Group Holdings LLC*,9​		824		4,017
Energy equipment & services—0.0%†​
Nine Energy Service, Inc.*,14​		750		1,418
Parker Drilling Co.*		1,153		11,530
				12,948
Financial services—0.1%
SPN*,4​		1,482		93,736
Gas utilities—0.0%†​
Ferrellgas Partners LP, Class B		364		58,240
Health care providers & services—0.0%†​
Air Methods Corp.*,4​		70		2,450
IT services—0.2%
Carnelian Point Holdings LP*,4,5​		140		1,939
Carnelian Point Holdings LP*		9,478		131,270
Carnelian Point Holdings LP*		14,851		205,687
				338,896
Leisure products—0.0%†​
Codere New Topco SA*,4,5​	EUR	4,367		0
Teide 10 S.L.*,4​		5,444,137		44,189
				44,189
Media—0.0%†​
iHeartMedia, Inc., Class A*,14​		1,347		2,398
Metals & mining—0.0%†​
Aleris International, Inc.*,4,5,10​		795		15,900
Cloud Peak Energy, Inc.*,4,5​		66		0
Petra Diamonds Ltd.*	GBP	54,100		21,073
				36,973

	Number of shares
Common stocks—(concluded)
Paper & forest products—0.0%†​
Hardwood Holdings LLC*,4​		936	$	29,952
Pharmaceuticals—0.1%
Endo, Inc.*,4​		60		1,734
Endo, Inc.*		3,761		108,674
				110,408
Mallinckrodt PLC*,4,5​		459		25,302
				135,710
Technology hardware, storage & peripherals—0.1%
Diebold Nixdorf, Inc.*,4​		2,268		98,771
Wireless telecommunication services—0.1%
Intelsat SA*,4		5,083		187,436
Total common stocks (cost—$1,666,433)				1,049,934
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 5.263%15 ​(cost $1,541,579)		1,541,579		1,541,579
Investment of cash collateral from securities loaned—0.0†​%
Money market funds—0.0%†​
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%15 ​(cost—$1,484)		1,484		1,484
Total investments (cost—$198,216,888)—99.0%				185,286,812
Other assets in excess of liabilities—1.0%				1,863,211
Net assets—100.0%			$	187,150,023

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)
SSB	EUR	33,652,940	USD	36,182,631	08/08/24	$	(248,240	)
SSB	GBP	100,000	EUR	118,662	08/08/24		(105	)
SSB	GBP	3,663,678	USD	4,641,514	08/08/24		(68,596	)
SSB	USD	483,000	EUR	443,760	08/08/24		(2,609	)
SSB	USD	95,000	GBP	74,251	08/08/24		459
Net unrealized appreciation (depreciation)						$	(319,091	)

108

PACE High Yield Investments

Portfolio of investments—July 31, 2024

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	180,435,234		$	15,679	$	180,450,913
Loan assignments		—		1,989,318			—		1,989,318
Non-U.S. government agency obligations		—		187,642			—		187,642
Preferred stocks		—		33,345			—		33,345
Warrants		3,158		1			29,438		32,597
Common stocks		303,838		387,082			359,014		1,049,934
Short term investments		—		1,541,579			—		1,541,579
Investment of cash collateral from securities loaned		—		1,484			—		1,484
Forward foreign currency contracts		—		459			—		459
Total	$	306,996	$	184,576,144		$	404,131	$	185,287,271
Liabilities
Forward foreign currency contracts	$	—	$	(319,550	)	$	—	$	(319,550	)
Total	$	—	$	(319,550	)	$	—	$	(319,550	)

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*  Non-income producing security.

¹​  In U.S. dollars unless otherwise indicated.

²​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $109,784,684, represented 58.7% of the Portfolio's net assets at period end.

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

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

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

⁶​  Floating or variable rate securities. The rates disclosed are as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

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

⁹​  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.

¹⁰​  This security is considered restricted. At period end, the value of restricted security was $28,104, represented 0.0% of the Portfolio's net assets. The table below provides further information.

109

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Portfolio of investments—July 31, 2024

Portfolio footnotes—(concluded)

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 07/31/24		Value as a percentage of net assets
Aleris International, Inc.	01/10/17	$	13,981		0.0	%	$	15,900		0.0	%
Appcion	08/23/18		650,000		0.3			6,500		0.0
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.	09/02/20		550,000		0.3			5,500		0.0
Codere New Holdco SA	12/01/21		141,227		0.1			204		0.0

¹¹​  Bond interest in default.

¹²​  Zero coupon bond.

¹³​  Position is unsettled. Contract rate was not determined at July 31, 2024 and does not take effect until settlement.

¹⁴​  Security, or portion thereof, was on loan at the period end.

¹⁵​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements.
110

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—97.2%
Aerospace & defense—2.2%
Boeing Co.*		10,397	$	1,981,668
General Dynamics Corp.		44,186		13,198,800
RTX Corp.		19,721		2,317,021
				17,497,489
Air freight & logistics—1.5%
FedEx Corp.		11,210		3,388,222
United Parcel Service, Inc., Class B		68,048		8,871,418
				12,259,640
Automobile components—0.7%
Adient PLC*		16,044		413,293
Aptiv PLC*		23,775		1,649,747
BorgWarner, Inc.		25,013		883,209
Magna International, Inc.1​		65,629		2,911,959
				5,858,208
Automobiles—1.5%
General Motors Co.		113,940		5,049,821
Harley-Davidson, Inc.		180,771		6,778,912
				11,828,733
Banks—7.4%
Bank of America Corp.		32,489		1,309,632
Citigroup, Inc.		253,893		16,472,578
Citizens Financial Group, Inc.		65,029		2,774,787
First Citizens BancShares, Inc., Class A		489		1,020,880
JPMorgan Chase & Co.		76,226		16,220,893
M&T Bank Corp.		62,050		10,683,149
Truist Financial Corp.		32,200		1,439,018
U.S. Bancorp		76,372		3,427,575
Wells Fargo & Co.		90,640		5,378,578
				58,727,090
Beverages—1.2%
Anheuser-Busch InBev SA, ADR1​		20,200		1,201,900
Keurig Dr. Pepper, Inc.		253,228		8,680,656
				9,882,556
Biotechnology—1.9%
Gilead Sciences, Inc.		202,770		15,422,686
Broadline retail—1.1%
Alibaba Group Holding Ltd., ADR		113,828		8,975,338
Building products—1.1%
Johnson Controls International PLC		117,569		8,410,886
Capital markets—6.8%
ARES Management Corp., Class A		70,320		10,773,024
Bank of New York Mellon Corp.		240,717		15,663,455
Charles Schwab Corp.		211,381		13,779,927
Goldman Sachs Group, Inc.		3,284		1,671,655
Raymond James Financial, Inc.		80,309		9,315,844
State Street Corp.		37,405		3,178,303
				54,382,208

	Number of shares		Value
Common stocks—(continued)
Chemicals—1.8%
Axalta Coating Systems Ltd.*		346,181	$	12,341,353
Olin Corp.		44,251		2,018,288
				14,359,641
Communications equipment—2.8%
Cisco Systems, Inc.		233,728		11,324,122
F5, Inc.*		27,300		5,559,372
Telefonaktiebolaget LM Ericsson, ADR1​		795,161		5,478,659
				22,362,153
Construction & engineering—0.1%
Fluor Corp.*		15,527		746,849
Construction materials—1.8%
Heidelberg Materials AG		137,524		14,359,633
Consumer finance—2.6%
American Express Co.		72,880		18,441,555
Capital One Financial Corp.		5,747		870,096
Discover Financial Services		7,438		1,070,998
				20,382,649
Electric utilities—2.6%
Exelon Corp.		267,525		9,951,930
PPL Corp.		355,247		10,557,941
				20,509,871
Electrical equipment—1.1%
Emerson Electric Co.		77,375		9,061,386
Electronic equipment, instruments & components—1.6%
Corning, Inc.		280,160		11,209,202
TE Connectivity Ltd.		10,630		1,640,528
				12,849,730
Energy equipment & services—0.8%
Baker Hughes Co.		47,617		1,843,730
Halliburton Co.		20,621		715,136
NOV, Inc.		156,004		3,248,004
Schlumberger NV		18,297		883,562
				6,690,432
Entertainment—0.1%
Warner Bros Discovery, Inc.*		122,210		1,057,117
Financial services—2.6%
Berkshire Hathaway, Inc., Class B*		37,048		16,245,548
Corebridge Financial, Inc.		55,263		1,633,022
Fidelity National Information Services, Inc.		36,177		2,779,479
				20,658,049
Food products—1.8%
Conagra Brands, Inc.		41,600		1,261,312
Danone SA		192,495		12,532,994
Kraft Heinz Co.		22,800		802,788
				14,597,094

111

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Ground transportation—0.2%
Norfolk Southern Corp.		5,500	$	1,372,580
Health care equipment & supplies—0.9%
GE HealthCare Technologies, Inc.		36,263		3,068,938
Medtronic PLC		46,437		3,729,820
Zimmer Biomet Holdings, Inc.		7,138		794,816
				7,593,574
Health care providers & services—7.5%
Centene Corp.*		29,719		2,285,985
Cigna Group		4,697		1,637,703
CVS Health Corp.		61,214		3,693,041
Elevance Health, Inc.		36,710		19,530,821
HCA Healthcare, Inc.		4,647		1,687,093
Henry Schein, Inc.*		191,358		13,766,295
Humana, Inc.		3,121		1,128,585
Labcorp Holdings, Inc.		3,806		819,965
UnitedHealth Group, Inc.		26,659		15,359,849
				59,909,337
Hotels, restaurants & leisure—1.8%
Aramark		399,330		13,685,039
Booking Holdings, Inc.		221		821,017
				14,506,056
Insurance—7.3%
American International Group, Inc.		163,077		12,920,591
Aon PLC, Class A		14,350		4,714,118
Hartford Financial Services Group, Inc.		29,765		3,301,534
Marsh & McLennan Cos., Inc.		43,412		9,662,209
MetLife, Inc.		157,922		12,136,305
Progressive Corp.		72,041		15,425,419
				58,160,176
Interactive media & services—3.8%
Alphabet, Inc., Class A		101,523		17,415,256
Meta Platforms, Inc., Class A		27,498		13,056,875
				30,472,131
IT services—0.1%
Cognizant Technology Solutions Corp., Class A		9,852		745,599
Machinery—1.8%
CNH Industrial NV		148,845		1,585,199
Cummins, Inc.		8,193		2,390,718
PACCAR, Inc.		100,459		9,911,285
Timken Co.		9,137		794,462
				14,681,664
Media—0.9%
Comcast Corp., Class A		94,499		3,899,974
Omnicom Group, Inc.		8,500		833,340
Paramount Global, Class B		39,342		449,285
WPP PLC, ADR		34,800		1,682,232
				6,864,831

	Number of shares		Value
Common stocks—(continued)
Metals & mining—1.6%
Rio Tinto PLC, ADR1​		191,149	$	12,455,269
Multi-utilities—1.8%
Dominion Energy, Inc.		30,300		1,619,838
Sempra		154,401		12,361,344
				13,981,182
Oil, gas & consumable fuels—6.0%
APA Corp.		165,612		5,165,438
Cenovus Energy, Inc.		50,303		1,012,599
ConocoPhillips		71,261		7,924,223
EOG Resources, Inc.		64,668		8,199,902
EQT Corp.		318,827		11,002,720
Marathon Oil Corp.		54,603		1,531,614
Murphy Oil Corp.		16,859		697,626
Ovintiv, Inc.		47,820		2,220,761
Phillips 66		47,133		6,856,909
Shell PLC, ADR		43,862		3,211,576
				47,823,368
Passenger airlines—0.6%
Southwest Airlines Co.		167,326		4,507,762
Personal care products—3.0%
Kenvue, Inc.		440,797		8,150,337
Unilever PLC, ADR1​		261,110		16,032,154
				24,182,491
Pharmaceuticals—3.8%
GSK PLC, ADR1​		17,964		696,464
Merck & Co., Inc.		125,376		14,183,787
Pfizer, Inc.		474,044		14,477,304
Sanofi SA, ADR		15,514		803,780
				30,161,335
Semiconductors & semiconductor equipment—2.5%
Lam Research Corp.		8,404		7,742,101
Micron Technology, Inc.		7,819		858,682
NXP Semiconductors NV		43,174		11,361,670
				19,962,453
Software—0.7%
Oracle Corp.		5,447		759,584
Workday, Inc., Class A*		22,300		5,064,776
				5,824,360
Specialized REITs—3.4%
Crown Castle, Inc.		124,121		13,663,240
Gaming & Leisure Properties, Inc.		269,310		13,519,362
				27,182,602
Specialty retail—0.8%
Tractor Supply Co.		24,791		6,527,966
Technology hardware, storage & peripherals—1.9%
Samsung Electronics Co. Ltd.		242,572		14,782,488

112

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(concluded)
Tobacco—1.6%
Philip Morris International, Inc.		110,619	$	12,738,884
Wireless telecommunication services—0.1%
Vodafone Group PLC, ADR		119,408		1,117,659
Total common stocks (cost—$666,032,161)				776,433,205
Short term investments—2.8%
Investment companies—2.8%
State Street Institutional U.S. Government Money Market Fund, 5.263%2 ​(cost—$22,501,398)		22,501,398		22,501,398
Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%2 ​(cost—$1,268,597)		1,268,597		1,268,597
Total Investments (cost—$689,802,156)—100.2%				800,203,200
Liabilities in excess of other assets—(0.2)%				(1,820,984	)
Net assets—100.0%			$	798,382,216

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 July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	776,433,205	$	—	$	—	$	776,433,205
Short term investments		—		22,501,398		—		22,501,398
Investment of cash collateral from securities loaned		—		1,268,597		—		1,268,597
Total	$	776,433,205	$	23,769,995	$	—	$	800,203,200

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements.
113

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—97.1%
Aerospace & defense—0.9%
TransDigm Group, Inc.		5,325	$	6,891,721
Automobiles—1.1%
Tesla, Inc.*		39,445		9,154,001
Beverages—0.8%
Celsius Holdings, Inc.*		62,608		2,931,933
Coca-Cola Co.		41,623		2,777,919
Monster Beverage Corp.*		12,482		642,199
				6,352,051
Biotechnology—1.2%
Regeneron Pharmaceuticals, Inc.*		8,861		9,562,703
Broadline retail—9.5%
Amazon.com, Inc.*		384,457		71,885,770
MercadoLibre, Inc.*		2,775		4,631,197
				76,516,967
Building products—0.7%
Trane Technologies PLC		16,959		5,669,054
Capital markets—1.6%
Blackstone, Inc.		20,034		2,847,833
KKR & Co., Inc.		39,263		4,847,017
MSCI, Inc.		10,076		5,448,698
				13,143,548
Communications equipment—0.6%
Arista Networks, Inc.*		13,873		4,807,688
Construction & engineering—0.4%
Quanta Services, Inc.		11,971		3,176,864
Consumer staples distribution & retail—0.4%
Walmart, Inc.		42,026		2,884,665
Electric utilities—0.8%
American Electric Power Co., Inc.		15,983		1,568,252
Duke Energy Corp.		13,020		1,422,696
NextEra Energy, Inc.		19,134		1,461,646
Southern Co.		21,396		1,786,994
				6,239,588
Electrical equipment—1.2%
Eaton Corp. PLC		22,096		6,734,640
Vertiv Holdings Co., Class A		32,186		2,533,038
				9,267,678
Electronic equipment, instruments & components—0.7%
Amphenol Corp., Class A		69,046		4,436,896
Jabil, Inc.		11,324		1,275,875
				5,712,771
Entertainment—3.8%
Netflix, Inc.*		40,642		25,537,401
Spotify Technology SA*		13,675		4,703,379
				30,240,780

	Number of shares		Value
Common stocks—(continued)
Financial services—5.0%
Block, Inc.*		8,034	$	497,144
Mastercard, Inc., Class A		52,624		24,402,275
Visa, Inc., Class A		58,836		15,630,960
				40,530,379
Ground transportation—0.7%
Uber Technologies, Inc.*		85,773		5,529,785
Health care equipment & supplies—2.7%
Abbott Laboratories		106,457		11,278,055
Edwards Lifesciences Corp.*		17,422		1,098,457
Intuitive Surgical, Inc.*		20,646		9,179,418
				21,555,930
Health care providers & services—2.1%
McKesson Corp.		10,317		6,365,795
UnitedHealth Group, Inc.		17,428		10,041,317
				16,407,112
Hotels, restaurants & leisure—3.4%
Airbnb, Inc., Class A*		66,369		9,262,458
Booking Holdings, Inc.		1,017		3,778,165
Chipotle Mexican Grill, Inc.*		84,400		4,584,608
DoorDash, Inc., Class A*		28,789		3,187,518
Marriott International, Inc., Class A		11,561		2,627,815
McDonald's Corp.		11,610		3,081,294
Starbucks Corp.		13,331		1,039,152
				27,561,010
Household durables—1.0%
DR Horton, Inc.		46,084		8,291,894
Household products—0.1%
Procter & Gamble Co.		6,434		1,034,330
Industrial conglomerates—0.3%
3M Co.		20,874		2,662,479
Interactive media & services—9.2%
Alphabet, Inc., Class C		241,550		41,824,382
Meta Platforms, Inc., Class A		67,260		31,937,066
				73,761,448
IT services—2.1%
Accenture PLC, Class A		25,843		8,544,213
MongoDB, Inc.*		2,573		649,322
Shopify, Inc., Class A*		125,833		7,700,980
				16,894,515
Life sciences tools & services—1.6%
Thermo Fisher Scientific, Inc.		20,432		12,531,763
Media—0.2%
Trade Desk, Inc., Class A*		18,779		1,687,857
Metals & mining—0.2%
Freeport-McMoRan, Inc.		39,418		1,789,971

114

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—0.6%
Cheniere Energy, Inc.		4,297	$	784,804
ConocoPhillips		19,241		2,139,599
Shell PLC, ADR		24,708		1,809,120
				4,733,523
Pharmaceuticals—6.6%
Eli Lilly & Co.		43,779		35,210,136
Novo Nordisk AS, ADR		76,671		10,168,875
Zoetis, Inc.		43,380		7,810,135
				53,189,146
Semiconductors & semiconductor equipment—11.9%
Advanced Micro Devices, Inc.*		39,685		5,733,689
ASML Holding NV, Registered Shares		5,196		4,867,093
Broadcom, Inc.		128,726		20,683,694
KLA Corp.		1,258		1,035,422
Lam Research Corp.		6,078		5,599,297
NVIDIA Corp.		428,137		50,100,592
QUALCOMM, Inc.		14,142		2,558,995
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		32,557		5,397,950
				95,976,732
Software—19.4%
Adobe, Inc.*		23,814		13,136,993
AppLovin Corp., Class A*		34,043		2,624,715
Fair Isaac Corp.*		1,818		2,908,800
HubSpot, Inc.*		4,316		2,145,181
Intuit, Inc.		7,355		4,761,259
Microsoft Corp.		188,077		78,682,013
Oracle Corp.		65,739		9,167,304
Palo Alto Networks, Inc.*		7,910		2,568,614

	Number of shares		Value
Common stocks—(concluded)
Software—(concluded)
Salesforce, Inc.		25,177	$	6,515,808
ServiceNow, Inc.*		22,878		18,631,614
Synopsys, Inc.*		14,918		8,329,018
Workday, Inc., Class A*		29,971		6,807,014
				156,278,333
Specialty retail—0.5%
AutoZone, Inc.*		1,221		3,826,235
Technology hardware, storage & peripherals—4.8%
Apple, Inc.		174,861		38,833,131
Tobacco—0.6%
Philip Morris International, Inc.		40,858		4,705,207
Trading companies & distributors—0.4%
WW Grainger, Inc.		3,236		3,160,957
Total common stocks (cost—$559,440,154)				780,561,816
Short term investments—3.1%
Investment companies—3.1%
State Street Institutional U.S. Government Money Market Fund, 5.263%1 ​(cost—$25,056,232)		25,056,232		25,056,232
Total Investments (cost—$584,496,386)—100.2%				805,618,048
Liabilities in excess of other assets—(0.2)%				(1,253,900	)
Net assets—100.0%			$	804,364,148

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.

115

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2024

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	780,561,816	$	—	$	—	$	780,561,816
Short term investments		—		25,056,232		—		25,056,232
Total	$	780,561,816	$	25,056,232	$	—	$	805,618,048

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

¹​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements.
116

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—99.2%
Aerospace & defense—0.7%
Textron, Inc.		23,550	$	2,187,795
Automobile components—3.0%
Gentex Corp.		64,040		1,989,083
Goodyear Tire & Rubber Co.*		95,372		1,115,852
LCI Industries		20,348		2,374,408
Lear Corp.		16,724		2,040,997
Visteon Corp.*		13,155		1,519,929
				9,040,269
Automobiles—1.1%
Thor Industries, Inc.		30,185		3,203,836
Banks—7.8%
Ameris Bancorp		32,989		2,008,700
Atlantic Union Bankshares Corp.		36,600		1,511,214
Bank of Hawaii Corp.		21,836		1,497,731
Bank OZK		33,438		1,567,908
Columbia Banking System, Inc.		127,013		3,322,660
First Horizon Corp.		115,750		1,936,498
Glacier Bancorp, Inc.		42,000		1,877,820
Independent Bank Corp.		26,386		1,692,662
Old National Bancorp		82,370		1,649,047
Prosperity Bancshares, Inc.		24,140		1,750,633
SouthState Corp.		20,165		1,995,730
Valley National Bancorp		157,000		1,318,800
Veritex Holdings, Inc.		55,896		1,401,313
				23,530,716
Beverages—0.6%
National Beverage Corp.		35,083		1,711,700
Biotechnology—0.5%
United Therapeutics Corp.*		4,635		1,452,099
Broadline retail—0.6%
Nordstrom, Inc.1​		78,700		1,796,721
Building products—3.3%
Armstrong World Industries, Inc.		14,492		1,904,249
Builders FirstSource, Inc.*		6,448		1,079,202
Lennox International, Inc.		5,553		3,240,175
Resideo Technologies, Inc.*		91,426		2,077,199
Zurn Elkay Water Solutions Corp.		49,944		1,621,182
				9,922,007
Capital markets—2.6%
Artisan Partners Asset Management, Inc., Class A		18,052		797,176
Houlihan Lokey, Inc.		10,679		1,604,520
Invesco Ltd.		97,526		1,683,299
Janus Henderson Group PLC		47,541		1,769,951
LPL Financial Holdings, Inc.		8,602		1,905,515
				7,760,461
Chemicals—3.8%
Chemours Co.		71,116		1,718,874
HB Fuller Co.		25,411		2,190,428
Huntsman Corp.		74,400		1,780,392

	Number of shares		Value
Common stocks—(continued)
Chemicals—(concluded)
Ingevity Corp.*		30,300	$	1,390,467
Olin Corp.		35,534		1,620,706
Scotts Miracle-Gro Co.		18,429		1,448,519
Westlake Corp.		9,908		1,464,997
				11,614,383
Commercial services & supplies—1.1%
Brink's Co.		15,046		1,654,909
Clean Harbors, Inc.*		6,645		1,586,361
				3,241,270
Communications equipment—0.7%
Ciena Corp.*		30,329		1,599,551
Juniper Networks, Inc.		14,962		563,918
				2,163,469
Construction & engineering—0.5%
Fluor Corp.*		29,549		1,421,307
Construction materials—0.4%
Summit Materials, Inc., Class A*		32,603		1,362,153
Consumer finance—1.3%
Bread Financial Holdings, Inc.		25,975		1,417,715
Navient Corp.		48,972		803,631
SLM Corp.		81,385		1,846,626
				4,067,972
Consumer staples distribution & retail—1.9%
BJ's Wholesale Club Holdings, Inc.*		35,352		3,109,562
Casey's General Stores, Inc.		2,900		1,124,736
Performance Food Group Co.*		20,428		1,409,532
				5,643,830
Diversified telecommunication services—0.5%
Iridium Communications, Inc.		55,486		1,592,448
Electric utilities—1.2%
Evergy, Inc.		25,900		1,502,200
Pinnacle West Capital Corp.		23,517		2,012,820
				3,515,020
Electrical equipment—0.8%
Atkore, Inc.		7,286		983,610
Sensata Technologies Holding PLC		35,600		1,388,044
				2,371,654
Electronic equipment, instruments & components—3.9%
Arrow Electronics, Inc.*		23,877		2,953,346
Belden, Inc.		13,343		1,236,763
Flex Ltd.*		32,332		1,039,474
IPG Photonics Corp.*		17,361		1,395,824
Jabil, Inc.		12,444		1,402,065
TD SYNNEX Corp.		12,216		1,455,781
Zebra Technologies Corp., Class A*		6,904		2,424,616
				11,907,869

117

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—2.3%
Cactus, Inc., Class A1​		23,500	$	1,483,320
Diamond Offshore Drilling, Inc.*		73,900		1,213,438
Helmerich & Payne, Inc.		71,736		2,899,569
Patterson-UTI Energy, Inc.		128,673		1,414,116
				7,010,443
Entertainment—1.3%
Cinemark Holdings, Inc.*		60,138		1,418,054
Liberty Media Corp.-Liberty Formula One, Class C*		19,237		1,555,696
Lions Gate Entertainment Corp., Class B*		104,603		861,929
				3,835,679
Financial services—1.9%
Jack Henry & Associates, Inc.		12,570		2,155,504
MGIC Investment Corp.		76,800		1,907,712
Voya Financial, Inc.		16,330		1,187,681
Walker & Dunlop, Inc.		4,736		506,278
				5,757,175
Food products—1.0%
Ingredion, Inc.		13,448		1,672,528
Post Holdings, Inc.*		11,199		1,224,722
				2,897,250
Gas utilities—1.2%
National Fuel Gas Co.		28,830		1,689,150
UGI Corp.		82,666		2,048,463
				3,737,613
Ground transportation—2.3%
Knight-Swift Transportation Holdings, Inc.		30,975		1,685,969
Landstar System, Inc.		11,223		2,135,176
Ryder System, Inc.		11,136		1,560,822
Saia, Inc.*,1​		4,077		1,703,574
				7,085,541
Health care equipment & supplies—0.8%
Globus Medical, Inc., Class A*		18,733		1,348,027
LivaNova PLC*		21,162		1,045,403
				2,393,430
Health care providers & services—2.0%
CorVel Corp.*		5,849		1,794,473
Encompass Health Corp.		14,900		1,384,806
Select Medical Holdings Corp.		35,000		1,391,600
Tenet Healthcare Corp.*		10,300		1,541,910
				6,112,789
Hotel & resort REITs—0.4%
Host Hotels & Resorts, Inc.		71,416		1,250,494
Hotels, restaurants & leisure—2.5%
Bloomin' Brands, Inc.		65,142		1,358,211
Caesars Entertainment, Inc.*		42,889		1,713,416
Churchill Downs, Inc.		8,670		1,244,665
Marriott Vacations Worldwide Corp.		19,682		1,664,704
Norwegian Cruise Line Holdings Ltd.*,1​		91,250		1,681,737
				7,662,733

	Number of shares		Value
Common stocks—(continued)
Household durables—2.6%
La-Z-Boy, Inc.		22,395	$	988,515
Mohawk Industries, Inc.*		36,205		5,831,539
Newell Brands, Inc.		134,299		1,153,629
				7,973,683
Household products—0.7%
WD-40 Co.		7,815		2,044,482
Industrial REITs—0.7%
First Industrial Realty Trust, Inc.		40,100		2,194,272
Insurance—2.9%
American Financial Group, Inc.		8,600		1,126,256
Assurant, Inc.		6,440		1,126,163
First American Financial Corp.		34,471		2,088,253
Lincoln National Corp.		34,480		1,148,184
Unum Group		21,862		1,257,721
W.R. Berkley Corp.		38,694		2,133,200
				8,879,777
IT services—0.6%
Amdocs Ltd.		21,621		1,891,189
Leisure products—1.1%
Brunswick Corp.		14,528		1,183,306
Polaris, Inc.		24,623		2,050,603
				3,233,909
Life sciences tools & services—0.5%
Fortrea Holdings, Inc.*,1​		52,023		1,435,315
Machinery—6.5%
AGCO Corp.		9,245		872,913
Chart Industries, Inc.*,1​		5,309		855,174
Graco, Inc.		25,292		2,151,085
ITT, Inc.		13,617		1,926,261
John Bean Technologies Corp.		11,063		1,088,378
Kadant, Inc.		6,066		2,132,138
Mueller Water Products, Inc., Class A		72,766		1,504,801
Oshkosh Corp.		12,809		1,391,698
Pentair PLC		22,750		1,999,042
RBC Bearings, Inc.*		8,737		2,541,069
Terex Corp.		21,563		1,364,075
Toro Co.		18,500		1,771,005
				19,597,639
Marine transportation—0.5%
Kirby Corp.*		13,066		1,605,550
Metals & mining—3.2%
Alcoa Corp.		80,637		2,664,246
ATI, Inc.*		25,225		1,707,985
Cleveland-Cliffs, Inc.*		115,150		1,767,552
Commercial Metals Co.		30,800		1,851,080
Reliance, Inc.		5,610		1,708,582
				9,699,445

118

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Mortgage real estate investment—1.0%
AGNC Investment Corp.1​		141,500	$	1,416,415
Annaly Capital Management, Inc.		78,100		1,554,971
				2,971,386
Office REITs—0.9%
Highwoods Properties, Inc.		49,550		1,534,564
Kilroy Realty Corp.		35,000		1,293,950
				2,828,514
Oil, gas & consumable fuels—3.1%
Antero Resources Corp.*		34,100		989,582
California Resources Corp.		44,118		2,269,430
Chord Energy Corp.		6,982		1,198,530
Civitas Resources, Inc.		19,900		1,388,224
International Seaways, Inc.		7,376		413,056
Ovintiv, Inc.		23,225		1,078,569
PBF Energy, Inc., Class A		18,799		766,059
Permian Resources Corp.		77,853		1,194,265
				9,297,715
Passenger airlines—1.1%
Alaska Air Group, Inc.*		53,941		2,024,406
SkyWest, Inc.*		17,410		1,391,755
				3,416,161
Personal care products—0.4%
Coty, Inc., Class A*		134,330		1,336,584
Pharmaceuticals—1.4%
Jazz Pharmaceuticals PLC*		16,273		1,794,098
Perrigo Co. PLC		42,820		1,210,522
Prestige Consumer Healthcare, Inc.*		17,700		1,253,337
				4,257,957
Professional services—7.7%
Alight, Inc., Class A*		161,450		1,222,176
Broadridge Financial Solutions, Inc.		12,303		2,632,842
CACI International, Inc., Class A*		9,077		4,188,854
Genpact Ltd.		47,798		1,657,157
Jacobs Solutions, Inc.		8,051		1,178,264
Kelly Services, Inc., Class A		63,445		1,492,861
Korn Ferry		45,445		3,350,205
ManpowerGroup, Inc.		50,216		3,845,541
Robert Half, Inc.		14,866		954,249
TransUnion		32,293		2,914,766
				23,436,915
Real estate management & development—0.5%
Cushman & Wakefield PLC*		126,781		1,662,099
Residential REITs—0.6%
Camden Property Trust		15,800		1,749,850

	Number of shares		Value
Common stocks—(concluded)
Retail REITs—0.6%
Federal Realty Investment Trust		15,550	$	1,736,158
Semiconductors & semiconductor equipment—2.8%
Diodes, Inc.*		18,000		1,407,600
Ichor Holdings Ltd.*		38,671		1,314,814
Kulicke & Soffa Industries, Inc.		24,149		1,139,108
MKS Instruments, Inc.		9,450		1,189,755
Synaptics, Inc.*		14,660		1,280,111
Teradyne, Inc.		15,346		2,012,782
				8,344,170
Software—0.6%
Dolby Laboratories, Inc., Class A		23,836		1,877,323
Specialized REITs—1.1%
Gaming & Leisure Properties, Inc.		44,950		2,256,490
Lamar Advertising Co., Class A		10,306		1,235,277
				3,491,767
Specialty retail—1.4%
Leslie's, Inc.*,1​		240,514		709,516
Sally Beauty Holdings, Inc.*		104,199		1,193,079
Victoria's Secret & Co.*		134,340		2,384,535
				4,287,130
Textiles, apparel & luxury goods—2.5%
Carter's, Inc.		6,046		366,085
PVH Corp.		25,157		2,565,762
Steven Madden Ltd.		20,647		936,135
Tapestry, Inc.		90,139		3,613,673
				7,481,655
Trading companies & distributors—2.2%
Air Lease Corp.		28,094		1,394,024
Core & Main, Inc., Class A*		28,450		1,521,222
Herc Holdings, Inc.		9,400		1,464,896
WESCO International, Inc.		13,235		2,315,463
				6,695,605
Total common stocks (cost—$260,048,068)				300,676,376
Short term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 5.263%2 ​(cost—$3,097,414)		3,097,414		3,097,414
Total investments (cost—$263,145,482)—100.2%				303,773,790
Liabilities in excess of other assets—(0.2)%				(660,135	)
Net assets—100.0%			$	303,113,655

119

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2024

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 July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	300,676,376	$	—	$	—	$	300,676,376
Short term investments		—		3,097,414		—		3,097,414
Total	$	300,676,376	$	3,097,414	$	—	$	303,773,790

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
120

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—99.4%
Aerospace & defense—0.8%
Axon Enterprise, Inc.*		3,378	$	1,013,434
Embraer SA, ADR*		10,026		311,408
Loar Holdings, Inc.*		4,622		288,875
Moog, Inc., Class A		3,222		631,834
				2,245,551
Automobile components—0.7%
Modine Manufacturing Co.*		6,695		787,734
Visteon Corp.*		9,199		1,062,852
				1,850,586
Banks—0.1%
Live Oak Bancshares, Inc.		3,860		174,240
Beverages—0.5%
Boston Beer Co., Inc., Class A*		2,262		633,835
Celsius Holdings, Inc.*		12,900		604,107
				1,237,942
Biotechnology—7.5%
ACADIA Pharmaceuticals, Inc.*		21,676		412,277
ADMA Biologics, Inc.*		155,735		1,912,426
Aduro Biotech, Inc.*,1,2​		9,389		0
Alector, Inc.*		29,960		179,760
ALX Oncology Holdings, Inc.*		3,600		17,280
AnaptysBio, Inc.*		2,606		90,793
Arcellx, Inc.*,3​		5,474		338,348
Arcturus Therapeutics Holdings, Inc.*		3,095		72,609
Arcus Biosciences, Inc.*		10,738		176,211
Arcutis Biotherapeutics, Inc.*		11,449		115,291
ARS Pharmaceuticals, Inc.*		19,885		216,150
Avid Bioservices, Inc.*		50,822		530,582
BioCryst Pharmaceuticals, Inc.*		44,856		326,552
Biohaven Ltd.*		324		12,743
Blueprint Medicines Corp.*		15,343		1,661,647
CareDx, Inc.*		10,982		219,530
Catalyst Pharmaceuticals, Inc.*		47,629		821,124
Coherus Biosciences, Inc.*,3​		30,587		47,104
Crinetics Pharmaceuticals, Inc.*		10,815		574,493
CytomX Therapeutics, Inc.*,3​		46,356		63,971
Exelixis, Inc.*		67,984		1,594,225
G1 Therapeutics, Inc.*		4,261		18,280
Gossamer Bio, Inc.*		75,773		68,446
Halozyme Therapeutics, Inc.*		11,553		638,419
Incyte Corp.*		493		32,079
Insmed, Inc.*		8,038		584,764
Ionis Pharmaceuticals, Inc.*		7,280		360,069
Ironwood Pharmaceuticals, Inc.*		43,500		297,105
Lexeo Therapeutics, Inc.*,3​		5,390		67,644
MacroGenics, Inc.*		7,754		29,155
Madrigal Pharmaceuticals, Inc.*,3​		1,304		371,197
MannKind Corp.*		29,909		172,276
Mersana Therapeutics, Inc.*,3​		23,900		47,800
Natera, Inc.*		4,214		431,471
Neurocrine Biosciences, Inc.*		15,033		2,128,222
Olema Pharmaceuticals, Inc.*		5,520		89,203

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(concluded)
Praxis Precision Medicines, Inc.*		2,295	$	132,444
PTC Therapeutics, Inc.*		29,885		1,011,607
Rigel Pharmaceuticals, Inc.*		11,967		126,611
Sarepta Therapeutics, Inc.*		12,899		1,834,754
TScan Therapeutics, Inc.*		8,967		64,024
Twist Bioscience Corp.*		9,953		555,477
Ultragenyx Pharmaceutical, Inc.*		26,239		1,181,280
Vaxcyte, Inc.*		5,384		424,744
Viking Therapeutics, Inc.*		4,629		263,853
				20,314,040
Broadline retail—0.0%†​
Etsy, Inc.*		583		37,977
Groupon, Inc.*		5,434		72,381
				110,358
Building products—0.9%
Advanced Drainage Systems, Inc.		829		146,766
Apogee Enterprises, Inc.		12,355		848,047
AZEK Co., Inc.*		31,161		1,398,818
				2,393,631
Capital markets—1.3%
Donnelley Financial Solutions, Inc.*		5,492		370,600
FactSet Research Systems, Inc.		1,277		527,516
Perella Weinberg Partners		16,664		314,950
Piper Sandler Cos.		2,349		641,935
StoneX Group, Inc.*		11,790		982,578
TPG, Inc.		15,720		801,563
				3,639,142
Chemicals—0.2%
Chemours Co.		1,744		42,153
Orion SA		24,857		611,979
				654,132
Commercial services & supplies—2.7%
ACV Auctions, Inc., Class A*		105,571		1,803,153
CECO Environmental Corp.*		24,436		713,531
RB Global, Inc.		52,309		4,165,365
VSE Corp.		5,916		526,465
				7,208,514
Communications equipment—0.2%
Calix, Inc.*		13,285		546,412
Construction & engineering—3.2%
Argan, Inc.		13,942		1,100,442
Construction Partners, Inc., Class A*		5,646		365,014
Dycom Industries, Inc.*		3,320		609,253
Fluor Corp.*		29,435		1,415,824
Limbach Holdings, Inc.*		13,881		884,497
Orion Group Holdings, Inc.*		17,659		144,980
Primoris Services Corp.		4,812		271,734
Sterling Infrastructure, Inc.*		12,465		1,450,427
WillScot Holdings Corp.*		57,013		2,337,533
				8,579,704

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Construction materials—0.2%
Eagle Materials, Inc.		1,148	$	312,600
Knife River Corp.*		2,154		171,286
				483,886
Consumer finance—1.0%
Ally Financial, Inc.		11,221		505,057
LendingTree, Inc.*		16,151		859,556
Moneylion, Inc.*		8,839		609,184
PROG Holdings, Inc.		13,690		616,872
Regional Management Corp.		940		30,738
				2,621,407
Containers & packaging—0.1%
Ardagh Metal Packaging SA		101,080		371,974
Diversified consumer services—3.6%
Adtalem Global Education, Inc.*		2,340		183,479
Carriage Services, Inc.		6,117		196,111
Coursera, Inc.*		11,841		110,121
Duolingo, Inc.*		5,876		1,010,320
Grand Canyon Education, Inc.*		31,471		4,907,903
Lincoln Educational Services Corp.*		33,342		470,456
Strategic Education, Inc.		3,655		385,237
Stride, Inc.*		15,885		1,206,942
Udemy, Inc.*		23,820		220,097
Universal Technical Institute, Inc.*		53,445		1,012,248
				9,702,914
Diversified telecommunication services—0.5%
Bandwidth, Inc., Class A*		21,224		484,332
Iridium Communications, Inc.		25,987		745,827
				1,230,159
Electric utilities—0.6%
NRG Energy, Inc.		20,413		1,534,445
Electrical equipment—0.4%
Allient, Inc.		2,523		73,015
NEXTracker, Inc., Class A*		21,798		1,071,154
				1,144,169
Electronic equipment, instruments & components—1.7%
Arlo Technologies, Inc.*		34,387		521,307
Celestica, Inc.*		2,594		136,029
Climb Global Solutions, Inc.		870		62,135
Cognex Corp.		42,828		2,125,125
Fabrinet*		1,521		335,472
Napco Security Technologies, Inc.		16,408		915,731
Powerfleet, Inc. NJ*		135,371		613,231
				4,709,030
Energy equipment & services—1.6%
Helix Energy Solutions Group, Inc.*		13,337		157,376
Kodiak Gas Services, Inc.		19,242		555,132
Newpark Resources, Inc.*		58,524		483,408
Tidewater, Inc.*		9,926		982,277

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(concluded)
Valaris Ltd.*		6,752	$	530,640
Weatherford International PLC*		14,027		1,653,222
				4,362,055
Entertainment—0.4%
Eventbrite, Inc., Class A*		58,619		286,647
Madison Square Garden Entertainment Corp.*		13,813		545,475
Roku, Inc.*		3,415		198,787
				1,030,909
Financial services—1.3%
Flywire Corp.*		9,896		181,196
International Money Express, Inc.*		10,012		222,366
NCR Atleos Corp.*		21,046		676,629
Payoneer Global, Inc.*		142,400		787,472
PennyMac Financial Services, Inc.		7,846		769,849
WEX, Inc.*		5,175		949,354
				3,586,866
Food products—2.6%
Calavo Growers, Inc.		11,367		270,421
Freshpet, Inc.*		42,485		5,170,425
Mama's Creations, Inc.*		142,286		1,084,219
WK Kellogg Co.		35,462		624,131
				7,149,196
Ground transportation—2.7%
ArcBest Corp.		5,935		748,107
Avis Budget Group, Inc.		2,413		243,737
Lyft, Inc., Class A*		83,008		1,000,246
Proficient Auto Logistics, Inc.*		11,535		232,430
RXO, Inc.*		27,780		880,904
Saia, Inc.*		3,501		1,462,893
U-Haul Holding Co.*,3​		8,286		553,422
XPO, Inc.*		19,866		2,282,405
				7,404,144
Health care equipment & supplies—3.2%
Artivion, Inc.*		11,533		313,121
Axogen, Inc.*		3,900		34,242
Bioventus, Inc., Class A*		6,400		44,864
Embecta Corp.		7,883		123,527
Glaukos Corp.*		24,242		2,840,435
Inspire Medical Systems, Inc.*,3​		4,508		635,853
iRadimed Corp.		5,805		271,152
Neogen Corp.*		47,266		804,940
OrthoPediatrics Corp.*		22,528		693,412
Outset Medical, Inc.*		47,623		169,062
Pulmonx Corp.*		11,400		78,774
RxSight, Inc.*		7,190		329,086
Semler Scientific, Inc.*		4,069		134,887
Sight Sciences, Inc.*		4,954		38,542
Tandem Diabetes Care, Inc.*		17,492		646,854
TransMedics Group, Inc.*		3,793		539,592
UFP Technologies, Inc.*		3,010		967,986
				8,666,329

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—7.1%
Astrana Health, Inc.*		8,360	$	438,566
Castle Biosciences, Inc.*		18,307		441,748
Chemed Corp.		4,314		2,459,670
DaVita, Inc.*		7,560		1,032,847
Ensign Group, Inc.		27,409		3,857,817
GeneDx Holdings Corp.*,3​		28,108		919,694
Option Care Health, Inc.*		53,050		1,575,054
Pennant Group, Inc.*		56,130		1,673,235
Privia Health Group, Inc.*		94,671		1,963,477
Progyny, Inc.*		51,842		1,461,944
RadNet, Inc.*		28,213		1,685,727
U.S. Physical Therapy, Inc.		16,571		1,615,672
				19,125,451
Health care technology—1.6%
Certara, Inc.*		66,235		1,033,928
Doximity, Inc., Class A*		76,679		2,147,012
GoodRx Holdings, Inc., Class A*,3​		8,354		75,604
Phreesia, Inc.*		38,444		959,178
				4,215,722
Hotel & resort REITs—0.1%
Ryman Hospitality Properties, Inc.		3,443		346,056
Hotels, restaurants & leisure—1.8%
Brinker International, Inc.*		10,647		711,326
Cava Group, Inc.*		1,641		138,205
Despegar.com Corp.*		11,968		139,068
Dutch Bros, Inc., Class A*		6,789		259,679
Lindblad Expeditions Holdings, Inc.*		14,921		128,470
Rush Street Interactive, Inc.*		82,519		826,015
Sweetgreen, Inc., Class A*		4,357		119,730
Wingstop, Inc.		5,670		2,119,900
Wynn Resorts Ltd.		6,586		545,453
				4,987,846
Household durables—1.9%
Cavco Industries, Inc.*		3,700		1,534,094
Green Brick Partners, Inc.*		5,776		422,514
SharkNinja, Inc.		5,152		395,931
Skyline Champion Corp.*		16,037		1,307,176
Sonos, Inc.*		71,780		969,030
TopBuild Corp.*		1,010		483,326
				5,112,071
Insurance—4.1%
Everest Group Ltd.		1,535		603,055
Goosehead Insurance, Inc., Class A*		16,813		1,518,046
HCI Group, Inc.		1,948		183,618
Kinsale Capital Group, Inc.		11,604		5,303,840
Oscar Health, Inc., Class A*		29,242		516,999
RLI Corp.		3,612		543,931
Ryan Specialty Holdings, Inc.		15,709		967,517
Skyward Specialty Insurance Group, Inc.*		29,036		1,148,955
Universal Insurance Holdings, Inc.		9,600		190,176
				10,976,137

	Number of shares		Value
Common stocks—(continued)
Interactive media & services—0.8%
EverQuote, Inc., Class A*		45,857	$	1,196,409
TripAdvisor, Inc.*		8,950		157,789
Yelp, Inc.*		12,273		447,105
ZipRecruiter, Inc., Class A*		41,549		380,589
				2,181,892
IT services—2.6%
BigCommerce Holdings, Inc.*		20,641		167,192
Couchbase, Inc.*		15,575		298,884
DigitalOcean Holdings, Inc.*		20,046		664,124
EPAM Systems, Inc.*		609		131,014
Globant SA*		22,366		4,354,884
Grid Dynamics Holdings, Inc.*		83,083		1,071,771
Twilio, Inc., Class A*		1,416		83,728
Wix.com Ltd.*		951		148,285
				6,919,882
Life sciences tools & services—3.8%
BioLife Solutions, Inc.*,3​		35,493		852,542
Codexis, Inc.*		70,264		251,545
CryoPort, Inc.*,3​		21,200		195,676
Fortrea Holdings, Inc.*,3​		6,879		189,792
Medpace Holdings, Inc.*		11,930		4,563,463
Repligen Corp.*		17,780		2,975,483
Stevanato Group SpA3​		58,885		1,217,742
				10,246,243
Machinery—3.2%
Atmus Filtration Technologies, Inc.*		19,882		613,161
Blue Bird Corp.*		16,615		865,974
Helios Technologies, Inc.		6,252		287,279
Hillman Solutions Corp.*		122,582		1,244,207
Hyster-Yale, Inc.		5,487		448,507
Kadant, Inc.		9,939		3,493,459
Kornit Digital Ltd.*		53,805		842,048
Mayville Engineering Co., Inc.*		3,660		69,943
REV Group, Inc.		16,819		490,779
Shyft Group, Inc.		21,417		359,163
				8,714,520
Media—0.7%
Cardlytics, Inc.*,3​		8,473		70,241
Integral Ad Science Holding Corp.*		47,572		484,283
Magnite, Inc.*		46,098		670,265
PubMatic, Inc., Class A*		30,954		679,750
				1,904,539
Metals & mining—0.2%
Alpha Metallurgical Resources, Inc.		106		31,313
Carpenter Technology Corp.		2,010		293,199
Century Aluminum Co.*		16,346		246,988
				571,500
Oil, gas & consumable fuels—0.6%
CVR Energy, Inc.3​		21,623		618,418
Magnolia Oil & Gas Corp., Class A		36,580		996,439

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
Matador Resources Co.		2,004	$	123,206
				1,738,063
Paper & forest products—0.8%
Louisiana-Pacific Corp.		10,724		1,052,668
Sylvamo Corp.		15,014		1,106,682
				2,159,350
Personal care products—0.2%
Beauty Health Co.*,3​		89,142		164,913
Herbalife Ltd.*		15,776		193,729
Honest Co., Inc.*		14,800		55,204
				413,846
Pharmaceuticals—1.0%
Biote Corp., Class A*		5,500		43,615
Corcept Therapeutics, Inc.*		31,740		1,227,386
Esperion Therapeutics, Inc.*		33,660		77,755
Intra-Cellular Therapies, Inc.*		6,608		520,182
Ligand Pharmaceuticals, Inc.*		6,949		757,371
Marinus Pharmaceuticals, Inc.*		8,550		11,970
Omeros Corp.*,3​		6,700		36,113
WaVe Life Sciences Ltd.*		10,800		71,388
				2,745,780
Professional services—5.4%
Barrett Business Services, Inc.		8,708		317,320
CBIZ, Inc.*		3,904		270,938
CRA International, Inc.		2,291		400,467
Exponent, Inc.		24,527		2,601,824
Insperity, Inc.		14,221		1,460,781
KBR, Inc.		20,965		1,396,059
Kforce, Inc.		7,491		520,400
Legalzoom.com, Inc.*		51,308		342,737
Parsons Corp.*		4,381		400,292
Paycom Software, Inc.		928		154,781
Paycor HCM, Inc.*		126,445		1,569,182
Paylocity Holding Corp.*		19,097		2,865,887
TaskUS, Inc., Class A*		7,816		129,042
TriNet Group, Inc.		13,032		1,358,586
WNS Holdings Ltd.*		14,248		848,896
				14,637,192
Real estate management & development—0.4%
Compass, Inc., Class A*		137,274		602,633
eXp World Holdings, Inc.		16,541		237,529
Opendoor Technologies, Inc.*,3​		13,376		31,032
Redfin Corp.*,3​		38,156		310,590
				1,181,784
Semiconductors & semiconductor equipment—2.2%
ACM Research, Inc., Class A*		11,060		198,527
Ambarella, Inc.*		9,875		519,820
Credo Technology Group Holding Ltd.*		7,844		217,671
FormFactor, Inc.*		2,955		158,270
indie Semiconductor, Inc., Class A*		45,564		272,473

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(concluded)
MACOM Technology Solutions Holdings, Inc.*		2,459	$	248,162
MaxLinear, Inc.*		20,966		296,459
Onto Innovation, Inc.*		825		157,822
Power Integrations, Inc.		28,604		2,089,236
Semtech Corp.*		4,042		128,212
Silicon Laboratories, Inc.*		8,112		974,495
SiTime Corp.*		2,479		351,894
Ultra Clean Holdings, Inc.*		3,468		150,026
Veeco Instruments, Inc.*		3,868		160,174
				5,923,241
Software—17.8%
A10 Networks, Inc.		37,133		486,071
Alarm.com Holdings, Inc.*		33,273		2,347,410
Alkami Technology, Inc.*		65,866		2,155,794
Amplitude, Inc., Class A*		17,443		149,312
Appfolio, Inc., Class A*		1,937		429,007
Arteris, Inc.*,3​		5,226		42,801
AvePoint, Inc.*		94,864		1,034,018
BlackLine, Inc.*		36,994		1,757,955
Blend Labs, Inc., Class A*		21,575		59,763
Box, Inc., Class A*		52,074		1,464,321
CCC Intelligent Solutions Holdings, Inc.*		193,764		1,988,019
Confluent, Inc., Class A*		40,637		1,016,738
CyberArk Software Ltd.*		403		103,321
Descartes Systems Group, Inc.*		34,944		3,552,058
DocuSign, Inc.*		1,872		103,859
Domo, Inc., Class B*,3​		29,478		246,436
DoubleVerify Holdings, Inc.*		100,391		2,120,258
Dropbox, Inc., Class A*		52,854		1,264,268
Five9, Inc.*		19,862		884,852
Gitlab, Inc., Class A*		17,972		920,705
Guidewire Software, Inc.*		13,719		2,058,810
Jamf Holding Corp.*		75,345		1,379,567
Kaltura, Inc.*		5,354		7,121
Manhattan Associates, Inc.*		8,819		2,252,196
MeridianLink, Inc.*		15,958		377,087
NCR Voyix Corp.*		14,500		213,875
Nutanix, Inc., Class A*		29,530		1,491,560
Ooma, Inc.*		32,664		339,706
Pegasystems, Inc.		2,210		154,081
PowerSchool Holdings, Inc., Class A*		63,146		1,424,574
Procore Technologies, Inc.*		24,750		1,757,992
SEMrush Holdings, Inc., Class A*		16,009		235,973
SentinelOne, Inc., Class A*		27,617		632,429
SimilarWeb Ltd.*		20,670		126,707
Smartsheet, Inc., Class A*		30,179		1,447,385
SPS Commerce, Inc.*		22,384		4,821,961
Tenable Holdings, Inc.*		32,284		1,482,481
Teradata Corp.*		21,491		696,738
Varonis Systems, Inc.*		17,705		976,077
Weave Communications, Inc.*		5,100		51,000
Workiva, Inc.*		34,278		2,528,688
Yext, Inc.*		54,505		313,949
Zeta Global Holdings Corp., Class A*		60,976		1,306,106
				48,203,029

124

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Specialty retail—2.3%
Abercrombie & Fitch Co., Class A*		1,876	$	276,673
Boot Barn Holdings, Inc.*		2,033		271,365
Dick's Sporting Goods, Inc.		2,469		534,168
Five Below, Inc.*		30,845		2,243,665
Floor & Decor Holdings, Inc., Class A*,3​		21,213		2,078,874
J Jill, Inc.		7,194		276,609
ThredUp, Inc., Class A*		7,400		15,540
Upbound Group, Inc.		7,862		296,633
Warby Parker, Inc., Class A*		21,529		354,583
				6,348,110
Technology hardware, storage & peripherals—0.3%
CPI Card Group, Inc.*		200		5,866
Pure Storage, Inc., Class A*		10,084		604,334
Turtle Beach Corp.*		7,956		115,123
				725,323
Textiles, apparel & luxury goods—0.2%
Superior Group of Cos., Inc.		6,712		133,703
Wolverine World Wide, Inc.		22,216		330,352
				464,055
Trading companies & distributors—2.3%
Alta Equipment Group, Inc.3​		15,075		158,288
FTAI Aviation Ltd.		19,833		2,210,388
GMS, Inc.*		10,445		1,005,122

	Number of shares		Value
Common stocks—(concluded)
Trading companies & distributors—(concluded)
Herc Holdings, Inc.		6,935	$	1,080,750
Karat Packaging, Inc.		3,408		101,797
Transcat, Inc.*		13,874		1,598,840
				6,155,185
Total common stocks (cost—$244,346,875)				268,948,552
Short term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 5.263%4 ​(cost—$2,074,187)		2,074,187		2,074,187
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%4 ​(cost $343,823)		343,823		343,823
Total investments (cost—$246,764,885)—100.3%				271,366,562
Liabilities in excess of other assets—(0.3)%				(935,322	)
Net assets—100.0%			$	270,431,240

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 July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	268,948,552	$	—	$	0	$	268,948,552
Short term investments		—		2,074,187		—		2,074,187
Investment of cash collateral from securities loaned		—		343,823		—		343,823
Total	$	268,948,552	$	2,418,010	$	0	$	271,366,562

At July 31, 2024, 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.

125

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2024

Portfolio footnotes

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

*  Non-income producing security.

¹​  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

²​  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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

⁴​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
126

PACE International Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—111.7%
Australia—3.6%
Aurizon Holdings Ltd.1​		1,533,662	$	3,730,930
BHP Group Ltd.1​		90,157		2,493,931
Computershare Ltd.		230,754		4,172,428
Fortescue Ltd.1​		151,782		1,872,995
Glencore PLC1​		147,674		815,943
Insurance Australia Group Ltd.2​		430,868		2,085,069
Medibank Pvt Ltd.2​		434,621		1,131,197
Northern Star Resources Ltd.		295,305		2,719,055
REA Group Ltd.2​		4,233		566,423
Rio Tinto PLC1​		47,705		3,082,304
Transurban Group1​		30,558		259,984
Wesfarmers Ltd.1​		32,438		1,562,325
Woolworths Group Ltd.1​		69,480		1,567,557
				26,060,141
Austria—0.7%
ANDRITZ AG		59,669		3,819,716
Erste Group Bank AG		28,197		1,467,219
				5,286,935
Brazil—0.1%
Yara International ASA		28,751		819,530
Canada—1.8%
Constellation Software, Inc.		2,760		8,708,478
Fairfax Financial Holdings Ltd.2​		3,965		4,676,009
				13,384,487
China—2.3%
Alibaba Group Holding Ltd., ADR		24,762		1,952,484
BeiGene Ltd., ADR*		22,557		3,757,545
BOC Hong Kong Holdings Ltd.		211,000		614,405
KE Holdings, Inc., ADR		213,538		2,957,501
Prosus NV		169,024		5,874,675
SITC International Holdings Co. Ltd.		442,000		984,378
Wuxi Biologics Cayman, Inc.*,3​		382,060		563,345
				16,704,333
Denmark—5.3%
AP Moller—Maersk AS, Class B1​		452		749,247
Carlsberg AS, Class B1​		12,540		1,515,624
Coloplast AS, Class B		39,159		5,091,794
Danske Bank AS		15,770		482,564
Demant AS*,1​		6,685		255,945
Genmab AS*		33,263		9,430,804
Novo Nordisk AS, ADR		52,342		6,942,120
Novo Nordisk AS, Class B1​		95,706		12,658,275
Pandora AS		199		31,197
Rockwool AS, Class B		492		217,481
Tryg AS		44,144		966,694
				38,341,745
Finland—1.3%
Nordea Bank Abp		452,946		5,303,972
Orion OYJ, Class B		13,919		639,761
Wartsila OYJ Abp		179,469		3,701,059
				9,644,792

	Number of shares		Value
Common stocks—(continued)
France—6.7%
Aeroports de Paris SA1​		3,534	$	464,698
Air Liquide SA1​		5,072		926,462
AXA SA1​		18,299		643,435
Bouygues SA		148,249		5,124,532
Bureau Veritas SA2​		33,122		1,039,542
Capgemini SE1​		2,813		558,946
Cie de Saint-Gobain SA1​		4,587		394,362
Cie Generale des Etablissements Michelin SCA1​		5,629		222,967
Covivio SA2​		21,477		1,109,644
Credit Agricole SA		92,198		1,399,931
Dassault Systemes SE1​		67,576		2,562,620
Eiffage SA		11,537		1,149,953
Hermes International SCA1​		1,654		3,621,254
Kering SA2​		20,593		6,340,587
Klepierre SA1​		23,054		660,681
Legrand SA1​		790		85,395
L'Oreal SA1​		9,607		4,165,628
LVMH Moet Hennessy Louis Vuitton SE1​		2,412		1,704,583
Publicis Groupe SA*,1,2​		8,586		897,812
Safran SA		22,919		5,037,710
SEB SA		4,131		413,770
Teleperformance SE2​		11,156		1,439,171
Thales SA		18,879		3,002,452
TotalEnergies SE1​		12,497		845,034
Vinci SA1​		41,417		4,733,366
				48,544,535
Germany—6.4%
Allianz SE, Registered Shares1​		26,971		7,612,586
BASF SE1​		16,774		782,423
Carl Zeiss Meditec AG		2,063		141,440
Commerzbank AG		147,330		2,406,068
Continental AG		46,487		2,852,608
CTS Eventim AG & Co. KGaA		1,183		104,345
Deutsche Post AG		158,705		7,085,037
Evonik Industries AG		311,965		6,335,516
Fresenius Medical Care AG1​		29,982		1,164,235
GEA Group AG		14,454		638,854
Hannover Rueck SE		4,012		997,354
Heidelberg Materials AG		34,319		3,583,435
Knorr-Bremse AG		4,279		344,774
LEG Immobilien SE1​		20,604		1,803,071
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		4,368		2,153,743
Nemetschek SE		15,809		1,511,606
Puma SE		11,946		593,421
Rational AG		1,357		1,188,842
SAP SE1​		19,907		4,201,579
Vonovia SE1​		46,180		1,419,883
				46,920,820
Hong Kong—2.0%
AIA Group Ltd.1​		610,000		4,099,016
Hong Kong & China Gas Co. Ltd.1​		2,057,000		1,677,121
Hong Kong Exchanges & Clearing Ltd.1​		60,385		1,791,567

127

PACE International Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(concluded)
Jardine Matheson Holdings Ltd.		92,300	$	3,248,960
WH Group Ltd.3​		5,498,689		3,575,307
				14,391,971
India—1.6%
HDFC Bank Ltd., ADR		95,040		5,703,351
Tata Consultancy Services Ltd.		107,665		5,639,027
				11,342,378
Indonesia—0.6%
Bank Rakyat Indonesia Persero Tbk. PT		15,873,837		4,559,091
Ireland—0.1%
AerCap Holdings NV		908		85,307
Kingspan Group PLC		10,477		979,666
				1,064,973
Israel—1.2%
Bank Hapoalim BM		342,483		3,147,249
Bank Leumi Le-Israel BM		386,918		3,340,652
Israel Discount Bank Ltd., Class A		481,425		2,461,630
				8,949,531
Italy—4.8%
Amplifon SpA2​		5,141		163,577
Banco BPM SpA2​		116,974		810,209
Coca-Cola HBC AG1​		90,945		3,320,368
Enel SpA		1,104,692		7,883,475
Eni SpA		145,653		2,332,652
FinecoBank Banca Fineco SpA		27,192		462,028
Intesa Sanpaolo SpA		1,392,744		5,653,118
Moncler SpA2​		45,474		2,710,720
Prysmian SpA		841		57,832
Recordati Industria Chimica e Farmaceutica SpA2​		25,228		1,374,706
Snam SpA2​		1,494,483		7,144,074
UniCredit SpA		79,738		3,275,382
				35,188,141
Japan—27.4%
AGC, Inc.		400		14,416
ANA Holdings, Inc.1​		52,200		1,002,325
Asics Corp.		66,800		1,103,635
Bridgestone Corp.1​		19,300		796,839
Brother Industries Ltd.		42,300		879,009
Canon, Inc.1​		104,400		3,304,728
Capcom Co. Ltd.		17,000		363,366
Central Japan Railway Co.1​		59,000		1,396,182
Chubu Electric Power Co., Inc.1​		151,100		1,909,869
Daifuku Co. Ltd.2​		9,600		175,652
Dai-ichi Life Holdings, Inc.		51,700		1,604,096
Daiichi Sankyo Co. Ltd.		41,000		1,682,641
Daito Trust Construction Co. Ltd.1​		300		36,317
Daiwa Securities Group, Inc.1​		2,300		19,307
Dentsu Group, Inc.		21,300		569,166
Disco Corp.		1,600		528,260
ENEOS Holdings, Inc.1​		327,300		1,730,830

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
FANUC Corp.		154,716	$	4,657,850
Fast Retailing Co. Ltd.1,2​		13,100		3,642,168
Fuji Electric Co. Ltd.		17,400		991,000
FUJIFILM Holdings Corp.		313,000		7,479,991
Fujitsu Ltd.		502,500		9,165,791
Hitachi Ltd.1​		194,200		4,262,405
Honda Motor Co. Ltd.1​		732,600		8,054,419
Hoya Corp.1​		11,900		1,504,529
Inpex Corp.1​		88,800		1,378,784
Isuzu Motors Ltd.		193,100		2,665,026
ITOCHU Corp.1,2​		11,800		613,060
Japan Post Bank Co. Ltd.		368,300		3,873,413
Japan Tobacco, Inc.1,2​		144,900		4,288,819
Kao Corp.1​		66,900		2,949,218
KDDI Corp.1​		122,400		3,693,121
Keyence Corp.1​		14,944		6,572,946
Komatsu Ltd.1​		46,700		1,358,245
Kyocera Corp.		249,600		3,167,382
Kyowa Kirin Co. Ltd.		38,100		808,517
Lasertec Corp.2​		8,900		1,593,986
Makita Corp.		62,900		2,073,363
Marubeni Corp.1,2​		125,100		2,388,762
Mazda Motor Corp.		245,500		2,248,430
Minebea Mitsumi, Inc.		159,200		3,855,530
Mitsubishi Electric Corp.		183,900		3,192,977
Mitsubishi UFJ Financial Group, Inc.1​		215,100		2,512,767
Mizuho Financial Group, Inc.		85,400		1,965,617
MonotaRO Co. Ltd.2​		46,000		649,444
MS&AD Insurance Group Holdings, Inc.		106,500		2,546,531
Murata Manufacturing Co. Ltd.1​		114,100		2,552,312
NEC Corp.		11,500		997,964
Nexon Co. Ltd.		97,600		2,133,707
NIDEC Corp.1,2​		18,700		836,104
Nintendo Co. Ltd.1​		21,500		1,203,845
Nippon Paint Holdings Co. Ltd.		47,800		305,616
Nippon Telegraph & Telephone Corp.		3,944,100		4,223,048
Nitto Denko Corp.		27,000		2,368,279
Nomura Real Estate Holdings, Inc.1​		16,900		478,441
Obayashi Corp.2​		49,900		661,369
Ono Pharmaceutical Co. Ltd.2​		154,000		2,300,157
ORIX Corp.1​		2,200		53,809
Osaka Gas Co. Ltd.1​		54,900		1,248,585
Pan Pacific International Holdings Corp.		51,400		1,352,207
Recruit Holdings Co. Ltd.		116,279		6,720,360
Renesas Electronics Corp.		107,700		1,853,413
SCSK Corp.		58,100		1,145,478
Secom Co. Ltd.2​		78,400		5,035,645
Sekisui House Ltd.		24,600		620,727
Shimadzu Corp.1​		76,700		2,282,491
Shionogi & Co. Ltd.		26,700		1,175,795
SoftBank Corp.1​		1,200		15,740
Sompo Holdings, Inc.		15,600		361,037
Sony Group Corp.		86,000		7,767,298
Subaru Corp.1​		153,200		3,054,182
Sumitomo Corp.		149,800		3,777,874
Sumitomo Metal Mining Co. Ltd.2​		104,300		3,209,659

128

PACE International Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Sumitomo Mitsui Financial Group, Inc.1​		63,700	$	4,641,270
Suzuki Motor Corp.		495,084		5,814,895
Takeda Pharmaceutical Co. Ltd.		103,000		2,957,885
Tokio Marine Holdings, Inc.1​		92,700		3,726,440
Tokyo Electron Ltd.1​		16,200		3,354,521
Toray Industries, Inc.		172,200		902,698
Toyota Industries Corp.		57,500		4,924,569
Trend Micro, Inc.		4,400		212,914
Unicharm Corp.		70,200		2,351,481
Yokogawa Electric Corp.		86,300		2,201,210
				200,093,754
Macau—0.0%†​
Sands China Ltd.*		96,800		181,635
Netherlands—5.4%
Adyen NV*,2,3​		4,572		5,594,261
ASM International NV		4,636		3,178,968
ASML Holding NV1​		8,374		7,707,878
ASML Holding NV, Registered Shares		6,398		5,993,007
BE Semiconductor Industries NV2​		6,447		831,341
Koninklijke Ahold Delhaize NV		117,150		3,775,675
Koninklijke Philips NV*,1​		322,994		9,116,531
NN Group NV		6,789		340,478
Universal Music Group NV2​		48,671		1,158,305
Wolters Kluwer NV1​		8,917		1,496,781
				39,193,225
New Zealand—0.3%
Xero Ltd.*		23,621		2,134,460
Norway—1.4%
Aker BP ASA1​		26,713		648,569
DNB Bank ASA		252,077		5,209,921
Equinor ASA1​		3,473		92,311
Gjensidige Forsikring ASA		12,293		207,989
Kongsberg Gruppen ASA		12,624		1,268,116
Norsk Hydro ASA		273,166		1,512,220
Telenor ASA1​		119,120		1,419,317
				10,358,443
Portugal—0.1%
Jeronimo Martins SGPS SA		31,922		557,943
Singapore—5.5%
DBS Group Holdings Ltd.		412,995		11,305,070
Genting Singapore Ltd.		1,285,600		817,506
Grab Holdings Ltd., Class A*		19,753		65,185
Oversea-Chinese Banking Corp. Ltd.		351,200		3,901,638
Sea Ltd., ADR*,1​		122,528		8,050,090
Singapore Technologies Engineering Ltd.		233,400		771,772
Singapore Telecommunications Ltd.		2,103,100		4,861,659
United Overseas Bank Ltd.		428,698		10,375,088
				40,148,008
South Africa—0.2%
Anglo American PLC		37,168		1,122,861

	Number of shares		Value
Common stocks—(continued)
Spain—2.4%
Acciona SA1,2​		9,595	$	1,240,911
ACS Actividades de Construccion y Servicios SA		28,607		1,277,406
Banco Bilbao Vizcaya Argentaria SA		67,537		709,284
Banco Santander SA		1,690,132		8,148,842
CaixaBank SA		92,132		537,037
Industria de Diseno Textil SA1​		116,759		5,668,618
				17,582,098
Sweden—3.3%
Alfa Laval AB		40,723		1,798,638
Assa Abloy AB, Class B		176,644		5,375,591
Atlas Copco AB, Class A1​		238,332		4,241,781
Epiroc AB, Class A		2,118		39,555
H & M Hennes & Mauritz AB, Class B1,2​		51,361		797,330
Lifco AB, Class B2​		13,731		407,217
Sagax AB, Class B1,2​		64,817		1,600,270
Skandinaviska Enskilda Banken AB, Class A		208,818		3,217,324
SKF AB, Class B		38,359		712,614
Tele2 AB, Class B2​		47,892		492,819
Telia Co. AB1​		487,609		1,417,405
Volvo AB, Class B		134,721		3,438,095
Volvo Car AB, Class B*,2​		208,277		589,871
				24,128,510
Switzerland—5.5%
ABB Ltd., Registered Shares1​		106,624		5,925,513
Cie Financiere Richemont SA, Class A, Registered Shares1​		6,429		981,471
Lonza Group AG, Registered Shares		658		440,341
Novartis AG, Registered Shares1​		117,746		13,224,039
Partners Group Holding AG1​		305		411,589
Sandoz Group AG		125,855		5,472,954
Schindler Holding AG1​		1,173		314,047
SGS SA, Registered Shares		16,939		1,854,558
Sika AG, Registered Shares1​		7,132		2,167,835
Swiss Prime Site AG, Registered Shares		25,968		2,604,936
Temenos AG, Registered Shares2​		44,871		3,113,237
Zurich Insurance Group AG		6,975		3,839,727
				40,350,247
Taiwan—1.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		110,000		3,125,647
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		36,844		6,108,735
				9,234,382
United Kingdom—11.8%
Associated British Foods PLC		100,878		3,218,750
AstraZeneca PLC1​		40,994		6,517,917
BAE Systems PLC		233,013		3,885,163
British American Tobacco PLC1​		70,834		2,499,615
BT Group PLC1,2​		782,187		1,416,304
Burberry Group PLC		36,792		366,559
CK Hutchison Holdings Ltd.		983,000		5,158,553
Compass Group PLC1​		91,115		2,806,505
DCC PLC		20,063		1,382,451

129

PACE International Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Halma PLC1​		4,220	$	144,414
HSBC Holdings PLC		440,429		3,986,003
Imperial Brands PLC1​		274,376		7,562,406
Informa PLC		3,531		39,455
InterContinental Hotels Group PLC1​		12,869		1,297,030
JD Sports Fashion PLC		341,384		577,548
Kingfisher PLC2​		1,110,256		3,943,602
Land Securities Group PLC1​		202,318		1,652,872
Lloyds Banking Group PLC		12,403,702		9,500,378
M&G PLC1​		45,688		124,693
Next PLC		942		109,885
Persimmon PLC		80,449		1,642,846
RELX PLC1​		46,979		2,218,267
Rolls-Royce Holdings PLC*		164,376		950,066
Smiths Group PLC		31,104		714,146
SSE PLC2​		336,095		8,125,020
Tesco PLC		912,758		3,890,982
Unilever PLC1​		4,896		300,604
United Utilities Group PLC1​		49,404		656,072
Vodafone Group PLC		5,268,274		4,906,094
Whitbread PLC1​		7,218		270,022
WPP PLC2​		613,513		5,919,996
				85,784,218
United States—8.6%
Aptiv PLC*		26,024		1,805,805
Atlassian Corp., Class A*		28,159		4,972,035
BP PLC		838,627		4,946,849
Brookfield Renewable Corp., Class A		141,168		3,966,821
Experian PLC		30,440		1,436,933
GSK PLC1​		428,997		8,338,638
James Hardie Industries PLC, CDI*		56,085		2,005,120
Nestle SA, Registered Shares1​		16,745		1,700,540
Roche Holding AG1​		20,599		6,707,142
Sanofi SA		65,572		6,765,121
Shell PLC1​		279,687		10,211,268
Swiss Re AG		17,798		2,199,024
Waste Connections, Inc.		42,005		7,467,229
				62,522,525
Total common stocks (cost—$667,418,187)				814,595,712
Preferred stocks—0.1%
Germany—0.1%
Dr Ing hc F Porsche AG1,3 ​(cost—$1,143,183)		11,566		873,207
Warrant—0.0%†​
Canada—0.0%†​
Constellation Software, Inc. expires 03/31/40*,2,4,5 ​(cost—$0)		2,948		0
Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 5.263%6 ​(cost—$6,998,112)		6,998,112		6,998,112

	Number of shares			Value
Investment of cash collateral from securities loaned—5.3%
Money market funds—5.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%5 ​(cost—$38,869,625)		38,869,625		$	38,869,625
Total investments before investments sold short (Cost—$714,429,107)—118.1					861,336,656
Investments sold short—(13.3)%
Common stocks—(13.1)%
Australia—(1.1)%
Aristocrat Leisure Ltd.		(6,834	)		(242,314	)
ASX Ltd.		(31,638	)		(1,344,208	)
Dexus		(44,466	)		(204,131	)
Macquarie Group Ltd.		(903	)		(123,891	)
Mineral Resources Ltd.		(25,900	)		(919,357	)
Mirvac Group		(190,260	)		(266,260	)
SEEK Ltd.		(12,476	)		(179,246	)
Stockland		(38,724	)		(116,488	)
Suncorp Group Ltd.		(41,525	)		(483,635	)
Treasury Wine Estates Ltd.		(73,011	)		(589,657	)
Washington H Soul Pattinson & Co. Ltd.		(87,233	)		(2,025,134	)
Woodside Energy Group Ltd.		(91,754	)		(1,656,070	)
					(8,150,391	)
Belgium—(0.5)%
D'ieteren Group		(3,757	)		(863,621	)
Sofina SA		(2,382	)		(563,018	)
Syensqo SA		(11,212	)		(991,727	)
UCB SA		(6,917	)		(1,157,698	)
					(3,576,064	)
China—(0.2)%
Wharf Holdings Ltd.		(132,000	)		(362,403	)
Wilmar International Ltd.		(346,900	)		(825,273	)
					(1,187,676	)
Denmark—(0.4)%
DSV AS		(16,147	)		(2,959,916	)
Finland—(0.0)%†​
Fortum OYJ		(22,629	)		(347,516	)
France—(0.3)%
Bollore SE		(43,842	)		(273,300	)
Remy Cointreau SA		(8,097	)		(640,574	)
Sartorius Stedim Biotech		(6,520	)		(1,305,057	)
Sodexo SA		(457	)		(43,301	)
					(2,262,232	)
Germany—(0.0)%†​
Merck KGaA		(1,444	)		(259,107	)
Hong Kong—(0.6)%
CK Asset Holdings Ltd.		(225,000	)		(861,082	)
Henderson Land Development Co. Ltd.		(24,000	)		(67,427	)
Hongkong Land Holdings Ltd.		(142,300	)		(459,629	)
Prudential PLC		(32,516	)		(292,272	)
Sino Land Co. Ltd.		(1,492,055	)		(1,543,074	)

130

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Portfolio of investments—July 31, 2024

	Number of shares			Value
Investments sold short—(continued)
Hong Kong—(concluded)
Swire Pacific Ltd., Class A		(85,500	)	$	(737,045	)
Swire Properties Ltd.		(56,800	)		(89,858	)
					(4,050,387	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(889,339	)
Italy—(0.9)%
Davide Campari-Milano NV		(165,436	)		(1,493,220	)
Eni SpA		(244,885	)		(3,921,866	)
Telecom Italia SpA		(3,752,846	)		(920,746	)
					(6,335,832	)
Japan—(4.2)%
Bandai Namco Holdings, Inc.		(7,100	)		(151,948	)
Eisai Co. Ltd.		(29,200	)		(1,122,740	)
FUJIFILM Holdings Corp.		(97,700	)		(2,334,809	)
Hamamatsu Photonics KK		(27,900	)		(809,967	)
Hankyu Hanshin Holdings, Inc.		(5,300	)		(152,308	)
Japan Exchange Group, Inc.		(23,000	)		(544,888	)
Japan Real Estate Investment Corp.		(103	)		(357,531	)
JFE Holdings, Inc.		(6,200	)		(91,466	)
Keisei Electric Railway Co. Ltd.		(53,700	)		(1,612,739	)
Kintetsu Group Holdings Co. Ltd.		(49,600	)		(1,154,204	)
MatsukiyoCocokara & Co.		(16,400	)		(268,270	)
McDonald's Holdings Co. Japan Ltd.		(14,700	)		(609,372	)
MEIJI Holdings Co. Ltd.		(34,800	)		(882,515	)
Minebea Mitsumi, Inc.		(59,700	)		(1,445,824	)
Mitsubishi Heavy Industries Ltd.		(112,100	)		(1,369,400	)
Mitsui Chemicals, Inc.		(1,300	)		(37,983	)
Mitsui Fudosan Co. Ltd.		(60,000	)		(630,219	)
Nippon Prologis REIT, Inc.		(392	)		(646,595	)
Nissan Chemical Corp.		(8,500	)		(276,553	)
Nissan Motor Co. Ltd.		(250,200	)		(812,037	)
Nissin Foods Holdings Co. Ltd.		(1,200	)		(35,831	)
Nitori Holdings Co. Ltd.		(16,800	)		(2,003,485	)
NTT Data Group Corp.		(46,100	)		(726,097	)
Olympus Corp.		(173,100	)		(3,008,928	)
Omron Corp.		(13,900	)		(516,918	)
Resona Holdings, Inc.		(49,000	)		(357,184	)
Ricoh Co. Ltd.		(29,700	)		(279,841	)
Rohm Co. Ltd.		(48,800	)		(667,476	)
Shimano, Inc.		(6,600	)		(1,177,651	)
Shiseido Co. Ltd.		(2,000	)		(63,015	)
Sumitomo Metal Mining Co. Ltd.		(49,000	)		(1,507,894	)
Taisei Corp.		(32,500	)		(1,393,895	)
Tokyu Corp.		(62,600	)		(761,162	)
TOPPAN Holdings, Inc.		(24,800	)		(707,720	)
Yaskawa Electric Corp.		(24,800	)		(870,454	)
Zensho Holdings Co. Ltd.		(29,400	)		(1,198,530	)
					(30,587,449	)
Netherlands—(0.4)%
Aegon Ltd.		(30,060	)		(194,218	)
Heineken NV		(15,573	)		(1,382,355	)

	Number of shares			Value
Investments sold short—(continued)
Netherlands—(concluded)
JDE Peet's NV		(16,381	)	$	(359,531	)
OCI NV		(41,752	)		(1,005,391	)
					(2,941,495	)
New Zealand—(0.1)%
Mercury NZ Ltd.		(192,609	)		(788,663	)
Norway—(0.0)%†​
Salmar ASA		(3,839	)		(220,968	)
Portugal—(0.4)%
Galp Energia SGPS SA		(150,487	)		(3,168,530	)
Singapore—(0.3)%
Keppel Ltd.		(374,000	)		(1,857,829	)
Spain—(0.6)%
Endesa SA		(116,652	)		(2,259,814	)
Iberdrola SA		(41,108	)		(541,878	)
Redeia Corp. SA		(79,816	)		(1,414,055	)
					(4,215,747	)
Sweden—(1.2)%
EQT AB		(66,508	)		(2,154,374	)
Fastighets AB Balder, Class B		(12,732	)		(93,708	)
Investor AB, Class B		(110,647	)		(3,138,849	)
Skanska AB, Class B		(51,308	)		(1,001,802	)
Svenska Cellulosa AB SCA, Class B		(144,604	)		(1,966,005	)
Telefonaktiebolaget LM Ericsson, Class B		(46,059	)		(315,083	)
					(8,669,821	)
Switzerland—(0.4)%
Kuehne & Nagel International AG, Registered Shares		(4,500	)		(1,397,038	)
Swiss Life Holding AG, Registered Shares		(2,137	)		(1,640,456	)
					(3,037,494	)
United Kingdom—(0.8)%
Croda International PLC		(14,183	)		(736,976	)
Diageo PLC		(933	)		(29,014	)
Entain PLC		(101,311	)		(743,673	)
Flutter Entertainment PLC		(2,825	)		(558,371	)
London Stock Exchange Group PLC		(12,626	)		(1,537,110	)
Melrose Industries PLC		(48,895	)		(370,102	)
National Grid PLC		(2,754	)		(34,908	)
Pearson PLC		(81,733	)		(1,109,559	)
WPP PLC		(99,092	)		(956,172	)
					(6,075,885	)
United States—(0.6)%
Ferrovial SE		(6,850	)		(272,369	)
Haleon PLC		(272,140	)		(1,223,074	)
Qiagen NV		(23,888	)		(1,067,203	)
Stellantis NV		(90,896	)		(1,515,325	)
					(4,077,971	)
Total common stocks (proceeds—$(93,380,459))					(95,660,312	)

131

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Portfolio of investments—July 31, 2024

	Number of shares			Value
Investments sold short—(concluded)
Preferred stocks—(0.2)%
Sartorius AG (proceeds—$(1,389,255))		(4,252	)	$	(1,208,874	)
Total investments sold short (proceeds—$(94,769,714))					(96,869,186	)
Total investments (cost $619,659,393)—104.8%					764,467,470
Liabilities in excess of other assets—(4.8)%					(34,868,123	)
Net assets—100.0%				$	729,599,347

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 July 31, 2024 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 market for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	814,595,712		$	—	$	—	$	814,595,712
Preferred stocks		873,207			—		—		873,207
Warrant		—			—		0		0
Short-term investments		—			6,998,112		—		6,998,112
Investment of cash collateral from securities loaned		—			38,869,625		—		38,869,625
Total	$	815,468,919		$	45,867,737	$	0	$	861,336,656
Liabilities
Investments sold short
Common stocks	$	(95,660,312	)	$	—	$	—	$	(95,660,312	)
Preferred stocks		(1,208,874	)		—		—		(1,208,874	)
Total	$	(96,869,186	)	$	—	$	—	$	(96,869,186	)

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*  Non-income producing security.

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

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

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Portfolio of investments—July 31, 2024

³​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $10,606,120, represented 1.5% of the Portfolio's net assets at period end.

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

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

⁶​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
133

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—97.1%
Argentina—0.2%
Grupo Financiero Galicia SA, ADR*		7,343	$	212,727
YPF SA, ADR*		32,425		646,554
				859,281
Brazil—9.2%
Atacadao SA*		599,000		980,656
B3 SA—Brasil Bolsa Balcao		476,800		914,629
Banco Bradesco SA, ADR		1,145,785		2,543,643
Banco Bradesco SA		398,420		791,043
Banco BTG Pactual SA		324,300		1,869,721
Banco do Brasil SA		481,400		2,259,694
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		22,300		347,896
Itau Unibanco Holding SA, ADR		492,801		2,966,662
Lojas Renner SA		351,400		823,805
MercadoLibre, Inc.*		3,413		5,695,956
Petroleo Brasileiro SA, ADR		355,379		5,071,258
Raia Drogasil SA		871,044		4,250,385
Sendas Distribuidora SA*		633,800		1,100,380
Suzano SA		100		952
TOTVS SA		309,684		1,519,361
WEG SA		486,300		4,355,606
				35,491,647
Canada—1.0%
Ivanhoe Mines Ltd., Class A*,1​		299,546		3,916,130
China—27.2%
Airtac International Group		74,000		1,884,332
Alibaba Group Holding Ltd.		635,939		6,291,953
Alibaba Group Holding Ltd., ADR		9,082		716,116
ANTA Sports Products Ltd.		145,000		1,300,998
Bank of China Ltd., Class A		6,492,400		4,186,298
Beijing New Building Materials PLC, Class A		340,600		1,224,870
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,518,150		2,724,543
Budweiser Brewing Co. APAC Ltd.2​		97,300		118,436
China International Capital Corp. Ltd., H Shares1,2​		719,783		802,436
China Jushi Co. Ltd., Class A		610,356		898,595
China Merchants Port Holdings Co. Ltd.		463,713		682,555
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		911,801		1,108,991
China Overseas Land & Investment Ltd.		1,903,387		3,084,262
China Resources Land Ltd.		355,549		1,067,168
China Resources Power Holdings Co. Ltd.1​		968,865		2,666,197
Contemporary Amperex Technology Co. Ltd., Class A		78,920		2,034,521
Country Garden Services Holdings Co. Ltd.		1,933,152		1,165,406
Foxconn Industrial Internet Co. Ltd., Class A*		285,400		941,454
Fuyao Glass Industry Group Co. Ltd., Class A		318,200		1,981,747
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,028,300		5,694,241
Hengli Petrochemical Co. Ltd., Class A		1,206,030		2,331,275
Huaming Power Equipment Co. Ltd., Class A		639,767		1,743,922
Kanzhun Ltd., ADR		82,200		1,116,276
KE Holdings, Inc., ADR		48,126		666,545

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Kuaishou Technology*,2​		466,307	$	2,614,186
Li Auto, Inc., ADR*,1​		17,721		349,812
Li Auto, Inc., Class A*		69,651		683,775
Longfor Group Holdings Ltd.2​		2,339,500		3,042,337
Meituan, Class B*,2​		216,300		3,025,988
Midea Group Co. Ltd., Class A		228,397		2,015,012
NARI Technology Co. Ltd., Class A		484,100		1,608,967
PDD Holdings, Inc., ADR*		25,642		3,304,997
PICC Property & Casualty Co. Ltd., H Shares		1,010,000		1,323,768
Ping An Insurance Group Co. of China Ltd., H Shares		632,000		2,762,475
Ping An Insurance Group Co. of China Ltd., Class A		582,000		3,427,390
Proya Cosmetics Co. Ltd., Class A		92,100		1,169,115
Shanghai Mechanical & Electrical Industry Co. Ltd., Class A		281,875		452,822
Shenzhen Inovance Technology Co. Ltd., Class A		195,800		1,263,872
SITC International Holdings Co. Ltd.1​		381,132		848,819
Sungrow Power Supply Co. Ltd., Class A		284,540		2,709,942
Sunny Optical Technology Group Co. Ltd.1​		303,766		1,706,845
Suofeiya Home Collection Co. Ltd., Class A		318,000		621,739
Tencent Holdings Ltd.		349,811		16,217,071
Tongwei Co. Ltd., Class A		210,599		528,315
Trip.com Group Ltd., ADR*		63,692		2,708,821
Trip.com Group Ltd.*		81,800		3,536,743
Zijin Mining Group Co. Ltd., H Shares		1,190,000		2,415,687
				104,771,635
Ghana—0.3%
Kosmos Energy Ltd.*		181,277		1,002,462
Greece—0.6%
Eurobank Ergasias Services & Holdings SA, Class A		203,997		467,603
National Bank of Greece SA		92,863		815,063
Piraeus Financial Holdings SA		260,094		1,097,798
				2,380,464
Hong Kong—1.9%
AIA Group Ltd.		263,000		1,767,281
Hong Kong Exchanges & Clearing Ltd.		27,400		812,932
Melco Resorts & Entertainment Ltd., ADR*,1​		255,546		1,459,168
Sino Biopharmaceutical Ltd.		562,144		202,183
WH Group Ltd.2​		4,491,683		2,920,541
				7,162,105
Hungary—0.6%
OTP Bank Nyrt		46,394		2,375,748
India—12.0%
Axis Bank Ltd.		93,819		1,306,628
Britannia Industries Ltd.*		28,020		1,935,778
HDFC Bank Ltd.		158,151		3,051,908
HDFC Bank Ltd., ADR		43,979		2,639,180
ICICI Bank Ltd.		315,799		4,582,228
Infosys Ltd.		126,884		2,831,178
InterGlobe Aviation Ltd.*,2​		72,995		3,898,879

134

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
India—(concluded)
Kotak Mahindra Bank Ltd.		205,767	$	4,442,992
Macrotech Developers Ltd.2​		43,863		685,641
Mahindra & Mahindra Ltd.		72,811		2,528,640
MakeMyTrip Ltd.*		13,772		1,288,922
Nestle India Ltd.		81,943		2,403,961
Pidilite Industries Ltd.		60,081		2,286,456
Polycab India Ltd.		27,217		2,229,337
Reliance Industries Ltd.		181,165		6,514,616
Tata Consultancy Services Ltd.		68,146		3,569,193
				46,195,537
Indonesia—2.1%
Bank Central Asia Tbk. PT		6,136,600		3,877,833
Bank Mandiri Persero Tbk. PT		2,855,092		1,123,775
Bank Rakyat Indonesia Persero Tbk. PT		10,265,014		2,948,193
				7,949,801
Macau—0.8%
Galaxy Entertainment Group Ltd.		355,000		1,492,637
Sands China Ltd.*		824,000		1,546,150
				3,038,787
Mexico—2.1%
Cemex SAB de CV, ADR		272,270		1,747,974
Grupo Aeroportuario del Pacifico SAB de CV, Class B1​		88,083		1,405,328
Grupo Financiero Banorte SAB de CV, Class O		303,100		2,271,257
Wal-Mart de Mexico SAB de CV		772,100		2,567,727
				7,992,286
Peru—1.2%
Credicorp Ltd.		26,634		4,544,826
Russia—0.0%†​
Alrosa PJSC3,4​		215,380		0
Rosneft Oil Co. PJSC3,4​		126,429		0
				0
Saudi Arabia—0.9%
Saudi Arabian Oil Co.2​		446,745		3,286,378
South Africa—4.9%
Absa Group Ltd.		212,579		1,865,209
Capitec Bank Holdings Ltd.		18,022		2,806,336
Clicks Group Ltd.		86,492		1,681,162
FirstRand Ltd.		483,525		2,169,059
Gold Fields Ltd., ADR		148,705		2,551,778
Impala Platinum Holdings Ltd.		80,040		409,594
MTN Group Ltd.1​		1,071,877		4,655,934
Naspers Ltd., Class N		14,229		2,751,820
				18,890,892
South Korea—11.7%
Amorepacific Corp.		7,545		995,770
DB Insurance Co. Ltd.		16,781		1,346,868
Hana Financial Group, Inc.		89,261		4,194,797
Hyundai Mobis Co. Ltd.		10,738		1,719,796

	Number of shares		Value
Common stocks—(continued)
South Korea—(concluded)
Hyundai Motor Co.		8,391	$	1,517,602
KB Financial Group, Inc.		80,885		5,164,185
Kia Corp.		22,250		1,811,676
Samsung Electronics Co. Ltd.		326,038		19,868,958
SK Hynix, Inc.		50,763		7,175,217
WONIK IPS Co. Ltd.*		46,203		1,270,226
				45,065,095
Taiwan—13.8%
Advantech Co. Ltd.		136,000		1,433,648
Alchip Technologies Ltd.		24,000		1,912,991
Chailease Holding Co. Ltd.		413,100		1,910,289
Chroma ATE, Inc.		192,000		1,758,199
Delta Electronics, Inc.		197,000		2,484,226
Lotes Co. Ltd.		33,000		1,395,497
MediaTek, Inc.		163,469		6,067,301
Sinbon Electronics Co. Ltd.		131,000		1,305,217
Taiwan Semiconductor Manufacturing Co. Ltd.		509,475		14,476,716
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		59,342		9,838,904
Unimicron Technology Corp.		477,000		2,604,852
Voltronic Power Technology Corp.		36,000		2,031,640
Yageo Corp.		190,615		4,592,853
Zhen Ding Technology Holding Ltd.		312,000		1,295,649
				53,107,982
Thailand—2.1%
Airports of Thailand PCL		236,700		375,187
Bangkok Dusit Medical Services PCL, Class F		2,265,800		1,668,600
CP ALL PCL		1,283,200		2,096,967
Kasikornbank PCL		598,300		2,207,223
SCB X PCL		584,500		1,688,975
				8,036,952
Turkey—1.6%
Akbank TAS		717,948		1,341,908
BIM Birlesik Magazalar AS		131,393		2,481,640
Haci Omer Sabanci Holding AS		334,774		1,004,289
Turkiye Garanti Bankasi AS		387,193		1,447,396
				6,275,233
United Arab Emirates—0.3%
Abu Dhabi National Oil Co. for Distribution PJSC		717,322		697,216
Aldar Properties PJSC		213,084		428,727
				1,125,943
United States—1.6%
Globant SA*		10,677		2,078,919
JBS SA*		412,800		2,460,970
Las Vegas Sands Corp.		37,862		1,501,986
				6,041,875
Vietnam—0.5%
Hoa Phat Group JSC*		1,496,988		1,612,597
Vincom Retail JSC*		569,720		419,675
				2,032,272

135

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(concluded)
Zambia—0.5%
First Quantum Minerals Ltd.		145,378	$	1,779,516
Total common stocks (cost—$353,029,852)				373,322,847
Preferred stocks—0.5%
Brazil—0.5%
Itau Unibanco Holding SA (cost—$1,855,097)		303,700		1,819,145
Short-term investments—2.1%
Investment companies—2.1%
State Street Institutional U.S. Government Money Market Fund, 5.263%5 ​(cost—$8,053,892)		8,053,892		8,053,892

	Number of shares		Value
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%5 ​(cost—$3,129,788)		3,129,788	$	3,129,788
Total investments (cost—$366,068,629)—100.5%				386,325,672
Liabilities in excess of other assets—(0.5)%				(1,897,554	)
Net assets—100.0%			$	384,428,118

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 July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	373,322,847	$	—	$	0	$	373,322,847
Preferred stocks		1,819,145		—		—		1,819,145
Short term investments		—		8,053,892		—		8,053,892
Investment of cash collateral from securities loaned		—		3,129,788		—		3,129,788
Total	$	375,141,992	$	11,183,680	$	0	$	386,325,672

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*  Non-income producing security.

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

²​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $20,394,822, represented 5.3% of the Portfolio's net assets at period end.

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

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

⁵​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements
136

PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—98.1%
Australia—5.9%
Goodman Group1​		116,746	$	2,679,746
National Storage REIT1​		531,875		859,114
Rural Funds Group1​		95,669		133,259
				3,672,119
Belgium—1.1%
Shurgard Self Storage Ltd.		17,514		684,258
Canada—1.7%
Canadian Apartment Properties REIT		30,140		1,047,854
Germany—2.0%
Vonovia SE		40,817		1,254,989
Hong Kong—1.1%
Sino Land Co. Ltd.		680,000		703,252
Japan—6.6%
Japan Logistics Fund, Inc.1​		107		182,994
Japan Metropolitan Fund Invest		1,183		739,153
Mitsubishi Estate Co. Ltd.		30,500		524,163
Mitsui Fudosan Co. Ltd.		214,800		2,256,185
Star Asia Investment Corp.1​		848		321,527
Tokyo Tatemono Co. Ltd.		3,300		58,200
				4,082,222
Mexico—0.8%
Corp. Inmobiliaria Vesta SAB de CV1​		166,270		486,914
Singapore—2.7%
Capitaland India Trust		463,161		377,680
CapitaLand Investment Ltd.1​		474,700		958,846
Parkway Life Real Estate Investment Trust		121,900		331,037
				1,667,563
Spain—1.5%
Cellnex Telecom SA1,2​		27,414		954,742
United Kingdom—6.9%
Big Yellow Group PLC		63,717		991,128
Derwent London PLC		21,364		631,134
Grainger PLC		277,828		860,760
Segro PLC		96,551		1,136,702
Shaftesbury Capital PLC		349,337		683,965
				4,303,689
United Republic Of Tanzania—1.5%
Helios Towers PLC*,1​		582,892		948,661
United States—66.3%
Alexandria Real Estate Equities, Inc.		11,657		1,367,249
American Homes 4 Rent, Class A		38,489		1,389,068
BXP, Inc.		17,660		1,259,335
Cousins Properties, Inc.		6,186		170,177
Digital Realty Trust, Inc.		13,559		2,026,935
DigitalBridge Group, Inc.		11,530		162,919
Douglas Emmett, Inc.		49,993		804,387
Encompass Health Corp.		6,752		627,531
Equinix, Inc.		4,743		3,748,108
Equity LifeStyle Properties, Inc.		31,650		2,173,722

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Essex Property Trust, Inc.		5,522	$	1,537,104
Extra Space Storage, Inc.		16,875		2,693,587
Farmland Partners, Inc.1​		28,483		302,489
Federal Realty Investment Trust		15,745		1,757,929
Highwoods Properties, Inc.		3,194		98,918
Kimco Realty Corp.		71,164		1,546,394
Lamar Advertising Co., Class A		7,277		872,221
Mid-America Apartment
Communities, Inc.		16,127		2,254,071
NNN REIT, Inc.		28,760		1,291,036
Prologis, Inc.		46,894		5,910,989
Rayonier, Inc.		29,985		909,445
Rexford Industrial Realty, Inc.		32,716		1,639,399
Ryman Hospitality Properties, Inc.		7,760		779,958
SBA Communications Corp.		4,613		1,012,738
Sun Communities, Inc.		13,642		1,728,851
Universal Health Services, Inc., Class B		1,721		367,881
Ventas, Inc.		31,690		1,725,204
Weyerhaeuser Co.		33,906		1,076,855
				41,234,500
Total common stocks (cost—$60,752,631)				61,040,763
Short-term investments—1.5%
Investment companies—1.5%
State Street Institutional U.S. Government Money Market Fund, 5.263%3​ (cost—$939,871)		939,871		939,871
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.267%3​ (cost—$450,958)		450,958		450,958
Total investments (cost—$62,143,460)—100.4%				62,431,592
Liabilities in excess of other assets—(0.4)%				(220,943	)
Net assets—100.0%			$	62,210,649

137

PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2024

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 July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	61,040,763	$	—	$	—	$	61,040,763
Short-term investments		—		939,871		—		939,871
Investment of cash collateral from securities loaned		—		450,958		—		450,958
Total	$	61,040,763	$	1,390,829	$	—	$	62,431,592

At July 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $954,742, represented 1.5% of the Portfolio's net assets at period end.

³​  Rate shown reflects yield at July 31, 2024.

See accompanying notes to financial statements.
138

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—42.8%
Australia—0.4%
BHP Group Ltd.		43	$	1,189
Cochlear Ltd.		92		20,757
Commonwealth Bank of Australia		155		13,936
Fortescue Ltd.		12,138		149,783
Glencore PLC		5,189		28,671
Helia Group Ltd.		81,454		212,535
Macquarie Group Ltd.		13		1,784
REA Group Ltd.		8		1,071
Rio Tinto Ltd.		11,769		904,166
Rio Tinto PLC		496		32,047
				1,365,939
Austria—0.0%†​
ANDRITZ AG		699		44,747
Mondi PLC		1,240		24,238
OMV AG		604		25,297
Raiffeisen Bank International AG		883		17,211
Verbund AG		514		41,164
				152,657
Belgium—0.0%†​
Groupe Bruxelles Lambert NV		13		971
KBC Group NV		16		1,240
				2,211
Bermuda—0.0%†​
Teekay Corp.*		1,101		9,546
Brazil—0.0%†​
MercadoLibre, Inc.*,7​		12		20,027
Yara International ASA		44		1,254
				21,281
Canada—7.5%
ADENTRA, Inc.7​		9,730		307,760
Advantage Energy Ltd.*,7​		37,420		261,004
Ag Growth International, Inc.7​		2,900		119,663
Alamos Gold, Inc., Class A7​		16,840		286,785
AtkinsRealis Group, Inc.7​		41,240		1,776,667
B2Gold Corp.7​		48,970		146,841
Barrick Gold Corp.		13,600		251,974
Black Diamond Group Ltd.		87,180		580,926
Boardwalk Real Estate Investment Trust7​		9,990		564,386
Boralex, Inc., Class A		476		11,812
Brookfield Business Partners LP7​		82,038		1,671,934
Brookfield Infrastructure Partners LP7​		51,569		1,628,549
Canadian Apartment Properties REIT7​		5,860		203,730
Canadian Imperial Bank of Commerce		2,900		149,973
Canadian Pacific Kansas City Ltd.7​		8,550		716,661
Canadian Pacific Kansas City Ltd.		493		41,343
CCL Industries, Inc., Class B7​		3,290		178,982
Cenovus Energy, Inc.7​		28,460		573,467
Chartwell Retirement Residences7​		274,438		2,723,211
Colliers International Group, Inc.7​		4,090		550,800
Copperleaf Technologies, Inc.*,7​		17,860		154,196

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
Coveo Solutions, Inc.*		65,630	$	310,883
Denison Mines Corp.*		5,994		11,809
Descartes Systems Group, Inc.*,7​		2,570		261,240
DREAM Unlimited Corp., Class A7​		18,410		285,487
Dundee Precious Metals, Inc.7​		38,180		322,718
Empire Co. Ltd., Class A7​		27,230		719,875
Enerflex Ltd.7​		74,060		414,648
European Residential Real Estate Investment Trust		71,070		140,014
Fairfax Financial Holdings Ltd.7​		707		833,780
Franco-Nevada Corp.		184		23,729
George Weston Ltd.7​		1,270		196,684
Gildan Activewear, Inc.		32		1,303
Great-West Lifeco, Inc.		5,800		174,212
Hammond Power Solutions, Inc.7​		3,360		290,430
Headwater Exploration, Inc.7​		37,090		196,377
Heroux-Devtek, Inc.*,7​		15,210		343,606
Hydro One Ltd.1​		88		2,758
InterRent Real Estate Investment Trust7​		128,860		1,189,994
Kinross Gold Corp.		17,900		162,710
Manulife Financial Corp.7​		16,270		433,270
National Bank of Canada7​		1,230		102,879
National Bank of Canada*		6,550		532,435
Pan American Silver Corp.		62		1,425
Parkit Enterprise, Inc.*		271,038		100,119
Parkland Corp.		371		10,407
Pason Systems, Inc.7​		35,520		420,894
Power Corp. of Canada		17,500		506,501
RB Global, Inc.7​		18,830		1,499,433
Rogers Communications, Inc., Class B7​		33,200		1,283,180
Royal Bank of Canada		186		20,784
Secure Energy Services, Inc.7​		7,300		64,453
Shopify, Inc., Class A*		108		6,615
Suncor Energy, Inc.7​		16,400		654,688
TC Energy Corp.7​		11,960		507,224
Teck Resources Ltd., Class B7​		3,240		158,792
TECSYS, Inc.		10,370		300,588
Teekay Tankers Ltd., Class A		488		31,935
TELUS Corp.		61		985
TerraVest Industries, Inc.7​		2,765		163,979
TFI International, Inc.7​		1,200		186,900
Toronto-Dominion Bank		108		6,378
West Fraser Timber Co. Ltd.		279		24,741
Westaim Corp.*		16,920		49,633
				25,851,159
Cayman Islands—0.0%†​
Patria Investments Ltd., Class A		735		9,562
China—0.1%
Li Auto, Inc., ADR*		3,922		77,420
NXP Semiconductors NV		99		26,053
Wilmar International Ltd.		31,800		75,652
				179,125

139

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Denmark—0.5%
Carlsberg AS, Class B		32	$	3,868
Danske Bank AS		39,769		1,216,936
DSV AS		138		25,297
ISS AS		273		4,992
Jyske Bank AS		54		4,409
Netcompany Group AS*,1​		310		13,190
Novo Nordisk AS, Class B		2,353		311,213
Rockwool AS, Class B		57		25,196
				1,605,101
Faeroe Islands—0.0%†​
Bakkafrost P		201		10,501
Finland—0.1%
Cargotec OYJ, Class B		807		41,153
Fortum OYJ		2,870		44,075
Kemira OYJ		1,041		23,546
Konecranes OYJ		614		42,894
Neste OYJ		67		1,353
Nokia OYJ		9,435		36,974
Nordea Bank Abp		106		1,243
Orion OYJ, Class B		305		14,019
Wartsila OYJ Abp		919		18,952
				224,209
France—0.5%
Amundi SA1​		528		38,600
Arkema SA		9		814
Carrefour SA		60,242		899,717
Cie de Saint-Gobain SA		294		25,276
Cie Generale des Etablissements Michelin SCA		1,123		44,482
Coface SA		79		1,198
Dassault Aviation SA		5		1,007
Dassault Systemes SE		40		1,517
Eiffage SA		49		4,884
Elis SA		285		6,595
Engie SA		29,712		467,546
Hermes International SCA		10		21,894
Ipsen SA		108		12,156
IPSOS SA		159		9,834
LVMH Moet Hennessy Louis Vuitton SE		25		17,668
Nexans SA		206		26,664
Orange SA		8,002		88,767
Renault SA		483		23,439
Rexel SA		469		11,938
Rubis SCA		1,196		37,485
SCOR SE		211		4,524
SEB SA		123		12,320
SPIE SA		340		13,158
Technip Energies NV		856		21,863
TotalEnergies SE		259		17,513
Vallourec SACA*		1,055		17,104
Veolia Environnement SA		338		10,623
Vinci SA		43		4,914
				1,843,500

	Number of shares		Value
Common stocks—(continued)
Germany—0.5%
adidas AG		6	$	1,502
Bayer AG, Registered Shares		34		1,012
Bayerische Motoren Werke AG		3,494		324,518
Daimler Truck Holding AG		8,469		327,578
Deutsche Bank AG, Registered Shares		11,835		184,902
Deutsche Boerse AG		39		7,994
Deutsche Telekom AG, Registered Shares		1,296		33,901
E.ON SE		96		1,347
Freenet AG		1,543		42,716
Fresenius SE & Co. KGaA*		556		19,971
GEA Group AG		569		25,149
Hannover Rueck SE		50		12,430
Heidelberg Materials AG		6,893		719,736
HOCHTIEF AG		53		6,309
Mercedes-Benz Group AG		178		11,782
Rheinmetall AG		71		38,712
RWE AG		99		3,695
SAP SE		92		19,418
TAG Immobilien AG*		865		13,059
Talanx AG		390		29,651
Zalando SE*,1​		336		8,622
				1,834,004
Hong Kong—0.3%
Swire Pacific Ltd., Class A		117,500		1,012,899
Ireland—0.1%
Accenture PLC, Class A		60		19,837
AerCap Holdings NV		4,110		386,134
AIB Group PLC		1,561		8,954
Ardmore Shipping Corp.		1,195		25,908
Bank of Ireland Group PLC		113		1,281
Glanbia PLC		916		18,330
Kingspan Group PLC		283		26,462
				486,906
Israel—0.0%†​
Check Point Software Technologies Ltd.*,7​		181		33,204
Sapiens International Corp. NV		253		9,842
				43,046
Italy—0.2%
A2A SpA		11,920		25,246
Azimut Holding SpA		685		17,169
Banca Monte dei Paschi di Siena SpA		66,155		360,845
BPER Banca SpA		2,916		17,048
Brunello Cucinelli SpA		128		11,962
Buzzi SpA		1,055		41,401
Enel SpA		5,253		37,487
Eni SpA		1,309		20,964
Hera SpA		6,995		25,588
Intesa Sanpaolo SpA		918		3,726
Iveco Group NV		1,067		10,970
Unipol Gruppo SpA		1,160		12,504
				584,910

140

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Japan—1.7%
Chubu Electric Power Co., Inc.		12,200	$	154,205
Daikin Industries Ltd.		200		29,245
Daiseki Co. Ltd.		500		12,049
Disco Corp.		300		99,049
ENEOS Holdings, Inc.		11,500		60,814
Hitachi Construction Machinery Co. Ltd.		10,400		263,254
Hitachi Ltd.		21,172		464,694
Hoya Corp.		200		25,286
ITOCHU Corp.		100		5,195
Itochu Enex Co. Ltd.		900		10,328
Japan Post Bank Co. Ltd.		43,000		452,231
JFE Holdings, Inc.		36,000		531,091
Kawasaki Kisen Kaisha Ltd.		4,400		68,729
Mitsubishi Electric Corp.		9,460		164,250
Mitsubishi UFJ Financial Group, Inc.		1,800		21,027
Mitsui & Co. Ltd.		300		7,069
Mitsui OSK Lines Ltd.		1,000		32,122
Modec, Inc.		26,700		507,247
MS&AD Insurance Group Holdings, Inc.		200		4,782
Namura Shipbuilding Co. Ltd.		9,600		128,231
Nintendo Co. Ltd.		100		5,599
NIPPON EXPRESS HOLDINGS, Inc.		2,000		99,596
Nippon Yusen KK		25,700		840,455
Niterra Co. Ltd.		300		9,052
Osaka Gas Co. Ltd.		35,000		796,002
Panasonic Holdings Corp.		100		832
Recruit Holdings Co. Ltd.		400		23,118
SCREEN Holdings Co. Ltd.		1,800		154,941
Sony Group Corp.		200		18,064
Tokio Marine Holdings, Inc.		200		8,040
Tokyo Electric Power Co. Holdings, Inc.*		163,300		815,165
Toyota Tsusho Corp.		600		12,148
Unicharm Corp.		900		30,147
				5,854,057
Jordan—0.0%†​
Hikma Pharmaceuticals PLC		557		13,634
Luxembourg—0.0%†​
ArcelorMittal SA		54		1,224
Monaco—0.0%†​
Scorpio Tankers, Inc.		354		27,145
Netherlands—0.2%
ABN AMRO Bank NV1​		1,033		18,016
Adyen NV*,1​		1		1,224
ASR Nederland NV		609		30,562
BE Semiconductor Industries NV		72		9,284
EXOR NV		4,869		498,492
Fugro NV		1,410		37,569
Koninklijke Ahold Delhaize NV		958		30,876
Koninklijke KPN NV		3,155		12,415
Koninklijke Philips NV*		168		4,742
Wolters Kluwer NV		38		6,379
				649,559

	Number of shares		Value
Common stocks—(continued)
Norway—0.1%
Aker Solutions ASA		2,531	$	12,097
Frontline PLC		715		17,596
Mowi ASA		1,372		23,163
Norsk Hydro ASA		197		1,091
Salmar ASA		36		2,072
Schibsted ASA, Class A		36		1,035
Telenor ASA		1,091		12,999
TOMRA Systems ASA		87		1,434
Var Energi ASA		7,598		24,248
Wallenius Wilhelmsen ASA		6,526		60,651
				156,386
Portugal—0.0%†​
Banco Comercial Portugues SA, Class R		41,675		17,581
Galp Energia SGPS SA		1,188		25,014
				42,595
South Africa—0.0%†​
Anglo American PLC		422		12,749
Spain—0.1%
ACS Actividades de Construccion y Servicios SA		240		10,717
Aena SME SA1​		362		68,600
Amadeus IT Group SA		425		27,938
Banco Santander SA		9,233		44,516
CaixaBank SA		253		1,475
Cellnex Telecom SA*,1​		897		31,239
EDP Renovaveis SA		131		2,033
Iberdrola SA		2,249		29,646
				216,164
Sweden—0.6%
Assa Abloy AB, Class B		216		6,573
Atlas Copco AB, Class A		450		8,009
Atlas Copco AB, Class B		86		1,345
Avanza Bank Holding AB		727		16,272
Axfood AB		340		8,432
Billerud Aktiebolag		1,223		12,311
Boliden AB		413		12,595
Castellum AB*		1,113		13,927
EQT AB		423		13,702
Essity AB, Class B		659		18,541
H & M Hennes & Mauritz AB, Class B		1,138		17,666
Mycronic AB		114		3,992
Nibe Industrier AB, Class B		147		645
Nordnet AB publ		1,156		23,597
Saab AB, Class B		1,571		36,249
Securitas AB, Class B		37,609		404,213
SKF AB, Class B		434		8,063
SSAB AB, Class B		9,737		49,280
SSAB AB, Class A		8,237		42,457
Telefonaktiebolaget LM Ericsson, Class B		4,643		31,762
Volvo AB, Class B		42,664		1,088,790
Volvo AB, Class A		10,749		279,234
				2,097,655

141

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
Switzerland—0.3%
ABB Ltd., Registered Shares		165	$	9,170
Adecco Group AG, Registered Shares		28,979		989,132
Bucher Industries AG, Registered Shares		23		9,328
DKSH Holding AG		124		9,720
Kuehne & Nagel International AG, Registered Shares		3		931
Logitech International SA, Registered Shares		198		17,861
Novartis AG, Registered Shares		168		18,868
Schindler Holding AG		75		20,080
Swiss Life Holding AG		2		1,535
				1,076,625
Taiwan—0.0%†​
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		168		27,854
Thailand—0.0%†
Fabrinet*		39		8,602
United Kingdom—1.2%
Ashtead Group PLC		15		1,080
AstraZeneca PLC		226		35,933
Auto Trader Group PLC1​		114		1,195
BAE Systems PLC		1,074		17,907
Balfour Beatty PLC		4,606		24,940
Beazley PLC		1,410		12,389
Berkeley Group Holdings PLC		191		12,473
Big Yellow Group PLC		150		2,333
BT Group PLC		13,758		24,912
Centrica PLC		535,390		912,303
CK Hutchison Holdings Ltd.		94,500		495,914
Compass Group PLC		60		1,848
Computacenter PLC		887		30,696
DCC PLC		87		5,995
Direct Line Insurance Group PLC		9,592		23,244
Drax Group PLC		5,842		48,704
Future PLC		1,045		15,046
Grafton Group PLC		320		4,443
Hargreaves Lansdown PLC		1,248		17,728
Hays PLC		4,123		4,988
HSBC Holdings PLC		2,454		22,209
IG Group Holdings PLC		3,418		41,194
Inchcape PLC		2,352		25,489
Intermediate Capital Group PLC		49		1,383
Intertek Group PLC		19		1,234
ITV PLC		16,786		17,328
J Sainsbury PLC		34,536		122,271
JD Sports Fashion PLC		11,270		19,066
Johnson Matthey PLC		620		13,064
Kingfisher PLC		12,246		43,498
London Stock Exchange Group PLC		85		10,348
M&G PLC		6,600		18,013
Man Group PLC		7,128		22,395
Marks & Spencer Group PLC		10,503		44,328
National Grid PLC		1,249		15,832
Pets at Home Group PLC		256		1,010
Phoenix Group Holdings PLC		1,771		12,454
QinetiQ Group PLC		1,343		8,342
Reckitt Benckiser Group PLC		82		4,404

	Number of shares		Value
Common stocks—(continued)
United Kingdom—(concluded)
RELX PLC		107	$	5,052
Rightmove PLC		841		6,230
Safestore Holdings PLC		127		1,317
Segro PLC		1,457		17,153
Serco Group PLC		17,824		43,880
Smiths Group PLC		221		5,074
Softcat PLC		60		1,254
SSE PLC		1,043		25,214
Standard Chartered PLC		92,174		909,088
Tesco PLC		15,328		65,342
UNITE Group PLC		79		968
Vodafone Group PLC		878,514		818,119
				4,036,624
United States—28.4%
3M Co.		5,971		761,601
A.O. Smith Corp.		110		9,354
A10 Networks, Inc.		681		8,914
AAON, Inc.		107		9,473
AbbVie, Inc.7​		1,160		214,971
Abercrombie & Fitch Co., Class A*		56		8,259
ABIOMED, Inc.*,2​		42		74
Acuity Brands, Inc.		37		9,300
Adobe, Inc.*,7​		264		145,636
AECOM		129		11,689
Aehr Test Systems*		476		8,982
AeroVironment, Inc.*		8		1,428
AES Corp.7​		22,830		406,146
Agilent Technologies, Inc.		71		10,039
Agilysys, Inc.*		87		9,752
Airbnb, Inc., Class A*		138		19,259
Akamai Technologies, Inc.*,7​		5,505		541,031
Align Technology, Inc.*		40		9,275
Alkermes PLC*,7​		4,099		111,985
Alliant Energy Corp.		866		48,202
Allstate Corp.7​		555		94,972
Alphabet, Inc., Class C7​		5,988		1,036,822
Alphabet, Inc., Class A7​		6,400		1,097,856
Amazon.com, Inc.*,7​		4,696		878,058
AMC Networks, Inc., Class A*,7​		30,790		342,693
Amdocs Ltd.		12		1,050
Ameren Corp.		281		22,275
American Electric Power Co., Inc.		781		76,632
American Homes 4 Rent, Class A		1,259		45,437
American Tower Corp.7​		696		153,398
American Water Works Co., Inc.		917		130,544
AMETEK, Inc.		345		59,851
Amgen, Inc.		70		23,273
Amphenol Corp., Class A7​		960		61,690
ANSYS, Inc.*		58		18,191
Antero Resources Corp.*		1,035		30,036
Aon PLC, Class A		12		3,942
Apogee Enterprises, Inc.		146		10,021
Apollo Global Management, Inc.7​		4,062		509,009
Appfolio, Inc., Class A*		38		8,416
Apple, Inc.7​		6,239		1,385,557

142

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Applied Industrial Technologies, Inc.		46	$	10,037
Applied Materials, Inc.		155		32,891
AppLovin Corp., Class A*,7​		4,711		363,218
AptarGroup, Inc.		188		27,632
Aptiv PLC*		2,280		158,209
Arch Capital Group Ltd.*		128		12,260
Arcosa, Inc.		159		14,773
Argan, Inc.		125		9,866
Arista Networks, Inc.*,7​		228		79,013
Array Technologies, Inc.*		16,398		172,507
Arthur J Gallagher & Co.		112		31,751
Artisan Partners Asset Management, Inc., Class A		226		9,980
AssetMark Financial Holdings, Inc.*		272		9,384
AT&T, Inc.7​		14,713		283,225
Atkore, Inc.		68		9,180
Autodesk, Inc.*		23		5,693
Automatic Data Processing, Inc.		24		6,303
AvalonBay Communities, Inc.		143		29,304
Axcelis Technologies, Inc.*		68		8,592
Badger Meter, Inc.		48		9,896
Baker Hughes Co.		1,074		41,585
Bank of America Corp.		631		25,436
Bank of New York Mellon Corp.7​		19,794		1,287,996
Beacon Roofing Supply, Inc.*,7​		6,740		692,872
Beazer Homes USA, Inc.*,7​		1,804		60,741
Bel Fuse, Inc., Class B		135		10,026
BellRing Brands, Inc.*		1,323		67,843
Berkshire Hathaway, Inc., Class B*,7​		509		223,196
BlackRock, Inc.		31		27,171
Bloom Energy Corp., Class A*		7,066		95,674
Blue Bird Corp.*		184		9,590
Boise Cascade Co.		74		10,515
Booz Allen Hamilton Holding Corp.		8		1,146
Boston Scientific Corp.*		314		23,198
Box, Inc., Class A*		349		9,814
BP PLC		827		4,878
Bristol-Myers Squibb Co.		274		13,031
Broadcom, Inc.7​		3,561		572,181
Broadridge Financial Solutions, Inc.7​		110		23,540
Brookfield Renewable Corp., Class A		2,600		73,086
Buckle, Inc.		242		10,452
Build-A-Bear Workshop, Inc.		362		9,817
Builders FirstSource, Inc.*,7​		2,519		421,605
Bunge Global SA7​		118		12,417
Cactus, Inc., Class A		165		10,415
Cadence Design Systems, Inc.*		140		37,472
Calix, Inc.*		21,012		864,224
Cal-Maine Foods, Inc.		145		10,378
Camden Property Trust		214		23,700
Cardinal Health, Inc.		1,707		172,117
Carlisle Cos., Inc.7​		515		215,569
Carvana Co.*,7​		4,130		550,240
Catalyst Pharmaceuticals, Inc.*		564		9,723
Cavco Industries, Inc.*		25		10,365
CDW Corp.7​		1,048		228,579
Celsius Holdings, Inc.*		479		22,432

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Cencora, Inc.		841	$	200,057
Centene Corp.*,7​		17,871		1,374,637
Central Garden & Pet Co.*,7​		4,945		197,009
CH Robinson Worldwide, Inc.		181		16,118
ChampionX Corp.		189		6,475
Chegg, Inc.*,7​		67,136		228,934
Chemed Corp.		18		10,263
Chipotle Mexican Grill, Inc.*		602		32,701
Chord Energy Corp.		55		9,441
Chubb Ltd.		138		38,041
Church & Dwight Co., Inc.		387		37,930
Cigna Group		186		64,853
Cincinnati Financial Corp.		52		6,792
Cirrus Logic, Inc.*		70		9,134
CME Group, Inc.		54		10,460
CMS Energy Corp.		16,908		1,095,638
CNH Industrial NV7​		7,570		80,620
CNX Resources Corp.*		514		13,606
Cognizant Technology Solutions Corp., Class A		131		9,914
Cohen & Steers, Inc.		123		10,556
Colgate-Palmolive Co.		45		4,464
Collegium Pharmaceutical, Inc.*,7​		2,704		104,293
Columbia Sportswear Co.		121		9,886
Comcast Corp., Class A7​		23,641		975,664
Comfort Systems USA, Inc.		89		29,585
CommVault Systems, Inc.*		76		11,617
Consolidated Edison, Inc.		11,430		1,114,654
Consolidated Water Co. Ltd.		345		10,026
Constellation Energy Corp.7​		7,399		1,404,330
Construction Partners, Inc., Class A*		224		14,482
Corcept Therapeutics, Inc.*		277		10,712
Corebridge Financial, Inc.7​		24,866		734,790
Corpay, Inc.*		35		10,214
CorVel Corp.*		35		10,738
Costco Wholesale Corp.7​		439		360,858
Crane Co.		200		32,084
CRH PLC7​		35,890		3,075,773
Cricut, Inc., Class A		1,601		9,942
Crocs, Inc.*		68		9,137
Cross Country Healthcare, Inc.*		639		11,655
Crown Holdings, Inc.		18,317		1,624,718
CSL Ltd.		178		36,052
CVR Energy, Inc.		246		7,036
CVS Health Corp.7​		16,559		999,004
Deckers Outdoor Corp.*		10		9,226
DHT Holdings, Inc.		1,648		19,364
Diamond Hill Investment Group, Inc.		20		3,184
Digital Realty Trust, Inc.7​		739		110,473
Dillard's, Inc., Class A		22		8,769
DNOW, Inc.*		664		10,199
Dolby Laboratories, Inc., Class A		117		9,215
Domino's Pizza, Inc.7​		1,254		537,590
Donaldson Co., Inc.		129		9,652
Dorian LPG Ltd.7​		4,403		179,907
Dow, Inc.		60		3,268
Doximity, Inc., Class A*		334		9,352

143

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
DR Horton, Inc.7​		4,099	$	737,533
Dream Finders Homes, Inc., Class A*,7​		12,752		402,326
Dropbox, Inc., Class A*		406		9,712
Duke Energy Corp.		580		63,377
Eagle Materials, Inc.		40		10,892
Eastman Chemical Co.		3,323		343,366
Eaton Corp. PLC		209		63,701
Edison International7​		8,572		685,846
Edwards Lifesciences Corp.*		265		16,708
Electronic Arts, Inc.		65		9,811
Elevance Health, Inc.		154		81,933
Eli Lilly & Co.		122		98,121
EMCOR Group, Inc.		25		9,386
Emerson Electric Co.		434		50,826
Energy Fuels, Inc.*		1,357		7,775
Energy Recovery, Inc.*		675		9,841
Enovix Corp.*		31,776		457,892
Entergy Corp.7​		3,882		450,196
EPAM Systems, Inc.*		48		10,326
ePlus, Inc.*		116		10,663
Equifax, Inc.		4		1,117
Equinix, Inc.		46		36,351
Equity LifeStyle Properties, Inc.		482		33,104
Equity Residential		412		28,688
Essent Group Ltd.		159		9,992
Essex Property Trust, Inc.		112		31,176
Estee Lauder Cos., Inc., Class A		13		1,295
Evergy, Inc.		680		39,440
Eversource Energy		414		26,873
ExlService Holdings, Inc.*		284		10,014
Expeditors International of Washington, Inc.7​		5,477		683,639
Experian PLC		32		1,511
Exponent, Inc.		94		9,972
Expro Group Holdings NV*		640		14,861
F5, Inc.*		53		10,793
FactSet Research Systems, Inc.		2		826
Fair Isaac Corp.*		7		11,200
Fastenal Co.		140		9,905
Federal Signal Corp.		104		10,397
FedEx Corp.7​		1,302		393,529
FirstEnergy Corp.		2,492		104,440
Fiserv, Inc.*		205		33,532
Fluence Energy, Inc.*		7,610		124,652
Fluor Corp.*		377		18,134
Franklin Covey Co.*		233		10,184
Franklin Electric Co., Inc.		94		10,022
FTI Consulting, Inc.*		14		3,052
FutureFuel Corp.		1,794		10,028
Garmin Ltd.		55		9,419
GE Vernova, Inc.*,7​		5,561		991,193
General Electric Co.7​		4,560		776,112
Gentex Corp.		283		8,790
GFL Environmental, Inc.7​		6,430		249,613
Gibraltar Industries, Inc.*		128		9,507
Global Industrial Co.		284		9,906
Graco, Inc.		116		9,866

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
GRAIL, Inc.*		1	$	15
Grand Canyon Education, Inc.*		63		9,825
Granite Construction, Inc.		213		14,582
GSK PLC		921		17,902
H&R Block, Inc.		54		3,129
Harmony Biosciences Holdings, Inc.*		288		9,752
Hartford Financial Services Group, Inc.		317		35,162
Hawkins, Inc.		95		9,870
Healthcare Realty Trust, Inc.		88,961		1,573,720
Hecla Mining Co.		207		1,196
Herc Holdings, Inc.		2,433		379,159
Hims & Hers Health, Inc.*		1,708		36,278
Holcim AG		737		69,053
Home Depot, Inc.		134		49,333
Host Hotels & Resorts, Inc.7​		15,988		279,950
Hubbell, Inc.		131		51,830
HubSpot, Inc.*		6		2,982
Hudson Technologies, Inc.*		1,079		9,236
Humana, Inc.		48		17,357
Huntington Ingalls Industries, Inc.7​		4,673		1,308,347
IDEXX Laboratories, Inc.*		20		9,522
IDT Corp., Class B		256		9,787
IES Holdings, Inc.*		66		10,162
Illumina, Inc.*		7		858
Immersion Corp.		848		10,829
Incyte Corp.*,7​		13,420		873,239
Ingersoll Rand, Inc.		337		33,835
Inmode Ltd.*		524		9,495
Innospec, Inc.		75		9,835
Insulet Corp.*		62		12,050
Interactive Brokers Group, Inc., Class A		196		23,377
International Business Machines Corp.7​		1,425		273,799
International Money Express, Inc.*		456		10,128
International Seaways, Inc.		356		19,936
Intuit, Inc.		33		21,363
Invitation Homes, Inc.		1,580		55,727
IPG Photonics Corp.*		108		8,683
Jabil, Inc.7​		6,182		696,526
Jack Henry & Associates, Inc.		56		9,603
Jackson Financial, Inc., Class A7​		2,900		255,374
Jacobs Solutions, Inc.		103		15,074
JAKKS Pacific, Inc.*		178		3,745
John B Sanfilippo & Son, Inc.		96		10,068
Johnson & Johnson		242		38,200
JPMorgan Chase & Co.		452		96,186
KB Home		748		64,388
KBR, Inc.		230		15,316
Kforce, Inc.		147		10,212
Kimco Realty Corp.		73,434		1,595,721
Kinsale Capital Group, Inc.		23		10,513
KLA Corp.		29		23,869
Knight-Swift Transportation Holdings, Inc.7​		1,790		97,430
Kontoor Brands, Inc.		140		9,821
Kraft Heinz Co.7​		32,061		1,128,868
Kroger Co.7​		1,005		54,772
Lam Research Corp.		34		31,322

144

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Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Lancaster Colony Corp.		51	$	9,846
Landstar System, Inc.		50		9,512
Lantheus Holdings, Inc.*		93		9,749
Las Vegas Sands Corp.		65,882		2,613,539
Lattice Semiconductor Corp.*		163		8,639
Leidos Holdings, Inc.7​		503		72,633
LeMaitre Vascular, Inc.		110		9,558
Lennar Corp., Class A7​		1,582		279,903
Lennar Corp., Class B		63		10,392
Lennox International, Inc.		5		2,918
LGI Homes, Inc.*		171		19,677
Ligand Pharmaceuticals, Inc.*		98		10,681
Limbach Holdings, Inc.*		157		10,004
Lincoln Electric Holdings, Inc.		48		9,860
Lockheed Martin Corp.7​		475		257,412
Louisiana-Pacific Corp.		68		6,675
Lowe's Cos., Inc.		109		26,761
Lululemon Athletica, Inc.*		60		15,520
Magnolia Oil & Gas Corp., Class A		357		9,725
Manhattan Associates, Inc.*		38		9,704
MarketAxess Holdings, Inc.		44		9,835
Marsh & McLennan Cos., Inc.		42		9,348
Masco Corp.7​		11,141		867,327
MasTec, Inc.*,7​		9,019		992,361
Masterbrand, Inc.*,7​		9,790		176,709
Mastercard, Inc., Class A		109		50,544
McDonald's Corp.		4,172		1,107,249
McKesson Corp.		420		259,148
Medifast, Inc.		468		10,263
Medpace Holdings, Inc.*		23		8,798
Merchants Bancorp7​		1,061		47,745
Merck & Co., Inc.		220		24,889
Meritage Homes Corp.		101		20,490
Meta Platforms, Inc., Class A7​		2,175		1,032,755
Metallus, Inc.*		444		9,954
Mettler-Toledo International, Inc.*		15		22,815
MGIC Investment Corp.		408		10,135
Microchip Technology, Inc.		79		7,014
Micron Technology, Inc.7​		5,462		599,837
Microsoft Corp.7​		3,550		1,485,142
Mid-America Apartment Communities, Inc.		140		19,568
MiMedx Group, Inc.*		1,317		9,812
Molina Healthcare, Inc.*,7​		1,178		402,016
Molson Coors Beverage Co., Class B7​		22,970		1,213,964
Monolithic Power Systems, Inc.		12		10,357
Monster Beverage Corp.*		66		3,396
Morgan Stanley		901		92,992
MSA Safety, Inc.		49		9,244
MSC Industrial Direct Co., Inc., Class A		115		10,229
MSCI, Inc.		15		8,111
Mueller Industries, Inc.		152		10,783
Murphy USA, Inc.		56		28,276
Napco Security Technologies, Inc.		172		9,599
National CineMedia, Inc.*		533		3,219
National Research Corp.		139		3,543
National Storage Affiliates Trust7​		507		21,583

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Nestle SA, Registered Shares		567	$	57,582
Netflix, Inc.*		49		30,789
Neurocrine Biosciences, Inc.*		65		9,202
New Fortress Energy, Inc.		3,987		78,703
New York Times Co., Class A		177		9,485
Newmont Corp.		318		15,604
NextEra Energy, Inc.		7,914		604,550
NEXTracker, Inc., Class A*		1,933		94,988
NIKE, Inc., Class B		72		5,390
NMI Holdings, Inc., Class A*		257		10,113
Nordstrom, Inc.		29,624		676,316
Novanta, Inc.*		6		1,087
NRG Energy, Inc.7​		5,600		420,952
Nucor Corp.		39		6,355
nVent Electric PLC		581		42,198
NVIDIA Corp.7​		15,532		1,817,555
NVR, Inc.*		8		68,860
Okta, Inc.*		12		1,127
Old Dominion Freight Line, Inc.		49		10,299
Omnicom Group, Inc.		12		1,176
ON Semiconductor Corp.*		7,454		583,275
Onto Innovation, Inc.*		45		8,609
Oracle Corp.7​		638		88,969
OraSure Technologies, Inc.*,7​		13,840		62,003
Ovintiv, Inc.		546		25,356
PACCAR, Inc.7​		11,617		1,146,133
Pactiv Evergreen, Inc.7​		4,212		55,346
Palantir Technologies, Inc., Class A*		346		9,304
Palo Alto Networks, Inc.*		28		9,092
Park Hotels & Resorts, Inc.		34,534		520,082
Parker-Hannifin Corp.7​		830		465,763
Paychex, Inc.		89		11,394
Paycom Software, Inc.		61		10,174
PayPal Holdings, Inc.*		94		6,183
PC Connection, Inc.		143		10,235
Pegasystems, Inc.		47		3,277
Penn Entertainment, Inc.*		88,468		1,766,706
Perdoceo Education Corp.		418		10,362
PG&E Corp.		28,673		523,282
Photronics, Inc.*,7​		10,770		273,666
Pinnacle West Capital Corp.		950		81,310
PJT Partners, Inc., Class A		80		10,635
PNM Resources, Inc.		222		9,231
Pool Corp.		20		7,481
Powell Industries, Inc.7​		1,684		309,233
Power Integrations, Inc.		129		9,422
PPL Corp.		53,311		1,584,403
Primoris Services Corp.		151		8,527
Procter & Gamble Co.		440		70,734
Progressive Corp.		51		10,920
Progyny, Inc.*		325		9,165
Prologis, Inc.		223		28,109
PTC, Inc.*		6		1,067
Public Service Enterprise Group, Inc.		636		50,734
Public Storage		9		2,663
PulteGroup, Inc.7​		8,563		1,130,316

145

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
QUALCOMM, Inc.7​		3,310	$	598,944
Qualys, Inc.*		65		9,694
Quanex Building Products Corp.		321		10,721
Quanta Services, Inc.7​		2,354		624,705
Rambus, Inc.*		158		8,128
Realty Income Corp.		18		1,034
Reliance, Inc.		31		9,441
Republic Services, Inc.		95		18,460
ResMed, Inc.		47		10,023
REV Group, Inc.7​		13,029		380,186
REX American Resources Corp.*		201		10,213
RH*		6,642		1,926,711
Rhythm Pharmaceuticals, Inc.*		345		16,632
RLI Corp.		45		6,777
Robert Half, Inc.		148		9,500
Roche Holding AG		44		14,327
Roche Holding AG		773		272,829
Rollins, Inc.		195		9,342
Roper Technologies, Inc.		24		13,074
Royal Gold, Inc.		8		1,105
Royalty Pharma PLC, Class A7​		5,824		164,062
RPC, Inc.		1,457		10,884
S&P Global, Inc.		63		30,538
Salesforce, Inc.7​		1,989		514,753
Sanofi SA		180		18,571
SBA Communications Corp.7​		1,340		294,184
Schlumberger NV		536		25,883
Schneider Electric SE		214		51,612
SEI Investments Co.		141		9,565
Sempra		1,509		120,811
ServiceNow, Inc.*		47		38,276
Shake Shack, Inc., Class A*		12,644		1,107,867
Sherwin-Williams Co.		107		37,536
Shutterstock, Inc.7​		3,397		150,215
SIGA Technologies, Inc.		1,067		10,649
Signet Jewelers Ltd.		72		6,057
Simply Good Foods Co.*		96		3,256
Simpson Manufacturing Co., Inc.		52		9,989
Simulations Plus, Inc.		69		2,818
Skyline Champion Corp.*		127		10,352
Skyworks Solutions, Inc.		83		9,430
Smurfit WestRock PLC*		210		9,317
Snap-on, Inc.		35		10,046
Solventum Corp.*,7​		1,967		115,817
Southern Co.		456		38,085
Spotify Technology SA*		14		4,815
Sprinklr, Inc., Class A*		86,621		851,484
Sprouts Farmers Market, Inc.*		814		81,310
SPS Commerce, Inc.*		47		10,125
Starbucks Corp.		313		24,398
Steel Dynamics, Inc.		49		6,528
Stellantis NV		22,118		368,729
Sterling Infrastructure, Inc.*		262		30,486
Steven Madden Ltd.		218		9,884
Structure Therapeutics, Inc.*		589		22,023
Sun Communities, Inc.		226		28,641

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Sunnova Energy International, Inc.*		22,590	$	159,711
Super Micro Computer, Inc.*		4		2,807
Swiss Re AG		203		25,082
Synopsys, Inc.*		32		17,866
T Rowe Price Group, Inc.		81		9,251
Tactile Systems Technology, Inc.*		776		9,910
Take-Two Interactive Software, Inc.*		155		23,332
Target Hospitality Corp.*		1,050		9,828
Taylor Morrison Home Corp.*		650		43,602
Teledyne Technologies, Inc.*		6		2,531
Telephone & Data Systems, Inc.7​		7,005		148,506
Teradyne, Inc.		66		8,657
Tesla, Inc.*		199		46,182
Tetra Tech, Inc.		81		17,272
Texas Pacific Land Corp.		12		10,139
TJX Cos., Inc.		320		36,166
TKO Group Holdings, Inc.		17,602		1,924,779
T-Mobile U.S., Inc.		31		5,651
Toll Brothers, Inc.		316		45,096
Tradeweb Markets, Inc., Class A		88		9,828
Trane Technologies PLC7​		1,073		358,682
Transocean Ltd.*		55,397		320,749
Travelers Cos., Inc.		143		30,951
Trex Co., Inc.*		119		9,952
Tri Pointe Homes, Inc.*		848		38,372
Tyler Technologies, Inc.*		3		1,704
Tyson Foods, Inc., Class A7​		13,967		850,590
U.S. Lime & Minerals, Inc.		132		11,227
Uber Technologies, Inc.*,7​		10,786		695,373
UDR, Inc.		514		20,596
UFP Industries, Inc.		79		10,422
UFP Technologies, Inc.*		31		9,969
Ulta Beauty, Inc.*		24		8,757
Union Pacific Corp.7​		420		103,627
United Parcel Service, Inc., Class B		16,316		2,127,117
United Rentals, Inc.7​		1,156		875,208
United Therapeutics Corp.*,7​		2,317		725,893
UnitedHealth Group, Inc.		171		98,523
Universal Display Corp.		43		9,573
USANA Health Sciences, Inc.*		211		9,411
VAALCO Energy, Inc.		899		6,437
Veeva Systems, Inc., Class A*		51		9,788
VeriSign, Inc.*		52		9,725
Verisk Analytics, Inc.		5		1,309
Verizon Communications, Inc.7​		37,159		1,505,683
Vertiv Holdings Co., Class A		3,048		239,878
Vestis Corp.		40,376		523,677
VF Corp.		127,343		2,159,737
Viatris, Inc.7​		58,663		707,476
VICI Properties, Inc.7​		4,650		145,359
Viking Therapeutics, Inc.*		401		22,857
VirTra, Inc.*		1,136		9,963
Visa, Inc., Class A		202		53,665
Visteon Corp.*		86		9,936
Vistra Corp.7​		4,911		389,049
Vita Coco Co., Inc.*		357		9,225

146

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Vital Farms, Inc.*		1,940	$	70,791
Voya Financial, Inc.		250		18,182
Walmart, Inc.		4,079		279,983
Warrior Met Coal, Inc.		131		9,053
Waste Connections, Inc.		171		30,413
Waste Management, Inc.		106		21,482
Watsco, Inc.		19		9,300
Watts Water Technologies, Inc., Class A		49		10,168
WD-40 Co.		39		10,203
WEC Energy Group, Inc.		455		39,157
Wells Fargo & Co.7​		5,329		316,223
West Pharmaceutical Services, Inc.		31		9,491
WEX, Inc.*		76		13,942
Williams-Sonoma, Inc.7​		1,040		160,867
Winmark Corp.		25		9,891
Workday, Inc., Class A*		53		12,037
WW Grainger, Inc.		10		9,768
XPEL, Inc.*,3​		257		10,504
XPO, Inc.*		4,860		558,365
Yelp, Inc.*		258		9,399
YETI Holdings, Inc.*		243		10,048
Zoom Video Communications, Inc., Class A*,7​		10,352		625,261
				97,187,874
Total common stocks (cost—$137,957,335)				146,645,303
Preferred stocks—0.0%†​
Germany—0.0%†​
FUCHS SE (cost—$18,548)		408		17,759
Exchange traded funds—1.3%
iShares GSCI Commodity Dynamic Roll Strategy ETF		90,555		2,409,669
SPDR Gold Shares		8,673		1,964,868
Total exchange traded funds (cost—$4,290,499)				4,374,537
Investment companies—9.7%
AQR Style Premia Alternative Fund, Class R6		593,919		4,864,194
Carillon Reams Unconstrained Bond Fund, Class I		1,278,154		15,874,674
Virtus AlphaSimplex Managed Futures Strategy Fund, Class I		1,315,999		12,488,832
Total investment companies (cost—$33,599,334)				33,227,700
	Number of warrants
Warrant: 0.0%†​
Canada—0.0%
Constellation Software, Inc. expires 03/31/40*,2,6 ​(cost—$0)		100		0

			Face amount4​		Value
Corporate bonds—5.5%
Canada—0.2%
Chorus Aviation, Inc. 6.000%, due 06/30/261,7​			CAD	671,149	$	485,868
United States—5.3%
Amyris, Inc.5​ 0.000%, due 11/15/26			$	525,000		15,750
Livent Corp. 4.125%, due 07/15/25				500,000		568,040
Palo Alto Networks, Inc. 0.375%, due 06/01/257​				4,000,000		13,009,960
Tandem Diabetes Care, Inc. 1.500%, due 05/01/25				1,000,000		961,013
Transocean, Inc. 4.625%, due 09/30/29				2,000,000		3,800,000
						18,354,763
Total corporate bonds (cost—$17,297,573)						18,840,631
			Number of shares
Short term investments—31.1%
Investment companies—31.1%
State Street Institutional U.S. Government Money Market Fund, 5.263%8 ​(cost—$106,440,688)				106,440,688		106,440,688
	Number of contracts		Notional amount
Options Purchased—0.1%
Call options—0.1%
EURO STOXX 50 Index,strike @ 5,000.000, expires 12/17/27 (Counterparty: JPMCB)		510	$	2,550,000		267,198
iShares Russell 2000 strike @ 227.000, expires 08/02/24 (Counterparty: GSI)		4,600		1,044,200		5,750
STOXX Europe 600 Basic Resources Index,strike @ 590.000, expires 09/20/24 (Counterparty: JPMCB)		3,000		1,770,000		14,286
STOXX Europe 600 Basic Resources Index,strike @ 545.000, expires 09/20/24 (Counterparty: JPMCB)		450		245,250		9,935
Three-Month SOFR Futures, strike @ 96.000, expires 12/13/24 (Counterparty: MSCI)		87,500		8,400,000		4,812
						301,981
Put options—0.0%†​
E-mini S&P 500 Index Futures, strike @ 5,400.000, expires 09/20/24 (Counterparty: MSCI)		150		810,000		9,038

147

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Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Options Purchased—(continued)
Put options—(continued)
E-mini S&P 500 Week 3 Option, strike @ 5,300.000, expires 09/20/24 (Counterparty: MSCI)		2,050	$	10,865,000	$	74,312
E-mini S&P 500 Week 3 Option, strike @ 5,400.000, expires 09/20/24 (Counterparty: MSCI)		1,100		5,940,000		55,275
U.S. Long Bond Futures,strike @ 116.000, expires 08/23/24 (Counterparty: MSCI)		3,000		348,000		375
Vistra Corp.,strike @ 69.000, expires 08/02/24 (Counterparty: WF)		2,300		158,700		115
						139,115
Total Options Purchased (cost—$516,245)						441,096
Equity and foreign exchange options purchased—0.6%
Call options—0.3%
Call Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 130.000, expires 12/20/24 (Counterparty: JPMCB)		233		30,290		753,971
Call USD vs. Put CNY, strike @ 7.450, expires 07/17/25 (Counterparty: BOA)		3,130,000		23,318,500		23,700
Call USD vs. Put CNY, strike @ 7.500, expires 10/29/24 (Counterparty: JPMCB)		54,000		405,000		1,499
Call USD vs. Put JPY, strike @ 171.000, expires 02/14/25 (Counterparty: JPMCB)		168,000		28,728,000		3,033
Call USD vs. Put CNY, strike @ 7.700, expires 10/17/24 (Counterparty: JPMCB)		67,000		515,900		237
Call USD vs. Put JPY, strike @ 175.000, expires 02/24/25 (Counterparty: JPMCB)		5,908,000		1,033,900,000		2,056
Call USD vs. Put TWD, strike @ 33.500, expires 03/28/25 (Counterparty: JPMCB)		2,353,000		78,825,500		19,539
Call USD vs. Put CNY, strike @ 7.625, expires 12/17/24 (Counterparty: JPMCB)		638,000		4,867,940		19,087

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Call options—(continued)
Call USD vs. Put CNY, strike @ 7.450, expires 11/27/24 (Counterparty: JPMCB)		2,894,000	$	21,560,300	$	5,713
Call USD vs. Put MXN, strike @ 19.200, expires 09/09/24 (Counterparty: JPMCB)		739,000		14,188,800		7,838
Call MXN vs. Put JPY, strike @ 9.300, expires 09/24/24 (Counterparty: JPMCB)		594,000		5,524,200		172
Call USD vs. Put CNY, strike @ 7.370, expires 09/26/24 (Counterparty: JPMCB)		1,938,000		14,283,060		1,566
Call USD vs. Put CNY, strike @ 7.300, expires 08/28/24 (Counterparty: JPMCB)		633,000		4,620,900		594
Call USD vs. Put JPY, strike @ 182.500, expires 06/27/25 (Counterparty: JPMCB)		64,000		11,680,000		741
Call AUD vs. Put JPY,strike @ 115.000, expires 01/02/25 (Counterparty: JPMCB)		50,000		5,750,000		236
Call USD vs. Put JPY, strike @ 162.000, expires 10/31/24 (Counterparty: JPMCB)		1,999,000		323,838,000		1,475
Call USD vs. Put TWD, strike @ 33.000, expires 10/03/24 (Counterparty: JPMCB)		689,000		22,737,000		2,927
Call AUD vs. Put NZD, strike @ 1.105, expires 09/03/24 (Counterparty: JPMCB)		1,583,000		1,757,130		4,627
Call USD vs. Put JPY, strike @ 160.500, expires 08/01/24 (Counterparty: JPMCB)		1,031,000		165,475,500		1
Call USD vs. Put JPY, strike @ 158.000, expires 08/14/24 (Counterparty: JPMCB)		1,014,000		160,212,000		130
Call AUD vs. Put NZD, strike @ 1.150, expires 10/16/24 (Counterparty: JPMCB)		61,000		70,150		1,518
Call EUR vs. Put GBP, strike @ 0.852, expires 08/20/24 (Counterparty: JPMCB)		1,180,000		1,003,000		1,128

148

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Call options—(concluded)
Call USD vs. Put CHF, strike @ 0.905, expires 09/12/24 (Counterparty: JPMCB)		1,323,000	$	1,203,930	$	535
Call USD vs. Put CNY, strike @ 7.350, expires 09/20/24 (Counterparty: JPMCB)		1,827,000		13,428,450		1,666
Call USD vs. Put JPY, strike @ 164.000, expires 12/20/24 (Counterparty: JPMCB)		13,000		2,132,000		455
Call USD vs. Put MXN, strike @ 20.500, expires 11/22/24 (Counterparty: JPMCB)		42,000		861,000		6,504
Call USD vs. Put JPY, strike @ 156.000, expires 08/27/24 (Counterparty: JPMCB)		498,000		77,688,000		428
Call USD vs. Put JPY, strike @ 157.000, expires 08/27/24 (Counterparty: JPMCB)		830,000		130,310,000		448
Call USD vs. Put JPY, strike @ 157.000, expires 08/27/24 (Counterparty: JPMCB)		670,000		105,190,000		362
Call GBP vs. Put USD, strike @ 1.293, expires 08/02/24 (Counterparty: JPMCB)		637,000		821,730		833
Total					863,019
Put options—0.3%
Put EURO STOXX 50 Index, strike @ 5,000.000, expires 12/19/25 (Counterparty: JPMCB)		330		1,650,000		132,393
Put EURO STOXX 50 Index, strike @ 4,400.000, expires 12/17/27 (Counterparty: JPMCB)		1,840		8,096,000		682,233
Call INR vs. Put CNY, strike @ 11.465, expires 06/20/25 (Counterparty: SCB)		46,202,000		529,936,940		40,841
Call JPY vs. Put USD, strike @ 110.000, expires 12/02/26 (Counterparty: JPMCB)		292,000		32,120,000		13,657
Call JPY vs. Put USD, strike @ 110.000, expires 12/02/26 (Counterparty: JPMCB)		47,000		5,170,000		2,198

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Put options—(continued)
Call TRY vs. Put USD, strike @ 32.000, expires 01/09/25 (Counterparty: JPMCB)		30,000	$	960,000	$	304
Call USD vs. Put EUR, strike @ 1.050, expires 09/10/24 (Counterparty: JPMCB)		265,000		278,250		11,876
Call USD vs. Put EUR, strike @ 1.010, expires 09/26/24 (Counterparty: JPMCB)		77,000		77,770		337
Call ZAR vs. Put USD, strike @ 17.500, expires 08/12/24 (Counterparty: JPMCB)		1,430,000		25,025,000		182
Call TRY vs. Put USD, strike @ 34.500, expires 02/21/25 (Counterparty: JPMCB)		648,000		22,356,000		2,325
Call SEK vs. Put NOK, strike @ 0.960, expires 08/26/24 (Counterparty: JPMCB)		991,000		951,360		11,305
Call TRY vs. Put USD, strike @ 35.000, expires 03/04/25 (Counterparty: JPMCB)		657,000		22,995,000		3,238
Call MXN vs. Put USD, strike @ 17.000, expires 08/05/24 (Counterparty: JPMCB)		487,000		8,279,000		0
Call MXN vs. Put USD, strike @ 17.150, expires 08/05/24 (Counterparty: JPMCB)		1,414,000		24,250,100		1
Call ZAR vs. Put USD, strike @ 17.000, expires 10/09/24 (Counterparty: JPMCB)		42,000		714,000		3,093
Call JPY vs. Put GBP, strike @ 190.000, expires 11/08/24 (Counterparty: JPMCB)		192,000		36,480,000		105,694
Call MXN vs. Put EUR, strike @ 19.450, expires 09/20/24 (Counterparty: JPMCB)		1,060,000		20,617,000		4,265
Call NOK vs. Put EUR, strike @ 11.625, expires 08/22/24 (Counterparty: JPMCB)		15,000		174,450		3,582

149

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of contracts		Notional amount			Value
Equity and foreign exchange options purchased—(concluded)
Put options—(concluded)
Call JPY vs. Put USD, strike @ 152.000, expires 08/30/24 (Counterparty: JPMCB)		1,315,000	$	199,880,000		$	1,959
Call JPY vs. Put USD, strike @ 152.000, expires 08/30/24 (Counterparty: JPMCB)		662,000		100,624,000			483
Call JPY vs. Put USD, strike @ 147.500, expires 08/30/24 (Counterparty: JPMCB)		1,245,000		183,637,500			11,346
Call GBP vs. Put EUR, strike @ 0.840, expires 08/02/24 (Counterparty: JPMCB)		8,200,000		6,888,000			11,736
Total							1,043,048
Total equity and foreign exchange options purchased (cost—$1,339,849)							1,906,067
Total Investments before Investments Sold Short (cost—$301,460,071)—91.1%							311,893,781
			Number of shares
Investments sold short—(22.5%)
Common stocks—(19.1%)
Australia—(0.1%)
De Grey Mining Ltd.				(499,590	)		(398,582	)
Liontown Resources Ltd.				(35,135	)		(21,828	)
							(420,410	)
Canada—(3.4%)
Allied Properties Real Estate Investment Trust				(9,550	)		(114,477	)
ATS Corp.				(7,720	)		(231,994	)
Ballard Power Systems, Inc.				(36,400	)		(82,521	)
Baytex Energy Corp.				(51,090	)		(189,832	)
BCE, Inc.				(17,960	)		(605,800	)
Boston Pizza Royalties Income Fund				(4,430	)		(53,199	)
CAE, Inc.				(2,800	)		(50,944	)
Canada Goose Holdings, Inc.				(3,950	)		(45,575	)
Canadian National Railway Co.				(5,900	)		(683,009	)
Canadian Tire Corp. Ltd.				(3,130	)		(321,422	)
Cogeco Communications, Inc.				(15,540	)		(712,477	)
CT Real Estate Investment Trust				(30,230	)		(315,295	)
Enbridge, Inc.				(11,790	)		(441,234	)
Filo Corp.				(10,800	)		(249,926	)
Franco-Nevada Corp.				(1,500	)		(193,300	)
Granite Real Estate Investment Trust				(2,800	)		(150,460	)
IGM Financial, Inc.				(3,950	)		(111,921	)
Imperial Oil Ltd.				(7,290	)		(522,257	)
Metro, Inc.				(7,260	)		(432,345	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Parex Resources, Inc.		(21,140	)	$	(317,104	)
PrairieSky Royalty Ltd.		(8,490	)		(170,642	)
Precision Drilling Corp.		(2,690	)		(206,955	)
RioCan Real Estate Investment Trust		(47,400	)		(613,850	)
Sleep Country Canada Holdings, Inc.		(5,350	)		(135,702	)
SmartCentres Real Estate Investment Trust		(31,120	)		(540,512	)
Stantec, Inc.		(6,510	)		(572,799	)
Stella-Jones, Inc.		(3,160	)		(212,605	)
StorageVault Canada, Inc.		(58,700	)		(199,401	)
Sun Life Financial, Inc.		(8,140	)		(404,096	)
Superior Plus Corp.		(29,120	)		(168,310	)
Teck Resources Ltd.		(4,600	)		(225,494	)
TELUS Corp.		(48,220	)		(778,491	)
Toromont Industries Ltd.		(3,960	)		(368,279	)
Total Energy Services, Inc.		(10,610	)		(75,311	)
Trican Well Service Ltd.		(45,050	)		(164,453	)
Vermilion Energy, Inc.		(13,480	)		(144,988	)
Whitecap Resources, Inc.		(27,610	)		(212,777	)
WSP Global, Inc.		(3,470	)		(576,402	)
					(11,596,159	)
Denmark—(0.1%)
Orsted AS		(2,682	)		(159,627	)
France—(0.3%)
Edenred SE		(12,982	)		(541,056	)
Sartorius Stedim Biotech		(1,664	)		(333,070	)
					(874,126	)
Germany—(0.1%)
Infineon Technologies AG		(4,271	)		(148,145	)
Mercedes-Benz Group AG		(3,040	)		(201,219	)
MTU Aero Engines AG		(304	)		(86,100	)
					(435,464	)
Israel—(0.0%)†​
Mobileye Global, Inc.		(1,646	)		(34,566	)
Italy—(0.1%)
Amplifon SpA		(14,615	)		(465,022	)
Japan—(0.6%)
Astellas Pharma, Inc.		(71,400	)		(832,893	)
Eisai Co. Ltd.		(11,900	)		(457,555	)
M3, Inc.		(25,800	)		(242,061	)
Omron Corp.		(2,500	)		(92,971	)
Rohm Co. Ltd.		(15,500	)		(212,005	)
Shiseido Co. Ltd.		(10,900	)		(343,433	)
					(2,180,918	)
Jersey—(0.1%)
Arcadium Lithium PLC		(79,895	)		(254,066	)
Singapore—(0.0%)†​
Singapore Telecommunications Ltd.		(7,400	)		(17,106	)

150

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
South Africa—(0.1%)
Gold Fields Ltd.		(8,310	)	$	(142,600	)
South Korea—(0.1%)
Delivery Hero SE		(18,987	)		(423,508	)
Sweden—(0.6%)
Beijer Ref AB		(12,406	)		(196,935	)
EQT AB		(23,508	)		(761,488	)
Lifco AB		(5,250	)		(155,698	)
Nibe Industrier AB		(150,752	)		(661,754	)
Sagax AB		(7,765	)		(191,710	)
					(1,967,585	)
Switzerland—(0.1%)
On Holding AG		(9,309	)		(385,579	)
Turkey—(0.0%)†​
Eldorado Gold Corp.		(6,490	)		(110,043	)
United Kingdom—(0.3%)
Ashtead Group PLC		(8,815	)		(634,826	)
Croda International PLC		(2,682	)		(139,362	)
ITM Power PLC		(257,264	)		(172,970	)
Legal & General Group PLC		(20,939	)		(62,369	)
Oxford Nanopore Technologies PLC		(63,005	)		(97,843	)
					(1,107,370	)
United States—(12.9%)
Advanced Drainage Systems, Inc.		(2,200	)		(389,488	)
AECOM		(1,210	)		(109,638	)
Alaska Air Group, Inc.		(1,590	)		(59,673	)
Albemarle Corp.		(2,593	)		(242,886	)
Allegiant Travel Co.		(1,270	)		(71,209	)
American Airlines Group, Inc.		(6,410	)		(68,202	)
American Water Works Co., Inc.		(1,585	)		(225,641	)
Applied Digital Corp.		(20,144	)		(97,900	)
Arrowhead Pharmaceuticals, Inc.		(343	)		(9,796	)
Ball Corp.		(2,077	)		(132,575	)
BJ's Restaurants, Inc.		(1,220	)		(38,528	)
Boeing Co.		(3,895	)		(742,387	)
Booking Holdings, Inc.		(30	)		(111,450	)
BorgWarner, Inc.		(3,178	)		(112,215	)
Brinker International, Inc.		(3,587	)		(239,647	)
BRP, Inc.		(2,500	)		(181,128	)
Brunswick Corp.		(2,010	)		(163,715	)
Caesars Entertainment, Inc.		(3,465	)		(138,427	)
CarMax, Inc.		(2,130	)		(179,857	)
Caterpillar, Inc.		(2,358	)		(816,340	)
CBRE Group, Inc.		(1,590	)		(179,209	)
CH Robinson Worldwide, Inc.		(2,180	)		(194,129	)
ChargePoint Holdings, Inc.		(54,755	)		(118,818	)
Ciena Corp.		(5,206	)		(274,564	)
Clear Channel Outdoor Holdings, Inc.		(86,432	)		(143,477	)
Confluent, Inc.		(7,405	)		(185,273	)
Copart, Inc.		(3,200	)		(167,456	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Cracker Barrel Old Country Store, Inc.		(3,600	)	$	(164,988	)
CSX Corp.		(3,490	)		(122,499	)
Cushman & Wakefield PLC		(8,230	)		(107,895	)
Deere & Co.		(910	)		(338,502	)
Delta Air Lines, Inc.		(2,390	)		(102,818	)
Dick's Sporting Goods, Inc.		(2,509	)		(542,822	)
DoorDash, Inc.		(3,713	)		(411,103	)
Dow, Inc.		(1,846	)		(100,552	)
DTE Energy Co.		(1,894	)		(228,284	)
Energy Fuels, Inc.		(11,800	)		(67,604	)
Enovix Corp.		(852	)		(12,277	)
Enphase Energy, Inc.		(3,152	)		(362,827	)
Evercore, Inc.		(1,594	)		(399,122	)
Exact Sciences Corp.		(12,370	)		(565,062	)
Expeditors International of Washington, Inc.		(1,440	)		(179,741	)
Ford Motor Co.		(3,479	)		(37,643	)
FuelCell Energy, Inc.		(161,142	)		(81,602	)
Globalstar, Inc.		(9,649	)		(11,675	)
Goldman Sachs Group, Inc.		(1,308	)		(665,811	)
Graco, Inc.		(2,770	)		(235,588	)
Hershey Co.		(1,230	)		(242,900	)
Hilton Grand Vacations, Inc.		(15,483	)		(669,020	)
Honeywell International, Inc.		(590	)		(120,803	)
Hub Group, Inc.		(6,470	)		(302,602	)
Illinois Tool Works, Inc.		(393	)		(97,181	)
IonQ, Inc.		(14,228	)		(115,958	)
J.M. Smucker Co.		(2,290	)		(270,105	)
Joby Aviation, Inc.		(62,326	)		(372,709	)
JPMorgan Chase & Co.		(3,053	)		(649,678	)
Kennametal, Inc.		(9,450	)		(247,023	)
Kinder Morgan, Inc.		(3,028	)		(63,982	)
Kura Sushi USA, Inc.		(648	)		(37,254	)
Landstar System, Inc.		(440	)		(83,710	)
Leggett & Platt, Inc.		(6,130	)		(80,732	)
Lemonade, Inc.		(4,521	)		(81,514	)
Lennar Corp.		(728	)		(128,805	)
Lightwave Logic, Inc.		(9,075	)		(31,400	)
Luminar Technologies, Inc.		(120,510	)		(200,047	)
Markel Group, Inc.		(90	)		(147,497	)
Martin Marietta Materials, Inc.		(1,690	)		(1,002,761	)
McDonald's Corp.		(1,850	)		(490,990	)
MicroVision, Inc.		(91,151	)		(97,532	)
Moderna, Inc.		(6,098	)		(727,004	)
MongoDB, Inc.		(1,518	)		(383,082	)
MP Materials Corp.		(18,021	)		(243,644	)
NextDecade Corp.		(27,114	)		(219,895	)
NRG Energy, Inc.		(1,291	)		(97,044	)
NVIDIA Corp.		(2,117	)		(247,731	)
Old Dominion Freight Line, Inc.		(1,680	)		(353,102	)
ONEOK, Inc.		(771	)		(64,247	)
O'Reilly Automotive, Inc.		(580	)		(653,277	)
Oshkosh Corp.		(2,284	)		(248,157	)
Palo Alto Networks, Inc.		(40,320	)		(13,093,114	)

151

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Portfolio of investments—July 31, 2024

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Parker-Hannifin Corp.		(206	)	$	(115,599	)
PepsiCo, Inc.		(1,940	)		(334,980	)
Phreesia, Inc.		(3,201	)		(79,865	)
Pinnacle Financial Partners, Inc.		(4,001	)		(385,376	)
Pliant Therapeutics, Inc.		(7,025	)		(100,528	)
Plug Power, Inc.		(63,257	)		(156,245	)
Polaris, Inc.		(1,640	)		(136,579	)
Pool Corp.		(260	)		(97,250	)
Public Service Enterprise Group, Inc.		(1,754	)		(139,917	)
PureCycle Technologies, Inc.		(12,945	)		(99,806	)
QuantumScape Corp.		(47,645	)		(307,787	)
Redfin Corp.		(20,971	)		(170,704	)
Revance Therapeutics, Inc.		(11,342	)		(42,873	)
Rivian Automotive, Inc.		(16,772	)		(275,229	)
ROBLOX Corp.		(7,529	)		(312,604	)
Saia, Inc.		(160	)		(66,856	)
Schrodinger, Inc.		(6,837	)		(152,328	)
SEI Investments Co.		(2,450	)		(166,208	)
Southwest Airlines Co.		(6,716	)		(180,929	)
Stellantis NV		(5,245	)		(87,539	)
T Rowe Price Group, Inc.		(1,470	)		(167,889	)
Targa Resources Corp.		(419	)		(56,682	)
Terex Corp.		(1,850	)		(117,031	)
Tesla, Inc.		(1,752	)		(406,587	)
Thor Industries, Inc.		(580	)		(61,561	)
Tidewater, Inc.		(1,244	)		(123,106	)
Toast, Inc.		(24,319	)		(636,185	)
Toro Co.		(1,240	)		(118,705	)
Trade Desk, Inc.		(1,693	)		(152,167	)
Transocean Ltd.		(523,195	)		(3,029,299	)
Ulta Beauty, Inc.		(2,134	)		(778,675	)
United Airlines Holdings, Inc.		(2,390	)		(108,554	)
United Rentals, Inc.		(249	)		(188,518	)
Unity Software, Inc.		(33,210	)		(543,316	)
Upstart Holdings, Inc.		(9,340	)		(260,866	)
Urban Outfitters, Inc.		(8,497	)		(391,287	)
Visa, Inc.		(830	)		(220,506	)
Vistra Corp.		(1,915	)		(151,706	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
United States—(concluded)
Vulcan Materials Co.		(3,370	)	$	(925,099	)
WEC Energy Group, Inc.		(2,163	)		(186,148	)
Werner Enterprises, Inc.		(2,200	)		(86,218	)
Williams Cos., Inc.		(1,612	)		(69,219	)
					(44,185,069	)
Zambia—(0.2%)
First Quantum Minerals Ltd.		(45,100	)		(552,052	)
Total common stocks (proceeds—$(61,100,495))					(65,311,270	)
Exchange traded funds—(3.4)%
BMO S&P 500 Index ETF		(8,800	)		(530,938	)
iShares MSCI USA Momentum Factor ETF		(2,310	)		(441,141	)
SPDR S&P 500 ETF Trust		(3,900	)		(2,148,159	)
SPDR Bloomberg High Yield Bond ETF		(4,160	)		(398,695	)
Industrial Select Sector SPDR Fund		(16,281	)		(2,081,689	)
Invesco QQQ Trust		(330	)		(155,453	)
iShares Russell 2000 ETF		(13,262	)		(2,968,831	)
iShares Core S&P/TSX Capped Composite Index ETF		(82,700	)		(2,208,488	)
SPDR Dow Jones Industrial Average ETF Trust		(1,470	)		(600,480	)
iShares Semiconductor ETF		(406	)		(95,564	)
Total exchange traded funds (proceeds—$(10,912,323))					(11,629,438	)
Preferred stocks—(0.0%)†​
Germany—(0.0%)†​
Volkswagen AG (proceeds—$(47,145))		(386	)		(43,112	)
Total investments sold short (proceeds—$(72,059,963))					(76,983,820	)
Total investments (cost—$229,400,108)—68.6%					234,909,961
Other assets in excess of liabilities—31.4%					107,643,031
Net assets—100.0%				$	342,552,992

152

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

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

Equity options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
EUR	32,620		233	Call Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 140.000	BNP	12/20/24	$	84,398	$	(505,085	)	$	(420,687	)
EUR	165,000		33	Call EURO STOXX 50 Index, strike @ 5,000.000	JPMCB	12/19/25		131,158		(108,786	)		22,372
USD	132,385,000		830,000	Call USD vs. Put JPY @, strike @ 159.500	JPMCB	08/27/24		1,066		(130	)		936
USD	14,780,000		739,000	Call USD vs. Put MXN @, strike @ 20.000	JPMCB	09/09/24		1,020		(3,049	)		(2,029	)
USD	14,496,240		1,938,000	Call USD vs. Put CNY @, strike @ 7.475	JPMCB	09/26/24		969		(399	)		570
Total							$	218,611	$	(617,449	)	$	(398,838	)
				Put options
EUR	35,400		60	Put STOXX Europe 600 Basic Resources Index, strike @ 590.000	JPMCB	09/20/24	$	98,344	$	(139,610	)	$	(41,266	)
EUR	486		9	Put STOXX Europe 600 Basic Resources Index, strike @ 545.000	JPMCB	09/20/24		7,801		(6,915	)		886
EUR	6,555		69	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 95.000	JPMCB	12/20/24		31,094		(75	)		31,019
EUR	31,200		312	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 100.000	JPMCB	12/20/24		106,369		(338	)		106,031
EUR	25,630		233	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 110.000	BNP	12/20/24		103,602		(252	)		103,350
EUR	580,800		132	Put EURO STOXX 50 Index, strike @ 4,400.000	JPMCB	12/19/25		250,597		(245,000	)		5,597
EUR	255,000		51	Put EURO STOXX 50 Index, strike @ 5,000.000	JPMCB	12/17/27		293,104		(316,597	)		(23,493	)
Total							$	890,911	$	(708,787	)	$	182,124
Total equity options written							$	1,109,522	$	(1,326,236	)	$	(216,714	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Index futures buy contracts:
1	USD	E-mini Dow Jones Industrial Average Index Futures	September 2024	$	202,810	$	205,365	$	2,555
15	USD	E-mini NASDAQ 100 Index Futures	September 2024		5,883,162		5,851,575		(31,587	)
8	EUR	Eurex Short-Term Euro-BTP Index Futures	September 2024		915,811		917,488		1,677
24	EUR	EURO Bobl 5 Year Index Future	September 2024		3,035,587		3,052,204		16,617
11	EUR	Euro Bund 10 Year Index Futures	September 2024		1,577,320		1,592,022		14,702
60	EUR	EURO Schatz 2 Year Index Futures	September 2024		6,870,177		6,887,980		17,803
10	EUR	EURO STOXX 600 Index Futures	September 2024		281,738		281,168		(570	)
5	EUR	Euronext CAC 40 Index Futures	August 2024		411,017		408,333		(2,684	)
5	GBP	FTSE 100 Index Futures	September 2024		525,309		537,199		11,890
1	EUR	FTSE MIB Index Futures	September 2024		186,228		183,739		(2,489	)

153

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Portfolio of investments—July 31, 2024

Futures contracts—(continued)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
11	USD	FTSE Taiwan Index Futures	August 2024	$	818,395		$	821,040		$	2,645
2	ZAR	FTSE/JSE Top 40 Index Futures	September 2024		81,759			83,376			1,617
3	HKD	Hang Seng China Enterprises Index Futures	August 2024		117,070			117,384			314
4	USD	IFSC NIFTY 50 Index Futures	August 2024		197,081			200,392			3,311
20	KRW	KOSPI 200 Index Futures	September 2024		1,443,617			1,387,325			(56,292	)
2	EUR	MEFF Madrid IBEX 35 Index Futures	August 2024		240,357			240,160			(197	)
4	EUR	Mini-DAX Index Futures	September 2024		403,290			402,727			(563	)
14	SGD	MSCI Singapore Index Futures	August 2024		327,099			329,446			2,347
12	JPY	OSE Nikkei 225 mini Index Futures	September 2024		309,762			314,248			4,486
19	GBP	Russell U.K. Mid 150 Net Return Index Futures	September 2024		1,318,329			1,335,185			16,856
51	USD	S&P 500 Index Futures	September 2024		14,337,853			14,172,900			(164,953	)
4	AUD	S&P ASX Share Price Index 200 Futures	September 2024		521,705			527,149			5,444
3	CAD	S&P/TSX 60 Index Futures	September 2024		591,519			602,021			10,502
12	SEK	Stockholm OMXS30 Index Futures	August 2024		293,356			293,103			(253	)
12	JPY	TSE TOPIX Index Futures	September 2024		2,304,267			2,240,513			(63,754	)
Interest rate futures buy contracts:
4	AUD	Australian Bond 10 Year Futures	September 2024	$	299,806		$	301,554		$	1,748
61	USD	Australian Dollar Currency Futures	September 2024		4,003,883			3,997,330			(6,553	)
67	USD	British Pound Currency Futures	September 2024		5,376,874			5,385,544			8,670
2	CAD	Canadian Bond 10 Year Futures	September 2024		176,229			178,090			1,861
2	JPY	Japan Government Bond 10 Year Futures	September 2024		1,911,218			1,905,410			(5,808	)
5	KRW	Korea Treasury Bond 10 Year Futures	September 2024		421,965			423,425			1,460
43	KRW	Korea Treasury Bond 3 Year Futures	September 2024		3,299,720			3,301,013			1,293
4	USD	Norwegian Krone Currency Futures	September 2024		736,914			734,600			(2,314	)
5	USD	Swiss Franc Currency Futures	September 2024		709,212			714,531			5,319
19	GBP	United Kingdom Long Gilt Bond Futures	September 2024		2,406,023			2,423,494			17,471
U.S. Treasury futures buy contracts:
35	USD	U.S. Treasury Note 10 Year Futures	September 2024	$	3,897,801		$	3,913,437		$	15,636
17	USD	U.S. Treasury Note 2 Year Futures	September 2024		3,487,687			3,491,242			3,555
9	USD	U.S. Treasury Note 5 Year Futures	September 2024		967,837			971,016			3,179
5	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2024		575,094			577,891			2,797
Total				$	71,464,881		$	71,302,619		$	(162,262	)
Index futures sell contracts:
1	USD	CBOE Volatility Index Futures	August 2024	$	(14,150	)	$	(15,999	)	$	(1,849	)
43	EUR	Eurex EURO STOXX 50 Index Futures	September 2024		(2,262,647	)		(2,279,370	)		(16,723	)
51	EUR	Eurex EURO STOXX Banks Index Futures	September 2024		(403,557	)		(401,542	)		2,015
86	EUR	EURO STOXX 600 Index Futures	September 2024		(2,413,579	)		(2,418,049	)		(4,470	)

154

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Portfolio of investments—July 31, 2024

Futures contracts—(concluded)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
1	EUR	FVSA index—Mini-Index Futures on VSTOXX	August 2024	$	(1,612	)	$	(1,688	)	$	(76	)
1	HKD	Hang Seng Index Futures	August 2024		(110,459	)		(111,029	)		(570	)
49	USD	Russell 2000 Value Index Futures	September 2024		(5,303,089	)		(5,568,850	)		(265,761	)
2	USD	S&P 500 Index Futures	September 2024		(554,711	)		(555,800	)		(1,089	)
16	JPY	TSE Mini Topix Index Futures	September 2024		(298,566	)		(298,735	)		(169	)
20	USD	U.S. MSCI Emerging Markets Index Futures	September 2024		(1,110,631	)		(1,096,500	)		14,131
Interest rate futures sell contracts:
26	AUD	Australian Bond 3 Year Futures	September 2024	$	(1,796,324	)	$	(1,809,358	)	$	(13,034	)
9	USD	Canadian Dollar Currency Futures	September 2024		(652,671	)		(653,310	)		(639	)
12	USD	Euro Foreign Exchange Currency Futures	September 2024		(1,626,627	)		(1,627,500	)		(873	)
4	EUR	French Government Bond Futures	September 2024		(540,972	)		(544,891	)		(3,919	)
1	EUR	German Euro Buxl 30 Year Futures	September 2024		(143,116	)		(145,822	)		(2,706	)
2	EUR	Italian Government Bond Futures	September 2024		(254,881	)		(257,489	)		(2,608	)
4	USD	Mexican Peso Currency Futures	September 2024		(108,033	)		(106,980	)		1,053
16	USD	New Zealand Dollar Currency Futures	September 2024		(947,938	)		(952,560	)		(4,622	)
U.S. Treasury futures sell contracts:
3	USD	U.S. Long Bond Futures	September 2024	$	(355,906	)	$	(362,344	)	$	(6,438	)
3	USD	Ultra U.S. Treasury Bond Futures	September 2024		(379,531	)		(383,906	)		(4,375	)
Total				$	(19,279,000	)	$	(19,591,722	)	$	(312,722	)
Net unrealized appreciation (depreciation)										$	(474,984	)

Centrally cleared credit default swap agreements on credit indices—buy protection⁹​

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio10​			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CDX.NA.HY.S42	USD	469	06/20/29	Quarterly		5.000	%	$	31,069	$	(34,583	)	$	(3,514	)

155

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Portfolio of investments—July 31, 2024

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio10​			Payments received by the portfolio10​			Value			Unrealized appreciation (depreciation)
AUD	1,624	07/31/26	Semi-annual		1 day GBP SONIA			4.146	%	$	2,650		$	2,650
BRL	51,625	01/02/26	At Maturity		1 day BRL CDI			11.205			(37,081	)		(36,918	)
CHF	241	09/18/34	Annual		1 day CHF SARON			1.308			13,145			3,424
CNY	14,397	09/18/29	Quarterly		7 day CNY Repo Fixing			2.009			19,857			11,242
CZK	21,975	09/18/29	Annual		6 mo. CZK PRIBOR			3.458			9,163			5,379
GBP	599	07/31/26	Annual		1 day GBP SONIA			3.799			(26	)		(6	)
GBP	299	09/18/26	Annual		1 day GBP SONIA			4.526			2,701			77
GBP	30,517	06/18/26	At Maturity		12 Month GBP SONIA			4.270			144,796			132,676
GBP	72,000	06/18/26	At Maturity		FIX CCPOIS			4.026			133,203			133,203
INR	27,000	09/18/29	Semi-annual		6 mo. INR MIBOR			6.335			1,611			479
JPY	1,579,658	06/19/26	Annual		0.426	%		1 day JPY TONA			14,029			10,984
JPY	3,434,100	06/19/26	Annual		0.447			1 day JPY TONA			20,883			20,883
JPY	1,087,125	09/18/26	Annual		0.498			1 day JPY TONA			7,127			10,898
JPY	1,399,955	12/20/28	Annual		0.580			1 day JPY TONA			14,634			13,978
JPY	120,000	03/21/29	Annual		0.584			1 day JPY TONA			3,027			3,027
JPY	290,000	06/19/29	Annual		0.550			1 day JPY TONA			14,533			11,682
JPY	300,000	06/19/29	Annual		0.656			1 day JPY TONA			4,642			4,642
JPY	611,013	12/20/33	Annual		1.018			1 day JPY TONA			(43,168	)		(43,168	)
JPY	125,000	03/21/34	Annual		0.980			1 day JPY TONA			(2,454	)		(2,454	)
JPY	95,000	06/19/34	Annual		0.905			1 day JPY TONA			4,918			4,918
JPY	202,000	06/19/34	Annual		1.024			1 day JPY TONA			(4,917	)		(4,917	)
JPY	56,000	09/18/64	Annual		1.777			1 day JPY TONA			(12,381	)		(7,890	)
KRW	29,042,102	06/19/27	Quarterly		3 Month KRW COD Rate			3.218			114,453			114,453
KRW	4,397,602	09/18/27	Quarterly		FIX CCPNDF			3.073			11,382			11,382
MXN	13,350	09/16/26	Monthly		28 day TIIE-Banxico			10.329			5,795			2,858
MXN	3,688	09/06/34	Monthly		9.600			28 day TIIE-Banxico			(5,861	)		(3,186	)
NOK	3,200	09/18/29	Semi-annual		3.944			6 mo. NOK NIBOR			(3,730	)		(372	)
NOK	4,425	09/18/34	Semi-annual		3.810			6 mo. NOK NIBOR			(7,522	)		(1,449	)
NZD	253	09/18/29	Quarterly		4.485			3 Month NZD MNZDBB			(4,363	)		(89	)
NZD	2,414	09/18/26	Semi-annual		3 mo. NZD Bank Bill			4.065			(839	)		(761	)
NZD	342	09/18/34	Semi-annual		3 mo. NZD Bank Bill			4.563			8,608			1,349
SEK	24,200	09/18/26	Annual		3 mo. SEK STIBOR			2.656			8,927			5,056
USD	40,600	03/19/26	At Maturity		4.017			1 day USD SOFR			(86,064	)		(86,064	)
USD	94,000	06/18/26	At Maturity		4.249			1 day USD SOFR			(577,075	)		(577,075	)
ZAR	4,680	09/18/34	Quarterly		3 mo. ZAR JIBAR			9.607			14,533			2,530
Total										$	(210,864	)	$	(256,579	)

OTC Total return swap agreements

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BB	USD	(6	)	02/18/25	Annual	BCIIACTM SWAP COMP		0.000	%	$	—	$	(18,266	)	$	(18,266	)
BB	USD	(4	)	01/09/25	Annual	BCIICAPG SWAP COMP		0.000			—		101			101
BB	USD	(15	)	09/03/24	Annual	US Discretionary Basket CFD		0.000			—		(26,504	)		(26,504	)

156

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​	Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
BB	USD	(7	)	08/19/24	Annual	Barclays Short Processed Food CFD	0.000	$	—		$	(21,549	)	$	(21,549	)
BB	JPY	1,407		02/23/25	Annual	0.000%	CIIJPNBDL TRS JPY R E BCIIJPNB INDEX		—			19,577			19,577
BB	USD	5		04/30/25	Annual	0.000	Barclays Private Equity Basket CFD		—			23,839			23,839
BB	EUR	1		07/16/25	Annual	0.000	BCIISHDF SWAP COMP		—			(5,682	)		(5,682	)
BB	USD	(2	)	08/13/25	Annual	BCIISOXX SWAP COMP	0.000%		—			21,337			21,337
BB	USD	(6	)	01/09/25	Annual	BCIISTEL SWAP COMP	0.000		—			17,937			17,937
BB	JPY	445		04/30/25	Annual	0.000	CIITRAHDL TRS JPY R E BCIITRAH INDEX		—			(21,837	)		(21,837	)
BB	EUR	—		08/07/24	Annual	0.000	BCIIVALL SWAP COMP		—			(16	)		(16	)
BB	USD	8		12/04/24	Annual	0.000	BCIIWMAH SWAP COMP		—			4,763			4,763
BB	USD	—		07/24/25	Annual	BCIICOPP SWAP COMP	0.000		—			(1,321	)		(1,321	)
BB	USD	(1	)	08/06/24	Annual	CIIPRFLDS TRS USD R F .00000 BCIIPRFL INDEX	0.000		—			(1,174	)		(1,174	)
BB	EUR	(1	)	08/05/24	Annual	CIIQLYLDS TRS EUR R F .00000 BCIIQLYL INDEX	0.000		—			44			44
BB	EUR	(1	)	08/08/24	Annual	CIIYLDLDS TRS EUR R F .00000 BCIIYLDL INDEX	0.000		—			(894	)		(894	)
CITI	USD	4		08/12/24	Annual	0.000	CGFCAWIN SWAP COMP		—			(64,813	)		(64,813	)
CITI	USD	(8	)	10/15/24	Annual	CGFCBVRG SWAP COMP	0.000		—			6,000			6,000
CITI	USD	1		07/18/25	Annual	0.000	CGFCCOL2 Index SWAP COMP		—			(3,514	)		(3,514	)
CITI	JPY	204		08/27/24	Annual	0.000	GFCJPBKEL TRS JPY R E CGFCJPBK INDEX		—			891			891
CITI	USD	(5	)	07/18/25	Annual	CGFOOILP SWAP COMP	0.000		—			12,176			12,176
CITI	USD	(1	)	12/31/99	Annual	US Office REITs	0.000		—			(2,462	)		(2,462	)
GS	USD	1		07/19/27	Annual	0.000%	GS Power Up America SWAP COMP		—			455			455
GS	USD	(8	)	07/19/27	Annual	GS Retailers	0.000%		—			(19,694	)		(19,694	)
GS	USD	4		07/19/27	Annual	0.000	Athleisure DM		—			(3,174	)		(3,174	)
GS	USD	(1	)	07/19/27	Annual	GSMBECO3 SWAP COMP	0.000		—			(589	)		(589	)
GS	USD	1		07/19/27	Annual	0.000	GSMBEXC0 SWAP COMP		—			617			617
GS	JPY	723		07/23/27	Annual	0.000	SMBJDC0BL TRS JPY R E GSMBJDC0 INDEX		—			(9,940	)		(9,940	)
GS	USD	(2	)	07/20/27	Annual	GSMBLITH SWAP COMP	0.000		—			5,169			5,169
GS	USD	1		07/20/27	Annual	0.000	Oil Royalties SWAP COMP		—			(10	)		(10	)
GS	USD	1		07/19/27	Annual	0.000	GSMBPSTC SWAP COMP		(349	)		(877	)		(528	)
GS	USD	(2	)	07/19/27	Annual	SMBURB0BS TRS USD R F .00000 GSMBURB0 INDEX	0.000		—			1,188			1,188
GS	USD	(5	)	07/19/27	Annual	GSMBWHEL SWAP COMP	0.000		—			(10,422	)		(10,422	)
GS	USD	(4	)	07/19/27	Annual	World IT Hedge SWAP COMP	0.000		—			1,820			1,820

157

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
GS	USD	(2	)	07/21/27	Annual	World Utilities 08.08.23 SWAP COMP	0.000	$	—	$	(3,945	)	$	(3,945	)
GS	USD	1		07/19/27	Annual	0.000	GS TMT AI Basket SWAP COMP		—		(1,429	)		(1,429	)
GS	USD	(1	)	07/19/27	Annual	GS AI At Risk SWAP COMP	0.000		—		(3,529	)		(3,529	)
GS	EUR	1		07/21/27	Annual	0.000	GS EU GRANOLAS SWAP COMP		—		1,048			1,048
GS	USD	(6	)	07/29/27	Annual	GSMBHLUX SWAP COMP	0.000		—		(4,320	)		(4,320	)
GS	EUR	2		07/29/27	Annual	0.000	GS Custom Luxury (EUR) SWAP COMP		—		1,290			1,290
GSI	USD	2		10/18/24	Monthly	0.000	GS FX Intraday		—		1,018			1,018
JPMCB	USD	1,749		08/14/24	At Maturity	5.620	Albertsons Cos., Inc.		—		34,165			34,165
JPMCB	EUR	953		02/24/25	At Maturity	3.991%	Veolia Environnement SA		—		16,242			16,242
JPMCB	EUR	(105	)	02/24/25	At Maturity	Enel SpA	3.991%		—		3,028			3,028
JPMCB	EUR	353		02/24/25	At Maturity	3.991	Engie SA		—		16,121			16,121
JPMCB	EUR	(264	)	02/24/25	At Maturity	Iberdrola SA—Rights	3.991		—		(7,783	)		(7,783	)
JPMCB	EUR	840		02/24/25	At Maturity	3.991	Siemens Energy AG		—		16,767			16,767
JPMCB	EUR	(343	)	03/06/25	At Maturity	STOXX Europe 600 Industrial Goods & Services Index	3.991		—		496			496
JPMCB	EUR	(651	)	03/06/25	At Maturity	STOXX Europe 600 Utilities Index	3.991		—		(18,091	)		(18,091	)
JPMCB	GBP	373		03/06/25	At Maturity	5.200	Shell PLC		—		4,282			4,282
JPMCB	GBP	176		03/06/25	At Maturity	0.000	National Grid PLC		—		10,600			10,600
JPMCB	USD	76		03/07/25	At Maturity	5.330	Hyundai Motor Co.		—		(5,251	)		(5,251	)
JPMCB	USD	(19	)	03/07/25	At Maturity	Ecopro Co. Ltd.	5.330		—		1,951			1,951
JPMCB	USD	(22	)	03/07/25	At Maturity	Ecopro BM Co. Ltd.	5.330		—		1,584			1,584
JPMCB	USD	(36	)	03/07/25	At Maturity	LG Energy Solution Ltd.	5.330		—		3,353			3,353
JPMCB	USD	1,152		05/08/25	At Maturity	5.620	Amedisys, Inc.		—		9,717			9,717
JPMCB	JPY	(49	)	08/12/25	At Maturity	Daikin Industries Ltd.	0.077		—		1,856			1,856
JPMCB	USD	284		08/14/25	At Maturity	5.620	Capri Holdings Ltd.		—		(3,755	)		(3,755	)
JPMCB	USD	1,031		12/11/25	At Maturity	5.620	Cerevel Therapeutics Holdings, Inc.		—		112,677			112,677
JPMCB	USD	762		12/22/25	At Maturity	5.620	United States Steel Corp.		—		45,190			45,190
JPMCB	USD	2,127		01/12/26	At Maturity	5.620	Juniper Networks, Inc.		—		44,360			44,360
JPMCB	USD	1,910		01/12/26	At Maturity	5.620	Axonics, Inc.		—		28,013			28,013
JPMCB	USD	1,979		01/16/26	At Maturity	5.620	Southwestern Energy Co.		—		(107,391	)		(107,391	)
JPMCB	USD	(1,980	)	01/16/26	At Maturity	Chesapeake Energy Corp.	5.020		—		148,953			148,953
JPMCB	USD	1,694		01/20/26	At Maturity	5.620	ANSYS, Inc.		—		(71,015	)		(71,015	)
JPMCB	USD	(911	)	01/20/26	At Maturity	Synopsys, Inc.	5.020		—		74,380			74,380
JPMCB	SEK	1,029		01/26/26	At Maturity	4.228	Kindred Group PLC		—		804			804
JPMCB	USD	1,846		01/30/26	At Maturity	5.620	McGrath RentCorp		—		86,753			86,753
JPMCB	USD	(679	)	01/30/26	At Maturity	WillScot Mobile Mini Holdings Corp.	5.020%		—		(86,601	)		(86,601	)
JPMCB	GBP	(305	)	02/09/26	At Maturity	Barratt Developments PLC	4.900		—		(13,849	)		(13,849	)
JPMCB	GBP	299		02/09/26	At Maturity	5.500%	Redrow PLC		—		16,532			16,532
JPMCB	USD	1,415		02/09/26	At Maturity	5.620	Catalent, Inc.		—		50,388			50,388

158

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD	(1,782	)	02/23/26	At Maturity	Capital One Financial Corp.	5.020%	$	—	$	(177,384	)	$	(177,384	)
JPMCB	USD	1,765		02/23/26	At Maturity	5.620%	Discover Financial Services		—		189,900			189,900
JPMCB	USD	(159	)	03/16/26	At Maturity	Alcoa Corp.	5.020		—		28,737			28,737
JPMCB	USD	(1,049	)	03/23/26	At Maturity	Utilities Select Sector SPDR Fund	5.330		—		(49,180	)		(49,180	)
JPMCB	USD	(544	)	03/23/26	At Maturity	Industrial Select Sector SPDR Fund	5.330		—		(12,137	)		(12,137	)
JPMCB	USD	(1,729	)	04/06/26	At Maturity	Schlumberger NV	5.020		—		(118,189	)		(118,189	)
JPMCB	USD	1,701		04/06/26	At Maturity	5.620	ChampionX Corp.		—		137,986			137,986
JPMCB	GBP	464		04/23/26	At Maturity	5.500	DS Smith PLC		—		41,755			41,755
JPMCB	USD	(471	)	04/23/26	At Maturity	International Paper Co.	5.020		—		(37,072	)		(37,072	)
JPMCB	USD	(198	)	04/24/26	At Maturity	CoStar Group, Inc.	5.020		—		(17,798	)		(17,798	)
JPMCB	USD	630		04/24/26	At Maturity	5.620	Matterport, Inc.		—		40,795			40,795
JPMCB	USD	1,759		04/29/26	At Maturity	5.620	HashiCorp, Inc.		—		20,035			20,035
JPMCB	USD	1,376		05/01/26	At Maturity	0.000	Heartland Financial USA, Inc.		—		303,092			303,092
JPMCB	USD	(1,417	)	05/01/26	At Maturity	UMB Financial Corp.	0.000		—		(310,794	)		(310,794	)
JPMCB	AUD	79		05/21/26	At Maturity	0.000	PSC Insurance Group Ltd.		—		509			509
JPMCB	USD	425		05/22/26	At Maturity	0.000	Independent Bank Group, Inc.		—		124,913			124,913
JPMCB	USD	(420	)	05/22/26	At Maturity	SouthState Corp.	0.000		—		(123,548	)		(123,548	)
JPMCB	USD	(1,486	)	05/29/26	At Maturity	ConocoPhillips	0.000		—		(134	)		(134	)
JPMCB	USD	1,497		05/29/26	At Maturity	0.000	Marathon Oil Corp.		—		8,589			8,589
JPMCB	USD	2,034		06/04/26	At Maturity	0.000	Stericycle, Inc.		—		10,478			10,478
JPMCB	USD	1,597		06/11/26	At Maturity	0.000	Diamond Offshore Drilling, Inc.		—		107,958			107,958
JPMCB	USD	(1,005	)	06/11/26	At Maturity	Noble Corp. PLC	0.000		—		(88,490	)		(88,490	)
JPMCB	CAD	(628	)	06/15/26	At Maturity	National Bank of Canada	0.000		—		(16,818	)		(16,818	)
JPMCB	CAD	610		06/15/26	At Maturity	0.000	Canadian Western Bank		—		40,625			40,625
JPMCB	DKK	401		06/22/26	At Maturity	0.000	Topdanmark AS		—		9,169			9,169
JPMCB	EUR	(397	)	06/22/26	At Maturity	Sampo OYJ	0.000		—		(8,208	)		(8,208	)
JPMCB	USD	236		06/22/26	At Maturity	0.000	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		—		17,605			17,605
JPMCB	USD	1,310		06/22/26	At Maturity	0.000	Silk Road Medical, Inc.		—		1,944			1,944
JPMCB	USD	(552	)	07/02/26	At Maturity	Boeing Co.	0.000		—		(22,154	)		(22,154	)
JPMCB	USD	(434	)	07/02/26	At Maturity	Nokia OYJ	0.000		—		(10,350	)		(10,350	)
JPMCB	USD	940		07/02/26	At Maturity	0.000	Spirit AeroSystems Holdings, Inc.		—		47,395			47,395
JPMCB	USD	1,369		07/02/26	At Maturity	0.000	Infinera Corp.		—		(24,126	)		(24,126	)
JPMCB	USD	970		07/09/26	At Maturity	0.000	Morphic Holding, Inc.		—		17,248			17,248
JPMCB	GBP	506		07/10/26	At Maturity	0.000	Britvic PLC		—		2,549			2,549
JPMCB	CAD	280		07/16/26	At Maturity	0.000	Stelco Holdings, Inc.		—		4,610			4,610
JPMCB	USD	(27	)	07/16/26	At Maturity	Cleveland-Cliffs, Inc.	0.000		—		925			925
JPMCB	CAD	(136	)	07/31/26	At Maturity	Lundin Mining Corp.	0.000		—		1,077			1,077
JPMCB	CAD	430		07/31/26	At Maturity	0.000	Filo Corp.		—		(892	)		(892	)
JPMCB	AUD	165		08/04/26	At Maturity	0.000	Alcoa Corp.		—		(33,853	)		(33,853	)
JPMCB	HKD	(36	)	12/31/99	Annual	China Eastern Airlines Corp. Ltd.	0.000		—		(139	)		(139	)

159

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	HKD	(78	)	08/20/25	Annual	Air China Ltd.	0.000%	$	—	$	375		$	375
JPMCB	USD	(40	)	08/20/25	Annual	Eva Airways Corp.	0.000		—		(1,891	)		(1,891	)
JPMCB	USD	2		08/20/25	Annual	0.000%	JPFUPGM SWAP COMP		—		7,839			7,839
JPMCB	USD	2		08/19/25	Annual	0.000	U.S. Pure Quality Laggards		—		(978	)		(978	)
JPMCB	USD	3		07/19/25	Annual	0.000	U.S. Pure Value Winners Index		—		6,819			6,819
JPMCB	USD	2		08/20/25	Annual	0.000	JP9CREDL SWAP COMP		—		1,642			1,642
JPMCB	USD	(4	)	08/19/25	Annual	IT Services CFD 1.000	0.000		—		(644	)		(644	)
JPMCB	USD	—		08/20/25	Annual	0.000	New Media CFD 1.000		—		2,012			2,012
JPMCB	USD	(4	)	08/20/25	Annual	JPFUNOI1 SWAP COMP	0.000		—		7,316			7,316
JPMCB	USD	(5	)	12/31/99	Annual	Old Media CFD 1.000	0.000		—		(7,368	)		(7,368	)
JPMCB	USD	(2	)	08/20/25	Annual	JPFUSHP2 SWAP COMP	0.000		—		(4,872	)		(4,872	)
JPMCB	USD	(3	)	08/20/25	Annual	JPFUSOEC SWAP COMP	0.000		—		(154	)		(154	)
JPMCB	USD	(2	)	08/26/25	Annual	JP11DXYL SWAP COMP	0.000		—		(1,316	)		(1,316	)
JPMCB	USD	(1	)	07/19/27	At Maturity	Inflation Laggards	0.000		—		(497	)		(497	)
JPMCB	USD	(1	)	09/02/25	Annual	Interest Rate Laggards Index	0.000		—		(841	)		(841	)
JPMCB	BRL	1		08/27/25	Annual	0.000	Optimized Brazil		—		54			54
JPMCB	USD	2		09/02/25	At Maturity	0.000	PTASHTECL TRS USD R E JPTASHTE INDEX		—		(3,790	)		(3,790	)
JPMCB	USD	—		08/26/25	Annual	S&P 500 Energy Index	0.000		—		(1,883	)		(1,883	)
JPMCB	USD	—		03/12/24	At Maturity	5.660	GCI Liberty, Inc.		—		329			329
JPMCB	USD	—		03/12/24	At Maturity	0.000	Mirati Therapeutics, Inc.		—		14,093			14,093
JPMCB	USD	—		04/08/24	At Maturity	5.610	Chinook Therapeutics, Inc.		—		11,268			11,268
MSCI	USD	—		08/16/24	At Maturity	0.000	S&P 500 Index		—		(8,964	)		(8,964	)
MSCI	USD	2		10/18/24	Monthly	0.000	MSESLRLS Index		—		1,431			1,431
MSCI	USD	2		10/18/24	Monthly	0.000	SPX Bespoke 3% threshold intraday momentum strategy		—		587			587
MSCI	USD	—		07/17/26	Annual	0.000	LS Electric Co. Ltd.		—		(14,327	)		(14,327	)
MSCI	USD	4		07/17/26	Annual	0.000	Samsung Heavy Industries Co. Ltd.		—		3,642			3,642
MSCI	USD	1		07/17/26	Annual	0.000	SK Hynix, Inc.		—		(14,613	)		(14,613	)
MSCI	USD	3		07/17/26	Annual	0.000	Shihlin Electric & Engineering Corp.		—		(5,534	)		(5,534	)
MSCI	USD	1		07/17/26	Annual	0.000	Fortune Electric Co. Ltd.		—		(5,625	)		(5,625	)
MSCI	USD	3		07/17/26	Annual	0.000	Delta Electronics, Inc.		—		80			80
MSCI	USD	3		07/17/26	Annual	0.000	Compeq Manufacturing Co. Ltd.		—		(787	)		(787	)
MSCI	USD	2		07/17/26	Annual	0.000	Hon Hai Precision Industry Co. Ltd.		—		(1,000	)		(1,000	)
MSCI	USD	1		07/17/26	Annual	0.000	Taiwan Semiconductor Manufacturing Co. Ltd.		—		(3,260	)		(3,260	)
MSCI	USD	(5	)	07/17/26	Annual	Acer, Inc.	0.000		—		104			104
MSCI	USD	1		07/17/26	Annual	0.000	Gold Circuit Electronics Ltd.		—		(207	)		(207	)
MSCI	USD	4		07/17/26	Annual	0.000	Gigabyte Technology Co. Ltd.		—		(5,168	)		(5,168	)
MSCI	USD	2		07/17/26	Annual	0.000	Quanta Computer, Inc.		—		(3,041	)		(3,041	)
MSCI	USD	—		07/17/26	Annual	0.000	Hanwha Ocean Co. Ltd.		—		(61	)		(61	)

160

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OTC Total return swap agreements—(concluded)

Counterparty	Notional amount (000)			Maturity date	Payment frequency	Payment made by the Portfolio10​	Payments received by the Portfolio10​	Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
MSCI	USD	2		07/17/26	Annual	0.000%	Asia Vital Components Co. Ltd.	$	—		$	(3,800	)	$	(3,800	)
MSCI	USD	2		07/17/26	Annual	0.000	Wistron Corp.		—			(1,049	)		(1,049	)
MSCI	USD	1		07/17/26	Annual	0.000	Samsung Electronics Co. Ltd.		—			(1,594	)		(1,594	)
MSCI	USD	4		07/17/26	Annual	0.000	ITEQ Corp.		—			(2,485	)		(2,485	)
MSCI	USD	—		07/17/26	Annual	0.000	HD Hyundai Electric Co. Ltd.		—			(5,899	)		(5,899	)
MSCI	USD	—		07/17/26	Annual	0.000	HD Hyundai Heavy Industries Co. Ltd.		—			1,857			1,857
MSCI	BRL	(3	)	07/16/26	Annual	JBS SA	0.000%		—			(988	)		(988	)
MSCI	USD	16		07/17/26	Annual	0.000	ADNOC Drilling Co. PJSC		—			(232	)		(232	)
MSCI	USD	250		04/22/26	Annual	0.000	MSFPACEAL TRS USD R E MSFPACE INDEX		—			250,000			250,000
MSCI	BRL	1		07/16/26	Annual	0.000	Sao Martinho SA		—			(328	)		(328	)
MSCI	BRL	1		07/16/26	Annual	0.000	CPFL Energia SA		—			(157	)		(157	)
MSCI	USD	5		07/17/26	Annual	0.000	Qatar Gas Transport Co. Ltd.		—			(197	)		(197	)
MSCI	USD	1		07/17/26	Annual	0.000	Banca Transilvania SA		—			33			33
								$	(349	)	$	620,344		$	620,693

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	GBP	123,000	USD	157,128	08/02/24	$	(995	)
BB	MYR	737,000	USD	157,482	08/05/24		(2,961	)
BB	USD	152,256	CLP	145,447,000	08/05/24		2,162
BB	USD	151,178	COP	596,932,000	08/05/24		(3,895	)
BB	USD	155,266	MYR	737,000	08/05/24		5,177
BB	PHP	17,642,000	USD	299,688	08/08/24		(2,484	)
BB	USD	307,572	PHP	17,642,000	08/08/24		(5,400	)
BB	COP	600,827,000	USD	152,765	08/09/24		4,616
BB	THB	11,358,000	USD	309,698	08/09/24		(9,124	)
BB	USD	152,388	COP	600,827,000	08/09/24		(4,239	)
BB	USD	142,837	MXN	2,599,000	08/09/24		(3,492	)
BB	NOK	1,673,000	USD	158,375	08/12/24		5,000
BB	IDR	2,472,518,000	USD	151,726	08/13/24		(287	)
BB	CLP	142,566,000	USD	153,964	08/16/24		2,617
BB	COP	600,337,000	USD	150,631	08/16/24		2,725
BB	GBP	123,000	USD	156,643	08/16/24		(1,501	)
BB	THB	11,323,000	USD	310,675	08/16/24		(7,342	)
BB	USD	153,698	BRL	796,000	08/16/24		(13,172	)
BB	USD	155,402	CLP	142,566,000	08/16/24		(4,055	)
BB	USD	309,279	THB	11,323,000	08/16/24		8,738
BB	BRL	796,000	USD	145,723	08/23/24		5,290
BB	JPY	24,373,000	USD	158,175	08/23/24		(5,031	)

161

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Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	154,558	BRL	796,000	08/23/24	$	(14,125	)
BB	USD	138,390	MXN	2,579,000	08/23/24		(415	)
BB	CAD	211,000	USD	154,811	08/29/24		1,865
BB	USD	151,741	PEN	579,000	08/29/24		3,142
BB	USD	154,601	GBP	121,000	08/30/24		993
BB	USD	156,728	SEK	1,636,000	08/30/24		(3,745	)
BB	USD	154,202	PHP	9,080,000	09/05/24		1,226
BB	MXN	2,764,000	USD	151,251	09/06/24		3,698
BB	MYR	726,000	USD	153,967	09/06/24		(4,431	)
BB	USD	153,767	CHF	138,000	09/06/24		4,054
BB	USD	151,424	COP	597,935,000	09/06/24		(4,495	)
BB	USD	307,862	IDR	5,019,562,000	09/06/24		516
BB	USD	148,660	MXN	2,764,000	09/06/24		(1,106	)
BB	USD	150,545	PEN	576,000	09/06/24		3,529
BB	USD	154,011	THB	5,654,000	09/06/24		5,053
BB	COP	602,850,000	USD	148,340	09/13/24		378
BB	USD	150,681	COP	602,850,000	09/13/24		(2,718	)
BB	USD	152,853	GBP	120,000	09/13/24		1,472
BB	IDR	1,281,630,000	USD	79,574	09/20/24		876
BB	MXN	2,811,000	USD	150,087	09/23/24		420
BB	USD	150,602	BRL	825,000	09/23/24		(5,534	)
BB	USD	152,736	PEN	578,000	09/23/24		1,857
BB	CLP	37,126,000	USD	40,767	09/27/24		1,366
BB	HUF	41,820,000	USD	116,060	09/27/24		1,390
BB	IDR	1,285,640,000	USD	79,806	09/27/24		884
BB	USD	153,703	SEK	1,602,000	09/27/24		(3,683	)
BB	USD	115,476	THB	4,162,000	09/27/24		1,807
BB	IDR	1,289,100,000	USD	80,000	10/07/24		896
BB	THB	5,642,000	USD	153,974	10/07/24		(5,136	)
BB	USD	40,857	CLP	37,208,000	10/07/24		(1,373	)
BB	CLP	144,314,000	USD	154,203	10/11/24		1,067
BB	IDR	1,280,760,000	USD	79,474	10/11/24		892
BB	USD	40,681	CLP	37,045,000	10/11/24		(1,371	)
BB	USD	304,576	COP	1,242,892,000	10/11/24		(848	)
BB	GBP	69,000	USD	88,958	10/16/24		203
BB	SEK	267,400	USD	25,179	10/16/24		112
BB	USD	129,697	GBP	100,600	10/16/24		(295	)
BB	USD	111,761	KRW	153,919,000	10/18/24		548
BB	CLP	104,321,000	USD	110,105	10/25/24		(574	)
BB	EUR	102,000	USD	111,259	10/25/24		433
BNP	NZD	260,000	USD	154,690	08/02/24		(49	)
BNP	USD	160,150	NZD	260,000	08/02/24		(5,411	)
BNP	BRL	790,000	USD	152,641	08/05/24		13,018
BNP	EUR	144,000	USD	155,187	08/05/24		(678	)
BNP	USD	154,472	CAD	211,000	08/08/24		(1,616	)

162

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Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	NZD	256,000	USD	153,757	08/09/24	$	1,400
BNP	PEN	574,000	USD	153,592	08/09/24		32
BNP	USD	157,667	NZD	256,000	08/09/24		(5,309	)
BNP	CHF	280,000	USD	311,720	08/12/24		(7,542	)
BNP	SEK	1,672,000	USD	154,660	08/12/24		(1,543	)
BNP	SGD	416,000	USD	308,618	08/12/24		(2,752	)
BNP	SEK	1,678,000	USD	155,077	08/16/24		(1,720	)
BNP	SGD	418,000	USD	310,224	08/16/24		(2,706	)
BNP	TWD	5,002,000	USD	155,330	08/16/24		2,923
BNP	USD	154,768	AUD	234,000	08/16/24		(1,688	)
BNP	USD	157,264	CHF	140,000	08/16/24		2,443
BNP	USD	153,871	HUF	55,287,000	08/16/24		(2,094	)
BNP	USD	160,557	SEK	1,678,000	08/16/24		(3,761	)
BNP	EUR	144,000	USD	157,073	08/23/24		1,078
BNP	SEK	1,667,000	USD	156,776	08/23/24		951
BNP	USD	155,150	AUD	234,000	08/23/24		(2,041	)
BNP	USD	152,946	CLP	138,575,000	08/23/24		(5,841	)
BNP	USD	155,930	TWD	5,040,000	08/23/24		(2,249	)
BNP	SGD	420,000	USD	313,072	08/26/24		(1,514	)
BNP	USD	155,126	CAD	211,000	08/29/24		(2,180	)
BNP	JPY	24,281,000	USD	156,869	08/30/24		(5,889	)
BNP	NZD	251,000	USD	154,603	08/30/24		5,213
BNP	SEK	1,636,000	USD	155,762	08/30/24		2,779
BNP	USD	154,121	BRL	800,000	08/30/24		(13,075	)
BNP	USD	153,845	TWD	4,979,000	08/30/24		(1,909	)
BNP	CLP	139,580,000	USD	147,661	09/06/24		(499	)
BNP	NZD	251,000	USD	154,583	09/06/24		5,191
BNP	USD	307,162	SGD	416,000	09/06/24		4,598
BNP	AUD	464,000	USD	307,122	09/13/24		3,362
BNP	CHF	137,000	USD	154,386	09/13/24		(2,420	)
BNP	USD	305,776	TWD	9,928,000	09/13/24		(2,360	)
BNP	AUD	460,000	USD	305,226	09/20/24		4,036
BNP	GBP	89,000	USD	115,460	09/20/24		996
BNP	SEK	1,188,000	USD	112,207	09/20/24		996
BNP	TWD	4,932,000	USD	152,825	09/20/24		1,982
BNP	USD	230,798	AUD	342,000	09/20/24		(6,870	)
BNP	USD	152,016	CHF	135,000	09/20/24		2,627
BNP	USD	39,350	JPY	6,179,000	09/20/24		2,197
BNP	USD	79,206	SGD	106,000	09/20/24		286
BNP	ZAR	710,000	USD	39,217	09/20/24		381
BNP	BRL	613,000	USD	112,137	09/23/24		4,347
BNP	COP	467,345,000	USD	117,006	09/23/24		2,494
BNP	PEN	430,000	USD	115,425	09/23/24		416
BNP	CLP	107,502,000	USD	113,492	09/27/24		(599	)
BNP	COP	465,043,000	USD	114,748	09/27/24		877

163

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Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	TWD	4,962,000	USD	153,559	09/27/24	$	1,684
BNP	USD	225,542	AUD	340,000	09/27/24		(2,888	)
BNP	USD	154,773	CHF	137,000	09/27/24		2,288
BNP	USD	39,912	JPY	6,261,000	09/27/24		2,229
BNP	USD	79,230	SGD	106,000	09/27/24		286
BNP	ZAR	711,000	USD	39,251	09/27/24		381
BNP	ZAR	2,060,000	USD	111,281	09/27/24		(1,337	)
BNP	SEK	1,212,000	USD	112,463	10/07/24		(1,096	)
BNP	SGD	416,000	USD	307,600	10/07/24		(4,616	)
BNP	USD	115,185	EUR	106,000	10/07/24		(112	)
BNP	USD	79,268	SGD	106,000	10/07/24		288
BNP	ZAR	724,000	USD	39,937	10/07/24		388
BNP	CZK	3,596,000	USD	153,463	10/08/24		33
BNP	USD	224,228	AUD	342,000	10/08/24		(210	)
BNP	TWD	4,997,000	USD	154,104	10/11/24		931
BNP	USD	39,555	CHF	35,000	10/11/24		636
BNP	USD	307,786	NOK	3,262,000	10/11/24		(8,342	)
BNP	USD	154,221	SEK	1,620,000	10/11/24		(2,402	)
BNP	USD	79,282	SGD	106,000	10/11/24		288
BNP	ZAR	714,000	USD	39,374	10/11/24		383
BNP	CHF	37,400	USD	42,778	10/16/24		(195	)
BNP	GBP	3,400	USD	4,395	10/16/24		22
BNP	SEK	464,700	USD	43,191	10/16/24		(370	)
BNP	USD	23,592	CHF	20,600	10/16/24		78
BNP	USD	42,789	GBP	33,100	10/16/24		(212	)
BNP	USD	7,981	SEK	86,100	10/16/24		91
BNP	AUD	165,000	USD	111,410	10/18/24		3,310
BNP	CHF	100,000	USD	112,924	10/18/24		(2,003	)
BNP	USD	220,640	BRL	1,210,000	10/18/24		(8,478	)
BNP	USD	218,858	COP	877,650,000	10/18/24		(4,580	)
BNP	USD	111,579	GBP	86,000	10/18/24		(956	)
BNP	AUD	167,000	USD	110,838	10/25/24		1,413
BNP	CHF	99,000	USD	112,265	10/25/24		(1,606	)
BNP	USD	217,488	COP	885,184,000	10/25/24		(1,564	)
BNP	USD	109,488	ZAR	2,031,000	10/25/24		1,300
BNP	AUD	168,000	USD	110,190	11/01/24		95
BNP	EUR	101,000	USD	109,882	11/01/24		107
BOA	PEN	433,000	USD	115,181	09/27/24		(627	)
BOA	USD	152,596	PEN	582,000	09/27/24		3,063
BOA	USD	112,725	TWD	3,688,000	09/27/24		156
BOA	USD	153,705	PEN	588,000	10/07/24		3,553
BOA	USD	153,744	PEN	581,000	10/11/24		1,640
BOA	DKK	502,100	USD	73,792	10/16/24		662
BOA	GBP	3,700	USD	4,808	10/16/24		48
BOA	NOK	397,400	USD	36,976	10/16/24		492

164

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	12,014	DKK	82,300	10/16/24	$	(27	)
BOA	USD	7,277	GBP	5,600	10/16/24		(74	)
CITI	BRL	782,000	USD	147,624	08/09/24		9,478
CITI	USD	153,738	CLP	143,258,000	08/09/24		(1,651	)
CITI	EUR	143,000	USD	154,987	08/16/24		125
CITI	GBP	123,000	USD	156,099	08/23/24		(2,056	)
CITI	USD	154,879	EUR	144,000	08/23/24		1,117
CITI	USD	155,715	JPY	24,373,000	08/23/24		7,490
CITI	USD	156,404	NZD	256,000	08/23/24		(4,040	)
CITI	USD	155,487	INR	12,994,000	08/26/24		(406	)
CITI	BRL	800,000	USD	146,831	08/30/24		5,785
CITI	CLP	139,568,000	USD	147,877	08/30/24		(277	)
CITI	INR	12,903,000	USD	154,238	09/06/24		295
CITI	JPY	23,993,000	USD	156,899	09/06/24		(4,096	)
CITI	USD	305,348	BRL	1,622,000	09/06/24		(19,582	)
CITI	USD	152,915	NZD	250,000	09/13/24		(4,118	)
CITI	INR	9,440,000	USD	112,721	09/20/24		145
CITI	JPY	24,072,000	USD	154,445	09/20/24		(7,411	)
CITI	PHP	4,582,000	USD	78,698	09/20/24		276
CITI	USD	80,068	AUD	118,000	09/20/24		(2,806	)
CITI	USD	152,322	GBP	120,000	09/20/24		2,011
CITI	PHP	2,307,000	USD	39,622	09/26/24		140
CITI	BRL	612,000	USD	108,567	09/27/24		1,002
CITI	GBP	89,000	USD	115,017	09/27/24		548
CITI	USD	80,080	AUD	118,000	09/27/24		(2,804	)
CITI	USD	150,784	BRL	824,000	09/27/24		(5,958	)
CITI	USD	153,224	CLP	144,628,000	09/27/24		269
CITI	USD	229,566	SGD	308,000	09/27/24		1,484
CITI	PHP	4,624,000	USD	79,412	10/03/24		282
CITI	CLP	144,947,000	USD	152,943	10/07/24		(872	)
CITI	GBP	90,000	USD	115,785	10/07/24		22
CITI	USD	152,755	INR	12,792,000	10/07/24		(290	)
CITI	USD	231,384	SGD	310,000	10/07/24		1,276
CITI	ZAR	2,097,000	USD	113,683	10/07/24		(869	)
CITI	USD	80,096	AUD	118,000	10/08/24		(2,804	)
CITI	USD	153,561	CAD	209,000	10/10/24		(1,875	)
CITI	USD	80,100	AUD	118,000	10/11/24		(2,804	)
CITI	EUR	166,000	USD	180,696	10/16/24		410
CITI	GBP	1,149,147	USD	1,492,364	10/16/24		14,208
CITI	USD	219,340	EUR	201,500	10/16/24		(497	)
CITI	EUR	102,000	USD	111,668	10/18/24		879
CITI	USD	110,836	INR	9,292,000	10/21/24		(146	)
CITI	SGD	149,000	USD	111,202	10/25/24		(720	)
CITI	USD	218,580	BRL	1,236,000	10/25/24		(2,032	)
CITI	USD	111,153	GBP	86,000	10/25/24		(526	)

165

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	SGD	148,000	USD	110,597	11/01/24	$	(612	)
CITI	USD	109,366	GBP	85,000	11/01/24		(22	)
CITI	USD	108,920	ZAR	2,013,000	11/01/24		826
GS	USD	157,078	EUR	144,000	08/05/24		(1,213	)
GS	USD	155,745	MXN	2,625,000	08/05/24		(14,917	)
GS	USD	153,378	ZAR	2,887,000	08/05/24		5,101
GS	ZAR	2,887,000	USD	155,894	08/05/24		(2,585	)
GS	USD	159,058	PLN	622,000	08/06/24		(2,141	)
GS	MXN	2,599,000	USD	151,768	08/09/24		12,423
GS	PLN	617,000	USD	153,841	08/09/24		(1,810	)
GS	USD	311,468	THB	11,358,000	08/09/24		7,352
GS	USD	154,293	NOK	1,673,000	08/12/24		(918	)
GS	USD	309,564	SGD	416,000	08/12/24		1,806
GS	ZAR	2,842,000	USD	150,655	08/12/24		(5,267	)
GS	CHF	140,000	USD	155,852	08/16/24		(3,855	)
GS	MXN	2,589,000	USD	152,085	08/16/24		13,426
GS	USD	139,234	MXN	2,589,000	08/16/24		(575	)
GS	USD	153,381	ZAR	2,841,000	08/16/24		2,438
GS	CAD	426,000	USD	310,358	08/22/24		1,626
GS	NOK	1,666,000	USD	156,162	08/23/24		3,387
GS	USD	156,358	NOK	1,666,000	08/23/24		(3,583	)
GS	USD	159,440	SEK	1,667,000	08/23/24		(3,615	)
GS	USD	154,834	ZAR	2,838,000	08/23/24		737
GS	ZAR	2,838,000	USD	155,783	08/23/24		212
GS	MXN	2,583,000	USD	152,658	08/30/24		14,618
GS	USD	141,709	MXN	2,583,000	08/30/24		(3,669	)
GS	USD	153,266	ZAR	2,844,000	08/30/24		2,550
GS	SGD	416,000	USD	309,936	09/06/24		(1,824	)
GS	THB	5,654,000	USD	155,347	09/06/24		(3,717	)
GS	SEK	1,617,000	USD	152,497	09/09/24		1,213
GS	MXN	2,829,000	USD	151,470	09/13/24		611
GS	USD	155,341	MXN	2,829,000	09/13/24		(4,482	)
GS	USD	152,610	NOK	1,627,000	09/20/24		(3,316	)
GS	USD	153,070	SEK	1,598,000	09/20/24		(3,478	)
GS	USD	151,519	ZAR	2,766,000	09/20/24		(222	)
GS	ZAR	2,056,000	USD	112,448	09/20/24		(13	)
GS	USD	116,599	MXN	2,089,000	09/23/24		(5,373	)
GS	CAD	156,000	USD	112,907	10/03/24		(291	)
GS	USD	154,042	SEK	1,631,000	10/07/24		(1,225	)
GS	USD	153,836	CZK	3,596,000	10/08/24		(405	)
GS	USD	39,470	CZK	918,000	10/11/24		(298	)
GS	CHF	1,441,419	EUR	1,487,000	10/16/24		(41,214	)
GS	USD	110,242	ZAR	2,020,000	10/18/24		7
GS	CNY	797,000	USD	110,474	11/01/24		(982	)
GS	CZK	2,577,000	USD	110,139	11/01/24		98

166

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	PHP	8,917,000	USD	153,755	08/02/24	$	1,002
GSI	USD	154,394	PHP	8,917,000	08/02/24		(1,641	)
GSI	CLP	145,447,000	USD	162,053	08/05/24		7,635
GSI	COP	596,932,000	USD	153,444	08/05/24		6,161
GSI	INR	25,773,000	USD	309,174	08/05/24		1,386
GSI	USD	152,225	BRL	790,000	08/05/24		(12,602	)
GSI	USD	307,836	INR	25,773,000	08/05/24		(48	)
GSI	USD	156,954	TWD	5,031,000	08/05/24		(3,846	)
GSI	CLP	143,258,000	USD	157,991	08/09/24		5,903
GSI	USD	306,836	INR	25,711,000	08/09/24		175
GSI	USD	154,774	KRW	209,519,000	08/09/24		(2,524	)
GSI	USD	153,746	PEN	574,000	08/09/24		(186	)
GSI	USD	154,210	TWD	4,985,000	08/09/24		(2,437	)
GSI	PHP	8,925,000	USD	151,598	08/15/24		(1,245	)
GSI	IDR	2,485,628,000	USD	152,129	08/16/24		(677	)
GSI	INR	25,780,000	USD	307,998	08/16/24		228
GSI	USD	152,863	COP	600,337,000	08/16/24		(4,957	)
GSI	USD	153,823	IDR	2,485,628,000	08/16/24		(1,018	)
GSI	USD	307,674	INR	25,780,000	08/16/24		96
GSI	USD	155,238	PHP	9,053,000	08/22/24		(228	)
GSI	CLP	138,575,000	USD	148,204	08/23/24		1,099
GSI	COP	595,331,000	USD	144,654	08/23/24		(1,898	)
GSI	USD	153,810	COP	595,331,000	08/23/24		(7,258	)
GSI	INR	12,994,000	USD	155,397	08/26/24		317
GSI	IDR	4,993,106,000	USD	303,698	08/28/24		(3,144	)
GSI	USD	311,136	IDR	4,993,106,000	08/28/24		(4,294	)
GSI	PHP	8,970,000	USD	152,517	08/29/24		(1,047	)
GSI	USD	154,626	PHP	8,970,000	08/29/24		(1,061	)
GSI	COP	599,350,000	USD	145,958	08/30/24		(1,462	)
GSI	IDR	4,979,700,000	USD	303,566	08/30/24		(2,434	)
GSI	INR	12,872,000	USD	153,962	08/30/24		356
GSI	TWD	4,979,000	USD	155,613	08/30/24		3,677
GSI	USD	155,507	CLP	139,568,000	08/30/24		(7,352	)
GSI	USD	153,436	COP	599,350,000	08/30/24		(6,016	)
GSI	USD	154,270	INR	12,872,000	08/30/24		(664	)
GSI	PHP	9,080,000	USD	154,296	09/05/24		(1,131	)
GSI	BRL	1,622,000	USD	285,766	09/06/24		0
GSI	COP	597,935,000	USD	143,029	09/06/24		(3,900	)
GSI	PEN	576,000	USD	154,299	09/06/24		225
GSI	TWD	10,012,000	USD	310,314	09/06/24		4,562
GSI	USD	153,941	CLP	139,580,000	09/06/24		(5,780	)
GSI	USD	155,051	MYR	726,000	09/06/24		3,348
GSI	BRL	1,640,000	USD	298,578	09/13/24		9,872
GSI	INR	12,801,000	USD	152,999	09/13/24		307
GSI	PHP	8,993,000	USD	153,855	09/13/24		(70	)

167

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	USD	305,318	IDR	4,991,956,000	09/13/24	$	1,284
GSI	USD	152,797	INR	12,801,000	09/13/24		(105	)
GSI	USD	152,693	PHP	8,993,000	09/13/24		1,233
GSI	IDR	3,711,084,000	USD	228,994	09/20/24		1,122
GSI	PHP	13,266,000	USD	226,990	09/20/24		(56	)
GSI	USD	303,472	IDR	4,992,714,000	09/20/24		3,098
GSI	USD	151,749	INR	12,700,000	09/20/24		(295	)
GSI	USD	39,162	TWD	1,266,000	09/20/24		(442	)
GSI	BRL	212,000	USD	38,732	09/23/24		1,454
GSI	COP	161,399,000	USD	40,241	09/23/24		694
GSI	PEN	148,000	USD	39,274	09/23/24		(310	)
GSI	USD	152,132	COP	628,744,000	09/23/24		1,927
GSI	PHP	6,681,000	USD	114,178	09/26/24		(160	)
GSI	USD	152,769	PHP	8,988,000	09/26/24		1,051
GSI	BRL	212,000	USD	38,700	09/27/24		1,439
GSI	COP	160,604,000	USD	40,004	09/27/24		679
GSI	IDR	3,722,696,000	USD	229,202	09/27/24		676
GSI	INR	9,483,000	USD	113,057	09/27/24		(7	)
GSI	PEN	149,000	USD	39,539	09/27/24		(312	)
GSI	USD	151,747	COP	625,647,000	09/27/24		1,450
GSI	USD	305,070	IDR	5,008,336,000	09/27/24		2,378
GSI	USD	152,456	INR	12,758,000	09/27/24		(345	)
GSI	USD	39,426	TWD	1,274,000	09/27/24		(432	)
GSI	PHP	13,386,000	USD	227,940	10/03/24		(1,132	)
GSI	USD	305,954	PHP	18,010,000	10/03/24		2,246
GSI	BRL	223,000	USD	40,680	10/07/24		1,530
GSI	COP	163,274,000	USD	40,618	10/07/24		697
GSI	COP	472,774,000	USD	114,342	10/07/24		(1,250	)
GSI	PEN	588,000	USD	156,859	10/07/24		(399	)
GSI	USD	152,280	BRL	867,000	10/07/24		(70	)
GSI	USD	112,467	CLP	107,739,000	10/07/24		1,864
GSI	USD	151,515	COP	636,048,000	10/07/24		3,998
GSI	USD	113,525	TWD	3,715,000	10/07/24		303
GSI	USD	39,726	TWD	1,283,000	10/07/24		(415	)
GSI	BRL	216,000	USD	39,370	10/11/24		1,466
GSI	COP	319,050,000	USD	79,296	10/11/24		1,330
GSI	PEN	149,000	USD	39,538	10/11/24		(311	)
GSI	USD	152,463	BRL	840,000	10/11/24		(5,060	)
GSI	USD	153,056	INR	12,818,000	10/11/24		(305	)
GSI	USD	39,735	TWD	1,283,000	10/11/24		(407	)
GSI	USD	111,014	PHP	6,490,000	10/17/24		33
GSI	CLP	101,084,000	USD	109,802	10/18/24		2,548
GSI	USD	221,794	IDR	3,597,044,000	10/18/24		(1,158	)
GSI	USD	110,591	PHP	6,473,000	10/24/24		159
GSI	USD	220,922	IDR	3,591,078,000	10/25/24		(714	)

168

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	USD	110,403	INR	9,270,000	10/25/24	$	8
GSI	USD	109,700	PHP	6,444,000	10/31/24		546
GSI	TWD	3,610,000	USD	110,506	11/01/24		(396	)
GSI	USD	215,226	COP	893,502,000	11/01/24		2,530
GSI	CLP	105,020,000	USD	109,598	11/04/24		(1,808	)
GSI	USD	109,567	PEN	410,000	11/04/24		80
HSBC	HUF	56,264,000	USD	158,960	08/05/24		4,447
HSBC	MXN	2,625,000	USD	152,270	08/05/24		11,443
HSBC	SGD	420,000	USD	309,982	08/05/24		(4,270	)
HSBC	THB	11,447,000	USD	310,476	08/05/24		(10,741	)
HSBC	USD	153,877	HUF	56,264,000	08/05/24		636
HSBC	USD	312,578	SGD	420,000	08/05/24		1,676
HSBC	USD	313,914	THB	11,447,000	08/05/24		7,302
HSBC	BRL	796,000	USD	147,493	08/16/24		6,967
HSBC	HUF	55,287,000	USD	150,443	08/16/24		(1,333	)
HSBC	USD	154,321	EUR	143,000	08/16/24		541
HSBC	USD	309,836	SGD	418,000	08/16/24		3,092
HSBC	USD	154,919	TWD	5,002,000	08/16/24		(2,512	)
HSBC	KRW	211,180,000	USD	153,646	08/19/24		99
HSBC	PHP	9,053,000	USD	154,239	08/22/24		(771	)
HSBC	MXN	2,579,000	USD	153,685	08/23/24		15,710
HSBC	THB	11,339,000	USD	313,916	08/26/24		(4,805	)
HSBC	USD	311,200	SGD	420,000	08/26/24		3,386
HSBC	PEN	579,000	USD	154,549	08/29/24		(334	)
HSBC	SGD	418,000	USD	311,464	08/30/24		(1,686	)
HSBC	THB	11,336,000	USD	311,396	08/30/24		(7,342	)
HSBC	USD	309,018	IDR	4,979,700,000	08/30/24		(3,018	)
HSBC	USD	153,772	JPY	24,281,000	08/30/24		8,987
HSBC	USD	309,976	SGD	418,000	08/30/24		3,176
HSBC	IDR	5,019,562,000	USD	305,744	09/06/24		(2,634	)
HSBC	USD	154,441	GBP	121,000	09/06/24		1,162
HSBC	USD	307,310	TWD	10,012,000	09/06/24		(1,558	)
HSBC	HUF	56,065,000	USD	153,108	09/13/24		(677	)
HSBC	IDR	4,991,956,000	USD	306,568	09/13/24		(34	)
HSBC	SGD	414,000	USD	307,286	09/13/24		(3,078	)
HSBC	TWD	9,928,000	USD	308,018	09/13/24		4,602
HSBC	USD	302,992	BRL	1,640,000	09/13/24		(14,288	)
HSBC	USD	153,800	CHF	137,000	09/13/24		3,005
HSBC	USD	152,461	HUF	56,065,000	09/13/24		1,324
HSBC	USD	153,862	KRW	211,185,000	09/13/24		(85	)
HSBC	USD	307,494	SGD	414,000	09/13/24		2,868
HSBC	SGD	412,000	USD	305,636	09/20/24		(3,328	)
HSBC	USD	303,994	PHP	17,848,000	09/20/24		1,474
HSBC	USD	115,688	THB	4,165,000	09/20/24		1,614
HSBC	JPY	24,389,000	USD	155,105	09/27/24		(9,051	)

169

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	SGD	414,000	USD	307,406	09/27/24	$	(3,162	)
HSBC	CAD	54,000	USD	39,731	10/03/24		547
HSBC	USD	153,275	CAD	210,000	10/03/24		(893	)
HSBC	BRL	644,000	USD	113,335	10/07/24		275
HSBC	EUR	143,000	USD	153,984	10/07/24		(1,257	)
HSBC	IDR	3,732,716,000	USD	228,182	10/07/24		(872	)
HSBC	INR	9,508,000	USD	113,319	10/07/24		(4	)
HSBC	TWD	4,998,000	USD	153,662	10/07/24		522
HSBC	USD	305,636	IDR	5,021,816,000	10/07/24		2,522
HSBC	USD	117,197	THB	4,194,000	10/07/24		1,078
HSBC	CAD	54,000	USD	39,738	10/10/24		546
HSBC	CHF	138,000	USD	155,431	10/11/24		(3,037	)
HSBC	EUR	142,000	USD	154,337	10/11/24		153
HSBC	SGD	414,000	USD	307,882	10/11/24		(2,890	)
HSBC	USD	153,071	HUF	56,098,000	10/11/24		693
HSBC	USD	306,200	IDR	4,989,324,000	10/11/24		(82	)
HSBC	CHF	134,400	USD	151,957	10/16/24		(2,468	)
HSBC	EUR	1,902,467	USD	2,084,981	10/16/24		18,790
HSBC	EUR	6,400	USD	6,943	10/16/24		(6	)
HSBC	GBP	1,700	USD	2,181	10/16/24		(5	)
HSBC	SEK	1,147,215	USD	109,055	10/16/24		1,515
HSBC	USD	5,375	CHF	4,700	10/16/24		25
HSBC	USD	7,920	EUR	7,300	10/16/24		8
HSBC	USD	1,635,059	EUR	1,491,900	10/16/24		(14,768	)
HSBC	USD	19,630	GBP	15,300	10/16/24		50
HSBC	THB	4,017,000	USD	111,768	10/18/24		(1,609	)
HSBC	USD	216,434	BRL	1,234,000	11/01/24		(406	)
HSBC	USD	218,804	IDR	3,581,992,000	11/01/24		788
HSBC	USD	109,530	INR	9,200,000	11/04/24		5
JPMCB	USD	154,473	GBP	123,000	08/02/24		3,650
JPMCB	USD	311,908	CHF	282,000	08/05/24		9,368
JPMCB	CAD	211,000	USD	154,255	08/08/24		1,399
JPMCB	USD	156,443	GBP	123,000	08/23/24		1,712
JPMCB	AUD	1,845	USD	1,211	08/30/24		3
JPMCB	AUD	42,917	USD	27,607	08/30/24		(480	)
JPMCB	CHF	141,000	USD	156,397	08/30/24		(4,721	)
JPMCB	CNH	15,796,464	USD	2,181,832	08/30/24		(9,574	)
JPMCB	CZK	5,812,764	USD	248,819	08/30/24		1,126
JPMCB	EUR	38,000	CZK	966,186	08/30/24		(8	)
JPMCB	EUR	4,554	USD	4,951	08/30/24		16
JPMCB	GBP	3,019	USD	3,887	08/30/24		5
JPMCB	JPY	12,731,724	USD	82,897	08/30/24		(2,445	)
JPMCB	MXN	5,397,831	USD	292,106	08/30/24		3,636
JPMCB	MXN	1,000,250	USD	53,000	08/30/24		(455	)
JPMCB	NOK	1,950,960	USD	184,348	08/30/24		5,410

170

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	NOK	2,118,998	USD	192,707	08/30/24	$	(1,643	)
JPMCB	SEK	1,278,350	USD	118,582	08/30/24		(956	)
JPMCB	SGD	469,820	USD	350,255	08/30/24		(1,718	)
JPMCB	USD	292,418	CNH	2,116,143	08/30/24		1,149
JPMCB	USD	84,000	CZK	1,962,488	08/30/24		(375	)
JPMCB	USD	69,566	HUF	25,096,425	08/30/24		(701	)
JPMCB	USD	82,658	JPY	12,731,724	08/30/24		2,684
JPMCB	USD	774,000	MXN	14,583,847	08/30/24		5,386
JPMCB	USD	1,655,000	MXN	30,865,323	08/30/24		(5,503	)
JPMCB	USD	153,795	NZD	251,000	08/30/24		(4,404	)
JPMCB	USD	291,530	PLN	1,149,529	08/30/24		(1,600	)
JPMCB	USD	138,422	SEK	1,493,282	08/30/24		1,215
JPMCB	USD	10,000	SGD	13,417	08/30/24		52
JPMCB	USD	25,738	ZAR	470,751	08/30/24		53
JPMCB	CNY	1,120,000	USD	155,564	09/06/24		(38	)
JPMCB	USD	153,926	CNY	1,120,000	09/06/24		1,677
JPMCB	USD	149,907	JPY	23,993,000	09/06/24		11,087
JPMCB	USD	152,006	NZD	251,000	09/06/24		(2,614	)
JPMCB	JPY	24,106,000	USD	155,320	09/13/24		(6,599	)
JPMCB	USD	151,129	JPY	24,106,000	09/13/24		10,789
JPMCB	BRL	4,502,764	USD	813,250	09/18/24		21,034
JPMCB	BRL	212,184	USD	37,232	09/18/24		(99	)
JPMCB	COP	199,983,000	USD	50,000	09/18/24		958
JPMCB	COP	624,283,640	USD	153,000	09/18/24		(95	)
JPMCB	IDR	7,309,918,929	USD	451,199	09/18/24		2,313
JPMCB	IDR	1,504,146,468	USD	92,153	09/18/24		(214	)
JPMCB	INR	9,609,669	USD	114,636	09/18/24		28
JPMCB	INR	8,626,985	USD	102,868	09/18/24		(19	)
JPMCB	PHP	583,338	USD	10,000	09/18/24		16
JPMCB	PHP	39,256,717	USD	671,698	09/18/24		(192	)
JPMCB	THB	27,754,488	USD	769,235	09/18/24		(12,317	)
JPMCB	TWD	56,207,328	USD	1,728,226	09/18/24		9,520
JPMCB	TWD	7,395,263	USD	225,653	09/18/24		(481	)
JPMCB	USD	644,077	BRL	3,539,721	09/18/24		(21,300	)
JPMCB	USD	99,690	COP	407,870,000	09/18/24		332
JPMCB	USD	49,277	COP	199,983,000	09/18/24		(235	)
JPMCB	USD	15,000	EGP	733,925	09/18/24		(164	)
JPMCB	USD	1,225,000	INR	102,556,568	09/18/24		(1,887	)
JPMCB	USD	60,455	PHP	3,542,396	09/18/24		174
JPMCB	USD	1,091,817	THB	39,088,310	09/18/24		8,890
JPMCB	USD	135,000	TWD	4,418,499	09/18/24		109
JPMCB	USD	438,215	TWD	14,259,824	09/18/24		(2,178	)
JPMCB	KRW	41,060,100	USD	30,000	09/19/24		91
JPMCB	KRW	940,686,036	USD	682,299	09/19/24		(2,921	)
JPMCB	USD	488,090	KRW	672,473,863	09/19/24		1,757

171

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	GBP	31,000	USD	40,063	09/20/24	$	193
JPMCB	NOK	418,000	USD	39,068	09/20/24		713
JPMCB	USD	113,966	JPY	17,893,000	09/20/24		6,343
JPMCB	USD	228,310	SGD	306,000	09/20/24		1,164
JPMCB	CLP	45,640,666	USD	48,736	09/23/24		296
JPMCB	CLP	55,128,421	USD	57,949	09/23/24		(561	)
JPMCB	USD	120,000	CLP	109,537,598	09/23/24		(3,744	)
JPMCB	AUD	458,000	USD	305,970	09/27/24		6,040
JPMCB	GBP	31,000	USD	40,064	09/27/24		192
JPMCB	SEK	1,191,000	USD	111,169	09/27/24		(363	)
JPMCB	USD	117,148	JPY	18,128,000	09/27/24		4,867
JPMCB	AUD	95,442	USD	63,610	09/30/24		1,104
JPMCB	GBP	31,000	USD	40,065	10/07/24		192
JPMCB	USD	40,377	EUR	37,000	10/07/24		(210	)
JPMCB	GBP	31,000	USD	40,066	10/11/24		192
JPMCB	NOK	838,000	USD	78,352	10/11/24		1,426
JPMCB	THB	5,587,000	USD	154,422	10/11/24		(3,185	)
JPMCB	USD	39,293	EUR	36,000	10/11/24		(204	)
JPMCB	SGD	149,000	USD	111,315	10/18/24		(571	)
JPMCB	USD	110,988	NOK	1,220,000	10/25/24		1,032
JPMCB	USD	110,078	NOK	1,207,000	11/01/24		761
JPMCB	GBP	44,087	USD	55,812	12/31/24		(911	)
MSCI	CHF	282,000	USD	312,928	08/05/24		(8,348	)
MSCI	NOK	1,702,000	USD	162,503	08/05/24		6,496
MSCI	TWD	5,031,000	USD	155,044	08/05/24		1,937
MSCI	USD	154,900	NOK	1,702,000	08/05/24		1,106
MSCI	PLN	622,000	USD	154,274	08/06/24		(2,644	)
MSCI	INR	25,711,000	USD	306,627	08/09/24		(384	)
MSCI	KRW	209,519,000	USD	152,485	08/09/24		235
MSCI	TWD	4,985,000	USD	154,642	08/09/24		2,868
MSCI	USD	156,021	PLN	617,000	08/09/24		(370	)
MSCI	USD	315,646	CHF	280,000	08/12/24		3,616
MSCI	USD	160,014	SEK	1,672,000	08/12/24		(3,810	)
MSCI	USD	152,802	ZAR	2,842,000	08/12/24		3,120
MSCI	USD	153,505	IDR	2,472,518,000	08/13/24		(1,491	)
MSCI	CNY	568,602	USD	79,733	08/15/24		934
MSCI	USD	154,153	PHP	8,925,000	08/15/24		(1,310	)
MSCI	AUD	234,000	USD	155,089	08/16/24		2,009
MSCI	MYR	728,000	USD	154,331	08/16/24		(4,273	)
MSCI	NOK	1,670,000	USD	156,926	08/16/24		3,810
MSCI	NZD	256,000	USD	154,194	08/16/24		1,833
MSCI	USD	154,434	GBP	123,000	08/16/24		3,710
MSCI	USD	155,022	MYR	728,000	08/16/24		3,583
MSCI	USD	154,805	NOK	1,670,000	08/16/24		(1,689	)
MSCI	USD	156,795	NZD	256,000	08/16/24		(4,434	)

172

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Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	ZAR	2,841,000	USD	151,159	08/16/24	$	(4,659	)
MSCI	USD	155,232	KRW	211,180,000	08/19/24		(1,686	)
MSCI	USD	48,489	KRW	65,887,204	08/20/24		(580	)
MSCI	USD	312,924	CAD	426,000	08/22/24		(4,192	)
MSCI	AUD	234,000	USD	156,330	08/23/24		3,222
MSCI	CHF	142,000	USD	157,681	08/23/24		(4,444	)
MSCI	KRW	212,622,000	USD	154,075	08/23/24		(555	)
MSCI	NZD	256,000	USD	156,267	08/23/24		3,904
MSCI	TWD	5,040,000	USD	156,781	08/23/24		3,100
MSCI	USD	161,128	CHF	142,000	08/23/24		996
MSCI	USD	156,654	KRW	212,622,000	08/23/24		(2,023	)
MSCI	USD	309,061	THB	11,339,000	08/26/24		9,659
MSCI	KRW	210,399,000	USD	151,892	08/30/24		(1,185	)
MSCI	USD	158,998	CHF	141,000	08/30/24		2,120
MSCI	USD	155,530	KRW	210,399,000	08/30/24		(2,454	)
MSCI	USD	155,149	NOK	1,624,000	08/30/24		(6,200	)
MSCI	USD	310,758	THB	11,336,000	08/30/24		7,980
MSCI	ZAR	2,844,000	USD	155,695	08/30/24		(121	)
MSCI	CHF	138,000	USD	156,012	09/06/24		(1,809	)
MSCI	USD	153,721	INR	12,903,000	09/06/24		222
MSCI	USD	154,974	SEK	1,617,000	09/09/24		(3,690	)
MSCI	KRW	211,185,000	USD	153,213	09/13/24		(564	)
MSCI	NZD	250,000	USD	153,118	09/13/24		4,321
MSCI	USD	313,206	AUD	464,000	09/13/24		(9,446	)
MSCI	CHF	135,000	USD	153,682	09/20/24		(961	)
MSCI	INR	3,260,000	USD	38,967	09/20/24		90
MSCI	THB	5,603,000	USD	152,897	09/20/24		(4,905	)
MSCI	USD	40,035	THB	1,438,000	09/20/24		465
MSCI	USD	112,777	TWD	3,666,000	09/20/24		(654	)
MSCI	USD	40,028	MXN	722,000	09/23/24		(1,586	)
MSCI	CHF	137,000	USD	155,000	09/27/24		(2,062	)
MSCI	HUF	14,442,000	USD	39,745	09/27/24		145
MSCI	INR	3,275,000	USD	39,136	09/27/24		89
MSCI	THB	5,599,000	USD	153,733	09/27/24		(4,043	)
MSCI	USD	152,462	HUF	56,262,000	09/27/24		1,807
MSCI	USD	40,027	THB	1,437,000	09/27/24		466
MSCI	USD	151,378	ZAR	2,771,000	09/27/24		110
MSCI	HUF	56,562,000	USD	155,245	10/07/24		193
MSCI	INR	3,284,000	USD	39,230	10/07/24		89
MSCI	USD	152,744	HUF	56,562,000	10/07/24		2,308
MSCI	USD	40,364	THB	1,448,000	10/07/24		472
MSCI	USD	151,627	ZAR	2,821,000	10/07/24		2,474
MSCI	AUD	460,000	USD	306,598	10/08/24		5,288
MSCI	AUD	456,000	USD	307,990	10/11/24		9,284
MSCI	HUF	14,400,000	USD	39,613	10/11/24		142

173

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	INR	3,290,000	USD	39,296	10/11/24	$	89
MSCI	USD	39,985	THB	1,434,000	10/11/24		467
MSCI	USD	152,533	ZAR	2,782,000	10/11/24		(610	)
MSCI	CZK	2,589,000	USD	111,445	10/18/24		943
MSCI	CNY	807,000	USD	111,352	10/25/24		(1,412	)
MSCI	CZK	2,583,000	USD	110,923	10/25/24		651
MSCI	KRW	153,573,000	USD	111,367	10/25/24		(736	)
MSCI	CHF	97,000	USD	110,672	11/04/24		(1,031	)
MSCI	HUF	39,982,000	USD	109,565	11/04/24		41
SG	USD	152,776	BRL	782,000	08/09/24		(14,631	)
SG	GBP	121,000	USD	153,734	08/30/24		(1,860	)
SG	GBP	121,000	USD	152,916	09/06/24		(2,687	)
SG	GBP	120,000	USD	153,769	09/13/24		(557	)
SG	NOK	1,209,000	USD	111,749	09/20/24		811
SG	SEK	410,000	USD	39,224	09/20/24		843
SG	SEK	411,000	USD	39,333	09/27/24		844
SG	USD	152,498	GBP	120,000	09/27/24		1,843
SG	SEK	419,000	USD	40,119	10/07/24		860
SG	USD	152,950	GBP	121,000	10/07/24		2,687
SG	CZK	3,575,000	USD	153,756	10/11/24		1,206
SG	SEK	416,000	USD	39,839	10/11/24		854
SG	USD	153,797	GBP	120,000	10/11/24		557
SG	USD	5,238	DKK	36,000	10/16/24		5
SG	USD	10,675	DKK	72,800	10/16/24		(72	)
SG	USD	111,340	NOK	1,204,000	10/18/24		(802	)
SSB	USD	11,211	EUR	10,373	08/02/24		15
SSB	USD	1,092	GBP	850	08/02/24		1
Net unrealized appreciation (depreciation)						$	(111,150	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	146,645,229	$	74	$	—	$	146,645,303
Preferred stocks		17,759		—		—		17,759
Exchange traded funds		4,374,537		—		—		4,374,537
Investment companies		33,227,700		—		—		33,227,700
Warrant		—		—		0		0

174

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2024

Fair valuation summary—(concluded)

Assets       Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—		$	18,840,631		$	—	$	18,840,631
Short term investments		—			106,440,688			—		106,440,688
Options purchased		441,096			—			—		441,096
Equity and foreign exchange options purchased		1,568,597			337,470			—		1,906,067
Futures contracts		192,954			—			—		192,954
Swap agreements		—			2,889,474			—		2,889,474
Forward foreign currency contracts		—			713,417			—		713,417
Total	$	186,467,872		$	129,221,754		$	0	$	315,689,626
Liabilities
Investments sold short
Common stocks	$	(65,311,270	)	$	—		$	—	$	(65,311,270	)
Exchange traded funds		(11,629,438	)		—			—		(11,629,438	)
Preferred stocks		(43,112	)		—			—		(43,112	)
Equity options written		(1,322,658	)		(3,578	)		—		(1,326,236	)
Futures contracts		(667,938	)		—			—		(667,938	)
Swap agreements		—			(2,514,577	)		—		(2,514,577	)
Forward foreign currency contracts		—			(824,567	)		—		(824,567	)
Total	$	(78,974,416	)	$	(3,342,722	)	$	—	$	(82,317,138	)

At July 31, 2024, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*  Non-income producing security.

¹​  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $669,312, represented 0.2% of the Portfolio's net assets at period end.

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

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​  In U.S. dollars unless otherwise indicated.

⁵​  Bond interest in default.

⁶​  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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

⁸​  Rate shown reflects yield at July 31, 2024.

⁹​  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

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

See accompanying notes to financial statements.
175

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments
July 31, 2024 (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

RFUCCT  Refinitiv USD IBOR Consumer Cash Fallbacks

RPI  Retail Price Index

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  British 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

WF   Wells Fargo Investment LLC

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

NW  National Westminster

RBC  Royal Bank of Canada

RBS  Royal Bank of Scotland PLC

SCB  Standard Chartered Bank

SG  Societe Generale

SSB  State Street Bank and Trust Co.

TD  Toronto-Dominion Bank

WBC  Westpac Banking Corp.

See accompanying notes to financial statements
176

PACE Select Advisors Trust

Statement of assets and liabilities
July 31, 2024

	UBS Government Money Market Investments Fund		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments
Assets:
Investments, at cost
Investments	$	2,243,816,308	$	412,039,158	$	208,629,423
Repurchase agreements		599,064,000		—		—
Foreign currency		—		—		32
Investments, at value
Investments1​	$	2,243,816,308	$	395,534,028	$	210,515,998
Repurchase agreements		599,064,000		—		—
Foreign currency		—		—		31
Cash		766		—		—
Cash collateral on futures		—		650,207		1,836,400
Cash collateral on swap agreements		—		1,806,000		—
Receivable for investments sold		—		5,001		—
Receivable for when issued TBA securities		—		375,195,944		—
Receivable for fund shares sold		12,710,513		199,825		234,621
Receivable for interest and dividends		2,725,730		756,600		1,749,175
Receivable for foreign tax reclaims		—		—		—
Receivable from affiliate		—		—		31,468
Receivable for variation margin on futures contracts		—		—		1,423,258
Receivable for variation margin on centrally cleared swap agreements		—		—		—
Deferred receivable for funds borrowed		—		2,012		—
Unrealized appreciation on forward foreign currency contracts		—		—		—
Other assets		96,198		19,941		19,400
Total assets		2,858,413,515		774,169,558		215,810,351
Liabilities:
Reverse repurchase agreements, at value (cost—$0; $37,602,837 and $0, respectively)		—		37,602,837		—
Investments sold short, at value (proceeds—$0; $89,296,731, and $0, respectively)		—		89,722,763		—
Options and swaptions written, at value (premiums received $0; $173,071 and $0, respectively)		—		230,164		—
Due to broker		—		1,711,896		3,012,628
Payable for cash collateral from securities loaned		—		—		4,371,102
Payable for investments purchased		82,466,872		505,553		1,748,495
Payable for when issued TBA securities		—		451,926,001		—
Payable for fund shares redeemed		31,135,970		236,320		257,517
Payable for dividend and interest expense on investments sold short		—		96,598		—
Dividends payable to shareholders		6,322,656		—		—
Payable to affiliate		283,478		19,091		—
Payable to custodian		17,532		68,372		20,348
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		—
Payable for dollar roll transactions		—		6,070,352		—
Payable for variation margin on futures contracts		—		134,374		—
Payable for variation margin on centrally cleared swap agreements		—		16,383		—
Unrealized depreciation on forward foreign currency contracts		—		—		—
Accrued expenses and other liabilities		341,877		249,379		219,992
Total liabilities		120,568,385		588,590,083		9,630,082
Net assets	$	2,737,845,130	$	185,579,475	$	206,180,269

¹  ​Includes $0; $0 and $5,375,208, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
177

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	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)	$	2,737,848,079		$	258,711,768		$	245,916,003
Distributable earnings (accumulated losses)		(2,949	)		(73,132,293	)		(39,735,734	)
Net assets	$	2,737,845,130		$	185,579,475		$	206,180,269
Class A
Net assets	$	—		$	17,255,080		$	7,522,016
Shares outstanding		—			1,659,375			709,350
Net asset value per share	$	—		$	10.40		$	10.60
Maximum offering price per share	$	—		$	10.81		$	11.01
Class Y
Net assets	$	—		$	6,358,113		$	162,461
Shares outstanding		—			611,469			15,323
Net asset value, offering price and redemption value per share2​	$	—		$	10.40		$	10.60
Class P
Net assets	$	2,737,845,130		$	161,966,282		$	198,495,792
Shares outstanding		2,737,844,780			15,569,884			18,713,989
Net asset value, offering price and redemption value per share2​	$	1.000		$	10.40		$	10.61

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

See accompanying notes to financial statements
178

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE Strategic Fixed Income Investments		PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments
Assets:
Investments, at cost
Investments	$	485,933,098	$	191,214,076	$	183,140,724
Foreign currency		913,421		—		462,839
Investments, at value
Investments1​	$	482,363,138	$	187,442,191	$	182,173,932
Foreign currency		850,918		—		460,992
Cash collateral on futures		829,000		—		765,846
Cash collateral on swap agreements		1,190,000		—		—
Receivable for investments sold		231,569		—		175,847
Receivable for investments sold short		7,866,725		—		—
Receivable for TBAs		20,134,380		—		—
Receivable for fund shares sold		366,957		80,463		109,513
Receivable for interest and dividends		3,998,011		1,880,794		1,778,871
Receivable for foreign tax reclaims		3,607		—		11,170
Receivable from affiliate		—		—		—
Receivable for variation margin on futures contracts		2,332,611		—		295,819
Receivable for variation margin on centrally cleared swap agreements		59,324		—		—
Deferred receivable for funds borrowed		15,305		—		—
OTC swap agreements, at value2​		57,165		—		—
Unrealized appreciation on forward foreign currency contracts		130,123		—		1,074,456
Other assets		20,676		18,557		18,545
Total assets		520,449,509		189,422,005		186,864,991
Liabilities:
Investments sold short, at value (proceeds—$0; $0, and $0, respectively)		—		—		—
Options and swaptions written, at value (premiums received $38,832; $0 and $0, respectively)		42,839		—		—
Due to broker		1,915,645		—		—
Payable for cash collateral from securities loaned		4,915,118		—		946,625
Payable for investments purchased		4,231,251		4,309,954		1,133,036
Payable for TBA when issued		50,681,701		—		—
Payable for fund shares redeemed		503,278		234,803		266,371
Payable for dividend and interest expense on investments sold short		—		—		—
Dividends payable to shareholders		—		—		—
Payable to affiliate		145,432		53,098		26,132
Payable to custodian		100,311		4,458		106,986
Payable for foreign withholding taxes and foreign capital gains taxes		10		—		8,910
Payable for dollar roll transactions		13,646,422		—		—
Unrealized depreciation on forward foreign currency contracts		126,637		—		290,611
Accrued expenses and other liabilities		265,171		144,987		237,842
Total liabilities		76,573,815		4,747,300		3,016,513
Net assets	$	443,875,694	$	184,674,705	$	183,848,478

¹​  Includes $10,075,859; $0 and $1,368,584, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

²​  Net upfront payments made by PACE Strategic Fixed Income Investments was $44,682.

See accompanying notes to financial statements
179

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	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)	$	546,244,985		$	190,712,616		$	220,980,226
Distributable earnings (accumulated losses)		(102,369,291	)		(6,037,911	)		(37,131,748	)
Net assets	$	443,875,694		$	184,674,705		$	183,848,478
Class A
Net assets	$	9,445,496		$	23,012,656		$	15,116,575
Shares outstanding		797,163			1,887,492			1,883,877
Net asset value per share	$	11.85		$	12.19		$	8.02
Maximum offering price per share	$	12.31		$	12.47		$	8.33
Class Y
Net assets	$	662,480		$	3,687		$	1,113,028
Shares outstanding		56,025			302			140,235
Net asset value, offering price and redemption value per share2​	$	11.82		$	12.20	*	$	7.94
Class P
Net assets	$	433,767,718		$	161,658,362		$	167,618,875
Shares outstanding		36,639,784			13,251,034			20,989,734
Net asset value, offering price and redemption value per share2​	$	11.84		$	12.20		$	7.99

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

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

See accompanying notes to financial statements
180

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE High Yield Investments			PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Assets:
Investments, at cost
Investments	$	198,216,888		$	689,802,156	$	584,496,386
Foreign currency		714,557			1		—
Investments, at value
Investments1​	$	185,286,812		$	800,203,200	$	805,618,048
Foreign currency		713,623			1		—
Cash		71			17,187		—
Receivable for investments sold		160,861			954,001		3,514,408
Receivable for fund shares sold		113,562			194,828		314,998
Receivable for interest and dividends		3,086,390			792,517		283,241
Receivable for foreign tax reclaims		712			209,552		8,497
Unrealized appreciation on forward foreign currency contracts		459			—		—
Other assets		31,380			21,198		21,258
Total assets		189,393,870			802,392,484		809,760,450
Liabilities:
Payable for cash collateral from securities loaned		1,484			1,268,597		—
Payable for investments purchased		1,366,213			963,212		3,624,649
Payable for fund shares redeemed		287,067			926,763		949,907
Payable to affiliate		55,816			507,945		537,089
Payable to custodian		14,445			45,247		36,172
Payable for foreign withholding taxes and foreign capital gains taxes		356			14,289		1,281
Unrealized depreciation on forward foreign currency contracts		319,550			—		—
Accrued expenses and other liabilities		198,916			284,215		247,204
Total liabilities		2,243,847			4,010,268		5,396,302
Net assets	$	187,150,023		$	798,382,216	$	804,364,148
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	230,870,717		$	654,510,562	$	537,660,263
Distributable earnings (accumulated losses)		(43,720,694	)		143,871,654		266,703,885
Net assets	$	187,150,023		$	798,382,216	$	804,364,148

¹​  Includes $3,775; $20,984,833 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
181

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE High Yield Investments		PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Class A
Net assets	$	2,803,633	$	92,832,618	$	47,594,912
Shares outstanding		322,538		4,261,204		2,981,109
Net asset value per share	$	8.69	$	21.79	$	15.97
Maximum offering price per share	$	9.03	$	23.06	$	16.90
Class Y
Net assets	$	670,230	$	17,797,705	$	22,160,794
Shares outstanding		76,849		814,685		1,171,449
Net asset value, offering price and redemption value per share2​	$	8.72	$	21.85	$	18.92
Class P
Net assets	$	174,428,642	$	687,751,893	$	734,608,442
Shares outstanding		20,140,143		31,727,795		39,861,014
Net asset value, offering price and redemption value per share2​	$	8.66	$	21.68	$	18.43
Class P2
Net assets	$	9,247,518	$	—	$	—
Shares outstanding		1,045,771		—		—
Net asset value and offering price per share	$	8.84	$	—	$	—

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

See accompanying notes to financial statements
182

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments		PACE International Equity Investments
Assets:
Investments, at cost
Investments	$	263,145,482	$	246,764,885	$	714,429,107
Foreign currency		—		—		190,151
Investments, at value
Investments1​	$	303,773,790	$	271,366,562	$	861,336,656
Foreign currency		—		—		193,107
Cash		78,836		—		—
Receivable for investments sold		247,746		651,751		2,630,522
Receivable for fund shares sold		134,014		131,525		396,774
Receivable for interest and dividends		83,307		21,716		662,929
Receivable for foreign tax reclaims		13,990		367		5,365,440
Other assets		19,527		19,192		28,831
Total assets		304,351,210		272,191,113		870,614,259
Liabilities:
Investments sold short, at value (proceeds—$0; $0, and $94,769,714, respectively)		—		—		96,869,186
Credit facility payable		—		—		646,917
Payable for cash collateral from securities loaned		—		343,823		38,869,625
Payable for investments purchased		488,723		723,948		2,182,094
Payable for fund shares redeemed		361,452		320,727		1,059,252
Payable for dividend and interest expense on investments sold short		—		—		109,030
Payable to affiliate		167,789		145,576		476,209
Payable to custodian		19,316		35,724		164,623
Payable for foreign withholding taxes and foreign capital gains taxes		—		77		292,848
Accrued expenses and other liabilities		200,275		189,998		345,128
Total liabilities		1,237,555		1,759,873		141,014,912
Net assets	$	303,113,655	$	270,431,240	$	729,599,347
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	225,959,724	$	241,512,903	$	545,263,501
Distributable earnings (accumulated losses)		77,153,931		28,918,337		184,335,846
Net assets	$	303,113,655	$	270,431,240	$	729,599,347

¹​  Includes $9,292,450; $7,211,813 and $44,529,896, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
183

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments		PACE International Equity Investments
Class A
Net assets	$	14,269,080		$	17,003,183	$	23,281,733
Shares outstanding		728,902			1,368,579		1,234,525
Net asset value per share	$	19.58		$	12.42	$	18.86
Maximum offering price per share	$	20.72		$	13.14	$	19.96
Class Y
Net assets	$	82,392		$	—	$	10,605,234
Shares outstanding		3,930			—		565,614
Net asset value, offering price and redemption value per share2​	$	20.97	*	$	—	$	18.75
Class P
Net assets	$	288,762,183		$	253,428,057	$	680,809,249
Shares outstanding		14,050,603			17,354,730		36,419,874
Net asset value, offering price and redemption value per share2​	$	20.55		$	14.60	$	18.69
Class P2
Net assets	$	—		$	—	$	14,903,131
Shares outstanding		—			—		790,428
Net asset value and offering price per share	$	—		$	—	$	18.85

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

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

See accompanying notes to financial statements
184

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2024

	PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at cost
Investments	$	366,068,629	$	62,143,460	$	301,460,071
Foreign currency		2,413,804		9		1,037,611
Investments, at value
Investments1​	$	386,325,672	$	62,431,592	$	311,893,781
Foreign currency		2,414,024		9		1,041,602
Cash		6,280		13,304		259,360
Cash collateral on options		—		—		21,017,674
Cash collateral on futures		—		—		211,529
Cash collateral on swap agreements		—		—		18,269,992
Cash collateral for short sales		—		—		58,213,609
Due from broker		—		—		10,745,548
Receivable for investments sold		3,191,654		943,869		3,633,294
Receivable for investments sold short		—		—		165,464
Receivable for fund shares sold		421,362		30,895		173,983
Receivable for interest and dividends		1,216,807		71,575		698,728
Receivable for foreign tax reclaims		30,933		35,689		187,932
Receivable from affiliate		—		1,038		—
Receivable for variation margin on centrally cleared swap agreements		—		—		865,458
OTC swap agreements, at value2​		—		—		2,314,857
Unrealized appreciation on forward foreign currency contracts		—		—		713,417
Other assets		23,957		9,750		31,697
Total assets		393,630,689		63,537,721		430,437,925
Liabilities:
Investments sold short, at value (proceeds—$0; $0, and $72,059,963, respectively)		—		—		76,983,820
Options and swaptions written, at value (premiums received $0; $0 and $1,109,522, respectively)		—		—		1,326,236
Due to broker		—		—		175,516
Payable for cash collateral from securities loaned		3,129,788		450,958		—
Payable for investments purchased		3,687,725		495,157		5,002,311
Payable for fund shares redeemed		340,540		127,195		364,286
Payable for dividend and interest expense on investments sold short		—		—		141,208
Payable to affiliate		197,557		—		235,736
Payable to custodian		257,371		41,603		479,528
Payable for foreign withholding taxes and foreign capital gains taxes		1,307,101		17,261		3,765
Payable for variation margin on futures contracts		—		—		428,886
OTC swap agreements, at value2​		—		—		1,694,513
Unrealized depreciation on forward foreign currency contracts		—		—		824,567
Accrued expenses and other liabilities		282,489		194,898		224,561
Total liabilities		9,202,571		1,327,072		87,884,933
Net assets	$	384,428,118	$	62,210,649	$	342,552,992

¹​  Includes $7,809,758; $5,446,933 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

²​  Net upfront payments received by PACE Alternative Strategies Investments was $31,069. Net upfront payment made by PACE Alternative Strategies Investments was $349.

See accompanying notes to financial statements
185

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
July 31, 2024

	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)	$	389,137,763		$	77,320,884		$	327,714,744
Distributable earnings (accumulated losses)		(4,709,645	)		(15,110,235	)		14,838,248
Net assets	$	384,428,118		$	62,210,649		$	342,552,992
Class A
Net assets	$	2,984,148		$	150,906		$	3,379,005
Shares outstanding		230,517			21,868			304,656
Net asset value per share	$	12.95		$	6.90		$	11.09
Maximum offering price per share	$	13.70		$	7.30		$	11.79
Class Y
Net assets	$	3,700,592		$	—		$	298,623
Shares outstanding		282,915			—			26,779
Net asset value, offering price and redemption value per share2​	$	13.08		$	—		$	11.15
Class P
Net assets	$	230,610,861		$	62,059,743		$	281,029,027
Shares outstanding		17,737,736			9,423,090			25,319,771
Net asset value, offering price and redemption value per share2​	$	13.00		$	6.59		$	11.10
Class P2
Net assets	$	147,132,517		$	—		$	57,846,337
Shares outstanding		11,244,827			—			5,203,885
Net asset value and offering price per share	$	13.08		$	—		$	11.12

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

See accompanying notes to financial statements
186

PACE Select Advisors Trust

Statement of operations
For the year ended July 31, 2024

	UBS Government Money Market Investments Fund			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments
Investment income:
Dividends	$	—		$	—		$	225,681
Interest		151,456,610			9,521,283			13,334,790
Securities lending		—			—			22,758
Foreign tax withheld		—			(113,522	)		—
Total income		151,456,610			9,407,761			13,583,229
Expenses:
Investment advisory and administration fees		7,000,105			1,055,972			1,141,363
Service fees—Class A		—			44,438			19,247
Transfer agency and related services fees		140,536			341,061			308,912
Custody and fund accounting fees		98,515			143,443			43,987
Trustees fees		43,704			23,226			23,341
Professional services fees		133,826			191,652			176,455
Printing and shareholder report fees		120,476			42,388			37,837
Federal and state registration fees		222,700			47,767			47,732
Insurance expense		12,639			3,003			1,519
Interest expense		—			2,130,143			—
Other expenses		65,384			67,482			52,659
Total expenses		7,837,885			4,090,575			1,853,052
Fee waivers and/or expense reimbursements by investment manager and administrator*		(3,640,054	)		(533,630	)		(567,930	)
Net expenses		4,197,831			3,556,945			1,285,122
Net investment income (loss)		147,258,779			5,850,816			12,298,107
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(1,232	)		(3,631,306	)		2,504
Investments sold short		—			(1,863,659	)		—
Options and swaptions written		—			1,735,365			—
Futures contracts		—			(652,106	)		(4,049,761	)
Swap agreements		—			3,773,425			—
Net realized gain (loss)		(1,232	)		(638,281	)		(4,047,257	)
Change in net unrealized appreciation (depreciation) on:
Investments		—			6,868,231			5,235,024
Investments sold short		—			(947,201	)		—
Options and swaptions written		—			(1,043	)		—
Futures contracts		—			583,875			2,311,463
Swap agreements		—			(2,468,965	)		—
Net change in unrealized appreciation (depreciation)		—			4,034,897			7,546,487
Net realized and unrealized gain (loss) from investment activities		(1,232	)		3,396,616			3,499,230
Net increase (decrease) in net assets resulting from operations	$	147,257,547		$	9,247,432		$	15,797,337

*  Refer to note Investment management and administration fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
187

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2024

	PACE Strategic Fixed Income Investments			PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments
Investment income:
Dividends	$	418,264		$	—		$	—
Interest		27,156,781			6,083,919			8,021,768
Securities lending		67,590			—			1,781
Foreign tax withheld		(4,831	)		—			(32,711	)
Total income		27,637,804			6,083,919			7,990,838
Expenses:
Investment advisory and administration fees		2,359,846			976,885			1,128,955
Service fees—Class A		23,672			60,443			39,078
Transfer agency and related services fees		394,581			64,334			355,842
Custody and fund accounting fees		239,604			29,934			193,887
Trustees fees		25,148			23,235			23,188
Professional services fees		196,239			154,875			207,227
Printing and shareholder report fees		44,386			19,371			44,737
Federal and state registration fees		49,265			47,403			47,228
Insurance expense		3,519			1,520			1,437
Interest expense		832,100			—			—
Other expenses		79,492			49,543			53,508
Total expenses		4,247,852			1,427,543			2,095,087
Fee waivers and/or expense reimbursements by investment manager and administrator*		(486,779	)		(253,451	)		(484,474	)
Net expenses		3,761,073			1,174,092			1,610,613
Net investment income (loss)		23,876,731			4,909,827			6,380,225
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(5,323,029	)		(1,856,777	)		(2,860,207	)
Options and swaptions written		45,246			—			—
Futures contracts		(4,313,682	)		—			(383,852	)
Swap agreements		240,280			—			—
Forward foreign currency contracts		(71,546	)		—			(2,460,239	)
Foreign currency transactions		(78,241	)		—			10,646
Net realized gain (loss)		(9,500,972	)		(1,856,777	)		(5,693,652	)
Change in net unrealized appreciation (depreciation) on:
Investments		19,323,876			3,341,206			2,943,944
Options and swaptions written		32,616			—			—
Futures contracts		2,988,092			—			141,611
Swap agreements		(14,807	)		—			—
Forward foreign currency contracts		115,949			—			1,401,889
Translation of other assets and liabilities denominated in foreign currency		(4,700,333	)		—			(4,811	)
Net change in unrealized appreciation (depreciation)		17,745,393			3,341,206			4,482,633
Net realized and unrealized gain (loss) from investment activities		8,244,421			1,484,429			(1,211,019	)
Net increase (decrease) in net assets resulting from operations	$	32,121,152		$	6,394,256		$	5,169,206

*  Refer to note Investment management and administration fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
188

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2024

	PACE High Yield Investments			PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments
Investment income:
Dividends	$	60,430		$	19,489,455		$	4,121,930
Interest		13,617,890			1,622,286			992,668
Securities lending		254			33,533			8,142
Foreign tax withheld		—			(269,219	)		(64,418	)
Total income		13,678,574			20,876,055			5,058,322
Expenses:
Investment advisory and administration fees		1,333,334			6,021,236			6,304,643
Service fees—Class A		7,473			221,321			112,696
Transfer agency and related services fees		295,281			472,895			443,662
Custody and fund accounting fees		46,259			173,998			151,521
Trustees fees		23,202			27,733			27,777
Professional services fees		198,107			164,640			169,614
Printing and shareholder report fees		49,974			92,086			56,263
Federal and state registration fees		57,437			49,607			50,678
Insurance expense		1,425			5,681			5,318
Interest expense		—			830			1,208
Other expenses		92,740			90,109			56,719
Total expenses		2,105,232			7,320,136			7,380,099
Fee waivers and/or expense reimbursements by investment manager and administrator*		(449,752	)		(93,650	)		(249,310	)
Net expenses		1,655,480			7,226,486			7,130,789
Net investment income (loss)		12,023,094			13,649,569			(2,072,467	)
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(6,575,092	)		49,975,030			81,431,418
Forward foreign currency contracts		520,030			—			—
Foreign currency transactions		633,404			(6,148	)		6
Net realized gain (loss)		(5,421,658	)		49,968,882			81,431,424
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0 and $0 , respectively)		12,639,593			41,742,083			91,807,883
Forward foreign currency contracts		116,188			—			—
Translation of other assets and liabilities denominated in foreign currency		(12,058	)		(4,287	)		—
Net change in unrealized appreciation (depreciation)		12,743,723			41,737,796			91,807,883
Net realized and unrealized gain (loss) from investment activities		7,322,065			91,706,678			173,239,307
Net increase (decrease) in net assets resulting from operations	$	19,345,159		$	105,356,247		$	171,166,840

*  Refer to note Investment management and administration fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
189

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2024

	PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments			PACE International Equity Investments			PACE International Emerging Markets Equity Investments
Investment income:
Dividends	$	4,904,548		$	1,050,961		$	26,364,687		$	10,370,889
Interest		404,569			153,088			325,801			275,625
Securities lending		7,886			27,372			116,325			35,227
Foreign tax withheld		(14,949	)		(10,913	)		(2,433,051	)		(1,086,345	)
Total income		5,302,054			1,220,508			24,373,762			9,595,396
Expenses:
Investment advisory and administration fees		2,374,277			2,144,789			6,461,621			3,700,257
Service fees—Class A		35,737			43,583			55,497			7,658
Transfer agency and related services fees		429,640			420,931			441,521			429,331
Custody and fund accounting fees		78,627			92,780			363,348			527,693
Trustees fees		24,045			23,833			27,258			24,673
Professional services fees		206,018			156,131			299,535			213,039
Printing and shareholder report fees		66,608			60,712			61,110			76,915
Federal and state registration fees		51,080			51,467			61,022			68,089
Insurance expense		2,236			1,926			5,169			2,039
Interest expense		2,369			980			14,520			10,203
Dividend expense		—			—			3,227,878			—
Other expenses		61,260			49,627			137,402			195,421
Total expenses		3,331,897			3,046,759			11,155,881			5,255,318
Fee waivers and/or expense reimbursements by investment manager and administrator*		(207,230	)		(116,097	)		(710,564	)		(1,139,535	)
Net expenses		3,124,667			2,930,662			10,445,317			4,115,783
Net investment income (loss)		2,177,387			(1,710,154	)		13,928,445			5,479,613
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (including foreign capital gain tax expense of $0; $0; $761, and $751,195, respectively)		43,247,678			22,472,460			47,078,540			4,534,500
Investments sold short		—			—			3,486,658			—
Foreign currency transactions		940			—			(191,876	)		(297,920	)
Net realized gain (loss)		43,248,618			22,472,460			50,373,322			4,236,580
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $(123,735) and $(246,312), respectively)		(12,080,715	)		(9,961,489	)		22,029,017			(6,930,375	)
Investments sold short		—			—			285,401			—
Translation of other assets and liabilities denominated in foreign currency		(15	)		—			(33,410	)		(14,807	)
Net change in unrealized appreciation (depreciation)		(12,080,730	)		(9,961,489	)		22,281,008			(6,945,182	)
Net realized and unrealized gain (loss) from investment activities		31,167,888			12,510,971			72,654,330			(2,708,602	)
Net increase (decrease) in net assets resulting from operations	$	33,345,275		$	10,800,817		$	86,582,775		$	2,771,011

*  Refer to note Investment management and administration fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

190

PACE Select Advisors Trust

Statement of operations (concluded)
For the year ended July 31, 2024

	PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends	$	1,790,671		$	5,310,892
Interest		40,885			10,327,996
Securities lending		6,798			—
Foreign tax withheld		(55,841	)		(177,131	)
Total income		1,782,513			15,461,757
Expenses:
Investment advisory and administration fees		495,524			4,943,752
Service fees—Class A		382			8,834
Transfer agency and related services fees		297,232			258,270
Custody and fund accounting fees		83,448			828,915
Trustees fees		22,237			24,500
Professional services fees		162,432			281,775
Printing and shareholder report fees		31,260			82,006
Federal and state registration fees		34,670			59,810
Insurance expense		448			3,897
Interest expense		150			11,396
Dividend expense		—			2,152,811
Other expenses		62,143			149,835
Total expenses		1,189,926			8,805,801
Fee waivers and/or expense reimbursements by investment manager and administrator*		(446,108	)		(1,306,606	)
Net expenses		743,818			7,499,195
Net investment income (loss)		1,038,695			7,962,562
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(4,614,980	)		33,966,258
Investments sold short		—			(19,553,289	)
Options and swaptions written		—			676,014
Futures contracts		—			1,350,099
Swap agreements		—			5,567,958
Forward foreign currency contracts		—			718,147
Foreign currency transactions		(14,842	)		(231,466	)
Net realized gain (loss)		(4,629,822	)		22,493,721
Change in net unrealized appreciation (depreciation) on:
Investments		7,077,273			(6,124,768	)
Investments sold short		—			8,787,874
Options and swaptions written		—			(386,066	)
Futures contracts		—			(183,828	)
Swap agreements		—			(536,149	)
Forward foreign currency contracts		—			(587,141	)
Translation of other assets and liabilities denominated in foreign currency		(2,652	)		(8,697	)
Net change in unrealized appreciation (depreciation)		7,074,621			961,225
Net realized and unrealized gain (loss) from investment activities		2,444,799			23,454,946
Net increase (decrease) in net assets resulting from operations	$	3,483,494		$	31,417,508

*  Refer to note Investment management and administration fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

191

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 years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	147,258,779		$	65,060,792		$	5,850,816		$	5,988,796
Net realized gain (loss)		(1,232	)		(335	)		(638,281	)		(5,785,442	)
Net change in unrealized appreciation (depreciation)		—			—			4,034,897			(13,305,049	)
Net increase (decrease) in net assets resulting from operations		147,257,547			65,060,457			9,247,432			(13,101,695	)
Total distributions—Class A		—			—			(857,917	)		(938,800	)
Total distributions—Class Y		—			—			(362,007	)		(372,499	)
Total distributions—Class P		(147,258,779	)		(65,060,792	)		(8,508,688	)		(9,420,348	)
Total distributions		147,258,779			(65,060,792	)		(9,728,612	)		(10,731,647	)
From beneficial interest transactions:
Proceeds from shares sold		5,136,195,095			4,702,328,463			25,481,124			26,778,282
Cost of shares redeemed		(5,025,749,896	)		(2,677,359,334	)		(51,302,602	)		(72,192,214	)
Shares issued on reinvestment of dividends and distributions		127,049,584			54,462,705			8,733,738			9,635,635
Net increase (decrease) in net assets from beneficial interest transactions		237,494,783			2,079,431,834			(17,087,740	)		(35,778,297	)
Net increase (decrease) in net assets		237,493,551			2,079,431,499			(17,568,920	)		(59,611,639	)
Net assets:
Beginning of year		2,500,351,579			420,920,080			203,148,395			262,760,034
End of year	$	2,737,845,130		$	2,500,351,579		$	185,579,475		$	203,148,395

See accompanying notes to financial statements
192

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Intermediate Fixed Income Investments						PACE Strategic Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	12,298,107		$	10,634,607		$	23,876,731		$	22,063,539
Net realized gain (loss)		(4,047,257	)		(31,899,283	)		(9,500,972	)		(53,426,647	)
Net change in unrealized appreciation (depreciation)		7,546,487			15,027,889			17,745,393			23,197,789
Net increase (decrease) in net assets resulting from operations		15,797,337			(6,236,787	)		32,121,152			(8,165,319	)
Total distributions—Class A		(438,572	)		(374,402	)		(467,653	)		(420,949	)
Total distributions—Class Y		(9,910	)		(8,723	)		(39,962	)		(37,818	)
Total distributions—Class P		(11,880,062	)		(10,308,304	)		(22,555,796	)		(20,611,010	)
Return of capital—Class A		—			—			(32,726	)		(26,749	)
Return of capital—Class Y		—			—			(2,796	)		(2,403	)
Return of capital—Class P		—			—			(1,578,416	)		(1,309,739	)
Total distributions		(12,328,544	)		(10,691,429	)		(24,677,349	)		(22,408,668	)
From beneficial interest transactions:
Proceeds from shares sold		29,416,000			31,343,482			45,770,805			46,516,599
Cost of shares redeemed		(52,900,967	)		(73,642,554	)		(96,746,917	)		(147,565,276	)
Shares issued on reinvestment of dividends and distributions		11,084,633			9,584,038			22,691,664			20,568,675
Net increase (decrease) in net assets from beneficial interest transactions		(12,400,334	)		(32,715,034	)		(28,284,448	)		(80,480,002	)
Net increase (decrease) in net assets		(8,931,541	)		(49,643,250	)		(20,840,645	)		(111,053,989	)
Net assets:
Beginning of year		215,111,810			264,755,060			464,716,339			575,770,328
End of year	$	206,180,269		$	215,111,810		$	443,875,694		$	464,716,339

See accompanying notes to financial statements
193

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Municipal Fixed Income Investments						PACE Global Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	4,909,827		$	5,540,017		$	6,380,225		$	5,529,096
Net realized gain (loss)		(1,856,777	)		(456,603	)		(5,693,652	)		(28,101,377	)
Net change in unrealized appreciation (depreciation)		3,341,206			(4,802,990	)		4,482,633			13,835,490
Net increase (decrease) in net assets resulting from operations		6,394,256			280,424			5,169,206			(8,736,791	)
Total distributions—Class A		(548,106	)		(592,622	)		(204,957	)		—
Total distributions—Class Y		(95	)		(87	)		(17,837	)		—
Total distributions—Class P		(4,299,554	)		(4,861,743	)		(2,425,443	)		—
Return of capital—Class A		—			—			(316,138	)		(465,917	)
Return of capital—Class Y		—			—			(27,512	)		(40,159	)
Return of capital—Class P		—			—			(3,741,148	)		(5,610,770	)
Total distributions		(4,847,755	)		(5,454,452	)		(6,733,035	)		(6,116,846	)
From beneficial interest transactions:
Proceeds from shares sold		18,029,424			44,510,887			22,691,971			22,118,406
Cost of shares redeemed		(51,093,076	)		(103,943,142	)		(44,631,643	)		(62,972,964	)
Shares issued on reinvestment of dividends and distributions		4,094,749			4,607,562			6,137,298			5,574,710
Net increase (decrease) in net assets from beneficial interest transactions		(28,968,903	)		(54,824,693	)		(15,802,374	)		(35,279,848	)
Net increase (decrease) in net assets		(27,422,402	)		(59,998,721	)		(17,366,203	)		(50,133,485	)
Net assets:
Beginning of year		212,097,107			272,095,828			201,214,681			251,348,166
End of year	$	184,674,705		$	212,097,107		$	183,848,478		$	201,214,681

See accompanying notes to financial statements
194

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	12,023,094		$	12,953,232		$	13,649,569		$	13,663,767
Net realized gain (loss)		(5,421,658	)		(15,968,004	)		49,968,882			27,517,322
Net change in unrealized appreciation (depreciation)		12,743,723			14,234,292			41,737,796			64,800,907
Net increase (decrease) in net assets resulting from operations		19,345,159			11,219,520			105,356,247			105,981,996
Total distributions—Class A		(160,394	)		(137,442	)		(4,337,084	)		(13,028,151	)
Total distributions—Class Y		(35,179	)		(24,880	)		(887,988	)		(2,345,835	)
Total distributions—Class P		(9,930,191	)		(8,367,874	)		(35,356,800	)		(111,987,956	)
Total distributions—Class P2		(456,055	)		(588,688	)		—			—
Return of capital—Class A		(23,050	)		(60,385	)		—			—
Return of capital—Class Y		(5,055	)		(10,931	)		—			—
Return of capital—Class P		(1,427,031	)		(3,676,401	)		—			—
Return of capital—Class P2		(65,538	)		(258,639	)		—			—
Total distributions		(12,102,493	)		(13,125,240	)		(40,581,872	)		(127,361,942	)
From beneficial interest transactions:
Proceeds from shares sold		12,720,083			15,795,160			27,114,621			43,831,964
Cost of shares redeemed		(41,095,243	)		(73,093,038	)		(172,631,257	)		(259,741,889	)
Shares issued on reinvestment of dividends and distributions		11,096,262			12,065,047			37,815,027			118,397,484
Net increase (decrease) in net assets from beneficial interest transactions		(17,278,898	)		(45,232,831	)		(107,701,609	)		(97,512,441	)
Net increase (decrease) in net assets		(10,036,232	)		(47,138,551	)		(42,927,234	)		(118,892,387	)
Net assets:
Beginning of year		197,186,255			244,324,806			841,309,450			960,201,837
End of year	$	187,150,023		$	197,186,255		$	798,382,216		$	841,309,450

See accompanying notes to financial statements
195

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 years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	(2,072,467	)	$	466,748		$	2,177,387		$	2,186,125
Net realized gain (loss)		81,431,424			(10,693,301	)		43,248,618			5,702,417
Net change in unrealized appreciation (depreciation)		91,807,883			100,110,450			(12,080,730	)		(355,182	)
Net increase (decrease) in net assets resulting from operations		171,166,840			89,883,897			33,345,275			7,533,360
Total distributions—Class A		(1,036,657	)		(16,280,967	)		(76,345	)		(2,970,541	)
Total distributions—Class Y		(401,826	)		(5,870,524	)		(717	)		(22,213	)
Total distributions—Class P		(14,972,014	)		(246,028,041	)		(2,016,290	)		(58,896,621	)
Total distributions		(16,410,497	)		(268,179,532	)		(2,093,352	)		(61,889,375	)
From beneficial interest transactions:
Proceeds from shares sold		25,094,372			77,944,911			15,175,101			21,367,818
Cost of shares redeemed		(200,176,823	)		(275,661,595	)		(64,753,085	)		(103,550,605	)
Shares issued on reinvestment of dividends and distributions		15,596,769			251,742,784			1,920,146			57,136,597
Net increase (decrease) in net assets from beneficial interest transactions		(159,485,682	)		54,026,100			(47,657,838	)		(25,046,190	)
Net increase (decrease) in net assets		(4,729,339	)		(124,269,535	)		(16,405,915	)		(79,402,205	)
Net assets:
Beginning of year		809,093,487			933,363,022			319,519,570			398,921,775
End of year	$	804,364,148		$	809,093,487		$	303,113,655		$	319,519,570

See accompanying notes to financial statements
196

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	(1,710,154	)	$	(1,413,110	)	$	13,928,445		$	15,107,466
Net realized gain (loss)		22,472,460			(30,970	)		50,373,322			3,864,491
Net change in unrealized appreciation (depreciation)		(9,961,489	)		27,983,563			22,281,008			89,373,696
Net increase (decrease) in net assets resulting from operations		10,800,817			26,539,483			86,582,775			108,345,653
Total distributions—Class A		—			—			(851,608	)		(606,009	)
Total distributions—Class Y		—			—			(435,494	)		(307,773	)
Total distributions—Class P		—			—			(28,233,058	)		(22,468,461	)
Total distributions—Class P2		—			—			(591,278	)		—
Total distributions		—			—			(30,111,438	)		(23,382,243	)
From beneficial interest transactions:
Proceeds from shares sold		17,406,070			30,349,889			23,784,555			55,232,345
Cost of shares redeemed		(52,938,293	)		(98,104,676	)		(151,352,116	)		(203,494,016	)
Shares issued on reinvestment of dividends and distributions		—			—			27,953,823			21,747,118
Net increase (decrease) in net assets from beneficial interest transactions		(35,532,223	)		(67,754,787	)		(99,613,738	)		(126,514,553	)
Net increase (decrease) in net assets		(24,731,406	)		(41,215,304	)		(43,142,401	)		(41,551,143	)
Net assets:
Beginning of year		295,162,646			336,377,950			772,741,748			814,292,891
End of year	$	270,431,240		$	295,162,646		$	729,599,347		$	772,741,748

See accompanying notes to financial statements
197

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 years ended July 31,						For the years ended July 31,
	2024			2023			2024			2023
From operations:
Net investment income (loss)	$	5,479,613		$	5,826,073		$	1,038,695		$	1,217,664
Net realized gain (loss)		4,236,580			(11,642,851	)		(4,629,822	)		(4,022,429	)
Net change in unrealized appreciation (depreciation)		(6,945,182	)		41,391,608			7,074,621			(5,302,752	)
Net increase (decrease) in net assets resulting from operations		2,771,011			35,574,830			3,483,494			(8,107,517	)
Total distributions—Class A		(37,074	)		(69,522	)		(1,964	)		(1,332	)
Total distributions—Class Y		(57,770	)		(100,744	)		—			—
Total distributions—Class P		(3,437,147	)		(6,326,503	)		(1,017,632	)		(809,555	)
Total distributions—Class P2		(1,596,581	)		—			—			—
Total distributions		(5,128,572	)		(6,496,769	)		(1,019,596	)		(810,887	)
From beneficial interest transactions:
Proceeds from shares sold		85,328,727			153,148,327			5,471,721			6,261,224
Cost of shares redeemed		(83,836,942	)		(102,616,090	)		(14,333,891	)		(21,051,031	)
Shares issued on reinvestment of dividends and distributions		3,835,876			6,089,760			949,458			744,330
Net increase (decrease) in net assets from beneficial interest transactions		5,327,661			56,621,997			(7,912,712	)		(14,045,477	)
Net increase (decrease) in net assets		2,970,100			85,700,058			(5,448,814	)		(22,963,881	)
Net assets:
Beginning of year		381,458,018			295,757,960			67,659,463			90,623,344
End of year	$	384,428,118		$	381,458,018		$	62,210,649		$	67,659,463

See accompanying notes to financial statements
198

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Alternative Strategies Investments
	For the years ended July 31,
	2024			2023
From operations:
Net investment income (loss)	$	7,962,562		$	7,039,848
Net realized gain (loss)		22,493,721			(2,951,058	)
Net change in unrealized appreciation (depreciation)		961,225			7,899,948
Net increase (decrease) in net assets resulting from operations		31,417,508			11,988,738
Total distributions—Class A		(127,522	)		(102,502	)
Total distributions—Class Y		(12,140	)		(9,562	)
Total distributions—Class P		(11,095,120	)		(8,444,577	)
Total distributions—Class P2		(1,802,676	)		(24	)
Total distributions		(13,037,458	)		(8,556,665	)
From beneficial interest transactions:
Proceeds from shares sold		20,199,241			74,687,335
Cost of shares redeemed		(80,061,856	)		(110,850,121	)
Shares issued on reinvestment of dividends and distributions		12,211,834			8,066,358
Net increase (decrease) in net assets from beneficial interest transactions		(47,650,781	)		(28,096,428	)
Net increase (decrease) in net assets		(29,270,731	)		(24,664,355	)
Net assets:
Beginning of year		371,823,723			396,488,078
End of year	$	342,552,992		$	371,823,723

See accompanying notes to financial statements
199

PACE Select Advisors Trust

Statement of cash flows
For the period ended July 31, 2024

	PACE International Equity Investments
Cash flows from operating activites
Net increase (decrease) in net assets resulting from operations	$	86,582,775
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		(312,554,420	)
Purchases to cover investments sold short		(110,094,645	)
Proceeds from disposition of long-term investments		432,778,822
Sales of investments sold short		108,704,870
Net proceeds from short-term investments		(35,347,921	)
Net realized (gains) losses from investments in securities		(47,078,540	)
Net realized (gains) losses from investments sold short		(3,486,658	)
Net change in unrealized appreciation/depreciation of investments in securities		(22,029,017	)
Net change in unrealized appreciation/depreciation of investments sold short		(285,401	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Receivable for interest and dividends		25,347
Receivable for foreign tax reclaims		(176,926	)
Other assets		(3	)
Increase (decrease) in liabilities:
Credit facility payable		207,031
Payable for cash collateral from securities loaned		32,905,996
Payable for dividends and interest on investments sold short		(63,518	)
Payable to affiliate		(27,554	)
Payable to custodian		(20,332	)
Payable for foreign withholding taxes and foreign capital gains taxes		100,171
Accrued expenses and other liabilities		26,194
Net cash provided from operating activities		130,166,271
Cash flows from financing activities
Proceeds from borrowings		12,942,799
Payments from borrowings		(12,942,799	)
Proceeds from shares sold		23,560,666
Cost of shares repurchased		(151,729,618	)
Dividends paid to shareholders		(2,157,615	)
Net cash used in financing activities		(130,326,567	)
Net increase (decrease) in cash and foreign currency		(160,296	)
Cash and foreign currency, beginning of year		353,403
Cash and foreign currency, end of year	$	193,107
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(27,953,823	)
Cash paid during the year for interest	$	14,520

See accompanying notes to financial statements
200

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.053			0.036			0.0001​			0.0001​			0.008
Net realized and unrealized gains (losses)		—			(0.000	)1​		(0.000	)1​		0.0001​			—
Net increase (decrease) from operations		0.053			0.036			0.0001​			0.0001​			0.008
Dividends from net investment income		(0.053	)		(0.036	)		(0.000	)1​		(0.000	)1​		(0.008	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2​		5.39	%		3.84	%		0.12	%		0.01	%		0.76	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.28	%		0.31	%		0.64	%		0.65	%		0.75	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.15	%		0.21	%		0.26	%		0.10	%		0.49	%
Net investment income (loss)		5.26	%		4.32	%		0.16	%		0.01	%		0.60	%
Supplemental data:
Net assets, end of year (000's)	$	2,737,845		$	2,500,352		$	420,920		$	262,353		$	316,103

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 year 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 year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements

201

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.40		$	11.47		$	12.83		$	13.03		$	12.69
Net investment income (loss)1​		0.29			0.26			0.14			0.13			0.26
Net realized and unrealized gain (loss)		0.20			(0.84	)		(1.20	)		0.04			0.48
Net increase (decrease) from operations		0.49			(0.58	)		(1.06	)		0.17			0.74
Dividends from net investment income		(0.49	)		(0.49	)		(0.30	)		(0.37	)		(0.40	)
Net asset value, end of year	$	10.40		$	10.40		$	11.47		$	12.83		$	13.03
Total investment return2​		4.89	%		(5.04	)%		(8.25	)%		1.20	%		6.02	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		2.30	%		1.13	%		1.19	%3​		1.14	%		1.36	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including interest expense		2.08	%		0.97	%		0.97	%3​		0.98	%		1.20	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding interest expense		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income (loss)		2.82	%		2.44	%		1.15	%		0.98	%		2.02	%
Supplemental data:
Net assets, end of year (000's)	$	17,255		$	18,968		$	23,265		$	28,960		$	31,498
Portfolio turnover		977	%		919	%		817	%		796	%		765	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.40		$	11.47		$	12.83		$	13.04		$	12.69
Income (loss) from investment operations:
Net investment income (loss)1​		0.31			0.29			0.17			0.16			0.30
Net realized and unrealized gain (loss)		0.21			(0.84	)		(1.20	)		0.03			0.48
Net increase (decrease) from operations		0.52			(0.55	)		(1.03	)		0.19			0.78
Dividends from net investment income		(0.52	)		(0.52	)		(0.33	)		(0.40	)		(0.43	)
Net asset value, end of year	$	10.40		$	10.40		$	11.47		$	12.83		$	13.04
Total investment return2​		5.25	%		(4.89	)%		(8.01	)%		1.46	%		6.28	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		2.14	%		0.95	%		1.05	%3​		0.95	%		1.23	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including interest expense		1.82	%		0.72	%		0.72	%3​		0.73	%		0.97	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding interest expense		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss)		3.07	%		2.69	%		1.40	%		1.24	%		2.35	%
Supplemental data:
Net assets, end of year (000's)	$	6,358		$	7,397		$	9,000		$	13,535		$	15,308
Portfolio turnover		977	%		919	%		817	%		796	%		765	%

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.

³​  Includes interest expense representing less than 0.005%.

202

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.40		$	11.48		$	12.84		$	13.04		$	12.70
Net investment income (loss)1​		0.31			0.29			0.17			0.16			0.29
Net realized and unrealized gains (losses)		0.21			(0.85	)		(1.20	)		0.04			0.48
Net increase (decrease) from operations		0.52			(0.56	)		(1.03	)		0.20			0.77
Dividends from net investment income		(0.52	)		(0.52	)		(0.33	)		(0.40	)		(0.43	)
Net asset value, end of year	$	10.40		$	10.40		$	11.48		$	12.84		$	13.04
Total investment return2​		5.15	%		(4.80	)%		(8.09	)%		1.53	%		6.20	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		2.11	%		0.94	%		1.00	%3​		0.96	%		1.18	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including interest expense		1.83	%		0.72	%		0.72	%3​		0.73	%		0.95	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding interest expense		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss)		3.07	%		2.69	%		1.41	%		1.23	%		2.26	%
Supplemental data:
Net assets, end of year (000's)	$	161,965		$	176,784		$	230,495		$	273,956		$	281,524
Portfolio turnover		977	%		919	%		817	%		796	%		765	%

See accompanying notes to financial statements

203

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.43		$	11.16		$	12.78		$	13.36		$	12.44
Net investment income (loss)1​		0.59			0.46			0.13			0.12			0.23
Net realized and unrealized gain (loss)		0.17			(0.72	)		(1.40	)		(0.22	)		0.95
Net increase (decrease) from operations		0.76			(0.26	)		(1.27	)		(0.10	)		1.18
Dividends from net investment income		(0.59	)		(0.47	)		(0.16	)		(0.17	)		(0.26	)
Distributions from net realized gain		—			—			(0.19	)		(0.31	)		—
Total dividends and distributions		(0.59	)		(0.47	)		(0.35	)		(0.48	)		(0.26	)
Net asset value, end of year	$	10.60		$	10.43		$	11.16		$	12.78		$	13.36
Total investment return2​		7.61	%		(2.28	)%		(10.08	)%		(0.72	)%		9.61	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%		1.09	%		1.14	%		1.06	%		1.04	%3​
Expenses after fee waivers and/or expense reimbursements		0.86	%		0.86	%		0.91	%		0.91	%		0.91	%3​
Net investment income (loss)		5.69	%		4.36	%		1.09	%		0.95	%		1.82	%
Supplemental data:
Net assets, end of year (000's)	$	7,522		$	8,043		$	9,475		$	12,045		$	13,475
Portfolio turnover		35	%		214	%		124	%		416	%		403	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.43		$	11.16		$	12.78		$	13.36		$	12.44
Income (loss) from investment operations:
Net investment income (loss)1​		0.61			0.49			0.16			0.16			0.26
Net realized and unrealized gain (loss)		0.18			(0.72	)		(1.40	)		(0.22	)		0.95
Net increase (decrease) from operations		0.79			(0.23	)		(1.24	)		(0.06	)		1.21
Dividends/distributions:
Dividends from net investment income		(0.62	)		(0.50	)		(0.19	)		(0.21	)		(0.29	)
Distributions from net realized gain		—			—			(0.19	)		(0.31	)		—
Total dividends and distributions		(0.62	)		(0.50	)		(0.38	)		(0.52	)		(0.29	)
Net asset value, end of year	$	10.60		$	10.43		$	11.16		$	12.78		$	13.36
Total investment return2​		7.89	%		(2.04	)%		(9.85	)%		(0.47	)%		9.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.04	%		1.03	%		1.08	%		0.96	%		0.87	%3​
Expenses after fee waivers and/or expense reimbursements		0.61	%		0.61	%		0.66	%		0.66	%		0.66	%3​
Net investment income (loss)		5.94	%		4.64	%		1.37	%		1.22	%		2.08	%
Supplemental data:
Net assets, end of year (000's)	$	162		$	170		$	198		$	199		$	271
Portfolio turnover		35	%		214	%		124	%		416	%		403	%

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.

³​  Includes interest expense representing less than 0.005%.

204

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.43		$	11.16		$	12.79		$	13.36		$	12.44
Net investment income (loss)1​		0.62			0.49			0.16			0.15			0.26
Net realized and unrealized gains (losses)		0.18			(0.72	)		(1.41	)		(0.20	)		0.95
Net increase (decrease) from operations		0.80			(0.23	)		(1.25	)		(0.05	)		1.21
Dividends from net investment income		(0.62	)		(0.50	)		(0.19	)		(0.21	)		(0.29	)
Distributions from net realized gains		—			—			(0.19	)		(0.31	)		—
Total dividends and distributions		(0.62	)		(0.50	)		(0.38	)		(0.52	)		(0.29	)
Net asset value, end of year	$	10.61		$	10.43		$	11.16		$	12.79		$	13.36
Total investment return2​		7.88	%		(2.04	)%		(9.92	)%		(0.39	)%		9.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%		0.87	%		0.92	%		0.85	%		0.84	%3​
Expenses after fee waivers and/or expense reimbursements		0.61	%		0.61	%		0.66	%		0.66	%		0.66	%3​
Net investment income (loss)		5.94	%		4.60	%		1.35	%		1.20	%		2.08	%
Supplemental data:
Net assets, end of year (000's)	$	198,496		$	206,899		$	255,082		$	309,129		$	323,819
Portfolio turnover		35	%		214	%		124	%		416	%		403	%

See accompanying notes to financial statements

205

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.64		$	12.31		$	14.33		$	14.91		$	13.91
Net investment income (loss)1​		0.59			0.49			0.28			0.32			0.37
Net realized and unrealized gain (loss)		0.23			(0.66	)		(1.81	)		(0.14	)		1.06
Net increase (decrease) from operations		0.82			(0.17	)		(1.53	)		0.18			1.43
Dividends from net investment income		(0.57	)		(0.47	)		(0.32	)		(0.33	)		(0.43	)
Distributions from net realized gain		—			—			(0.17	)		(0.43	)		—
Return of capital		(0.04	)		(0.03	)		—			—			—
Total dividends, distributions and return of capital		(0.61	)		(0.50	)		(0.49	)		(0.76	)		(0.43	)
Net asset value, end of year	$	11.85		$	11.64		$	12.31		$	14.33		$	14.91
Total investment return2​		7.34	%		(1.30	)%		(10.95	)%		1.25	%		10.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.18	%		1.12	%		1.03	%3​		1.00	%		1.35	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.09	%		1.05	%		0.90	%3​		0.94	%		1.28	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.90	%		0.90	%		0.90	%		0.93	%		0.93	%
Net investment income (loss)		5.10	%		4.15	%		2.06	%		2.19	%		2.57	%
Supplemental data:
Net assets, end of year (000's)	$	9,445		$	9,612		$	12,073		$	15,976		$	18,980
Portfolio turnover		190	%		376	%		65	%		147	%		248	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.62		$	12.29		$	14.31		$	14.88		$	13.88
Income (loss) from investment operations:
Net investment income (loss)1​		0.62			0.52			0.31			0.35			0.40
Net realized and unrealized gain (loss)		0.22			(0.66	)		(1.81	)		(0.13	)		1.06
Net increase (decrease) from operations		0.84			(0.14	)		(1.50	)		0.22			1.46
Dividends from net investment income		(0.60	)		(0.50	)		(0.35	)		(0.36	)		(0.46	)
Distributions from net realized gain		—			—			(0.17	)		(0.43	)		—
Return of capital		(0.04	)		(0.03	)		—			—			—
Total dividends, distributions and return of capital		(0.64	)		(0.53	)		(0.52	)		(0.79	)		(0.46	)
Net asset value, end of year	$	11.82		$	11.62		$	12.29		$	14.31		$	14.88
Total investment return2​		7.53	%		(1.05	)%		(10.75	)%		1.54	%		10.78	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.09	%		1.03	%		0.96	%3​		0.71	%		1.30	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.84	%		0.80	%		0.65	%3​		0.69	%		1.03	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%		0.65	%		0.65	%		0.68	%		0.68	%
Net investment income (loss)		5.35	%		4.46	%		2.32	%		2.43	%		2.83	%
Supplemental data:
Net assets, end of year (000's)	$	662		$	834		$	863		$	1,033		$	1,110
Portfolio turnover		190	%		376	%		65	%		147	%		248	%

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.

³​  Includes interest expense representing less than 0.005%.

206

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.63		$	12.30		$	14.32		$	14.90		$	13.90
Net investment income (loss)1​		0.62			0.52			0.31			0.35			0.40
Net realized and unrealized gains (losses)		0.23			(0.66	)		(1.81	)		(0.14	)		1.06
Net increase (decrease) from operations		0.85			(0.14	)		(1.50	)		0.21			1.46
Dividends from net investment income		(0.60	)		(0.50	)		(0.35	)		(0.36	)		(0.46	)
Distributions from net realized gains		—			—			(0.17	)		(0.43	)		—
Return of capital		(0.04	)		(0.03	)		—			—			—
Total dividends, distributions and return of capital		(0.64	)		(0.53	)		(0.52	)		(0.79	)		(0.46	)
Net asset value, end of year	$	11.84		$	11.63		$	12.30		$	14.32		$	14.90
Total investment return2​		7.52	%		(0.97	)%		(10.74	)%		1.51	%		10.76	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		0.95	%		0.89	%		0.81	%3​		0.78	%		1.13	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.84	%		0.80	%		0.65	%3​		0.69	%		1.03	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%		0.65	%		0.65	%		0.68	%		0.68	%
Net investment income (loss)		5.35	%		4.44	%		2.32	%		2.44	%		2.83	%
Supplemental data:
Net assets, end of year (000's)	$	433,768		$	454,270		$	562,834		$	678,031		$	693,664
Portfolio turnover		190	%		376	%		65	%		147	%		248	%

See accompanying notes to financial statements

207

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.08		$	12.28		$	13.45		$	13.40		$	13.23
Net investment income (loss)1​		0.28			0.26			0.24			0.26			0.27
Net realized and unrealized gain (loss)		0.10			(0.20	)		(1.12	)		0.11			0.20
Net increase (decrease) from operations		0.38			0.06			(0.88	)		0.37			0.47
Dividends from net investment income		(0.27	)		(0.26	)		(0.24	)		(0.24	)		(0.25	)
Distributions from net realized gain		—			—			(0.05	)		(0.08	)		(0.05	)
Total dividends and distributions		(0.27	)		(0.26	)		(0.29	)		(0.32	)		(0.30	)
Net asset value, end of year	$	12.19		$	12.08		$	12.28		$	13.45		$	13.40
Total investment return2​		3.23	%		0.48	%		(6.68	)%		2.81	%		3.66	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.96	%		0.90	%		0.92	%		0.93	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment income (loss)		2.29	%		2.14	%		1.90	%		1.95	%		2.07	%
Supplemental data:
Net assets, end of year (000's)	$	23,013		$	26,381		$	30,590		$	37,068		$	40,355
Portfolio turnover		23	%		11	%		14	%		9	%		10	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.09		$	12.29		$	13.45		$	13.41		$	13.23
Income (loss) from investment operations:
Net investment income (loss)1​		0.30			0.28			0.28			0.30			0.30
Net realized and unrealized gain (loss)		0.11			(0.20	)		(1.12	)		0.10			0.22
Net increase (decrease) from operations		0.41			0.08			(0.84	)		0.40			0.52
Dividends/distributions:
Dividends from net investment income		(0.30	)		(0.28	)		(0.27	)		(0.28	)		(0.29	)
Distributions from net realized gain		—			—			(0.05	)		(0.08	)		(0.05	)
Total dividends and distributions		(0.30	)		(0.28	)		(0.32	)		(0.36	)		(0.34	)
Net asset value, end of year	$	12.20		$	12.09		$	12.29		$	13.45		$	13.41
Total investment return2​		3.46	%		0.69	%		(6.37	)%		2.99	%		4.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.39	%		1.40	%		1.37	%		1.44	%		0.73	%
Expenses after fee waivers and/or expense reimbursements		0.58	%		0.59	%		0.54	%		0.57	%		0.57	%
Net investment income (loss)		2.52	%		2.34	%		2.18	%		2.20	%		2.31	%
Supplemental data:
Net assets, end of year (000's)	$	4		$	4		$	4		$	4		$	4
Portfolio turnover		23	%		11	%		14	%		9	%		10	%

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.

208

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.09		$	12.29		$	13.46		$	13.41		$	13.24
Net investment income (loss)1​		0.31			0.29			0.28			0.29			0.30
Net realized and unrealized gains (losses)		0.10			(0.20	)		(1.13	)		0.12			0.21
Net increase (decrease) from operations		0.41			0.09			(0.85	)		0.41			0.51
Dividends from net investment income		(0.30	)		(0.29	)		(0.27	)		(0.28	)		(0.29	)
Distributions from net realized gains		—			—			(0.05	)		(0.08	)		(0.05	)
Total dividends and distributions		(0.30	)		(0.29	)		(0.32	)		(0.36	)		(0.34	)
Net asset value, end of year	$	12.20		$	12.09		$	12.29		$	13.46		$	13.41
Total investment return2​		3.49	%		0.74	%		(6.43	)%		3.06	%		3.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.70	%		0.64	%		0.67	%		0.68	%		0.67	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income (loss)		2.54	%		2.39	%		2.15	%		2.20	%		2.30	%
Supplemental data:
Net assets, end of year (000's)	$	161,658		$	185,715		$	241,502		$	281,012		$	279,178
Portfolio turnover		23	%		11	%		14	%		9	%		10	%

See accompanying notes to financial statements

209

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.07		$	8.59		$	10.48		$	10.58		$	10.01
Net investment income (loss)1​		0.25			0.19			0.06			0.07			0.09
Net realized and unrealized gain (loss)		(0.04	)		(0.50	)		(1.50	)		0.14			0.64
Net increase (decrease) from operations		0.21			(0.31	)		(1.44	)		0.21			0.73
Dividends from net investment income		(0.10	)		—			(0.18	)		(0.11	)		(0.16	)
Distributions from net realized gain		—			—			(0.12	)		(0.20	)		—
Return of capital		(0.16	)		(0.21	)		(0.15	)		—			—
Total dividends, distributions and return of capital		(0.26	)		(0.21	)		(0.45	)		(0.31	)		(0.16	)
Net asset value, end of year	$	8.02		$	8.07		$	8.59		$	10.48		$	10.58
Total investment return2​		2.77	%		(3.57	)%		(14.31	)%		2.04	%		7.36	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupment		1.30	%		1.23	%		1.33	%		1.28	%		1.27	%
Expenses after fee waivers and/or expense reimbursements/recoupment		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income (loss)		3.22	%		2.37	%		0.67	%		0.67	%		0.88	%
Supplemental data:
Net assets, end of year (000's)	$	15,117		$	16,861		$	20,077		$	26,309		$	28,811
Portfolio turnover		137	%		189	%		188	%		132	%		136	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.00		$	8.52		$	10.41		$	10.51		$	9.96
Income (loss) from investment operations:
Net investment income (loss)1​		0.26			0.21			0.08			0.09			0.10
Net realized and unrealized gain (loss)		(0.04	)		(0.50	)		(1.50	)		0.15			0.63
Net increase (decrease) from operations		0.22			(0.29	)		(1.42	)		0.24			0.73
Dividends from net investment income		(0.11	)		—			(0.20	)		(0.14	)		(0.18	)
Distributions from net realized gain		—			—			(0.11	)		(0.20	)		—
Return of capital		(0.17	)		(0.23	)		(0.16	)		—			—
Total dividends, distributions and return of capital		(0.28	)		(0.23	)		(0.47	)		(0.34	)		(0.18	)
Net asset value, end of year	$	7.94		$	8.00		$	8.52		$	10.41		$	10.51
Total investment return2​		2.92	%		(3.36	)%		(14.11	)%		2.20	%		7.47	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupment		1.12	%		1.09	%		1.18	%		1.12	%		1.05	%
Expenses after fee waivers and/or expense reimbursements/recoupment		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%
Net investment income (loss)		3.37	%		2.55	%		0.83	%		0.83	%		1.04	%
Supplemental data:
Net assets, end of year (000's)	$	1,113		$	1,384		$	1,488		$	1,777		$	1,943
Portfolio turnover		137	%		189	%		188	%		132	%		136	%

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.

210

PACE Global Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.04		$	8.57		$	10.46		$	10.56		$	10.00
Net investment income (loss)1​		0.27			0.21			0.08			0.09			0.11
Net realized and unrealized gains (losses)		(0.04	)		(0.51	)		(1.50	)		0.15			0.63
Net increase (decrease) from operations		0.23			(0.30	)		(1.42	)		0.24			0.74
Dividends from net investment income		(0.11	)		—			(0.20	)		(0.14	)		(0.18	)
Distributions from net realized gains		—			—			(0.11	)		(0.20	)		—
Return of capital		(0.17	)		(0.23	)		(0.16	)		—			—
Total dividends, distributions and return of capital		(0.28	)		(0.23	)		(0.47	)		(0.34	)		(0.18	)
Net asset value, end of year	$	7.99		$	8.04		$	8.57		$	10.46		$	10.56
Total investment return2​		3.04	%		(3.45	)%		(14.04	)%		2.20	%		7.54	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupment		1.10	%		1.04	%		1.13	%		1.09	%		1.08	%
Expenses after fee waivers and/or expense reimbursements/recoupment		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Net investment income (loss)		3.41	%		2.55	%		0.86	%		0.85	%		1.07	%
Supplemental data:
Net assets, end of year (000's)	$	167,619		$	182,970		$	229,783		$	290,345		$	300,695
Portfolio turnover		137	%		189	%		188	%		132	%		136	%

See accompanying notes to financial statements

211

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.36		$	8.39		$	10.01		$	9.28		$	9.72
Net investment income (loss)1​		0.52			0.48			0.46			0.50			0.50
Net realized and unrealized gain (loss)		0.33			(0.02	)		(1.56	)		0.73			(0.40	)
Net increase (decrease) from operations		0.85			0.46			(1.10	)		1.23			0.10
Dividends from net investment income		(0.45	)		(0.34	)		(0.52	)		(0.50	)		(0.54	)
Return of capital		(0.07	)		(0.15	)		—			—			—
Total dividends and distributions		(0.52	)		(0.49	)		(0.52	)		(0.50	)		(0.54	)
Net asset value, end of year	$	8.69		$	8.36		$	8.39		$	10.01		$	9.28
Total investment return2​		10.52	%		5.77	%		(11.39	)%		13.48	%		1.25	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.26	%		1.20	%3​		1.26	%		1.25	%		1.24	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.06	%		1.06	%3​		1.06	%		1.06	%		1.06	%
Net investment income (loss)		6.12	%		5.85	%		4.90	%		5.12	%		5.39	%
Supplemental data:
Net assets, end of year (000's)	$	2,804		$	3,241		$	3,347		$	4,662		$	7,507
Portfolio turnover		44	%		33	%		51	%		75	%		82	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.39		$	8.43		$	10.06		$	9.32		$	9.76
Net investment income (loss)1​		0.54			0.50			0.47			0.52			0.52
Net realized and unrealized gain (loss)		0.33			(0.03	)		(1.55	)		0.74			(0.40	)
Net increase (decrease) from operations		0.87			0.47			(1.08	)		1.26			0.12
Dividends from net investment income		(0.47	)		(0.35	)		(0.55	)		(0.52	)		(0.56	)
Return of capital		(0.07	)		(0.16	)		—			—			—
Total dividends and distributions		(0.54	)		(0.51	)		(0.55	)		(0.52	)		(0.56	)
Net asset value, end of year	$	8.72		$	8.39		$	8.43		$	10.06		$	9.32
Total investment return2​		10.75	%		5.88	%		(11.21	)%		13.71	%		1.49	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.97	%		0.90	%3​		0.96	%		0.98	%		0.93	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%		0.88	%3​		0.88	%		0.88	%		0.88	%
Net investment income (loss)		6.30	%		6.05	%		5.09	%		5.24	%		5.58	%
Supplemental data:
Net assets, end of year (000's)	$	670		$	608		$	574		$	647		$	568
Portfolio turnover		44	%		33	%		51	%		75	%		82	%

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.

³​  Includes interest expense representing less than 0.005%.

212

PACE High Yield Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.34		$	8.38		$	10.01		$	9.28		$	9.73
Net investment income (loss)1​		0.53			0.49			0.47			0.51			0.52
Net realized and unrealized gains (losses)		0.33			(0.02	)		(1.55	)		0.74			(0.40	)
Net increase (decrease) from operations		0.86			0.47			(1.08	)		1.25			0.12
Dividends from net investment income		(0.47	)		(0.35	)		(0.55	)		(0.52	)		(0.57	)
Return of capital		(0.07	)		(0.16	)		—			—			—
Total dividends and distributions		(0.54	)		(0.51	)		(0.55	)		(0.52	)		(0.57	)
Net asset value, end of year	$	8.66		$	8.34		$	8.38		$	10.01		$	9.28
Total investment return2​		10.70	%		5.89	%		(11.27	)%		13.78	%		1.40	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%		1.06	%3​		1.11	%		1.11	%		1.10	%
Expenses after fee waivers and/or expense reimbursements		0.88	%		0.91	%3​		0.91	%		0.91	%		0.91	%
Net investment income (loss)		6.30	%		6.01	%		5.06	%		5.21	%		5.53	%
Supplemental data:
Net assets, end of year (000's)	$	174,429		$	184,550		$	220,172		$	272,938		$	258,345
Portfolio turnover		44	%		33	%		51	%		75	%		82	%

Class P2

	Years ended July 31,						Period ended
	2024			2023			July 31, 20225​
Net asset value, beginning of period	$	8.45		$	8.43		$	10.06
Net investment income (loss)1​		0.57			0.53			0.42
Net realized and unrealized gains (losses)		0.33			(0.02	)		(1.60	)
Net increase (decrease) from operations		0.90			0.51			(1.18	)
Dividends from net investment income		(0.45	)		(0.34	)		(0.45	)
Return of capital		(0.06	)		(0.15	)		—
Total dividends and distributions		(0.51	)		(0.49	)		(0.45	)
Net asset value, end of period	$	8.84		$	8.45		$	8.43
Total investment return6​		11.05	%		6.28	%		(11.96	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.96	%		0.89	%3​		0.95	%4​
Expenses after fee waivers and/or expense reimbursements		0.58	%		0.50	%3​		0.44	%4​
Net investment income (loss)		6.60	%		6.38	%		5.45	%4​
Supplemental data:
Net assets, end of period (000's)	$	9,248		$	8,788		$	20,233
Portfolio turnover		44	%		33	%		51	%

⁴​  Annualized.

⁵​  For the period from September 16, 2021 (commencement of operations) through July 31, 2022.

⁶​  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.

See accompanying notes to financial statements

213

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	20.04		$	20.72		$	25.34		$	17.87		$	21.57
Net investment income (loss)1​		0.30			0.27			0.24			0.21			0.38
Net realized and unrealized gain (loss)		2.44			2.08			(0.57	)		7.51			(2.83	)
Net increase (decrease) from operations		2.74			2.35			(0.33	)		7.72			(2.45	)
Dividends from net investment income		(0.35	)		(0.27	)		(0.17	)		(0.25	)		(0.39	)
Distributions from net realized gain		(0.64	)		(2.76	)		(4.12	)		—			(0.86	)
Total dividends and distributions		(0.99	)		(3.03	)		(4.29	)		(0.25	)		(1.25	)
Net asset value, end of year	$	21.79		$	20.04		$	20.72		$	25.34		$	17.87
Total investment return2​		14.33	%		13.25	%		(1.88	)%		43.50	%		(12.41	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.14	%3​		1.13	%		1.10	%3​		1.32	%		1.47	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.14	%3​		1.13	%		1.10	%3,4​		1.32	%		1.47	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.14	%		1.13	%		1.10	%4​		1.12	%		1.13	%
Net investment income (loss)		1.51	%		1.38	%		1.03	%		0.95	%		1.91	%
Supplemental data:
Net assets, end of year (000's)	$	92,833		$	91,624		$	93,283		$	103,828		$	81,190
Portfolio turnover		43	%		42	%		42	%		117	%		72	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	20.10		$	20.77		$	25.40		$	17.91		$	21.64
Income (loss) from investment operations:
Net investment income (loss)1​		0.35			0.32			0.29			0.26			0.42
Net realized and unrealized gain (loss)		2.44			2.09			(0.57	)		7.54			(2.84	)
Net increase (decrease) from operations		2.79			2.41			(0.28	)		7.80			(2.42	)
Dividends/distributions:
Dividends from net investment income		(0.40	)		(0.32	)		(0.23	)		(0.31	)		(0.45	)
Distributions from net realized gain		(0.64	)		(2.76	)		(4.12	)		—			(0.86	)
Total dividends and distributions		(1.04	)		(3.08	)		(4.35	)		(0.31	)		(1.31	)
Net asset value, end of year	$	21.85		$	20.10		$	20.77		$	25.40		$	17.91
Total investment return2​		14.60	%		13.56	%		2.80	%		43.81	%		(12.21	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3​		0.87	%		0.85	%3​		1.08	%		1.55	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		0.88	%3​		0.87	%		0.89	%3,4​		1.08	%		1.23	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.88	%		0.87	%		0.89	%4​		0.88	%		0.89	%
Net investment income (loss)		1.77	%		1.64	%		1.25	%		1.18	%		2.15	%
Supplemental data:
Net assets, end of year (000's)	$	17,798		$	17,567		$	16,210		$	17,611		$	13,059
Portfolio turnover		43	%		42	%		42	%		117	%		72	%

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.

214

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	19.95		$	20.64		$	25.27		$	17.81		$	21.51
Net investment income (loss)1​		0.35			0.31			0.29			0.26			0.42
Net realized and unrealized gains (losses)		2.41			2.08			(0.57	)		7.50			(2.82	)
Net increase (decrease) from operations		2.76			2.39			(0.28	)		7.76			(2.40	)
Dividends from net investment income		(0.39	)		(0.32	)		(0.23	)		(0.30	)		(0.44	)
Distributions from net realized gains		(0.64	)		(2.76	)		(4.12	)		—			(0.86	)
Total dividends and distributions		(1.03	)		(3.08	)		(4.35	)		(0.30	)		(1.30	)
Net asset value, end of year	$	21.68		$	19.95		$	20.64		$	25.27		$	17.81
Total investment return2​		14.57	%		13.56	%		(1.66	)%		43.92	%		(12.24	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%3​		0.89	%		0.86	%3​		1.07	%		1.24	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%3​		0.89	%		0.87	%3,4​		1.07	%		1.23	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%		0.89	%		0.87	%4​		0.88	%		0.89	%
Net investment income (loss)		1.76	%		1.61	%		1.27	%		1.19	%		2.16	%
Supplemental data:
Net assets, end of year (000's)	$	687,752		$	732,118		$	850,709		$	1,018,933		$	760,606
Portfolio turnover		43	%		42	%		42	%		117	%		72	%

³​  Includes interest expense representing less than 0.005%.

⁴​  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

215

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	13.24		$	19.50		$	28.94		$	26.11		$	24.27
Net investment income (loss)1​		(0.07	)		(0.02	)		(0.08	)		(0.19	)		(0.02	)
Net realized and unrealized gain (loss)		3.13			0.89			(3.35	)		7.99			5.61
Net increase (decrease) from operations		3.06			0.87			(3.43	)		7.80			5.59
Distributions from net realized gain		(0.33	)		(7.13	)		(6.01	)		(4.97	)		(3.75	)
Net asset value, end of year	$	15.97		$	13.24		$	19.50		$	28.94		$	26.11
Total investment return2​		23.56	%		14.26	%		(15.45	)%		32.62	%		26.36	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.15	%3​		1.15	%3​		1.13	%3​		1.13	%3​		1.16	%3​
Expenses after fee waivers and/or expense reimbursements/recoupments		1.13	%3​		1.13	%3​		1.13	%3​		1.13	%3​		1.13	%3​
Net investment income (loss)		(0.50	)%		(0.18	)%		(0.35	)%		(0.69	)%		(0.10	)%
Supplemental data:
Net assets, end of year (000's)	$	47,595		$	43,495		$	47,702		$	63,320		$	54,124
Portfolio turnover		48	%		67	%		78	%		39	%		42	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	15.59		$	21.56		$	31.29		$	27.83		$	25.61
Income (loss) from investment operations:
Net investment income (loss)1​		(0.04	)		0.01			(0.02	)		(0.12	)		0.04
Net realized and unrealized gain (loss)		3.70			1.18			(3.70	)		8.55			5.97
Net increase (decrease) from operations		3.66			1.19			(3.72	)		8.43			6.01
Dividends from net investment income		—			(0.03	)		—			—			(0.04	)
Distributions from net realized gain		(0.33	)		(7.13	)		(6.01	)		(4.97	)		(3.75	)
Total dividends and distributions		(0.33	)		(7.16	)		(6.01	)		(4.97	)		(3.79	)
Net asset value, end of year	$	18.92		$	15.59		$	21.56		$	31.29		$	27.83
Total investment return2​		23.86	%		14.52	%		(15.18	)%		32.89	%		26.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.88	%3​		0.88	%3​		0.87	%3​		0.87	%3​		0.88	%3​
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%3​		0.88	%3​		0.87	%3​		0.87	%3​		0.88	%3​
Net investment income (loss)		(0.25	)%		0.06	%		(0.08	)%		(0.42	)%		0.15	%
Supplemental data:
Net assets, end of year (000's)	$	22,161		$	19,478		$	18,056		$	22,743		$	19,149
Portfolio turnover		48	%		67	%		78	%		39	%		42	%

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.

³​  Includes interest expense representing less than 0.005%.

216

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	15.19		$	21.21		$	30.89		$	27.52		$	25.37
Net investment income (loss)1​		(0.04	)		0.01			(0.03	)		(0.12	)		0.04
Net realized and unrealized gains (losses)		3.61			1.13			(3.64	)		8.46			5.90
Net increase (decrease) from operations		3.57			1.14			(3.67	)		8.34			5.94
Dividends from net investment income		—			(0.03	)		—			—			(0.04	)
Distributions from net realized gains		(0.33	)		(7.13	)		(6.01	)		(4.97	)		(3.75	)
Total dividends and distributions		(0.33	)		(7.16	)		(6.01	)		(4.97	)		(3.79	)
Net asset value, end of year	$	18.43		$	15.19		$	21.21		$	30.89		$	27.52
Total investment return2​		23.90	%		14.49	%		(15.22	)%		32.89	%		26.72	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.91	%3​		0.91	%3​		0.89	%3​		0.90	%3​		0.92	%3​
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%3​		0.88	%3​		0.88	%3​		0.88	%3​		0.88	%3​
Net investment income (loss)		(0.25	)%		0.07	%		(0.10	)%		(0.43	)%		0.17	%
Supplemental data:
Net assets, end of year (000's)	$	734,608		$	746,123		$	867,605		$	1,202,262		$	1,099,813
Portfolio turnover		48	%		67	%		78	%		39	%		42	%

See accompanying notes to financial statements

217

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	17.59		$	21.11		$	26.33		$	16.88		$	18.74
Net investment income (loss)1​		0.09			0.08			0.06			0.02			0.08
Net realized and unrealized gain (loss)		1.99			0.20			(1.41	)		9.53			(1.81	)
Net increase (decrease) from operations		2.08			0.28			(1.35	)		9.55			(1.73	)
Dividends from net investment income		(0.09	)		(0.11	)		(0.05	)		(0.10	)		(0.13	)
Distributions from net realized gain		(0.00	)2​		(3.69	)		(3.82	)		—			—
Total dividends and distributions		(0.09	)		(3.80	)		(3.87	)		(0.10	)		(0.13	)
Net asset value, end of year	$	19.58		$	17.59		$	21.11		$	26.33		$	16.88
Total investment return3​		11.89	%		2.90	%		(5.92	)%		56.72	%		(9.32	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.29	%		1.25	%4​		1.20	%4​		1.20	%		1.23	%4​
Expenses after fee waivers and/or expense reimbursements/recoupments		1.29	%		1.25	%4​		1.20	%4​		1.20	%		1.23	%4​
Net investment income (loss)		0.49	%		0.45	%		0.24	%		0.09	%		0.47	%
Supplemental data:
Net assets, end of year (000's)	$	14,269		$	15,198		$	17,436		$	19,885		$	13,279
Portfolio turnover		119	%		36	%		37	%		50	%		59	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	18.81		$	22.31		$	27.61		$	17.69		$	19.63
Income (loss) from investment operations:
Net investment income (loss)1​		0.14			0.13			0.11			0.07			0.14
Net realized and unrealized gain (loss)		2.15			0.22			(1.49	)		9.98			(1.90	)
Net increase (decrease) from operations		2.29			0.35			(1.38	)		10.05			(1.76	)
Dividends/distributions:
Dividends from net investment income		(0.13	)		(0.16	)		(0.10	)		(0.13	)		(0.18	)
Distributions from net realized gain		(0.00	)2​		(3.69	)		(3.82	)		—			—
Total dividends and distributions		(0.13	)		(3.85	)		(3.92	)		(0.13	)		(0.18	)
Net asset value, end of year	$	20.97		$	18.81		$	22.31		$	27.61		$	17.69
Total investment return3​		12.23	%		3.09	%		(5.74	)%		56.98	%		(9.08	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.08	%		1.05	%4​		0.98	%4​		1.00	%		1.04	%4​
Expenses after fee waivers and/or expense reimbursements/recoupments		1.04	%		1.04	%4​		0.98	%4​		1.00	%		1.04	%4​
Net investment income (loss)		0.76	%		0.66	%		0.45	%		0.29	%		0.77	%
Supplemental data:
Net assets, end of year (000's)	$	82		$	122		$	143		$	153		$	105
Portfolio turnover		119	%		36	%		37	%		50	%		59	%

¹​  Calculated using the average shares method.

²​  Amount represents less than $0.005 per share

³​  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and 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; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

218

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	18.45		$	21.94		$	27.22		$	17.45		$	19.36
Net investment income (loss)1​		0.14			0.12			0.10			0.06			0.12
Net realized and unrealized gains (losses)		2.09			0.22			(1.47	)		9.85			(1.86	)
Net increase (decrease) from operations		2.23			0.34			(1.37	)		9.91			(1.74	)
Dividends from net investment income		(0.13	)		(0.14	)		(0.09	)		(0.14	)		(0.17	)
Distributions from net realized gains		(0.00	)2​		(3.69	)		(3.82	)		—			—
Total dividends and distributions		(0.13	)		(3.83	)		(3.91	)		(0.14	)		(0.17	)
Net asset value, end of year	$	20.55		$	18.45		$	21.94		$	27.22		$	17.45
Total investment return3​		12.16	%		3.12	%		(5.78	)%		56.95	%		(9.12	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.11	%		1.07	%4​		1.01	%4​		1.02	%		1.09	%4​
Expenses after fee waivers and/or expense reimbursements/recoupments		1.04	%		1.04	%4​		1.04	%4,5​		1.02	%		1.04	%4​
Net investment income (loss)		0.75	%		0.66	%		0.41	%		0.28	%		0.65	%
Supplemental data:
Net assets, end of year (000's)	$	288,762		$	304,200		$	381,341		$	478,837		$	338,418
Portfolio turnover		119	%		36	%		37	%		50	%		59	%

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

219

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.89		$	10.77		$	21.72		$	15.82		$	16.82
Net investment income (loss)1​		(0.09	)		(0.07	)		(0.09	)		(0.15	)		(0.10	)
Net realized and unrealized gain (loss)		0.62			1.19			(3.38	)		7.42			1.65
Net increase (decrease) from operations		0.53			1.12			(3.47	)		7.27			1.55
Distributions from net realized gain		—			—			(7.48	)		(1.37	)		(2.55	)
Net asset value, end of year	$	12.42		$	11.89		$	10.77		$	21.72		$	15.82
Total investment return2​		4.46	%		10.40	%		(22.59	)%		47.35	%		10.43	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.28	%3​		1.26	%3​		1.20	%3​		1.19	%3​		1.23	%3​
Expenses after fee waivers and/or expense reimbursement/recoupments		1.28	%3​		1.26	%3​		1.20	%3​		1.19	%3​		1.23	%3​
Net investment income (loss)		(0.82	)%		(0.65	)%		(0.60	)%		(0.77	)%		(0.64	)%
Supplemental data:
Net assets, end of year (000's)	$	17,003		$	19,984		$	21,148		$	31,412		$	23,755
Portfolio turnover		87	%		94	%		78	%		98	%		89	%

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	13.95		$	12.61		$	24.07		$	17.39		$	18.21
Net investment income (loss)1​		(0.08	)		(0.06	)		(0.08	)		(0.13	)		(0.08	)
Net realized and unrealized gains (losses)		0.73			1.40			(3.90	)		8.18			1.81
Net increase (decrease) from operations		0.65			1.34			(3.98	)		8.05			1.73
Distributions from net realized gains		—			—			(7.48	)		(1.37	)		(2.55	)
Net asset value, end of year	$	14.60		$	13.95		$	12.61		$	24.07		$	17.39
Total investment return2​		4.66	%		10.63	%		(22.47	)%		47.57	%		10.64	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.13	%3​		1.13	%3​		1.04	%3​		1.03	%3​		1.09	%3​
Expenses after fee waivers and/or expense reimbursements/recoupments		1.08	%3​		1.08	%3​		1.04	%3​		1.03	%3​		1.08	%3​
Net investment income (loss)		(0.63	)%		(0.47	)%		(0.45	)%		(0.60	)%		(0.49	)%
Supplemental data:
Net assets, end of year (000's)	$	253,428		$	275,171		$	315,222		$	475,618		$	383,461
Portfolio turnover		87	%		94	%		78	%		98	%		89	%

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.

³​  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

220

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221

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	17.41		$	15.50		$	19.03		$	14.64		$	15.00
Net investment income (loss)1​		0.29			0.28			0.32			0.24			0.21
Net realized and unrealized gain (loss)		1.83			2.07			(2.46	)		4.34			(0.18	)
Net increase (decrease) from operations		2.12			2.35			(2.14	)		4.58			0.03
Dividends from net investment income		(0.59	)		(0.13	)		(0.37	)		(0.19	)		(0.36	)
Distributions from net realized gain		(0.08	)		(0.31	)		(1.02	)		—			(0.03	)
Total dividends and distributions		(0.67	)		(0.44	)		(1.39	)		(0.19	)		(0.39	)
Net asset value, end of year	$	18.86		$	17.41		$	15.50		$	19.03		$	14.64
Total investment return2​		12.67	%		15.68	%		(12.06	)%		31.41	%		0.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.82	%		1.87	%		1.77	%		1.64	%		1.78	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.70	%		1.75	%		1.69	%		1.58	%		1.78	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.25	%		1.25	%		1.25	%		1.25	%		1.34	%
Net investment income (loss)		1.67	%		1.78	%		1.80	%		1.40	%		1.42	%
Supplemental data:
Net assets, end of year (000's)	$	23,282		$	22,999		$	22,049		$	28,773		$	23,422
Portfolio turnover		37	%		40	%		36	%		48	%		32	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	17.31		$	15.42		$	18.95		$	14.58		$	14.93
Net investment income (loss)1​		0.34			0.32			0.36			0.28			0.25
Net realized and unrealized gain (loss)		1.82			2.05			(2.45	)		4.33			(0.17	)
Net increase (decrease) from operations		2.16			2.37			(2.09	)		4.61			0.08
Dividends from net investment income		(0.64	)		(0.17	)		(0.42	)		(0.24	)		(0.40	)
Distributions from net realized gain		(0.08	)		(0.31	)		(1.02	)		—			(0.03	)
Total dividends and distributions		(0.72	)		(0.48	)		(1.44	)		(0.24	)		(0.43	)
Net asset value, end of year	$	18.75		$	17.31		$	15.42		$	18.95		$	14.58
Total investment return2​		12.97	%		15.96	%		(11.86	)%		31.77	%		0.29	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.54	%		1.60	%		1.52	%		1.36	%		1.47	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.45	%		1.51	%		1.44	%		1.33	%		1.47	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.00	%		1.00	%		1.00	%		1.00	%		1.03	%
Net investment income (loss)		1.95	%		2.05	%		2.06	%		1.65	%		1.71	%
Supplemental data:
Net assets, end of year (000's)	$	10,605		$	10,615		$	10,376		$	12,596		$	11,053
Portfolio turnover		37	%		40	%		36	%		48	%		32	%

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 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 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.

³​  For the period from March 28, 2023 (commencement of operations) through July 31, 2023.

222

PACE International Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	17.26		$	15.38		$	18.90		$	14.54		$	14.90
Net investment income (loss)1​		0.33			0.31			0.36			0.28			0.24
Net realized and unrealized gains (losses)		1.82			2.05			(2.44	)		4.31			(0.17	)
Net increase (decrease) from operations		2.15			2.36			(2.08	)		4.59			0.07
Dividends from net investment income		(0.64	)		(0.17	)		(0.42	)		(0.23	)		(0.40	)
Distributions from net realized gains		(0.08	)		(0.31	)		(1.02	)		—			(0.03	)
Total dividends and distributions		(0.72	)		(0.48	)		(1.44	)		(0.23	)		(0.43	)
Net asset value, end of year	$	18.69		$	17.26		$	15.38		$	18.90		$	14.54
Total investment return2​		12.95	%		15.93	%		(11.84	)%		31.74	%		0.30	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.53	%		1.59	%		1.49	%		1.36	%		1.49	%
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.45	%		1.50	%		1.44	%		1.33	%		1.49	%
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.00	%		1.00	%		1.00	%		1.00	%		1.05	%
Net investment income (loss)		1.92	%		2.02	%		2.07	%		1.65	%		1.70	%
Supplemental data:
Net assets, end of year (000's)	$	680,809		$	719,730		$	781,868		$	995,293		$	815,785
Portfolio turnover		37	%		40	%		36	%		48	%		32	%

Class P2

	Year ended July 31, 2024			Period ended July 31, 20233​
Net asset value, beginning of period	$	17.27		$	15.67
Net investment income (loss)1​		0.42			0.12
Net realized and unrealized gains (losses)		1.84			1.48
Net increase (decrease) from operations		2.26			1.60
Dividends from net investment income		(0.60	)		—
Distributions from net realized gains		(0.08	)		—
Total dividends and distributions		(0.68	)		—
Net asset value, end of period	$	18.85		$	17.27
Total investment return4​		13.58	%		10.21	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.47	%		1.46	%5​
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		0.85	%		0.85	%5​
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.41	%		0.43	%5​
Net investment income (loss)		2.45	%		2.12	%5​
Supplemental data:
Net assets, end of period (000's)	$	14,903		$	19,398
Portfolio turnover		37	%		40	%

⁴​  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.

⁵​  Annualized.

See accompanying notes to financial statements

223

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	13.06		$	12.01		$	16.87		$	13.79		$	12.99
Net investment income (loss)1​		0.14			0.18			0.22			0.05			0.12
Net realized and unrealized gain (loss)		(0.10	)		1.13			(3.42	)		3.18			0.80
Net increase (decrease) from operations		0.04			1.31			(3.20	)		3.23			0.92
Dividends from net investment income		(0.15	)		(0.26	)		(0.23	)		(0.15	)		(0.12	)
Distributions from net realized gain		—			—			(1.43	)		—			—
Total dividends and distributions		(0.15	)		(0.26	)		(1.66	)		(0.15	)		(0.12	)
Net asset value, end of year	$	12.95		$	13.06		$	12.01		$	16.87		$	13.79
Total investment return2​		0.35	%		11.14	%		(20.49	)%		23.45	%		6.97	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.68	%3​		1.68	%		1.75	%3​		1.66	%3​		1.72	%3​
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.45	%3​		1.46	%		1.45	%3​		1.55	%3​		1.65	%3​
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		1.45	%		1.45	%		1.45	%		1.55	%		1.65	%
Net investment income (loss)		1.10	%		1.54	%		1.53	%		0.33	%		0.92	%
Supplemental data:
Net assets, end of year (000's)	$	2,984		$	3,462		$	3,456		$	5,033		$	4,605
Portfolio turnover		66	%		81	%		57	%		82	%		79	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	13.20		$	12.14		$	17.04		$	13.92		$	13.11
Income (loss) from investment operations:
Net investment income (loss)1​		0.17			0.21			0.26			0.09			0.15
Net realized and unrealized gain (loss)		(0.11	)		1.14			(3.45	)		3.21			0.81
Net increase (decrease) from operations		0.06			1.35			(3.19	)		3.30			0.96
Dividends from net investment income		(0.18	)		(0.29	)		(0.28	)		(0.18	)		(0.15	)
Distributions from net realized gain		—			—			(1.43	)		—			—
Total dividends and distributions		(0.18	)		(0.29	)		(1.71	)		(0.18	)		(0.15	)
Net asset value, end of year	$	13.08		$	13.20		$	12.14		$	17.04		$	13.92
Total investment return2​		0.54	%		11.45	%		(20.29	)%		23.78	%		7.29	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.44	%3​		1.43	%		1.40	%3​		1.40	%3​		1.40	%3​
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.20	%3​		1.21	%		1.20	%3​		1.30	%3​		1.40	%3​
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		1.20	%		1.20	%		1.20	%		1.30	%		1.40	%
Net investment income (loss)		1.36	%		1.78	%		1.81	%		0.56	%		1.16	%
Supplemental data:
Net assets, end of year (000's)	$	3,701		$	4,420		$	4,245		$	5,630		$	6,067
Portfolio turnover		66	%		81	%		57	%		82	%		79	%

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.

³​  Includes interest expense representing less than 0.005%.

224

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	13.12		$	12.07		$	16.95		$	13.85		$	13.04
Net investment income (loss)1​		0.17			0.21			0.26			0.10			0.15
Net realized and unrealized gains (losses)		(0.11	)		1.13			(3.43	)		3.18			0.81
Net increase (decrease) from operations		0.06			1.34			(3.17	)		3.28			0.96
Dividends from net investment income		(0.18	)		(0.29	)		(0.28	)		(0.18	)		(0.15	)
Distributions from net realized gains		—			—			(1.43	)		—			—
Total dividends and distributions		(0.18	)		(0.29	)		(1.71	)		(0.18	)		(0.15	)
Net asset value, end of year	$	13.00		$	13.12		$	12.07		$	16.95		$	13.85
Total investment return2​		0.54	%		11.43	%		(20.28	)%		23.75	%		7.24	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.46	%3​		1.46	%		1.54	%3​		1.44	%3​		1.51	%3​
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.20	%3​		1.21	%		1.20	%3​		1.30	%3​		1.40	%3​
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		1.20	%		1.20	%		1.20	%		1.30	%		1.40	%
Net investment income (loss)		1.36	%		1.77	%		1.81	%		0.59	%		1.14	%
Supplemental data:
Net assets, end of year (000's)	$	230,611		$	262,098		$	288,057		$	386,507		$	345,431
Portfolio turnover		66	%		81	%		57	%		82	%		79	%

Class P2

	Year ended July 31, 2024			Period ended July 31, 20234​
Net asset value, beginning of period	$	13.14		$	11.61
Net investment income (loss)1​		0.22			0.15
Net realized and unrealized gains (losses)		(0.12	)		1.38
Net increase (decrease) from operations		0.10			1.53
Dividends from net investment income		(0.16	)		—
Total dividends and distributions		(0.16	)		—
Net asset value, end of period	$	13.08		$	13.14
Total investment return5​		0.89	%		13.18	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.34	%3​		1.31	%6​
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.93	%3​		0.92	%6​
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.93	%		0.91	%6​
Net investment income (loss)		1.72	%		3.14	%6​
Supplemental data:
Net assets, end of period (000's)	$	147,133		$	111,478
Portfolio turnover		66	%		81	%

⁴​  For the period from March 17, 2023 (commencement of operations) through July 31, 2023

⁵​  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.

⁶​  Annualized.

See accompanying notes to financial statements

225

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	6.59		$	7.26		$	8.42		$	6.13		$	7.74
Net investment income (loss)1​		0.09			0.08			0.06			0.08			0.12
Net realized and unrealized gain (loss)		0.30			(0.71	)		(0.98	)		2.38			(1.37	)
Net increase (decrease) from operations		0.39			(0.63	)		(0.92	)		2.46			(1.25	)
Dividends from net investment income		(0.08	)		(0.04	)		(0.22	)		(0.17	)		(0.36	)
Return of capital		—			—			(0.02	)		—			—
Total dividends and distributions		(0.08	)		(0.04	)		(0.24	)		(0.17	)		(0.36	)
Net asset value, end of year	$	6.90		$	6.59		$	7.26		$	8.42		$	6.13
Total investment return2​		5.96	%		(8.63	)%		(11.29	)%		40.73	%		(17.00	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.97	%3​		1.71	%3​		1.58	%3​		1.62	%3​		1.59	%3​
Expenses after fee waivers and/or expense reimbursements		1.45	%3​		1.45	%3​		1.45	%3​		1.45	%3​		1.45	%3​
Net investment income (loss)		1.39	%		1.29	%		0.72	%		1.06	%		1.69	%
Supplemental data:
Net assets, end of year (000's)	$	151		$	208		$	321		$	409		$	307
Portfolio turnover		46	%		18	%		76	%		117	%		111	%

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	6.30		$	6.96		$	8.08		$	5.89		$	7.46
Net investment income (loss)1​		0.10			0.10			0.07			0.09			0.13
Net realized and unrealized gains (losses)		0.29			(0.69	)		(0.93	)		2.28			(1.31	)
Net increase (decrease) from operations		0.39			(0.59	)		(0.86	)		2.37			(1.18	)
Dividends from net investment income		(0.10	)		(0.07	)		(0.24	)		(0.18	)		(0.39	)
Return of capital		—			—			(0.02	)		—			—
Total dividends and distributions		(0.10	)		(0.07	)		(0.26	)		(0.18	)		(0.39	)
Net asset value, end of year	$	6.59		$	6.30		$	6.96		$	8.08		$	5.89
Total investment return2​		6.24	%		(8.44	)%		(11.04	)%		41.05	%		(16.85	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.92	%3​		1.74	%3​		1.56	%3​		1.65	%3​		1.59	%3​
Expenses after fee waivers and/or expense reimbursements		1.20	%3​		1.20	%3​		1.20	%3​		1.20	%3​		1.20	%3​
Net investment income (loss)		1.68	%		1.68	%		0.97	%		1.32	%		1.97	%
Supplemental data:
Net assets, end of year (000's)	$	62,060		$	67,451		$	90,302		$	114,494		$	87,866
Portfolio turnover		46	%		18	%		76	%		117	%		111	%

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.

³​  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

226

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227

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.54		$	10.48		$	11.30		$	11.05		$	10.60
Net investment income (loss)1​		0.21			0.18			(0.14	)		(0.17	)		(0.06	)
Net realized and unrealized gain (loss)		0.72			0.13			0.01			0.96			0.51
Net increase (decrease) from operations		0.93			0.31			(0.13	)		0.79			0.45
Dividends from net investment income		(0.38	)		—			—			(0.14	)		—
Distributions from net realized gain		—			(0.25	)		(0.69	)		(0.40	)		—
Total dividends and distributions		(0.38	)		(0.25	)		(0.69	)		(0.54	)		—
Net asset value, end of year	$	11.09		$	10.54		$	10.48		$	11.30		$	11.05
Total investment return2​		9.19	%		3.01	%		(1.17	)%		7.21	%		4.25	%
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		2.75	%		2.95	%		2.92	%		2.93	%		2.80	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.44	%		2.62	%		2.65	%		2.81	%		2.62	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.83	%		1.83	%		1.88	%		1.88	%		1.88	%
Net investment income (loss)		1.95	%		1.69	%		(1.27	)%		(1.47	)%		(0.57	)%
Supplemental data:
Net assets, end of year (000's)	$	3,379		$	3,798		$	4,727		$	5,995		$	6,460
Portfolio turnover		368	%		423	%		406	%		418	%		491	%

Class Y

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.60		$	10.51		$	11.31		$	11.06		$	10.60
Net investment income (loss)1​		0.24			0.22			(0.11	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		0.72			0.12			—			0.96			0.52
Net increase (decrease) from operations		0.96			0.34			(0.11	)		0.82			0.48
Dividends from net investment income		(0.41	)		—			—			(0.17	)		(0.02	)
Distributions from net realized gain		—			(0.25	)		(0.69	)		(0.40	)		—
Total dividends and distributions		(0.41	)		(0.25	)		(0.69	)		(0.57	)		(0.02	)
Net asset value, end of year	$	11.15		$	10.60		$	10.51		$	11.31		$	11.06
Total investment return2​		9.43	%		3.19	%		(0.80	)%		7.40	%		4.56	%
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		2.48	%		2.68	%		2.68	%		2.68	%		2.56	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.19	%		2.37	%		2.39	%		2.57	%		2.38	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%		1.58	%		1.63	%		1.63	%		1.63	%
Net investment income (loss)		2.18	%		2.05	%		(1.00	)%		(1.22	)%		(0.38	)%
Supplemental data:
Net assets, end of year (000's)	$	299		$	316		$	410		$	436		$	402
Portfolio turnover		368	%		423	%		406	%		418	%		491	%

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.

³​  For the period from November 14, 2022 (commencement of operations) through July 31, 2023

228

PACE Alternative Strategies Investments

Financial highlights (concluded)

Class P

	Years ended July 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.55		$	10.47		$	11.26		$	11.01		$	10.55
Net investment income (loss)1​		0.24			0.21			(0.11	)		(0.14	)		(0.04	)
Net realized and unrealized gains (losses)		0.72			0.12			0.01			0.96			0.52
Net increase (decrease) from operations		0.96			0.33			(0.10	)		0.82			0.48
Dividends from net investment income		(0.41	)		—			—			(0.17	)		(0.02	)
Distributions from net realized gains		—			(0.25	)		(0.69	)		(0.40	)		—
Total dividends and distributions		(0.41	)		(0.25	)		(0.69	)		(0.57	)		(0.02	)
Net asset value, end of year	$	11.10		$	10.55		$	10.47		$	11.26		$	11.01
Total investment return2​		9.37	%		3.21	%		(0.90	)%		7.53	%		4.46	%
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		2.48	%		2.69	%		2.67	%		2.68	%		2.56	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.19	%		2.37	%		2.40	%		2.57	%		2.38	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%		1.58	%		1.63	%		1.63	%		1.63	%
Net investment income (loss)		2.19	%		1.96	%		(1.01	)%		(1.22	)%		(0.35	)%
Supplemental data:
Net assets, end of year (000's)	$	281,029		$	314,136		$	391,351		$	447,508		$	450,402
Portfolio turnover		368	%		423	%		406	%		418	%		491	%

Class P2

	Year ended July 31, 2024			Period ended July 31, 20233​
Net asset value, beginning of period	$	10.48		$	10.56
Net investment income (loss)1​		0.28			0.18
Net realized and unrealized gains (losses)		0.72			(0.01	)
Net increase (decrease) from operations		1.00			0.17
Dividends from net investment income		(0.36	)		—
Distributions from net realized gains		—			(0.25	)
Total dividends and distributions		(0.36	)		(0.25	)
Net asset value, end of period	$	11.12		$	10.48
Total investment return4​		9.85	%		1.65	%
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	%		1.96	%5​
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.73	%		1.27	%5​
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.12	%		0.86	%5​
Net investment income (loss)		2.62	%		2.26	%5​
Supplemental data:
Net assets, end of period (000's)	$	57,846		$	53,575
Portfolio turnover		368	%		423	%

⁴​  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.

⁵​  Annualized.

See accompanying notes to financial statements

229

PACE Select Advisors Trust

Notes to financial statements

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) LLC ("UBS AM"), (formerly, UBS Asset Management (Americas) Inc.), 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.

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PACE Select Advisors Trust

Notes to financial statements

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 October 2022, the SEC adopted the Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds rule and reform amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual tailored shareholder reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Certain information from the Portfolio's current shareholder reports, including the Portfolio's investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information will be available online, mailed upon request and filed on a semiannual basis. The rule and form amendments have a compliance date of July 24, 2024.

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.

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 differ-

231

PACE Select Advisors Trust

Notes to financial statements

ences 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, political and other 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.

At July 31, 2024, PACE International Emerging Markets Equity Investments had exposure to Russian or Ukrainian securities. Such exposure was limited to less than 1% of each such Portfolio's assets as of such date. 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 Portfolio'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

232

PACE Select Advisors Trust

Notes to financial statements

countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

Valuation of investments

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

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), UBS Government Money Market Investments Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", UBS Government Money Market Investments Fund values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than UBS Government Money Market Investments Fund) calculates its net asset value based on the current market value, where available, for its Portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use 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

233

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Notes to financial statements

significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

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

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

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

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

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

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

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

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no

234

PACE Select Advisors Trust

Notes to financial statements

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

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

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

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

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

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

Investments

Asset-backed securities—Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Loan assignments and participations—Certain Portfolios may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in 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

235

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Notes to financial statements

payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

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

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

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

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

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the 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

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actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. Certain Portfolios obtain securities on terms that allow it to resell or repledge the securities to others.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolios upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolios to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or 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 July 31, 2024, only PACE Mortgage-Backed Securities Fixed Income Investments utilized reverse repurchase agreement transactions.

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The table below represents the remaining contractual maturity as of July 31, 2024, of the reverse repurchase agreement transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Type of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
Reverse repurchase agreements	$	—	$	37,602,837	$	—	$	—	$	37,602,837

Securities traded on to-be-announced basis—Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

Short sales "against the box"—Each Portfolio (other than UBS Government Money Market Investments Fund and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio.

Treasury Inflation Protected Securities—The Portfolios may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of

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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 July 31, 2024, PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments utilized treasury roll transactions.

PACE Mortgage-Backed Securities Fixed Income Investments

Type of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	6,070,352	$	—	$	—	$	6,070,352

PACE Strategic Fixed Income Investments

Type of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	13,646,422	$	—	$	—	$	13,646,422

Uncovered short sales—PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the period ended July 31, 2024, PACE Large Co Value Equity Investments and PACE Global Real Estate Securities Investments did not engage in any short sale transactions.

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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.

Unfunded loan commitments, if any, are disclosed within the Portfolio of investments and Statement of assets and liabilities.

Derivative instruments

Purchased options—Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolios pay a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing—Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are

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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 July 31, 2024, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Strategic Fixed Income Investment and PACE Alternative Strategies Investments had maximum payout amounts of approximately $764,723,000, $4,363,642 and $18,086,290 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.

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.

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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 Portfolios 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 Portfolios would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolios 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 Portfolios 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 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

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(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 notional amounts. 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.

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

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agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar.

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 a 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 July 31, 2024.

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 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 July 31, 2024 is reflected in the Statement of assets and liabilities.

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At July 31, 2024, the Portfolios 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	$	371,017	$	—	$	—	$	—	$	371,017
Futures contracts		311,665		—		—		—		311,665
Swap agreements		5,922,907		—		—		—		5,922,907
Total value	$	6,605,589	$	—	$	—	$	—	$	6,605,589
PACE Intermediate Fixed Income Investments
Futures contracts	$	1,777,671	$	—	$	—	$	—	$	1,777,671
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	31,362	$	1,366	$	2,910	$	—	$	35,638
Futures contracts		3,061,854		—		—		28,734		3,090,588
Swap agreements		266,742		—		108,948		—		375,690
Forward foreign currency contracts		—		130,123		—		—		130,123
Total value	$	3,359,958	$	131,489	$	111,858	$	28,734	$	3,632,039
PACE Global Fixed Income Investments
Futures contracts	$	595,383	$	—	$	—	$	—	$	595,383
Forward foreign currency contracts		—		1,074,456		—		—		1,074,456
Total value	$	595,383	$	1,074,456	$	—	$	—	$	1,669,839
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	459	$	—	$	—	$	459
PACE Alternative Strategies Investments
Options and swaptions purchased	$	375	$	337,470	$	—	$	2,009,318	$	2,347,163
Futures contracts		38,875		—		—		154,079		192,954
Swap agreements		574,617		—		—		2,314,857		2,889,474
Forward foreign currency contracts		—		713,417		—		—		713,417
Total value	$	613,867	$	1,050,887	$	—	$	4,478,254	$	6,143,008

¹​  In the Statement of assets and liabilities, options and swaptions purchased, if any, 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.

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Notes to financial statements

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	$	(230,164	)	$	—		$	—		$	—		$	(230,164	)
Futures Contracts		(40,000	)		—			—			—			(40,000	)
Swap Contracts		(2,489,628	)		—			—			—			(2,489,628	)
Total	$	(2,759,792	)	$	—		$	—		$	—		$	(2,759,792	)
PACE Intermediate Fixed Income Investments
Futures Contracts	$	(356,450	)	$	—		$	—		$	—		$	(356,450	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(42,839	)	$	—		$	—		$	—		$	(42,839	)
Futures Contracts		(761,677	)		—			—			—			(761,677	)
Swap Contracts		(108,855	)		—			(2,037	)		—			(110,892	)
Forward foreign currency contracts		—			(126,637	)		—			—			(126,637	)
Total	$	(913,371	)	$	(126,637	)	$	(2,037	)	$	—		$	(1,042,045	)
PACE Global Fixed Income Investments
Futures Contracts	$	(491,359	)	$	—		$	—		$	—		$	(491,359	)
Forward foreign currency contracts		—			(290,611	)		—			—			(290,611	)
Total	$	(491,359	)	$	(290,611	)	$	—		$	—		$	(781,970	)
PACE High Yield Investments
Forward Currency Contracts	$	—		$	(319,550	)	$	—		$	—		$	(319,550	)
PACE Alternative Strategies Investments
Options and swaptions written	$	—		$	(3,579	)	$	—		$	(1,322,657	)	$	(1,326,236	)
Futures Contracts		(43,076	)		—			—			(624,862	)		(667,938	)
Swap Contracts		(785,481	)		—			(34,583	)		(1,694,513	)		(2,514,577	)
Forward foreign currency contracts		—			(824,567	)		—			—			(824,567	)
Total	$	(828,557	)	$	(828,146	)	$	(34,583	)	$	(3,642,032	)	$	(5,333,318	)

¹​  In the Statement of assets and liabilities, options and swaptions written, if any, 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.

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PACE Select Advisors Trust

Notes to financial statements

During the period ended July 31, 2024, net realized gain (loss) from derivatives were as follows:

Realized gain (loss)¹​

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total Value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	(965,994	)	$	—		$	—	$	—		$	(965,994	)
Options and swaptions written		1,735,365			—			—		—			1,735,365
Futures contracts		(652,106	)		—			—		—			(652,106	)
Swap agreements		3,773,425			—			—		—			3,773,425
Total net realized gains (loss)	$	3,890,690		$	—		$	—	$	—		$	3,890,690
PACE Intermediate Fixed Income Investments
Futures contracts	$	(4,049,761	)	$	—		$	—	$	—		$	(4,049,761	)
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	23,252		$	12,500		$	—	$	—		$	35,752
Options and swaptions written		45,246			—			—		—			45,246
Futures contracts		(4,313,682	)		—			—		—			(4,313,682	)
Swap agreements		209,023			—			31,257		—			240,280
Forward foreign currency contracts		—			(71,546	)		—		—			(71,546	)
Total net realized gains (loss)	$	(4,036,161	)	$	(59,046	)	$	31,257	$	—		$	(4,063,950	)
PACE Global Fixed Income Investments
Futures contracts	$	(383,852	)	$	—		$	—	$	—		$	(383,852	)
Forward foreign currency contracts		—			(2,460,239	)		—		—			(2,460,239	)
Total net realized gains (loss)	$	(383,852	)	$	(2,460,239	)	$	—	$	—		$	(2,844,091	)
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	520,030		$	—	$	—		$	520,030
PACE Alternative Strategies Investments
Options and swaptions purchased	$	(271	)	$	14,529		$	—	$	(1,699,155	)	$	(1,684,897	)
Options and swaptions written		14,015			663			—		661,336			676,014
Futures contracts		60,482			(73,505	)		—		1,363,122			1,350,099
Swap agreements		5,311,881			—			773,450		(595,695	)		5,489,636
Forward foreign currency contracts		—			718,147			—		—			718,147
Total net realized gains (loss)	$	5,386,107		$	659,834		$	773,450	$	(270,392	)	$	6,548,999

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.

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Notes to financial statements

During the period ended July 31, 2024, 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 value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	(520,010	)	$	—		$	—		$	—		$	(520,010	)
Options and swaptions written		(1,043	)		—			—			—			(1,043	)
Futures contracts		583,875			—			—			—			583,875
Swap agreements		(2,468,965	)		—			—			—			(2,468,965	)
Net change in appreciation (depreciation)	$	(2,406,143	)	$	—		$	—		$	—		$	(2,406,143	)
PACE Intermediate Fixed Income Investments
Futures contracts	$	2,311,463		$	—		$	—		$	—		$	2,311,463
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	(20	)	$	(36,632	)	$	—		$	—		$	(36,652	)
Options and swaptions written		28,517			4,099			—			—			32,616
Futures contracts		2,959,358			—			—			28,734			2,988,092
Swap agreements		(11,897	)		—			(2,910	)		—			(14,807	)
Forward foreign currency contracts		—			115,949			—			—			115,949
Net change in appreciation (depreciation)	$	2,975,958		$	83,416		$	(2,910	)	$	28,734		$	3,085,198
PACE Global Fixed Income Investments
Futures contracts	$	141,611		$	—		$	—		$	—		$	141,611
Forward foreign currency contracts		—			1,401,889			—			—			1,401,889
Net change in appreciation (depreciation)	$	141,611		$	1,401,889		$	—		$	—		$	1,543,500
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	116,188		$	—		$	—		$	116,188
PACE Alternative Strategies Investments
Options and swaptions purchased	$	(849	)	$	(7,614	)	$	—		$	771,663		$	763,200
Options and swaptions written		—			(523	)		—			(385,543	)		(386,066	)
Futures contracts		(43,940	)		—			—			(139,888	)		(183,828	)
Swap agreements		(539,577	)		—			(3,514	)		6,942			(536,149	)
Forward foreign currency contracts		—			(587,141	)		—			—			(587,141	)
Net change in appreciation (depreciation)	$	(584,366	)	$	(595,278	)	$	(3,514	)	$	253,174		$	(929,984	)

¹​  The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

Offsetting of certain derivatives—The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or

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Notes to financial statements

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 July 31, 2024, 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​	$	6,605,589		$	(2,759,792	)
Derivatives not subject to a MNA or similar agreements		(6,234,572	)		2,529,628
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	371,017		$	(230,164	)

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2​		Net amount of assets
BB	$	863		$	—		$	—	$	863
BNP		67,745			—			—		67,745
BOA		1,741			(1,741	)		—		—
CITI		9,241			(9,241	)		—		—
DB		18,861			—			—		18,861
GS		19,353			—			—		19,353
JPMCB		10,673			(10,673	)		—		—
MSCI		242,540			(33,572	)		—		208,968
Total	$	371,017		$	(55,227	)	$	—	$	315,790
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2​		Net amount of liabilities
BOA	$	(7,900	)	$	1,741		$	—	$	(6,159	)
CITI		(129,444	)		9,241			—		(120,203	)
JPMCB		(59,248	)		10,673			—		(48,575	)
MSCI		(33,572	)		33,572			—		—
Total	$	(230,164	)	$	55,227		$	—	$	(174,937	)

¹  ​In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at 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 (depreciation) 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.

249

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2024, 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 Intermediate Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1​	$	1,777,671		$	(356,450	)
Derivatives not subject to a MNA or similar agreements		(1,777,671	)		356,450
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, at 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 (depreciation) 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​	$	3,632,039		$	(1,042,045	)
Derivatives not subject to a MNA or similar agreements		(3,409,113	)		872,569
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	222,926		$	(169,476	)

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	$	8,969	$	(678	)	$	—	$	8,291
BNP		4,518		(4,518	)		—		—
BOA		69,111		(4,012	)		—		65,099
CITI		32,243		(19,172	)		—		13,071
GS		43,107		(43,107	)		—		—
GSI		1,852		(1,852	)		—		—
HSBC		4,402		(4,402	)		—		—
JPMCB		55,579		(12,307	)		—		43,272
MSCI		3,145		(3,145	)		—		—
Total	$	222,926	$	(93,193	)	$	—	$	129,733

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Notes to financial statements

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2​		Net amount of liabilities
BB	$	(678	)	$	678	$	—	$	—
BNP		(35,061	)		4,518		—		(30,543	)
BOA		(4,012	)		4,012		—		—
CITI		(19,172	)		19,172		—		—
GS		(64,927	)		43,107		21,820		—
GSI		(4,246	)		1,852		—		(2,394	)
HSBC		(24,601	)		4,402		—		(20,199	)
JPMCB		(12,307	)		12,307		—		—
MSCI		(3,733	)		3,145		588		—
NW		(739	)		—		—		(739	)
Total	$	(169,476	)	$	93,193	$	22,408	$	(53,875	)

¹  ​In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at 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 (depreciation) 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 July 31, 2024, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Global Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1​	$	1,669,839		$	(781,970	)
Derivatives not subject to a MNA or similar agreements		(595,383	)		491,359
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,074,456		$	(290,611	)

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	$	45,267	$	(7,494	)	$	—	$	37,773
BNP		26,155		(26,155	)		—		—
CITI		221,717		(84,374	)		—		137,343
GSI		8,240		(8,240	)		—		—
HSBC		1,766		(1,766	)		—		—
MSCI		724,949		(74,518	)		—		650,431
SSB		230		—			—		230
TDB		46,132		—			—		46,132
Total	$	1,074,456	$	(202,547	)	$	—	$	871,909

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Notes to financial statements

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2​		Net amount of liabilities
BB	$	(7,494	)	$	7,494	$	—	$	—
BNP		(40,776	)		26,155		—		(14,621	)
CITI		(84,374	)		84,374		—		—
GSI		(50,880	)		8,240		—		(42,640	)
HSBC		(15,690	)		1,766		—		(13,924	)
MSCI		(74,518	)		74,518		—		—
SCB		(275	)		—		—		(275	)
TDB		(16,604	)		—		—		(16,604	)
Total	$	(290,611	)	$	202,547	$	—	$	(88,064	)

¹  ​In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at 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 (depreciation) 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 July 31, 2024, 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​	$	459		$	(319,550	)
Derivatives not subject to a MNA or similar agreements		(459	)		319,550
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, at 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 (depreciation) 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​	$	6,143,008		$	(5,333,318	)
Derivatives not subject to a MNA or similar agreements		(767,571	)		1,488,002
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	5,375,437		$	(3,845,316	)

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Notes to financial statements

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	$	162,600		$	(162,600	)	$	—	$	—
BNP		80,854			(80,854	)		—		—
BOA		33,314			(728	)		—		32,586
CITI		67,135			(67,135	)		—		—
GS		79,192			(79,192	)		—		—
GSI		90,940			(90,940	)		—		—
HSBC		111,028			(103,004	)		—		8,024
JPMCB		4,200,952			(2,305,820	)		1,895,132		—
MSCI		497,940			(169,677	)		—		328,263
Options Clearing Corp.		115			—			—		115
SCB		40,841			—			—		40,841
SG		10,510			(10,510	)		—		—
SSB		16			—			—		16
Total	$	5,375,437		$	(3,070,460	)	$	1,895,132	$	409,845
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2​		Net amount of liabilities
BB	$	(211,070	)	$	162,600		$	—	$	(48,470	)
BNP		(630,619	)		80,854			—		(549,765	)
BOA		(728	)		728			—		—
CITI		(140,063	)		67,135			—		(72,928	)
GS		(168,917	)		79,192			89,725		—
GSI		(94,809	)		90,940			—		(3,869	)
HSBC		(103,004	)		103,004			—		—
JPMCB		(2,305,820	)		2,305,820			—		—
MSCI		(169,677	)		169,677			—		—
SG		(20,609	)		10,510			—		(10,099	)
Total	$	(3,845,316	)	$	3,070,460		$	89,725	$	(685,131	)

¹  ​In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at 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 (depreciation) 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.

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Notes to financial statements

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of July 31, 2024:

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

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Notes to financial statements

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE International Equity Investments	0.900% up to $500 million 0.875% above $500 million up to $1 billion 0.850% above $1 billion up to $1.5 billion 0.825% above $1.5 billion up to $2 billion 0.800% above $2 billion
PACE International Emerging Markets Equity Investments	1.000% 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 Subadvisory 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 Hotchkis & Wiley Capital 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	ARGA Investment Management, LP Victory Capital Management Inc. Kayne Anderson Rudnick, 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

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Notes to financial statements

Portfolio	Investment subadvisor
PACE International Emerging Markets Equity Investments	ARGA Investment Management, LP RWC Asset Advisors (US) LLC William Blair & Company LLC
PACE Global Real Estate Securities Investments	MFS Investment Management
PACE Alternative Strategies Investments1​	Aviva Investors Americas, LLC DLD Asset Management LP Fulcrum Asset Management LLP 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) LLC 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 July 31, 2024, 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	$	283,478
PACE Mortgage-Backed Securities Fixed Income Investments		15,498
PACE Intermediate Fixed Income Investments		(33,049	)
PACE Strategic Fixed Income Investments		143,464
PACE Municipal Fixed Income Investments		48,227
PACE Global Fixed Income Investments		23,003
PACE High Yield Investments		55,225
PACE Large Co Value Equity Investments		488,567
PACE Large Co Growth Equity Investments		526,730
PACE Small/Medium Co Value Equity Investments		164,834
PACE Small/Medium Co Growth Equity Investments		142,036
PACE International Equity Investments		471,330
PACE International Emerging Markets Equity Investments		196,911
PACE Global Real Estate Securities Investments		(1,070	)
PACE Alternative Strategies Investments		235,021

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 July 31, 2024, UBS AM was contractually obligated to waive $303,339 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, 2024 in an amount equal to 0.13% of the fund's average daily net assets. For the period ended July 31, 2024, UBS AM waived $3,640,054 in investment management fees. This management fee waiver will not be subject to future recoupment.

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Notes to financial statements

For PACE High Yield Investments Class P2, PACE International Equity Investments Class P2, PACE International Emerging Markets Equity Investments Class P2, and PACE Alternative Strategies 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 July 31, 2024, the fees waived were $33,169, $98,933, $522,270 and $393,934, respectively. Such amounts are not subject to future recoupment.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2024 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, 2021, 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 July 31, 2024, UBS AM had the following contractual fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2027, and recoupments for the period ended July 31, 2024, were as follows:

Portfolio	Class A expense cap			Class Y expense cap			Class P expense cap			Class P2 expense cap		Fee waivers/ expense reimbursements		Recoupments
UBS Government Money Market Investments Fund		N/A			N/A			0.60	%		N/A	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		0.72	%		0.72			N/A		533,630		—
PACE Intermediate Fixed Income Investments		0.86			0.61			0.61			N/A		567,930		—
PACE Strategic Fixed Income Investments		0.90			0.65			0.65			N/A		486,779		—
PACE Municipal Fixed Income Investments		0.82			0.57			0.57			N/A		253,451		—
PACE Global Fixed Income Investments		1.03			0.87			0.84			N/A		484,474		—
PACE High Yield Investments		1.06			0.88			0.88			N/A		416,583		—
PACE Large Co Value Equity Investments		1.14			0.89			0.89			N/A		93,650		—
PACE Large Co Growth Equity Investments		1.13			0.88			0.88			N/A		249,310		—
PACE Small/Medium Co Value Equity Investments		1.29			1.04			1.04			N/A		207,230		—
PACE Small/Medium Co Growth Equity Investments		1.33			N/A			1.08			N/A		116,097		—
PACE International Equity Investments		1.25			1.00			1.00			N/A		611,631		—
PACE International Emerging Markets Equity Investments		1.45			1.20			1.20			N/A		617,265		—
PACE Global Real Estate Securities Investments		1.45			N/A			1.20			N/A		446,108		—
PACE Alternative Strategies Investments		1.83			1.58			1.58			N/A		609,333		—

At July 31, 2024, 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, 2025		Expires July 31, 2026		Expires July 31, 2027
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	129,044	$	57,397	$	32,440	$	39,207
PACE Mortgage-Backed Securities Fixed Income Investments—Class Y		78,489		37,641		17,940		22,908
PACE Mortgage-Backed Securities Fixed Income Investments—Class P		1,629,679		717,487		440,677		471,515
PACE Intermediate Fixed Income Investments—Class A		63,250		24,204		19,727		19,319

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Notes to financial statements

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2025		Expires July 31, 2026		Expires July 31, 2027
PACE Intermediate Fixed Income Investments—Class Y	$	2,382	$	869	$	792	$	721
PACE Intermediate Fixed Income Investments—Class P		1,880,174		746,965		585,319		547,890
PACE Strategic Fixed Income Investments—Class A		35,214		18,811		7,549		8,854
PACE Strategic Fixed Income Investments—Class Y		6,865		2,834		2,034		1,997
PACE Strategic Fixed Income Investments—Class P		1,897,094		979,471		441,695		475,928
PACE Municipal Fixed Income Investments—Class A		91,310		35,292		22,497		33,521
PACE Municipal Fixed Income Investments—Class Y		93		32		30		31
PACE Municipal Fixed Income Investments—Class P		638,959		265,603		153,457		219,899
PACE Global Fixed Income Investments—Class A		147,022		68,724		36,478		41,820
PACE Global Fixed Income Investments—Class Y		11,256		5,041		3,034		3,181
PACE Global Fixed Income Investments—Class P		1,618,659		776,531		402,655		439,473
PACE High Yield Investments—Class A		19,527		8,906		4,515		6,106
PACE High Yield Investments—Class Y		1,176		522		113		541
PACE High Yield Investments—Class P		1,191,182		494,505		286,741		409,936
PACE Large Co Value Equity Investments—Class A		1,164		—		—		1,164
PACE Large Co Value Equity Investments—Class P		117,873		—		25,387		92,486
PACE Large Co Growth Equity Investments—Class A		17,063		—		7,130		9,933
PACE Large Co Growth Equity Investments—Class Y		459		—		—		459
PACE Large Co Growth Equity Investments—Class P		573,759		104,858		229,983		238,918
PACE Small/Medium Co Value Equity Investments—Class A		262		—		—		262
PACE Small/Medium Co Value Equity Investments—Class Y		54		—		17		37
PACE Small/Medium Co Value Equity Investments—Class P		305,267		—		98,336		206,931
PACE Small/Medium Co Growth Equity Investments—Class P		237,666		—		121,570		116,097
PACE International Equity Investments—Class A		73,832		21,511		26,095		26,226
PACE International Equity Investments—Class Y		27,546		8,765		9,200		9,581
PACE International Equity Investments—Class P		1,647,140		475,437		595,879		575,824
PACE International Emerging Markets Equity Investments—Class A		27,579		13,276		7,487		6,816
PACE International Emerging Markets Equity Investments—Class Y		36,149		17,170		9,357		9,622
PACE International Emerging Markets Equity Investments—Class P		2,427,683		1,161,872		664,984		600,827
PACE Global Real Estate Securities Investments—Class A		1,934		475		661		798
PACE Global Real Estate Securities Investments—Class P		1,208,173		372,847		390,016		445,310
PACE Alternative Strategies Investments—Class A		31,929		13,172		10,998		7,759
PACE Alternative Strategies Investments—Class Y		2,606		1,081		882		643
PACE Alternative Strategies Investments—Class P		2,487,533		1,015,698		870,904		600,931

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 July 31, 2024, the UBS Government Money Market Investments Fund did not incur this additional waiver.

For the period ended July 31, 2024, 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.

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Notes to financial statements

Affiliated broker	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 Emerging Markets Equity Investments		PACE Alternative Strategies Investments
UBS AG	$	1,248	$	—	$	—	$	—	$	659	$	49
UBS Securities Asia Ltd.		—		—		—		—		2,208		—
UBS Securities India Private Ltd.		—		—		—		—		516		—
UBS Securities LLC		681		72		5,619		802		2,655		34,676
UBS Securities Pte Ltd.		—		—		—		—		699		—
UBS Securities Pte Ltd., Seoul		—		—		—		—		2,060		—
UBS Switzerland AG		—		—		—		—		—		1

During the period ended July 31, 2024, 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. For the period ended July 31, 2024, there were no sales charges earned by UBS AM (US).

At July 31, 2024, certain Portfolios owed UBS AM (US) service fees.

Portfolio	Service fees owed
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	3,593
PACE Intermediate Fixed Income Investments—Class A		1,581
PACE Strategic Fixed Income Investments—Class A		1,968
PACE Municipal Fixed Income Investments—Class A		4,871
PACE Global Fixed Income Investments—Class A		3,129
PACE High Yield Investments—Class A		591
PACE Large Co Value Equity Investments—Class A		19,378
PACE Large Co Growth Equity Investments—Class A		10,359
PACE Small/Medium Co Value Equity Investments—Class A		2,955
PACE Small/Medium Co Growth Equity Investments—Class A		3,540
PACE International Equity Investments—Class A		4,879
PACE International Emerging Markets Equity Investments—Class A		646
PACE Global Real Estate Securities Investments—Class A		32
PACE Alternative Strategies Investments—Class A		715

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.

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Notes to financial statements

For the period ended July 31, 2024, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated service fees earned
UBS Government Money Market Investments Fund	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		170,290
PACE Intermediate Fixed Income Investments		163,800
PACE Strategic Fixed Income Investments		207,581
PACE Municipal Fixed Income Investments		31,401
PACE Global Fixed Income Investments		185,235
PACE High Yield Investments		158,211
PACE Large Co Value Equity Investments		236,880
PACE Large Co Growth Equity Investments		227,607
PACE Small/Medium Co Value Equity Investments		225,025
PACE Small/Medium Co Growth Equity Investments		222,375
PACE International Equity Investments		225,111
PACE International Emerging Markets Equity Investments		224,892
PACE Global Real Estate Securities Investments		160,188
PACE Alternative Strategies Investments		120,062

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.

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Notes to financial statements

At July 31, 2024, 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	$	5,375,208	$	4,371,102	$	1,113,449	$	5,484,551	U.S. Treasury Notes and U.S. Treasury Bills
PACE Strategic Fixed Income Investments		10,075,859		4,915,118		5,357,759		10,272,877	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Fixed Income Investments		1,368,584		946,625		445,357		1,391,982	U.S. Treasury Notes and U.S. Treasury Bills
PACE High Yield Investments		3,775		1,484		2,384		3,868	U.S. Treasury Notes and U.S. Treasury Bills
PACE Large Co Value Equity Investments		20,984,833		1,268,597		20,082,442		21,351,039	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Value Equity Investments		9,292,450		—		9,481,006		9,481,006	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Growth Equity Investments		7,211,813		343,823		6,975,139		7,318,962	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Equity Investments**		44,529,896		38,869,625		7,426,672		46,296,297	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Emerging Markets Equity Investments		7,809,758		3,129,788		4,909,276		8,039,064	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Real Estate Securities Investments		5,446,933		450,958		5,235,357		5,686,315	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 July 31, 2024 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	$	—	$	4,371,102	$	4,371,102
PACE Strategic Fixed Income Investments		—		4,915,118		4,915,118
PACE Global Fixed Income Investments		—		946,625		946,625
PACE High Yield Investments		1,484		—		1,484
PACE Large Co Value Equity Investments		1,268,597		—		1,268,597
PACE Small/Medium Co Growth Equity Investments		343,823		—		343,823
PACE International Equity Investments		38,869,625		—		38,869,625
PACE International Emerging Markets Equity Investments		3,129,788		—		3,129,788
PACE Global Real Estate Securities Investments		450,958		—		450,958

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. The expiration date of the line of credit agreement is March 31, 2025.

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Notes to financial statements

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The Portfolios covered by the Committed Credit Facility have agreed to pay an annual 25 basis point commitment fee 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 July 31, 2024, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Large Co Value Equity Investments	$	559,335		8	$	830		6.680	%
PACE Large Co Growth Equity Investments		6,509,301		1		1,208		6.680
PACE Small/Medium Co Value Equity Investments		1,276,933		10		2,369		6.680
PACE Small/Medium Co Growth Equity Investments		329,952		16		980		6.680
PACE International Equity Investments		724,566		108		14,520		6.680
PACE International Emerging Markets Equity Investments		696,054		79		10,203		6.680
PACE Global Real Estate Securities Investments		809,124		1		150		6.680
PACE Alternative Strategies Investments		1,919,283		32		11,396		6.680

At July 31, 2024, PACE International Equity Investments had outstanding borrowings of $646,917.

Purchases and sales of securities

For the period ended July 31, 2024, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments	$	3,754,276,584	$	3,760,294,445
PACE Intermediate Fixed Income Investments		69,925,427		83,679,132
PACE Strategic Fixed Income Investments		490,019,868		581,231,055
PACE Municipal Fixed Income Investments		43,696,943		65,741,485
PACE Global Fixed Income Investments		248,803,412		272,990,350
PACE High Yield Investments		82,103,900		99,578,890
PACE Large Co Value Equity Investments		324,250,922		445,299,689
PACE Large Co Growth Equity Investments		369,632,956		541,786,962
PACE Small/Medium Co Value Equity Investments		346,941,627		388,684,212
PACE Small/Medium Co Growth Equity Investments		232,113,738		267,948,249
PACE International Equity Investments		303,935,404		417,540,740
PACE International Emerging Markets Equity Investments		242,558,905		240,372,887
PACE Global Real Estate Securities Investments		28,405,176		36,674,760
PACE Alternative Strategies Investments (long transactions)		837,446,602		895,246,268
PACE Alternative Strategies Investments (short transactions)		581,312,679		543,473,362

262

PACE Select Advisors Trust

Notes to financial statements

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 year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		6,483		$	66,724
Shares repurchased		(236,134	)		(2,402,757	)
Dividends reinvested		65,306			661,352
Net increase (decrease)		(164,345	)	$	(1,674,681	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		173,159		$	1,747,710			2,330,009		$	23,666,690
Shares repurchased		(308,738	)		(3,158,271	)		(4,512,365	)		(45,741,574	)
Dividends reinvested		35,781			362,007			761,156			7,710,379
Net increase (decrease)		(99,798	)	$	(1,048,554	)		(1,421,200	)	$	(14,364,505	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		76,116		$	793,232
Shares repurchased		(347,184	)		(3,680,589	)
Dividends reinvested		66,958			707,542
Net increase (decrease)		(204,110	)	$	(2,179,815	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		143,093		$	1,512,569			2,299,143		$	24,472,481
Shares repurchased		(251,601	)		(2,713,721	)		(6,198,558	)		(65,797,904	)
Dividends reinvested		35,250			372,498			809,236			8,555,595
Net increase (decrease)		(73,258	)	$	(828,654	)		(3,090,179	)	$	(32,769,828	)

263

PACE Select Advisors Trust

Notes to financial statements

PACE Intermediate Fixed Income Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		3,812		$	39,298
Shares repurchased		(96,334	)		(996,691	)
Dividends reinvested		30,550			315,263
Net increase (decrease)		(61,972	)	$	(642,130	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,839,724		$	29,376,702
Shares repurchased		(1,920	)		(19,890	)		(5,005,412	)		(51,884,386	)
Dividends reinvested		960			9,910			1,042,235			10,759,460
Net increase (decrease)		(960	)	$	(9,980	)		(1,123,453	)	$	(11,748,224	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		70,176		$	729,832
Shares repurchased		(172,572	)		(1,819,559	)
Dividends reinvested		24,738			259,632
Net increase (decrease)		(77,658	)	$	(830,095	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,896,355		$	30,613,650
Shares repurchased		(2,193	)		(23,003	)		(6,797,020	)		(71,799,992	)
Dividends reinvested		749			7,859			887,366			9,316,547
Net increase (decrease)		(1,444	)	$	(15,144	)		(3,013,299	)	$	(31,869,795	)

PACE Strategic Fixed Income Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		52,433		$	620,530
Shares repurchased		(117,991	)		(1,362,409	)
Dividends reinvested		37,245			429,572
Net increase (decrease)		(28,313	)	$	(312,307	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,793		$	20,309			3,905,472		$	45,129,966
Shares repurchased		(21,229	)		(246,416	)		(8,238,571	)		(95,138,092	)
Dividends reinvested		3,717			42,758			1,929,208			22,219,334
Net increase (decrease)		(15,719	)	$	(183,349	)		(2,403,891	)	$	(27,788,792	)

264

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		97,440		$	1,127,449
Shares repurchased		(284,245	)		(3,299,159	)
Dividends reinvested		31,664			369,691
Net increase (decrease)		(155,141	)	$	(1,802,019	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		22,951		$	272,364			3,843,990		$	45,116,786
Shares repurchased		(24,877	)		(293,670	)		(12,278,880	)		(143,972,447	)
Dividends reinvested		3,451			40,221			1,728,016			20,158,763
Net increase (decrease)		1,525		$	18,915			(6,706,874	)	$	(78,696,898	)

PACE Municipal Fixed Income Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		21,223		$	251,932
Shares repurchased		(345,988	)		(4,131,982	)
Dividends reinvested		28,102			338,578
Net increase (decrease)		(296,663	)	$	(3,541,472	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,469,703		$	17,777,492
Shares repurchased		(19	)		(226	)		(3,896,861	)		(46,960,868	)
Dividends reinvested		8			95			311,450			3,756,076
Net increase (decrease)		(11	)	$	(131	)		(2,115,708	)	$	(25,427,300	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		34,136		$	410,181
Shares repurchased		(370,855	)		(4,461,138	)
Dividends reinvested		30,604			367,609
Net increase (decrease)		(306,115	)	$	(3,683,348	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		3,660,802		$	44,100,706
Shares repurchased		—		—		(8,295,523	)		(99,482,004	)
Dividends reinvested		7		87		352,977			4,239,866
Net increase (decrease)		7	$	87		(4,281,744	)	$	(51,141,432	)

265

PACE Select Advisors Trust

Notes to financial statements

PACE Global Fixed Income Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		3,791		$	29,690
Shares repurchased		(259,476	)		(2,051,767	)
Dividends reinvested		51,151			402,502
Net increase (decrease)		(204,534	)	$	(1,619,575	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,543		$	11,886			2,892,099		$	22,650,395
Shares repurchased		(40,161	)		(316,262	)		(5,382,384	)		(42,263,614	)
Dividends reinvested		5,822			45,349			726,289			5,689,447
Net increase (decrease)		(32,796	)	$	(259,027	)		(1,763,996	)	$	(13,923,772	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		380,208		$	3,054,561
Shares repurchased		(672,785	)		(5,494,463	)
Dividends reinvested		44,457			362,045
Net increase (decrease)		(248,120	)	$	(2,077,857	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,674		$	13,353			2,340,285		$	19,050,492
Shares repurchased		(8,252	)		(67,117	)		(7,050,584	)		(57,411,384	)
Dividends reinvested		4,977			40,159			637,595			5,172,506
Net increase (decrease)		(1,601	)	$	(13,605	)		(4,072,704	)	$	(33,188,386	)

266

PACE Select Advisors Trust

Notes to financial statements

PACE High Yield Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		8,797		$	75,527
Shares repurchased		(89,144	)		(753,022	)
Dividends reinvested		15,261			128,874
Net increase (decrease)		(65,086	)	$	(548,621	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,493,799		$	12,644,556
Shares repurchased		(316	)		(2,743	)		(4,725,986	)		(39,879,478	)
Dividends reinvested		4,743			40,234			1,236,155			10,405,561
Net increase (decrease)		4,427		$	37,491			(1,996,032	)	$	(16,829,361	)

	Class P2
	Shares			Amount
Shares sold		—		$	—
Shares repurchased		(55,090	)		(460,000	)
Dividends reinvested		60,861			521,593
Net increase (decrease)		5,771		$	61,593

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		315,609		$	2,579,783
Shares repurchased		(343,346	)		(2,843,817	)
Dividends reinvested		16,543			135,665
Net increase (decrease)		(11,194	)	$	(128,369	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,599,574		$	13,215,377
Shares repurchased		—		—		(7,096,810	)		(58,248,395	)
Dividends reinvested		4,345		35,811		1,349,600			11,046,260
Net increase (decrease)		4,345	$	35,811		(4,147,636	)	$	(33,986,758	)

	Class P2
	Shares			Amount
Shares sold		—		$	—
Shares repurchased		(1,463,751	)		(12,000,826	)
Dividends reinvested		102,705			847,311
Net increase (decrease)		(1,361,046	)	$	(11,153,515	)

267

PACE Select Advisors Trust

Notes to financial statements

PACE Large Co Value Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		13,843		$	271,871
Shares repurchased		(526,055	)		(10,473,259	)
Dividends reinvested		201,556			3,877,930
Net increase (decrease)		(310,656	)	$	(6,323,458	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		11,159		$	224,940			1,349,516		$	26,617,810
Shares repurchased		(116,695	)		(2,406,093	)		(8,057,829	)		(159,751,905	)
Dividends reinvested		46,105			887,988			1,729,414			33,049,109
Net increase (decrease)		(59,431	)	$	(1,293,165	)		(4,978,899	)	$	(100,084,986	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		287,685		$	5,672,005
Shares repurchased		(872,168	)		(16,949,994	)
Dividends reinvested		654,335			11,620,993
Net increase (decrease)		69,852		$	343,004

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		4,311		$	85,177			1,987,404		$	38,074,782
Shares repurchased		(42,588	)		(845,375	)		(12,411,886	)		(241,946,520	)
Dividends reinvested		131,904			2,345,253			5,916,784			104,431,238
Net increase (decrease)		93,627		$	1,585,055			(4,507,698	)	$	(99,440,500	)

PACE Large Co Growth Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		739		$	10,494
Shares repurchased		(377,434	)		(5,457,567	)
Dividends reinvested		71,847			969,938
Net increase (decrease)		(304,848	)	$	(4,477,135	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,587		$	42,933			1,532,853		$	25,040,945
Shares repurchased		(105,853	)		(1,803,781	)		(11,694,838	)		(192,915,475	)
Dividends reinvested		25,161			401,826			914,203			14,225,005
Net increase (decrease)		(78,105	)	$	(1,359,022	)		(9,247,782	)	$	(153,649,525	)

268

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		337,537		$	4,479,165
Shares repurchased		(908,187	)		(11,989,018	)
Dividends reinvested		1,410,579			14,726,450
Net increase (decrease)		839,929		$	7,216,597

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,376		$	33,901			5,315,327		$	73,431,845
Shares repurchased		(68,880	)		(1,076,212	)		(16,439,818	)		(262,596,365	)
Dividends reinvested		478,445			5,870,524			19,326,573			231,145,810
Net increase (decrease)		411,941		$	4,828,213			8,202,082		$	41,981,290

PACE Small/Medium Co Value Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		4,274		$	76,114
Shares repurchased		(143,029	)		(2,576,638	)
Dividends reinvested		3,446			61,687
Net increase (decrease)		(135,309	)	$	(2,438,837	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		218		$	4,146			812,453		$	15,094,841
Shares repurchased		(2,820	)		(54,022	)		(3,349,911	)		(62,122,425	)
Dividends reinvested		36			691			99,028			1,857,768
Net increase (decrease)		(2,566	)	$	(49,185	)		(2,438,430	)	$	(45,169,816	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		182,768		$	3,448,931
Shares repurchased		(295,092	)		(5,431,871	)
Dividends reinvested		150,456			2,432,879
Net increase (decrease)		38,132		$	449,939

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		72		$	1,446			953,843		$	17,917,441
Shares repurchased		(1,242	)		(24,150	)		(5,072,806	)		(98,094,584	)
Dividends reinvested		1,239			21,413			3,227,999			54,682,305
Net increase (decrease)		69		$	(1,291	)		(890,964	)	$	(25,494,838	)

269

PACE Select Advisors Trust

Notes to financial statements

PACE Small/Medium Co Growth Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		7,559		$	87,295
Shares repurchased		(319,423	)		(3,680,634	)
Dividends reinvested		—			—
Net increase (decrease)		(311,864	)	$	(3,593,339	)

	Class P
	Shares			Amount
Shares sold		1,275,016		$	17,318,775
Shares repurchased		(3,646,698	)		(49,257,659	)
Dividends reinvested		—			—
Net increase (decrease)		(2,371,682	)	$	(31,938,884	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		190,690		$	2,057,614
Shares repurchased		(473,607	)		(5,040,635	)
Dividends reinvested		—			—
Net increase (decrease)		(282,917	)	$	(2,983,021	)

	Class P
	Shares			Amount
Shares sold		2,228,325		$	28,292,275
Shares repurchased		(7,496,556	)		(93,064,041	)
Dividends reinvested		—			—
Net increase (decrease)		(5,268,231	)	$	(64,771,766	)

270

PACE Select Advisors Trust

Notes to financial statements

PACE International Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		6,531		$	117,635
Shares repurchased		(138,947	)		(2,400,163	)
Dividends reinvested		45,885			774,541
Net increase (decrease)		(86,531	)	$	(1,507,987	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		13,987		$	238,002			1,365,866		$	23,428,918
Shares repurchased		(87,392	)		(1,579,579	)		(8,199,725	)		(141,086,674	)
Dividends reinvested		25,966			434,926			1,566,053			26,153,078
Net increase (decrease)		(47,439	)	$	(906,651	)		(5,267,806	)	$	(91,504,678	)

	Class P2
	Shares			Amount
Shares sold		—		$	—
Shares repurchased		(368,208	)		(6,285,700	)
Dividends reinvested		35,237			591,278
Net increase (decrease)		(332,971	)	$	(5,694,422	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		309,127		$	4,793,721
Shares repurchased		(447,850	)		(7,012,290	)
Dividends reinvested		37,166			553,395
Net increase (decrease)		(101,557	)	$	(1,665,174	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,139		$	33,893			2,056,873		$	31,800,231
Shares repurchased		(82,730	)		(1,265,508	)		(12,629,830	)		(195,215,162	)
Dividends reinvested		20,798			307,389			1,416,983			20,886,334
Net increase (decrease)		(59,793	)	$	(924,226	)		(9,155,974	)	$	(142,528,597	)

	Class P21​
	Shares			Amount
Shares sold		1,123,463		$	18,604,500
Shares repurchased		(64	)		(1,056	)
Dividends reinvested		—			—
Net increase (decrease)		1,123,399		$	18,603,444

¹​  For the period from March 27, 2023 (commencement of operations) through July 31, 2023.

271

PACE Select Advisors Trust

Notes to financial statements

PACE International Emerging Markets Equity Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		3,176		$	40,018
Shares repurchased		(40,589	)		(503,422	)
Dividends reinvested		2,839			35,009
Net increase (decrease)		(34,574	)	$	(428,395	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		6,866		$	86,955			1,559,373		$	19,298,501
Shares repurchased		(63,536	)		(824,396	)		(4,063,887	)		(50,560,862	)
Dividends reinvested		4,644			57,769			260,576			3,223,318
Net increase (decrease)		(52,026	)	$	(679,672	)		(2,243,938	)	$	(28,039,043	)

	Class P2
	Shares			Amount
Shares sold		5,315,552		$	65,903,253
Shares repurchased		(2,595,950	)		(31,948,262	)
Dividends reinvested		41,817			519,780
Net increase (decrease)		2,761,419		$	34,474,771

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		323,265		$	3,821,348
Shares repurchased		(351,519	)		(4,241,150	)
Dividends reinvested		5,631			65,151
Net increase (decrease)		(22,623	)	$	(354,651	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		4,867		$	59,545			1,830,666		$	21,910,349
Shares repurchased		(28,225	)		(342,386	)		(6,226,462	)		(74,485,737	)
Dividends reinvested		8,633			100,744			510,678			5,923,865
Net increase (decrease)		(14,725	)	$	(182,097	)		(3,885,118	)	$	(46,651,523	)

	Class P21​
	Shares			Amount
Shares sold		10,397,711		$	127,357,085
Shares repurchased		(1,914,303	)		(23,546,817	)
Dividends reinvested		—			—
Net increase (decrease)		8,483,408		$	103,810,268

¹​  For the period from March 16, 2023 (commencement of operations) through July 31, 2023

272

PACE Select Advisors Trust

Notes to financial statements

PACE Global Real Estate Securities Investments
For the year ended July 31, 2024:

	Class A
	Shares			Amount
Shares sold		956		$	6,347
Shares repurchased		(10,854	)		(69,569	)
Dividends reinvested		165			1,118
Net increase (decrease)		(9,733	)	$	(62,104	)

	Class P
	Shares			Amount
Shares sold		889,085		$	5,465,374
Shares repurchased		(2,323,693	)		(14,264,322	)
Dividends reinvested		147,258			948,340
Net increase (decrease)		(1,287,350	)	$	(7,850,608	)

For the year ended July 31, 2023:

	Class A
	Shares			Amount
Shares sold		93,891		$	602,023
Shares repurchased		(106,715	)		(686,552	)
line		163			1,022
Net increase (decrease)		(12,661	)	$	(83,507	)

	Class P
	Shares			Amount
Shares sold		917,252		$	5,659,201
Shares repurchased		(3,308,757	)		(20,364,479	)
Dividends reinvested		124,507			743,308
Net increase (decrease)		(2,266,998	)	$	(13,961,970	)

273

PACE Select Advisors Trust

Notes to financial statements

PACE Alternative Strategies Investments
For the year ended July 31, 2024:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		6,663		$	73,290			845		$	9,129
Shares repurchased		(73,809	)		(793,447	)		(4,985	)		(55,053	)
Dividends reinvested		11,546			121,812			1,146			12,140
Net increase (decrease)		(55,600	)	$	(598,345	)		(2,994	)	$	(33,784	)

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		1,071,164		$	11,546,854			799,785		$	8,569,968
Shares repurchased		(6,501,303	)		(69,780,151	)		(881,257	)		(9,433,205	)
Dividends reinvested		975,136			10,277,929			171,098			1,799,953
Net increase (decrease)		(4,455,003	)	$	(47,955,368	)		89,626		$	936,716

For the year ended July 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		24,943		$	264,387			947		$	10,009
Shares repurchased		(124,649	)		(1,312,113	)		(11,075	)		(116,989	)
Dividends reinvested		9,131			95,234			913			9,562
Net increase (decrease)		(90,575	)	$	(952,492	)		(9,215	)	$	(97,418	)

	Class P						Class P21​
	Shares			Amount			Shares			Amount
Shares sold		1,983,213		$	20,807,644			5,178,824		$	53,605,295
Shares repurchased		(10,361,213	)		(108,751,389	)		(64,565	)		(669,630	)
Dividends reinvested		764,065			7,961,562			—			—
Net increase (decrease)		(7,613,935	)	$	(79,982,183	)		5,114,259		$	52,935,665

¹​  For the period from November 11, 2022 (commencement of operations) through July 31, 2023

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.

274

PACE Select Advisors Trust

Notes to financial statements

The tax character of distributions paid during the fiscal years ended July 31, 2024 and July 31, 2023 were as follows:

	2024								2023
Portfolio	Tax- exempt income		Ordinary income		Long-term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
UBS Government Money Market Investments Fund	$	—	$	147,258,779	$	—	$	—	$	—	$	65,060,792	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		9,728,612		—		—		—		10,731,647		—		—
PACE Intermediate Fixed Income Investments		—		12,328,544		—		—		—		10,691,429		—		—
PACE Strategic Fixed Income Investments				23,063,411		—		1,613,938		—		21,069,776		—		1,338,892
PACE Municipal Fixed Income Investments		4,776,615		71,140		—		—		5,378,399		76,053		—		—
PACE Global Fixed Income Investments		—		2,648,237		—		4,084,798		—		—		—		6,116,846
PACE High Yield Investments		—		10,581,819		—		1,520,674		—		9,118,885		—		4,006,355
PACE Large Co Value Equity Investments		—		28,209,437		12,372,435		—		—		21,061,622		106,300,320		—
PACE Large Co Growth Equity Investments		—		92		16,410,405		—		—		1,022,547		267,156,985		—
PACE Small/Medium Co Value Equity Investments		—		2,043,099		50,253		—		—		4,305,779		57,583,596		—
PACE Small/Medium Co Growth Equity Investments		—		—		—		—		—		—		—		—
PACE International Equity Investments		—		26,624,845		3,486,593		—		—		8,336,925		15,045,318		—
PACE International Emerging Markets Equity Investments		—		5,128,572		—		—		—		6,496,769		—		—
PACE Global Real Estate Securities Investments		—		1,019,596		—		—		—		810,887		—		—
PACE Alternative Strategies Investments		—		13,037,458		—		—		—		8,834		8,547,831		—

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at July 31, 2024 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	$	2,842,880,308	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		287,108,200		7,643,671		(24,504,944	)		(16,861,273	)
PACE Intermediate Fixed Income Investments		208,754,890		4,083,370		(2,322,262	)		1,761,108
PACE Strategic Fixed Income Investments		485,280,773		13,102,976		(15,970,215	)		(2,867,239	)
PACE Municipal Fixed Income Investments		191,214,076		1,161,383		(4,933,268	)		(3,771,885	)
PACE Global Fixed Income Investments		184,245,059		4,136,447		(6,175,240	)		(2,038,793	)
PACE High Yield Investments		198,794,132		3,734,633		(17,241,953	)		(13,507,320	)
PACE Large Co Value Equity Investments		701,678,238		122,843,772		(24,318,810	)		98,524,962
PACE Large Co Growth Equity Investments		595,616,314		221,678,522		(11,676,788	)		210,001,734
PACE Small/Medium Co Value Equity Investments		263,554,430		45,807,116		(5,587,756	)		40,219,360
PACE Small/Medium Co Growth Equity Investments		250,637,237		45,298,786		(24,569,461	)		20,729,325
PACE International Equity Investments		628,793,331		175,126,125		(39,451,986	)		135,674,139
PACE International Emerging Markets Equity Investments		374,282,832		42,462,926		(30,425,091	)		12,037,835
PACE Global Real Estate Securities Investments		62,448,307		4,550,123		(4,566,838	)		(16,715	)
PACE Alternative Strategies Investments		236,511,754		14,345,247		(16,210,372	)		(1,865,125	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax deferral of losses on wash sales, tax treatment of certain derivatives, mark-to-market of passive foreign investment companies, non-taxable special dividends, mortgage dollar roll adjustments, Section 305(c) adjustments, and constructive sales.

275

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	Undistributed tax-exempt income		Undistributed ordinary income		Undistributed long-term capital gains		Accumulated capital and other losses			Unrealized appreciation (depreciation)			Other temporary differences			Total
UBS Government Money Market Investments Fund	$	—	$	6,322,064	$	—	$	(2,357	)	$	—		$	(6,322,656	)	$	(2,949	)
PACE Mortgage-Backed Securities Fixed Income Investments		—		327,857		—		(56,592,540	)		(16,861,403	)		(6,207	)		(73,132,293	)
PACE Intermediate Fixed Income Investments		—		1,530,602		—		(42,928,876	)		1,761,107			(98,567	)		(39,735,734	)
PACE Strategic Fixed Income Investments		—		—		—		(91,254,879	)		(10,573,291	)		(541,121	)		(102,369,291	)
PACE Municipal Fixed Income Investments		1,268,226		—		—		(3,534,252	)		(3,771,885	)		—			(6,037,911	)
PACE Global Fixed Income Investments		—		—		—		(34,042,025	)		(2,041,118	)		(1,048,605	)		(37,131,748	)
PACE High Yield Investments		—		—		—		(30,077,101	)		(13,506,651	)		(136,942	)		(43,720,694	)
PACE Large Co Value Equity Investments		—		10,323,217		35,020,193		—			98,528,244			—			143,871,654
PACE Large Co Growth Equity Investments		—		8,879,463		47,822,688		—			210,001,734			—			266,703,885
PACE Small/Medium Co Value Equity Investments		—		4,675,597		32,291,545		—			40,186,789			—			77,153,931
PACE Small/Medium Co Growth Equity Investments		—		—		8,189,012		—			20,729,325			—			28,918,337
PACE International Equity Investments		—		6,389,493		43,460,595		—			135,572,030			(1,086,272	)		184,335,846
PACE International Emerging Markets Equity Investments		—		3,571,213		—		(19,146,315	)		10,865,457			—			(4,709,645	)
PACE Global Real Estate Securities Investments		—		69,844		—		(15,158,615	)		(21,464	)		—			(15,110,235	)
PACE Alternative Strategies Investments		—		11,425,220		6,170,389					(1,924,340	)		(833,021	)		14,838,248

Net capital losses recognized by the Portfolios may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. Capital losses incurred 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	$	2,357	$	—	$	2,357
PACE Mortgage-Backed Securities Fixed Income Investments		24,477,869		32,114,671		56,592,540
PACE Intermediate Fixed Income Investments		17,026,073		25,902,803		42,928,876
PACE Strategic Fixed Income Investments		23,946,967		67,307,912		91,254,879
PACE Municipal Fixed Income Investments		1,047,536		2,486,716		3,534,252
PACE Global Fixed Income Investments		17,862,938		16,179,087		34,042,025
PACE High Yield Investments		1,745,571		28,331,530		30,077,101
PACE International Emerging Markets Equity Investments		18,348,376		797,939		19,146,315
PACE Global Real Estate Securities Investments		105,543		15,053,072		15,158,615

276

PACE Select Advisors Trust

Notes to financial statements

During the fiscal year ended, the following Portfolios utilized capital loss carryforwards to offset current year realized gains:

Portfolio	Capital loss carryforwards utilized
PACE Small/Medium Co Growth Equity Investments	$	13,025,656
PACE International Emerging Markets Equity Investments		4,641,920
PACE Alternative Strategies Investments		8,204,648

Qualified late year losses are deemed to arise on the first business day of a Portfolio's next taxable year. For the fiscal year ended July 31, 2024, the following Portfolios incurred and elected to defer qualified late year losses of the following:

	Late year		Post October capital loss
Portfolio	ordinary loss		Short-term losses		Long-term losses
PACE Global Fixed Income Investments	$	879,504	$	—	$	—

At July 31, 2024, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

Portfolio	Distributable earnings (losses)			Beneficial interest
PACE Strategic Fixed Income Investments	$	544		$	(544	)
PACE Small/Medium Co Growth Equity Investments		611,170			(611,170	)
PACE International Equity Investments		(1	)		1
PACE Global Real Estate Securities Investments		22,652			(22,652	)

These differences are primarily due to net operating losses and distributions in excess of net investment income.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of July 31, 2024, 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 period ended July 31, 2024, 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, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.

277

PACE Select Advisors Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of
PACE Select Advisors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of PACE Select Advisors Trust (the "Trust"), (comprising 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 (collectively referred to as the "Portfolios")), including the portfolios of investments, as of July 31, 2024, and the related statements of operations and cash flows (for PACE International Equity Investments) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios comprising PACE Select Advisors Trust at July 31, 2024, the results of their operations and cash flows (for PACE International Equity Investments) for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 26, 2024

278

PACE Select Advisors Trust

Tax information (unaudited)

We are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise you in writing as to the federal tax status of distributions received by shareholders during the fiscal year. Accordingly, the percentage of ordinary dividends paid that qualify for the dividends received deduction for corporate shareholders and the amount of foreign tax credit to be passed through to shareholders are as follows:

Portfolio	Dividends received deduction		Long-term capital gain		Foreign tax credit
PACE Intermediate Fixed Income Investments	$	22,041	$	—	$	—
PACE Strategic Fixed Income Investments		25,156		—		—
PACE Global Fixed Income Investments		—		—		33,415
PACE High Yield Investments		19,445		—		—
PACE Large Co Value Equity Investments		19,559,292		12,372,435		—
PACE Large Co Growth Equity Investments		29		16,410,405		—
PACE Small/Medium Co Value Equity Investments		1,427,933		50,253		—
PACE International Equity Investments		—		3,486,593		1,919,130
PACE International Emerging Markets Equity Investments		10,116		—		1,787,772
PACE Global Real Estate Securities Investments		13,341		—		—
PACE Alternative Strategies Investments		1,332,009		—		—

Also, for the fiscal year ended July 31, 2024, the foreign source income for information reporting purposes for PACE Global Fixed Income Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments is $2,979,142, $15,921,633, and $6,260,720 respectively.

For the taxable year ended July 31, 2024, the Portfolios designate the amounts below as the maximum amount that may be considered qualified dividend income for individual shareholders

Portfolio	Maximum amount considered qualified dividend income
PACE Intermediate Fixed Income Investments	$	22,089
PACE Strategic Fixed Income Investments		25,139
PACE High Yield Investments		28,940
PACE Large Co Value Equity Investments		22,967,505
PACE Large Co Growth Equity Investments		33
PACE Small/Medium Co Value Equity Investments		1,577,623
PACE International Equity Investments		27,327,650
PACE International Emerging Markets Equity Investments		5,652,329
PACE Global Real Estate Securities Investments		384,254
PACE Alternative Strategies Investments		3,230,099

Dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income. Some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders should not use the above information to prepare their tax returns. Since the Portfolios' fiscal year end is not the calendar year end, another notification will be sent with respect to calendar year 2024. Such notification, which will reflect the amount to be used by calendar year taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in February 2025. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in each of the Portfolios.

279

Trustees

Virginia G. Breen

Richard R. Burt

Bernard H. Garil

Heather R. Higgins
Chair

David R. Malpass

Investment Manager and
Administrator

UBS Asset Management (Americas) LLC
787 Seventh Avenue
New York, New York 10019

Principal Underwriter

UBS Asset Management (US) Inc.
787 Seventh Avenue
New York, New York 10019

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 2024. All rights reserved.
UBS Asset Management (Americas) LLC

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) LLC

787 Seventh Avenue

New York, NY 10019

S003

(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

(1) All board members and all members of any advisory board for regular compensation: $379,287

(2) Each board member and each member of an advisory board for special compensation: Not applicable.

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

February 21, 2024 Meeting:

At a meeting of the board of PACE Select Advisors Trust (the "Trust") on February 21, 2024, 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 to the Investment Management and Administration Agreement (the "Contract") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust and the sub-advisory agreements between UBS AM and several other entities that serve as sub-advisors to series of the Trust (the "Sub-Advisory Contracts").

Management discussed with the board its proposal to reorganize UBS AM from a Delaware corporation to a Delaware limited liability company and to change its name to UBS Asset Management (Americas) LLC. Management stated that UBS AM is proposing that the Contract and Sub-Advisory Contracts be amended at the time of the closing of the reorganization to reflect UBS AM's new name and form of organization. UBS AM represented, and the board considered, that there was expected to be no change to: (i) the advisory fee or any other amounts to be paid by the Trust; (ii) the nature, extent, and quality of the services to be provided by UBS AM; (iii) fund performance; (iv) the costs of the services to be provided and profits to be realized by UBS AM and its affiliates from the relationship with the Trust; (v) the realization of economies of scale as the Trust grows; or (vi) any other benefits derived or to be derived by UBS AM from the relationship with the Trust.

The board, including a majority of the Independent Trustees, approved the amendments to the Contract and Sub-Advisory Contracts. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve the amendments to the Contract and Sub-Advisory Contracts. The Independent Trustees were advised by separate independent legal counsel throughout the process.

May 22, 2024 Meeting:

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on May 22, 2024, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the proposed sub-advisory agreement (the "Sub-Advisory Agreement") between UBS Asset Management (Americas) LLC ("UBS AM") and Lazard Asset Management LLC ("Lazard") with respect to PACE Alternative Strategies Investments (the "Portfolio"). Management discussed with the board its proposal to terminate two current sub-advisors, to reallocate the portion of the assets managed by the existing sub-advisors to Lazard and to appoint Lazard as a sub-advisor to the Portfolio. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive

materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending Lazard as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by Lazard to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of Lazard as a sub-advisor to the Portfolio, including its "due diligence" concerning Lazard and its belief that adding Lazard's strategy would provide an opportunity to increase the Portfolio's return potential. The board also received materials from Lazard detailing its investment philosophy and spoke with representatives of Lazard, who discussed with the board that investment philosophy and process, and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Lazard in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Lazard. The board noted that the proposed contractual sub-advisory fee, along with the other sub-advisory changes proposed by UBS AM, would result in a net decrease in the annualized sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by Lazard. The board also noted that, as Lazard would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of Lazard or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to Lazard—The board was informed by management that Lazard's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Lazard would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that Lazard could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as

the principal factor in determining whether to approve the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

July 25-26, 2024 Meetings:

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 25-26, 2024, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement (the "Investment Management and Administration Agreement") between UBS Asset Management (Americas) LLC ("UBS AM") and the Trust, on behalf of each series of the Trust (each a "Portfolio" and together the "Portfolios"), and, for those Portfolios with subadvisor(s), the subadvisory agreements for the Portfolios. (Throughout this discussion, each subadvisor to a Portfolio is referred to as a "Subadvisor" and each subadvisory agreement is referred to as a "Subadvisory Agreement.") In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM and the Portfolios' Subadvisors, as well as the management, subadvisory, administrative and distribution arrangements for the Portfolios. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, subadvisory, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement and the Subadvisory Agreements, the board reviewed the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement and the Subadvisory Agreements—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolios by UBS AM and, for those Portfolios with Subadvisor(s), subadvisory services provided by each Subadvisor during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolios and the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolios. The board noted the complexity of this process for the Portfolios, given their broad range of investment strategies. The board noted that UBS AM provided extensive oversight of the Subadvisors for the Portfolios and reported to the board at each regular meeting on the Subadvisors' performance and compliance with applicable requirements and made recommendations with respect to Subadvisor changes (both in terms of the allocation of Portfolio assets to Subadvisors and their hiring and termination) from time to time based on the performance of the Subadvisors and other relevant factors. The board's evaluation of the services provided by UBS AM and the Subadvisors took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including (i) maintaining and monitoring its own and the Portfolios' expanded compliance programs and (ii) hiring and replacing Subadvisors, monitoring current Subadvisors (including adjusting their Portfolio asset allocations) and coordinating strategies among Subadvisors to continue to optimize the implementation and effectuation of the Portfolios' investment strategies. It also was noted that the Investment Management and Administration Agreement under consideration had been approved previously by shareholders at a special meeting of shareholders of the Trust.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolios and had previously met with and received information regarding the person(s) or portfolio management team from each Subadvisor and/or UBS AM primarily responsible for the day-to-day management of each Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly, and that at each regular meeting the board receives a detailed report from UBS AM on each Portfolio's performance and receives more extensive information periodically from each Subadvisor. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $395 billion in assets under management as of March 31, 2024 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2024. The board also was cognizant of, and considered, the financial combination transactions, regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Portfolios under the Investment Management and Administration Agreement as well as under the Subadvisory Agreements.

Management and subadvisory fees and expense ratios—For each Portfolio, the board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangements for each Portfolio (if any) and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered whether UBS AM had entered into one or more fee waiver and/or expense reimbursement agreements with a Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of certain or all classes of that Portfolio through a certain date (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings, and extraordinary expenses) would not exceed specified limits for each class (or, with respect to certain Portfolios, an agreement to waive a portion of its management fee). The board also considered that, with respect to certain share classes, each Portfolio with such a fee waiver/reimbursement agreement had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps. With respect to fee waiver/expense reimbursement arrangements, the board also considered the basis for UBS AM's determination that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Portfolio. Additionally, the board received and considered information comparing each Portfolio's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group"). The board also received from Broadridge comparative data on a supplemental expense group of subadvised peers (which may include certain of the subadvised peers contained within the primary Expense Group) (the "Supplemental Expense Group"). A discussion of the board's considerations with respect to each Portfolio's fees is set forth below.

In connection with its consideration of each Portfolio's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to each of the Portfolios. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Portfolios, versus those accounts and the differences in the levels of services required by the Portfolios and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM. The board observed that it had received cer-

tain information regarding fees, compensation from other similar funds, and economies of scale from certain Subadvisors as part of the summary of each Subadvisor's responses to requests for due diligence materials in connection with the board's annual reconsideration of the Subadvisory Agreements; however, the board also observed that the compensation paid to a Subadvisor is paid by UBS AM, not by the particular Portfolio, and, accordingly, that the retention of a Subadvisor generally does not increase the fees otherwise incurred by a Portfolio's shareholders (unless a management fee waiver level was affected by a subadvisory fee increase or a reallocation of assets).

Portfolio performance—For each Portfolio, the board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2024, and (b) annualized performance information for each year in the ten-year period ended April 30, 2024. The board was provided with a description of the methodology Broadridge used to determine the similarity of a Portfolio with the funds included in its Performance Universe. The board also considered UBS AM's emphasis on longer-term performance, such as the three- and five-year periods, as well as UBS AM's statement that while management believed that the Broadridge peer groups were useful in evaluating Portfolio expenses relative to peers, they were less useful in evaluating performance, as in many cases they were broad-based and consisted of funds that did not necessarily have similar investment parameters to the applicable Portfolio. The board also noted that it had received information throughout the year at periodic intervals with respect to each Portfolio's performance, in most cases with respect to certain benchmark indices, including with respect to each Subadvisor's performance. Further discussion of the board's considerations with respect to each Portfolio's performance is set forth below.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to each Portfolio and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolios. A Subadvisor's profitability in providing services to a Portfolio was not a significant factor considered by the board, as the subadvisory fees are paid by UBS AM, not by the relevant Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolios' assets grew, whether the Portfolios have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Portfolios. The board considered whether economies of scale in the provision of services to the Portfolios were being passed along to each Portfolio's shareholders. The board noted that each Portfolio's Contractual Management Fee contained breakpoints, with the exception of UBS Government Money Market Investments Fund. The board also noted as of April 30, 2024, for those Portfolios having breakpoints, which Portfolio's asset level exceeded at least its first breakpoint. Accordingly, the board determined that actual economies of scale existed for those Portfolios whose assets had reached the first breakpoint level and potential economies of scale existed for those Portfolios whose assets had not yet reached their first breakpoint level. The board also noted that to the extent a Portfolio's assets have increased over time, it has realized other economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets. The board also took note of the relationship between any breakpoints in a subadvisory fee and the breakpoints in fees paid by the Portfolios to UBS AM.

Generally, in light of UBS AM's profitability data, the Actual Management Fees, the Contractual Management Fees, the breakpoints currently in place for the Portfolios and the current assets of the Portfolios, the board believed that UBS AM's arrangement for sharing of potential and current economies of scale with the Portfolios was acceptable.

Other benefits to UBS AM and the Subadvisors—The board was informed by management that the Subadvisors' relationships with the Portfolios were limited to their provision of subadvisory services to these Portfolios, and that therefore, management believed that the Subadvisors and their affiliates did not receive tangible ancillary benefits as a result of the Subadvisors' relationships with the Portfolios, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the equity Portfolios (which also would potentially benefit such Portfolios) and possible limited benefits to certain affiliates of a Subadvisor, such as broker-dealers (e.g., an affiliate's execution of portfolio transactions subject to detailed restrictions in SEC rules and board oversight procedures). The board recognized that certain Subadvisors could receive intangible benefits from their association with the Trust, such as increased name recognition or publicity from being selected as Subadvisors to the Trust after an extensive review process. Similarly, a Portfolio could benefit from having a Subadvisor with an established or well-regarded reputation. In light of the costs of providing investment management, administrative and other services to the Portfolios and UBS AM's ongoing commitment to the Portfolios, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In the discussions that follow, reference is made to the "median" in the Broadridge Expense Group, Supplemental Expense Group and Broadridge Performance Universe categories. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. Broadridge information is calculated on a share class basis. References appearing below relate to Class P shares; the board also had information relevant to other share classes (e.g., Class A shares) during its considerations.

PACE Large Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of J.P. Morgan Investment Management, Inc. ("J.P. Morgan"), Polen Capital Management, LLC and GQG Partners LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three- and five-year periods, but below the Performance Universe median for the ten-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Large Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Artisan Partners, LP, Hotchkis & Wiley Capital Management, LLC and Wellington Management Company LLP, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, five- and ten-year periods and since inception, but above the Performance Universe median for the three-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Small/Medium Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Calamos Advisors LLC, Jacobs Levy Equity Management, Inc. and Riverbridge Partners, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one- and three-year periods and since inception, but above the Performance Universe median for the five- and ten-year periods.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses were above, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Small/Medium Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Kayne Anderson Rudnick Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three- and five-year periods and since inception, but above the Performance Universe median for the ten-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses were above, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE International Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Chautauqua Capital Management—a division of Robert W. Baird & Co. Incorporated, Los Angeles Capital Management LLC and Mondrian Investment Partners Limited, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods, ranking in the first quintile for the one-, three- and ten-year periods, but below the Performance Universe median for the since inception period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the

median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE International Emerging Markets Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of ARGA Investment Management, LP, RWC Asset Advisors (US) LLC and William Blair Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one- and ten-year periods and since inception, but above the Performance Universe median for the three- and five-year periods.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were above, and Actual Management Fee was below (giving effect to expense waivers), the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Alternative Strategies Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Allspring Global Investments, LLC, Aviva Investors Americas LLC, DLD Asset Management, LP, Electron Capital Partners, LLC, Kettle Hill Capital Management, LLC, Magnetar Asset Management LLC, and PCJ Investment Counsel Ltd., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all periods reported, ranking in the first quintile for the five-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Global Real Estate Securities Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with MFS Investment Management, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses were above, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Mortgage-Backed Securities Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Pacific Investment Management Company LLC ("PIMCO"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, five- and ten-year periods and since inception, ranking in the first quintile for the since inception period, but below the Performance Universe median for the three-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were above, and the Actual Management Fee was below, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE High Yield Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Nomura Corporate Research and Asset Management Inc., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, five- and ten-year periods and since inception, ranking in the first quintile for the since inception period, but below the Performance Universe median for the three-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Intermediate Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Brown Brothers Harriman & Co. ("BBH"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three- and five-year periods, ranking in the first quintile for the one- and three-year periods, but below the Performance Universe median for the ten-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were above, and the Actual Management Fee was below, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Global Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with J.P. Morgan, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Municipal Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Insight North America LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three- and five-year periods and since inception, but above the Performance Universe median for the ten-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Strategic Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of BBH, Neuberger Berman Investment Advisers LLC and PIMCO, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all periods reported, ranking in the first quintile for all periods reported.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

UBS Government Money Market Investments Fund

In approving the Investment Management and Administration Agreement, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all comparative periods, ranking in the first quintile for the one- and three-year periods and since inception.

Management fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were below the respective medians in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

Conclusion

Based on its review and, in certain instances, management's explanations upon further questioning, the board concluded that each Portfolio's investment performance was satisfactory or acceptable under the circumstances and that each management fee and subadvisory fee, as proposed by management after questions and/or suggestions posed by the board, continued to be appropriate under the circumstances and in light of the nature, extent and quality of the services provided to the Portfolio under the applicable Investment Management and Administration Agreement and Subadvisory Agreement or Subadvisory Agreements, respectively.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for each Portfolio and, for those Portfolios with Subadvisors, the Subadvisory Agreement(s). No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement or, for the subadvised Portfolios, the Subadvisory Agreement(s). The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement and the Subadvisory Agreements in private sessions with their independent legal counsel at which no representatives of UBS AM or the Subadvisors were present.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a) (1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99.CODE ETH.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable to the registrant.

(a) (3) 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) (4) 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.

(a) (5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

(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 is attached hereto as Exhibit EX-99. IRANNOTICE.

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/ Mark E. Carver
	Mark E. Carver
	President

Date: October 10, 2024

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/ Mark E. Carver
	Mark E. Carver
	President

Date: October 10, 2024

By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer

Date: October 10, 2024