PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—14.4%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-R9, Class M2,
1 mo. USD LIBOR + 0.975%,
1.462%, due 10/25/341		131,463		131,132
Series 2005-R1, Class M4,
1 mo. USD LIBOR + 1.110%,
1.597%, due 03/25/351		200,000		182,250
Series 2005-R11, Class M1,
1 mo. USD LIBOR + 0.450%,
0.937%, due 01/25/361		187,212		185,828
Amortizing Residential Collateral Trust,
Series 2004-1, Class A5,
1 mo. USD LIBOR + 1.000%,
1.487%, due 10/25/341		166,281		153,437
Bear Stearns Asset-Backed Securities Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 1.200%,
1.687%, due 08/25/341		5,325,184		5,015,687
Benefit Street Partners CLO IV Ltd.,
Series 2014-IVA, Class A1RR,
3 mo. USD LIBOR + 1.250%,
2.385%, due 01/20/291,2		2,000,000		1,970,490
Cent CLO 19 Ltd.,
Series 2013-19A, Class A1A,
3 mo. USD LIBOR + 1.330%,
2.171%, due 10/29/251,2		181,013		179,705
Chase Funding Trust,
Series 2002-3, Class 2A1,
1 mo. USD LIBOR + 0.640%,
1.127%, due 08/25/321		160,300		143,554
Series 2002-4, Class 2A1,
1 mo. USD LIBOR + 0.740%,
1.227%, due 10/25/321		9,918		9,424
CIFC Funding Ltd.,
Series 2015-5A, Class A1R,
3 mo. USD LIBOR + 0.860%,
1.851%, due 10/25/271,2		900,000		885,346
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A,
1 mo. USD LIBOR + 1.350%,
1.837%, due 10/25/371,2		949,802		929,254
Colombia Cent CLO Ltd.,
Series 2018-27A, Class A1,
3 mo. USD LIBOR + 1.150%,
2.141%, due 10/25/281,2		1,700,000		1,657,012

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
Countrywide Asset-Backed Certificates,
Series 2004-2, Class 3A4,
1 mo. USD LIBOR + 0.500%,
0.987%, due 07/25/341		80,086		70,728
CWABS, Inc. Asset-Backed Certificates Trust,
Series 2004-6, Class M1,
1 mo. USD LIBOR + 0.900%,
1.387%, due 10/25/341		103,453		91,041
CWABS, Inc. Asset-Backed Certificates Trust,
Series 2004-4, Class M1,
1 mo. USD LIBOR + 0.720%,
1.207%, due 07/25/341		111,112		106,792
Dryden XXV Senior Loan Fund,
Series 2012-25A, Class ARR,
3 mo. USD LIBOR + 0.900%,
2.119%, due 10/15/271,2		3,115,520		3,040,504
EMC Mortgage Loan Trust,
Series 2003-A, Class A2,
1 mo. USD LIBOR + 1.500%,
1.987%, due 08/25/401,2		86,793		81,076
Equifirst Loan Securitization Trust,
Series 2007-1, Class A1,
1 mo. USD LIBOR + 0.170%,
0.657%, due 04/25/371,2		1,957,307		1,713,310
Figueroa CLO Ltd.,
Series 2014-1A, Class AR,
3 mo. USD LIBOR + 0.900%,
2.119%, due 01/15/271,2		130,823		129,623
First Franklin Mortgage Loan Trust,
Series 2005-FFH1, Class M1,
1 mo. USD LIBOR + 0.675%,
1.162%, due 06/25/361		65,027		63,778
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A,
3 mo. USD LIBOR + 1.050%,
2.269%, due 07/15/271,2		2,048,449		1,997,090
Halcyon Loan Advisors Funding Ltd.,
Series 2015-1A, Class AR,
3 mo. USD LIBOR + 0.920%,
2.055%, due 04/20/271,2		2,561,174		2,510,188
JP Morgan Mortgage Acquisition Corp.,
Series 2005-FRE1, Class A2F3,
3.174%, due 10/25/353		15,523		15,454

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
JP Morgan Mortgage Acquisition Trust,
Series 2006-ACC1, Class M1,
1 mo. USD LIBOR + 0.270%,
0.757%, due 05/25/361		218,066		213,370
KGS Alpha SBA,
Series 2012-5, Class A, IO,
0.935%, due 04/25/382,4,5,6		15,978,267		337,042
KVK CLO Ltd.,
Series 2013-1A, Class AR,
3 mo. USD LIBOR + 0.900%,
2.211%, due 01/14/281,2		2,384,334		2,321,407
LCM XX LP,
Series 20A, Class AR,
3 mo. USD LIBOR + 1.040%,
2.175%, due 10/20/271,2		250,000		244,350
Legacy Mortgage Asset Trust,
Series 2019-GS4, Class A1,
3.438%, due 05/25/592,3		362,060		339,114
Madison Park Funding XII Ltd.,
Series 2014-12A, Class AR,
3 mo. USD LIBOR + 1.260%,
2.395%, due 07/20/261,2		949,007		945,063
Morgan Stanley ABS Capital I, Inc.,
Series 2005-WMC6, Class M3,
1 mo. USD LIBOR + 0.765%,
1.252%, due 07/25/351		137,607		136,422
Octagon Investment Partners XXIII Ltd.,
Series 2015-1A, Class A1R,
3 mo. USD LIBOR + 0.850%,
2.069%, due 07/15/271,2		400,000		387,093
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2,
1 mo. USD LIBOR + 0.180%,
0.667%, due 04/25/371		60,711		40,349
OZLM XIII Ltd.,
Series 2015-13A, Class A1R,
3 mo. USD LIBOR + 1.080%,
1.840%, due 07/30/271,2		494,588		483,097
Palmer Square Loan Funding Ltd.,
Series 2018-4A, Class A1,
3 mo. USD LIBOR + 0.900%,
2.592%, due 11/15/261,2		326,887		321,976

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2005-WHQ3, Class M4,
1 mo. USD LIBOR + 0.945%,
1.432%, due 06/25/351		200,000		192,064
RAAC Trust,
Series 2005-SP3, Class M1,
1 mo. USD LIBOR + 0.530%,
1.017%, due 12/25/351		150,581		150,314
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.420%,
0.907%, due 12/25/351		400,000		378,676
Recette Clo Ltd.,
Series 2015-1A, Class AR,
3 mo. USD LIBOR + 0.920%,
2.055%, due 10/20/271,2		1,744,143		1,716,692
Renaissance Home Equity Loan Trust,
Series 2003-2, Class A,
1 mo. USD LIBOR + 0.880%,
1.367%, due 08/25/331		130,103		117,661
Saxon Asset Securities Trust,
Series 2005-3, Class M3,
1 mo. USD LIBOR + 0.750%,
1.237%, due 11/25/351		2,100,000		1,852,339
Soundview Home Loan Trust,
Series 2007-OPT1, Class 1A1,
1 mo. USD LIBOR + 0.200%,
0.687%, due 06/25/371		356,019		267,683
SpringCastle Funding Asset-Backed Notes,
Series 2019-AA, Class A,
3.200%, due 05/27/362		1,381,022		1,276,677
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A1,
1 mo. USD LIBOR + 0.135%,
0.622%, due 07/25/361,2		195,477		184,871
Structured Asset Securities Corp. Trust,
Series 2005-AR1, Class M2,
1 mo. USD LIBOR + 0.460%,
0.947%, due 09/25/351		1,700,000		1,541,662
Symphony CLO XIV Ltd.,
Series 2014-14A, Class AR,
3 mo. USD LIBOR + 0.950%,
2.261%, due 07/14/261,2		717,418		705,800

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(concluded)
Symphony CLO XVII Ltd.,
Series 2016-17A, Class AR,
3 mo. USD LIBOR + 0.880%,
2.099%, due 04/15/281,2		500,000		490,370
Telos CLO Ltd.,
Series 2014-5A, Class A1R,
3 mo. USD LIBOR + 0.950%,
2.085%, due 04/17/281,2		3,709,931		3,585,166
Tralee CLO III Ltd.,
Series 2014-3A, Class AR,
3 mo. USD LIBOR + 1.030%,
2.165%, due 10/20/271,2		4,967,765		4,848,588
Tralee CLO V Ltd.,
Series 2018-5A, Class A1,
3 mo. USD LIBOR + 1.110%,
2.245%, due 10/20/281,2		1,100,000		1,056,313
Venture CLO 35 Ltd.,
Series 2018-35A, Class AS,
3 mo. USD LIBOR + 1.150%,
2.248%, due 10/22/311,2		1,000,000		961,980
Venture XXI CLO Ltd.,
Series 2015-21A, Class AR,
3 mo. USD LIBOR + 0.880%,
2.099%, due 07/15/271,2		961,788		937,909
Zais CLO 1 Ltd.,
Series 2014-1A, Class A1AR,
3 mo. USD LIBOR + 1.150%,
2.369%, due 04/15/281,2		1,086,739		1,063,704
Total asset-backed securities
(cost—$49,387,625)				48,360,455
Mortgage-backed securities—24.2%
AREIT Trust,
Series 2018-CRE2, Class A,
1 mo. USD LIBOR + 0.980%,
1.774%, due 11/14/351,2		1,117,846		1,041,339
ARM Trust,
Series 2005-8, Class 3A21,
4.137%, due 11/25/356		492,792		400,207
BCAP LLC Trust,
Series 2010-RR1, Class 1A4,
3.636%, due 03/26/372,6		95,186		75,921
Series 2011-R11, Class 8A5,
1.173%, due 07/26/362,6		62,349		60,137

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2013-RR1, Class 3A4,
6.000%, due 10/26/372,6		303,478		248,122
Series 2013-RR5, Class 5A1,
12 mo. MTA + 0.840%,
2.806%, due 11/26/461,2		113,835		112,217
Bear Stearns ARM Trust,
Series 2002-011, Class 1A2,
3.755%, due 02/25/336		3,940		3,264
Series 2004-002, Class 12A2,
3.463%, due 05/25/346		37,372		32,184
Bear Stearns Asset-Backed Securities Trust,
Series 2003-AC5, Class A1,
5.750%, due 10/25/333		460,564		480,103
Series 2004-AC3, Class A2,
6.000%, due 06/25/343		638,632		627,550
BX Commercial Mortgage Trust,
Series 2018-IND, Class A,
1 mo. USD LIBOR + 0.750%,
1.564%, due 11/15/351,2		3,845,115		3,716,828
Series 2018-IND, Class D,
1 mo. USD LIBOR + 1.300%,
2.114%, due 11/15/351,2		5,600,000		5,339,530
Chevy Chase Funding LLC Mortgage-Backed Certificates,
Series 2004-1, Class A1,
1 mo. USD LIBOR + 0.280%,
0.767%, due 01/25/351,2		44,130		41,127
CHL Mortgage Pass-Through Trust,
Series 2003-HYB1, Class 1A1,
4.096%, due 05/19/336		3,393		3,084
Series 2007-15, Class 2A2,
6.500%, due 09/25/37		29,012		18,047
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class A,
4.149%, due 01/10/362		3,200,000		3,310,500
CSMC Trust,
Series 2013-MH1, Class A,
4.789%, due 05/27/532,6		1,012,771		1,154,981
FHLMC Multifamily Structured Pass-Through Certificates,
Series K014, Class X1, IO,
1.324%, due 04/25/216		6,828,096		54,621
Series K027, Class X1, IO,
0.873%, due 01/25/236		6,295,899		104,164
Series KAIV, Class X1, IO,
1.231%, due 06/25/216		4,195,045		30,823

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series KF05, Class A,
1 mo. USD LIBOR + 0.350%,
1.343%, due 09/25/211		35,260		35,211
Series KF06, Class A,
1 mo. USD LIBOR + 0.330%,
1.323%, due 11/25/211		165,740		164,946
Series KP05, Class AH,
3.254%, due 04/25/236		2,199,331		2,222,078
FHLMC REMIC,
Series 0013, Class B, IO,
7.000%, due 06/25/23		14,148		1,183
Series 0023, Class KZ,
6.500%, due 11/25/23		6,824		7,271
Series 0159, Class H,
4.500%, due 09/15/21		6		6
Series 1003, Class H,
1 mo. USD LIBOR + 0.750%,
1.564%, due 10/15/201		489		488
Series 1349, Class PS,
7.500%, due 08/15/22		228		239
Series 1502, Class PX,
7.000%, due 04/15/23		48,719		51,622
Series 1534, Class Z,
5.000%, due 06/15/23		21,756		22,588
Series 1573, Class PZ,
7.000%, due 09/15/23		5,965		6,402
Series 1658, Class GZ,
7.000%, due 01/15/24		3,427		3,692
Series 1694, Class Z,
6.500%, due 03/15/24		39,875		43,163
Series 1775, Class Z,
8.500%, due 03/15/25		1,457		1,659
Series 2136, Class GD, IO,
7.000%, due 03/15/29		2,123		355
Series 2178, Class PI, IO,
7.500%, due 08/15/29		11,416		2,294
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
1.314%, due 01/15/321		84,540		83,154
Series 2411, Class FJ,
1 mo. USD LIBOR + 0.350%,
1.164%, due 12/15/291		12,379		12,017
Series 2614, Class WO, PO,
0.010%, due 05/15/33		820,905		751,941

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 3096, Class FL,
1 mo. USD LIBOR + 0.400%,
1.214%, due 01/15/36 1		115,262		114,648
Series 3114, Class PF,
1 mo. USD LIBOR + 0.400%,
1.214%, due 02/15/36 1		603,363		602,236
Series 3153, Class UF,
1 mo. USD LIBOR + 0.430%,
1.244%, due 05/15/36 1		138,812		138,326
Series 3339, Class LI, IO,
1 mo. USD LIBOR + 6.480%,
5.666%, due 07/15/37 1		652,307		113,780
Series 3442, Class MT,
1 mo. USD LIBOR,
0.814%, due 07/15/34 1		63,155		63,092
Series 3598, Class JI, IO,
1.852%, due 10/15/376		32,010		1,374
Series 3621, Class WI, IO,
1.978%, due 05/15/376		74,659		3,642
Series 3635, Class IB, IO,
1.616%, due 10/15/376		115,291		3,955
Series 3667, Class FW,
1 mo. USD LIBOR + 0.550%,
1.364%, due 02/15/38 1		50,626		50,253
Series 3671, Class FQ,
1 mo. USD LIBOR + 0.850%,
1.664%, due 12/15/36 1		939,714		952,536
Series 3684, Class JI, IO,
2.471%, due 11/15/366		285,437		19,708
Series 3864, Class NT,
1 mo. USD LIBOR + 60.500%,
5.500%, due 03/15/39 1		480,419		541,840
Series 4037, Class PI, IO,
3.000%, due 04/15/27		1,840,102		93,759
Series 4131, Class AI, IO,
2.500%, due 10/15/22		508,091		10,964
Series 4136, Class EZ,
3.000%, due 11/15/42		1,188,448		1,240,276
Series 4156, Class SA, IO,
1 mo. USD LIBOR + 6.200%,
5.386%, due 01/15/33 1		1,490,046		275,820
Series 4165, Class TI, IO,
3.000%, due 12/15/42		1,340,000		97,383
Series 4182, Class YI, IO,
2.500%, due 03/15/28		3,180,266		198,693

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 4255, Class SN,
1 mo. USD LIBOR + 12.267%,
9.557%, due 05/15/35 1		342,985		486,902
Series 4263, Class SD,
1 mo. USD LIBOR + 12.267%,
10.096%, due 11/15/43 1		381,272		555,043
Series 4265, Class ES,
1 mo. USD LIBOR + 13.760%,
10.508%, due 11/15/43 1		828,981		1,264,922
Series 4324, Class IO,
2.526%, due 08/15/366		150,230		9,166
Series 4338, Class SB, IO,
2.233%, due 10/15/416		160,131		8,768
Series 4367, Class GS, IO,
2.207%, due 03/15/376		96,894		6,508
Series 4394, Class WI, IO,
2.253%, due 08/15/416		89,152		4,720
Series 4438, Class WI, IO,
2.324%, due 11/15/386		281,509		16,588
Series 4457, Class DI, IO,
4.000%, due 08/15/24		566,169		31,167
Series 4463, Class IO,
2.445%, due 02/15/386		207,472		12,975
Series 4544, Class IP, IO,
4.000%, due 01/15/46		2,977,100		361,309
Series 4940, Class FE,
1 mo. USD LIBOR + 0.550%,
1.364%, due 01/25/50 1		845,544		846,160
Series 4945, Class F,
1 mo. USD LIBOR + 0.500%,
2.081%, due 12/15/46 1		300,661		300,495
Trust 2513, Class AS, IO,
1 mo. USD LIBOR + 8.000%,
7.186%, due 02/15/32 1		259,307		58,886
Trust 3609, Class LI, IO,
4.500%, due 12/15/24		5,737		56
Trust 3838, Class LI, IO,
4.500%, due 04/15/22		24,629		389
Trust 3962, Class KS, IO,
2.520%, due 06/15/386		215,835		15,734
Trust 4068, Class UF,
1 mo. USD LIBOR + 0.500%,
1.314%, due 06/15/42 1		1,121,093		1,118,344
Trust 4076, Class SW, IO,
1 mo. USD LIBOR + 6.050%,
5.236%, due 07/15/42 1		1,952,840		451,369

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Trust 4100, Class HI, IO,
3.000%, due 08/15/27		360,328		24,000
Trust 4182, Class QI, IO,
3.000%, due 02/15/33		169,111		11,704
Trust 4832, Class FW,
1 mo. USD LIBOR + 0.350%,
1.931%, due 04/15/381		1,878,535		1,876,309
Trust 4836, Class PO, PO,
0.010%, due 10/15/58		1,352,922		1,156,543
Trust 4839, Class UO, PO,
0.010%, due 08/15/56		824,114		769,515
FHLMC STRIPs,
Series 303, Class C19, IO,
3.500%, due 01/15/43		1,001,426		124,857
Series 326, Class F2,
1 mo. USD LIBOR + 0.550%,
1.364%, due 03/15/441		718,170		720,341
Series 330, Class F4,
1 mo. USD LIBOR + 0.350%,
1.931%, due 10/15/371		423,159		417,196
Series 345, Class C13, IO,
3.500%, due 08/15/45		1,724,442		162,203
FNMA Aces,
Trust 2013-M5, Class X2, IO,
2.162%, due 01/25/226		711,134		10,328
Trust 2016-M11, Class AL,
2.944%, due 07/25/39		2,393,254		2,430,151
FNMA REMIC,
Series 2014-84, Class AI, IO,
1 mo. USD LIBOR + 6.150%,
0.200%, due 02/25/431		506,028		3,108
Series 2018-28, Class CA,
3.000%, due 05/25/48		1,458,797		1,523,977
Series 2019-62, Class SN, IO,
1 mo. USD LIBOR + 6.000%,
5.513%, due 11/25/491		437,973		88,658
Series 386, Class 14, IO,
6.500%, due 04/25/38		58,741		12,470
Series 413, Class 111, IO,
4.000%, due 07/25/426		1,081,971		189,990
Series 419, Class C3, IO,
3.000%, due 11/25/43		200,767		24,006
Trust 1992-129, Class L,
6.000%, due 07/25/22		566		589
Trust 1993-037, Class PX,
7.000%, due 03/25/23		38,451		40,494

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Trust 1997-022, Class F,
2.432%, due 03/25/276		21,008		21,163
Trust 2002-060, Class F1,
1 mo. USD LIBOR + 0.400%,
0.887%, due 06/25/321		47,883		46,105
Trust 2003-070, Class SH,
1 mo. USD LIBOR + 14.000%,
13.026%, due 07/25/231		68,428		81,713
Trust 2007-067, Class FB,
1 mo. USD LIBOR + 0.320%,
0.807%, due 07/25/371		188,517		186,717
Trust 2009-033, Class FB,
1 mo. USD LIBOR + 0.820%,
1.307%, due 03/25/371		584,474		591,397
Trust 2010-141, Class FA,
1 mo. USD LIBOR + 0.500%,
0.987%, due 12/25/401		356,264		355,534
Trust 2010-76, Class SA, IO,
1 mo. USD LIBOR + 6.500%,
6.013%, due 07/25/401		1,099,179		222,721
Trust 2011-86, Class DI, IO,
3.500%, due 09/25/21		32,078		573
Trust 2012-090, Class FB,
1 mo. USD LIBOR + 0.440%,
0.927%, due 08/25/421		139,328		138,519
Trust 2012-111, Class HS,
1 mo. USD LIBOR + 3.667%,
3.261%, due 10/25/421		216,752		197,759
Trust 2012-122, Class LI, IO,
4.500%, due 07/25/41		765,966		89,405
Trust 2012-128, Class FK,
1 mo. USD LIBOR + 0.350%,
0.837%, due 11/25/421		302,975		300,473
Trust 2012-32, Class AI, IO,
3.000%, due 04/25/22		70,904		1,463
Trust 2012-77, Class IO,
1.917%, due 07/25/526		269,744		14,207
Trust 2013-028, Class YS, IO,
1 mo. USD LIBOR + 6.150%,
5.663%, due 07/25/421		1,126,787		204,066
Trust 2013-030, Class GI, IO,
3.000%, due 01/25/43		1,891,015		207,469
Trust 2013-030, Class JI, IO,
3.000%, due 04/25/43		707,913		60,992
Trust 2013-034, Class PS, IO,
1 mo. USD LIBOR + 6.150%,
5.663%, due 08/25/421		677,516		109,526

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Trust 2013-044, Class ZG,
3.500%, due 03/25/42		724,140		795,774
Trust 2013-045, Class IK, IO,
3.000%, due 02/25/43		1,319,713		137,193
Trust 2013-116, Class IY, IO,
3.000%, due 09/25/43		424,544		29,225
Trust 2013-74, Class YS,
1 mo. USD LIBOR + 6.000%,
5.269%, due 07/25/431		872,166		889,369
Trust 2014-42, Class SA, IO,
1.989%, due 07/25/446		305,242		17,964
Trust 2014-43, Class BS, IO,
1.965%, due 07/25/446		464,445		28,439
Trust 2014-45, Class SA, IO,
2.171%, due 08/25/446		248,084		13,104
Trust 2014-47, Class BI, IO,
2.293%, due 08/25/546		447,095		29,219
Trust 2014-92, Class SB, IO,
2.156%, due 01/25/456		291,970		12,192
Trust 2015-073, Class ES,
1 mo. USD LIBOR + 9.333%,
7.036%, due 10/25/451		488,006		617,887
Trust 2015-10, Class SA, IO,
2.020%, due 03/25/456		243,497		13,196
Trust 2015-19, Class AI, IO,
2.157%, due 04/25/556		442,237		21,788
Trust 2015-47, Class GI, IO,
4.000%, due 06/25/44		178,012		16,809
Trust 2015-50, Class SB, IO,
2.444%, due 07/25/456		1,444,575		104,566
Trust 2015-58, Class AI, IO,
2.346%, due 08/25/556		270,137		15,603
Trust 2015-64, Class KS, IO,
2.206%, due 09/25/456		363,035		24,979
Trust 2016-14, Class IO,
3.000%, due 03/25/46		1,027,595		94,035
Trust 2016-17, Class CS, IO,
1.948%, due 04/25/466		194,199		10,116
Trust 2016-52, Class PI, IO,
3.000%, due 04/25/46		1,654,897		147,712
Trust 2016-63, Class YI, IO,
3.500%, due 04/25/46		663,678		34,277
Trust 2016-64, Class IA, IO,
3.000%, due 05/25/46		843,872		91,278

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Trust 2016-76, Class CS, IO,
1.859%, due 10/25/466		96,968		5,764
Trust 2018-85, Class FE,
1 mo. USD LIBOR + 0.300%,
0.787%, due 12/25/481		3,152,951		3,124,164
Trust G92-040, Class ZC,
7.000%, due 07/25/22		2,531		2,628
Trust G94-006, Class PJ,
8.000%, due 05/17/24		4,201		4,511
Fremont Home Loan Trust,
Series 2004-A, Class M1,
1 mo. USD LIBOR + 0.825%,
1.312%, due 01/25/341		455,268		419,221
GNMA REMIC,
Trust 2007-018, Class CO, PO,
0.010%, due 03/20/35		29,801		28,962
Trust 2010-H01, Class FA,
1 mo. USD LIBOR + 0.820%,
1.779%, due 01/20/601		1,992,300		1,999,813
Trust 2013-23, Class IP, IO,
3.500%, due 08/20/42		1,169,496		139,893
Trust 2013-77, Class GI, IO,
3.000%, due 02/20/43		2,560,730		164,777
Trust 2013-H19, Class DF,
1 mo. USD LIBOR + 0.650%,
2.006%, due 05/20/631		1,008,751		1,008,370
Trust 2013-H20, Class FB,
1 mo. USD LIBOR + 1.000%,
2.356%, due 08/20/631		1,963,128		1,976,425
Trust 2013-H23, Class TA,
1 mo. USD LIBOR + 0.720%,
2.076%, due 09/20/631		777,767		779,498
Trust 2014-158, Class IA, IO,
3.500%, due 10/20/29		823,238		76,266
Trust 2015-126, Class GS,
1 mo. USD LIBOR + 9.333%,
7.036%, due 09/20/451		323,052		437,969
Trust 2015-127, Class AS, IO,
1.601%, due 06/20/436		378,827		17,776
Trust 2015-165, Class IB, IO,
3.500%, due 11/20/42		459,212		48,978
Trust 2015-166, Class SA, IO,
1.994%, due 06/20/426		437,289		19,926
Trust 2015-180, Class SA, IO,
1.944%, due 06/20/426		474,587		13,814

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Trust 2015-42, Class AI, IO,
3.000%, due 05/20/39		377,454		12,609
Trust 2015-H27, Class FA,
1 mo. USD LIBOR + 0.750%,
2.106%, due 09/20/651		2,351,991		2,353,404
Trust 2015-H29, Class FA,
1 mo. USD LIBOR + 0.700%,
2.056%, due 10/20/651		41,850		41,902
Trust 2015-H29, Class FJ,
1 mo. USD LIBOR + 0.680%,
2.036%, due 11/20/651		2,050,553		2,057,875
Trust 2015-H30, Class FA,
1 mo. USD LIBOR + 0.680%,
2.036%, due 08/20/611		12,668		12,686
Trust 2015-H30, Class FB,
1 mo. USD LIBOR + 0.680%,
2.036%, due 03/20/621		619		620
Trust 2016-118, Class IE, IO,
3.500%, due 09/20/46		70,744		9,861
Trust 2016-138, Class WI, IO,
1.545%, due 08/20/456		350,007		14,617
Trust 2016-180, Class WI, IO,
1.505%, due 09/20/456		697,687		29,909
Trust 2016-84, Class KS, IO,
1 mo. USD LIBOR + 6.080%,
5.362%, due 11/20/451		2,107,898		406,047
Trust 2016-H14, Class FA,
1 mo. USD LIBOR + 0.800%,
2.156%, due 06/20/661		588,497		589,987
Trust 2017-15, Class WI, IO,
1.570%, due 11/20/456		441,249		17,452
Trust 2017-57, Class WI, IO,
1.526%, due 12/20/456		193,805		5,156
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3,
3.119%, due 05/10/50		5,000,000		5,202,536
GSR Mortgage Loan Trust,
Series 2004-14, Class 2A1,
1 mo. USD LIBOR + 0.330%,
0.817%, due 12/25/341		4,620		4,120
IndyMac Index Mortgage Loan Trust,
Series 2005-AR2, Class 2A1A,
1 mo. USD LIBOR + 0.640%,
1.127%, due 02/25/351		364,082		308,674

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
JP Morgan Alternative Loan Trust,
Series 2008-R4, Class 2A1,
1 mo. USD LIBOR + 0.500%,
1.459%, due 06/27/371,2		918,100		719,199
JP Morgan Mortgage Trust,
Series 2019-6, Class A11,
1 mo. USD LIBOR + 0.900%,
1.387%, due 12/25/491,2		5,287,146		5,127,321
Merrill Lynch Mortgage Investors Trust,
Series 2004-1, Class 2A2,
3.588%, due 12/25/346		143,968		135,627
Series 2004-A, Class A1,
1 mo. USD LIBOR + 0.460%,
0.947%, due 04/25/291		32,921		29,805
Morgan Stanley Mortgage Loan Trust,
Series 2004-11AR, Class 1A1,
1 mo. USD LIBOR + 0.320%,
0.807%, due 01/25/351		29,858		26,535
Morgan Stanley Re-REMIC Trust,
Series 2010-R4, Class 4B,
1 mo. USD LIBOR + 0.230%,
2.768%, due 02/26/371,2		175,455		138,893
Series 2013-R10, Class 3A,
1 mo. USD LIBOR + 0.310%,
1.567%, due 01/26/511,2		120,285		119,696
Mortgage Equity Conversion Asset Trust,
Series 2007-FF3, Class A,
1 year CMT + 0.500%,
0.670%, due 05/25/421,2		3,195,644		2,902,827
NCUA Guaranteed Notes Trust,
Series 2010-R1, Class 1A,
1 mo. USD LIBOR + 0.450%,
1.432%, due 10/07/201		657,606		656,240
Series 2010-R2, Class 2A,
1 mo. USD LIBOR + 0.470%,
1.452%, due 11/05/201		427,360		427,402
Pepper Residential Securities Trust,
Series 22-A, Class A1U,
1 mo. USD LIBOR + 1.000%,
1.718%, due 06/20/601,2		2,613,964		2,612,487
Residential Asset Securitization Trust,
Series 2006-A7CB, Class 1A1,
1 mo. USD LIBOR + 0.500%,
0.987%, due 07/25/361		291,553		224,430

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(concluded)
Sequoia Mortgage Trust,
Series 11, Class A,
1 mo. USD LIBOR + 0.900%,
1.618%, due 12/20/321		220,342		205,194
Series 5, Class A,
1 mo. USD LIBOR + 0.350%,
1.068%, due 10/19/261		61,148		57,381
Structured ARM Loan Trust,
Series 2007-4, Class 1A2,
1 mo. USD LIBOR + 0.220%,
0.707%, due 05/25/371		153,483		135,370
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.210%,
0.697%, due 04/25/361		507,053		497,286
Thornburg Mortgage Securities Trust,
Series 2005-1, Class A3,
3.648%, due 04/25/456		48,692		44,160
Washington Mutual Mortgage Pass-Through Certificates,
Series 2003-AR9, Class 2A,
4.384%, due 09/25/336		106,494		95,745
Total mortgage-backed securities (cost—$81,297,787)				81,389,618
U.S. government agency obligations—154.9%
FHA Reilly
6.896%, due 07/01/20		5,000		5,014
FHLMC
2.500%, due 01/01/31		233,246		245,671
2.500%, due 11/01/31		54,344		57,270
2.500%, due 07/01/32		150,463		157,508
2.500%, due 08/01/32		710,206		743,365
2.500%, due 09/01/32		898,606		940,625
2.500%, due 11/01/32		22,418		23,468
2.500%, due 12/01/32		803,071		840,684
2.500%, due 01/01/33		199,647		208,997
3.000%, due 01/01/33		2,460,083		2,597,713
3.000%, due 04/01/43		246,008		262,819
3.000%, due 05/01/43		188,819		201,722
3.000%, due 12/01/44		174,511		185,929
3.000%, due 04/01/45		1,218,443		1,304,205
3.000%, due 08/01/46		434,016		455,271
3.000%, due 12/01/46		1,493,365		1,582,088
3.500%, due 09/01/32		430,155		465,688
4.000%, due 01/01/37		223,207		244,076
4.000%, due 07/01/43		196,198		215,042

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 04/01/44		189,019		213,712
4.000%, due 08/01/44		2,624,150		2,944,193
4.000%, due 04/01/47		413,001		443,647
4.000%, due 05/01/47		411,679		441,813
4.000%, due 08/01/47		708,210		798,370
4.000%, due 11/01/47		572,869		614,242
4.000%, due 01/01/48		1,446,210		1,546,707
4.000%, due 02/01/48		59,448		63,582
4.000%, due 03/01/48		40,519		43,312
4.000%, due 04/01/48		131,088		140,034
4.000%, due 06/01/48		409,919		450,618
4.000%, due 12/01/48		683,969		744,689
4.500%, due 10/01/33		45,708		48,504
4.500%, due 09/01/34		859,213		916,791
4.500%, due 01/01/36		19,575		20,960
4.500%, due 05/01/37		5,720		6,198
4.500%, due 05/01/38		33,195		34,548
4.500%, due 11/01/48		257,397		277,567
5.000%, due 10/01/25		31,378		34,064
5.000%, due 11/01/27		6,223		6,749
5.000%, due 07/01/33		9,124		9,798
5.000%, due 09/01/33		157,305		176,777
5.000%, due 06/01/34		7,679		8,769
5.000%, due 04/01/35		31,934		34,737
5.000%, due 05/01/35		75,048		85,677
5.000%, due 07/01/35		137,640		157,095
5.000%, due 08/01/35		22,339		25,502
5.000%, due 10/01/35		18,428		21,013
5.000%, due 12/01/35		608		694
5.000%, due 07/01/38		233,412		265,806
5.000%, due 11/01/38		170,450		194,446
5.000%, due 06/01/39		42,178		48,220
5.000%, due 03/01/40		5,041		5,762
5.000%, due 07/01/40		253,974		288,651
5.000%, due 09/01/40		134,047		150,299
5.000%, due 11/01/40		190,771		217,493
5.000%, due 02/01/41		328,028		375,083
5.000%, due 03/01/41		21,638		24,567
5.000%, due 04/01/41		82,456		92,930
5.000%, due 05/01/41		136,231		155,500
5.000%, due 07/01/41		37,654		43,049
5.000%, due 08/01/44		55,954		63,878
5.000%, due 03/01/49		2,028,643		2,278,812

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
5.500%, due 06/01/28		1,204		1,322
5.500%, due 02/01/32		1,441		1,604
5.500%, due 12/01/32		2,949		3,356
5.500%, due 02/01/33		39,101		42,932
5.500%, due 05/01/33		548		616
5.500%, due 06/01/33		156,947		178,967
5.500%, due 12/01/33		37,749		42,220
5.500%, due 12/01/34		34,235		39,163
5.500%, due 06/01/35		552,721		632,247
5.500%, due 07/01/35		4,140		4,559
5.500%, due 10/01/35		129,509		143,632
5.500%, due 12/01/35		87,518		99,488
5.500%, due 06/01/36		310,809		355,335
5.500%, due 07/01/36		7,391		7,723
5.500%, due 12/01/36		518,301		590,733
5.500%, due 03/01/37		60,366		68,789
5.500%, due 07/01/37		59,772		64,648
5.500%, due 10/01/37		2,754		3,146
5.500%, due 04/01/38		96,415		109,991
5.500%, due 05/01/38		10,493		11,957
5.500%, due 12/01/38		1,863		2,123
5.500%, due 01/01/39		44,617		50,988
5.500%, due 09/01/39		129,490		147,878
5.500%, due 02/01/40		5,998		6,843
5.500%, due 03/01/40		6,033		6,875
5.500%, due 05/01/40		81,136		92,676
5.500%, due 03/01/41		89,065		101,796
6.000%, due 11/01/37		776,323		895,817
7.000%, due 08/01/25		114		125
FHLMC ARM
1 year CMT + 2.137%,
3.845%, due 01/01/281		10,176		10,232
12 mo. USD LIBOR + 1.765%,
3.989%, due 11/01/361		305,927		318,712
1 year CMT + 2.415%,
4.011%, due 11/01/251		52,515		52,923
12 mo. USD LIBOR + 1.783%,
4.014%, due 10/01/391		1,140,177		1,188,102
1 year CMT + 2.224%,
4.027%, due 07/01/241		37,458		37,908
1 year CMT + 2.367%,
4.102%, due 12/01/291		15,019		15,178
12 mo. USD LIBOR + 1.864%,
4.203%, due 11/01/411		1,082,544		1,126,523

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 2.415%,
4.224%, due 01/01/291		70,297		70,911
1 year CMT + 2.185%,
4.280%, due 04/01/291		30,077		30,335
1 year CMT + 2.250%,
4.281%, due 09/01/341		649,535		677,378
1 year CMT + 2.282%,
4.299%, due 07/01/281		51,316		51,589
1 year CMT + 2.257%,
4.314%, due 11/01/291		112,838		116,112
1 year CMT + 2.625%,
4.375%, due 01/01/301		21,449		21,587
1 year CMT + 2.132%,
4.376%, due 11/01/271		47,008		47,109
1 year CMT + 2.282%,
4.402%, due 06/01/281		79,030		79,673
1 year CMT + 2.446%,
4.471%, due 10/01/271		70,800		71,274
1 year CMT + 2.300%,
4.504%, due 10/01/231		4,753		4,773
1 year CMT + 2.467%,
4.600%, due 10/01/271		75,145		75,713
FNMA
0.887%, due 03/25/49		5,583,801		5,547,267
2.000%, due 05/01/28		158,660		163,749
2.000%, due 09/01/31		184,886		190,812
2.000%, due 11/01/31		380,638		392,721
2.000%, due 01/01/32		73,577		75,919
2.500%, due 06/01/28		162,091		170,158
2.500%, due 07/01/28		1,321,057		1,389,791
2.500%, due 08/01/28		429,653		453,012
2.500%, due 09/01/30		28,942		30,472
2.500%, due 11/01/30		47,199		49,625
2.500%, due 01/01/33		442,422		463,135
3.000%, due 11/01/26		416,390		441,498
3.000%, due 05/01/28		171,065		180,775
3.000%, due 02/01/30		251,814		266,175
3.000%, due 04/01/30		88,030		93,051
3.000%, due 05/01/30		96,545		102,078
3.000%, due 10/01/30		31,535		33,362
3.000%, due 04/01/31		1,908,744		2,035,560
3.000%, due 01/01/38		828,178		878,771
3.000%, due 04/01/38		916,613		972,622
3.000%, due 10/01/42		503,270		538,662
3.000%, due 01/01/43		1,850,661		1,977,534

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
3.000%, due 04/01/43		763,753		819,430
3.000%, due 05/01/43		789,696		844,566
3.000%, due 06/01/43		108,293		115,718
3.000%, due 09/01/43		1,030,389		1,106,126
3.000%, due 11/01/46		80,160		85,096
3.000%, due 12/01/46		6,233,220		6,643,229
3.000%, due 09/01/49		1,459,545		1,561,028
3.000%, due 03/01/50		497,970		525,980
3.000%, due 05/01/50		1,000,000		1,056,249
3.000%, due 02/01/57		928,642		992,688
3.000%, due 05/01/58		1,249,606		1,335,300
3.500%, due 11/01/25		262,360		277,371
3.500%, due 08/01/29		49,271		52,236
3.500%, due 03/01/42		407,818		443,986
3.500%, due 04/01/42		43,840		47,325
3.500%, due 12/01/42		1,423,581		1,557,452
3.500%, due 03/01/43		852,094		932,996
3.500%, due 07/01/43		309,217		337,346
3.500%, due 06/01/45		3,586,039		3,857,279
3.500%, due 08/01/45		80,137		86,141
3.500%, due 09/01/46		1,344,892		1,479,003
3.500%, due 08/01/47		435,510		473,836
3.500%, due 09/01/47		565,128		621,230
3.500%, due 11/01/47		836,838		906,634
3.500%, due 12/01/47		718,838		777,357
3.500%, due 02/01/48		435,855		474,995
3.500%, due 03/01/48		1,888,050		2,057,605
3.500%, due 06/01/56		1,322,137		1,434,139
3.500%, due 01/01/57		1,278,610		1,386,923
3.500%, due 01/01/59		2,119,623		2,294,108
3.500%, due 04/01/59		987,431		1,068,710
3.575%, due 02/01/26		500,000		563,892
3.820%, due 01/01/29		500,000		592,910
4.000%, due 07/01/25		7,900		8,350
4.000%, due 09/01/25		3,524		3,726
4.000%, due 10/01/25		6,186		6,536
4.000%, due 11/01/25		8,233		8,706
4.000%, due 01/01/26		225,065		237,921
4.000%, due 02/01/26		526,258		557,040
4.000%, due 03/01/26		40,081		42,371
4.000%, due 04/01/26		1,014,928		1,075,630
4.000%, due 08/01/32		6,435		6,955
4.000%, due 06/01/33		153,116		165,606

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 07/01/33		329,088		355,992
4.000%, due 08/01/33		2,340,045		2,535,875
4.000%, due 07/01/34		455,491		490,116
4.000%, due 07/01/35		1,633,321		1,786,591
4.000%, due 04/01/37		1,175,538		1,272,672
4.000%, due 03/01/38		828,519		913,416
4.000%, due 07/01/38		2,363,603		2,543,362
4.000%, due 08/01/38		750,141		810,933
4.000%, due 09/01/38		1,308,634		1,407,666
4.000%, due 05/01/39		125,168		138,479
4.000%, due 09/01/39		278,312		310,601
4.000%, due 09/01/40		2,604,638		2,849,693
4.000%, due 12/01/40		3,646,861		4,063,230
4.000%, due 04/01/41		855,729		949,758
4.000%, due 11/01/41		544,031		609,365
4.000%, due 12/01/41		789,008		884,311
4.000%, due 07/01/42		3,272,046		3,662,621
4.000%, due 09/01/42		4,788,374		5,371,061
4.000%, due 10/01/42		3,796,746		4,258,799
4.000%, due 08/01/44		197,263		222,305
4.000%, due 12/01/44		42,782		46,545
4.000%, due 06/01/45		26,612		28,880
4.000%, due 08/01/45		2,170,712		2,357,518
4.000%, due 02/01/47		244,053		263,218
4.000%, due 03/01/47		107,838		115,840
4.000%, due 04/01/47		573,371		621,866
4.000%, due 05/01/47		679,085		731,933
4.000%, due 06/01/47		27,161		29,472
4.000%, due 09/01/47		221,579		236,479
4.000%, due 10/01/47		23,674		25,280
4.000%, due 11/01/47		61,662		66,061
4.000%, due 01/01/48		1,637,156		1,752,470
4.000%, due 02/01/48		615,910		676,080
4.000%, due 03/01/48		570,051		616,472
4.000%, due 04/01/48		338,102		361,196
4.000%, due 12/01/48		1,174,257		1,285,012
4.000%, due 02/01/49		281,485		299,799
4.500%, due 06/01/29		18,776		20,253
4.500%, due 06/01/35		15,523		16,616
4.500%, due 12/01/38		412,815		458,558
4.500%, due 01/01/39		1,145		1,233
4.500%, due 03/01/39		8,538		9,489
4.500%, due 06/01/39		56,592		62,934

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.500%, due 07/01/39		2,742		2,966
4.500%, due 08/01/39		87,426		95,259
4.500%, due 10/01/39		4,127		4,579
4.500%, due 12/01/39		332,521		371,997
4.500%, due 01/01/40		3,280		3,697
4.500%, due 02/01/40		3,548		4,002
4.500%, due 03/01/40		65,546		73,075
4.500%, due 08/01/40		58,088		64,956
4.500%, due 11/01/40		364,600		412,468
4.500%, due 07/01/41		396,786		441,465
4.500%, due 08/01/41		680,140		768,810
4.500%, due 09/01/41		5,689		6,134
4.500%, due 01/01/42		1,834,589		2,048,984
4.500%, due 08/01/42		2,971		3,261
4.500%, due 09/01/43		267,659		302,363
4.500%, due 11/01/43		49,295		54,791
4.500%, due 07/01/44		267,383		298,603
4.500%, due 12/01/44		1,617		1,784
4.500%, due 09/01/48		794,083		870,726
4.500%, due 01/01/49		698,620		760,698
4.500%, due 04/01/59		1,456,666		1,618,168
5.000%, due 03/01/23		839		880
5.000%, due 05/01/23		36,905		38,861
5.000%, due 03/01/25		11,510		12,492
5.000%, due 03/01/33		13,886		14,431
5.000%, due 05/01/37		7,077		7,955
5.000%, due 09/01/37		26,605		28,657
5.000%, due 06/01/38		46,305		49,921
5.000%, due 06/01/48		398,341		440,309
5.000%, due 07/01/48		961,691		1,049,291
5.000%, due 10/01/48		748,684		814,353
5.000%, due 12/01/48		9,906		10,758
5.000%, due 01/01/49		99,885		108,646
5.000%, due 03/01/49		146,172		158,901
5.500%, due 11/01/32		25,653		28,121
5.500%, due 12/01/33		974		1,085
5.500%, due 04/01/34		24,215		27,064
5.500%, due 01/01/35		114,281		125,467
5.500%, due 04/01/36		80,543		88,293
5.500%, due 05/01/37		150,702		172,103
5.500%, due 07/01/37		86,515		98,786
5.500%, due 06/01/38		106,557		121,504
5.500%, due 11/01/39		282,308		322,857

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
5.500%, due 07/01/40		385,276		439,885
5.500%, due 02/01/42		209,816		239,657
6.000%, due 11/01/21		8,949		9,151
6.000%, due 01/01/23		39,780		40,349
6.000%, due 03/01/23		46,363		48,197
6.000%, due 11/01/26		15,268		16,965
6.000%, due 12/01/32		9,635		11,083
6.000%, due 02/01/33		26,400		29,850
6.000%, due 09/01/34		85,082		96,239
6.000%, due 05/01/35		33,664		37,491
6.000%, due 06/01/35		12,561		14,470
6.000%, due 07/01/35		33,922		37,886
6.000%, due 09/01/35		1,287		1,484
6.000%, due 01/01/36		24,138		27,843
6.000%, due 06/01/36		220		244
6.000%, due 09/01/36		29,775		34,345
6.000%, due 10/01/36		13,989		16,018
6.000%, due 12/01/36		104,332		120,300
6.000%, due 03/01/37		13,114		15,123
6.000%, due 10/01/37		31,966		37,089
6.000%, due 11/01/38		287,202		331,801
6.000%, due 05/01/39		38,280		44,224
6.000%, due 11/01/40		416,551		481,084
6.500%, due 10/01/36		323,808		373,456
6.500%, due 02/01/37		3,258		3,851
6.500%, due 07/01/37		30,777		34,294
6.500%, due 08/01/37		27,207		30,317
6.500%, due 09/01/37		31,074		35,076
6.500%, due 12/01/37		77,222		91,877
6.500%, due 08/01/38		1,105		1,284
6.500%, due 05/01/40		836,354		1,004,050
7.500%, due 11/01/26		10,406		10,485
8.000%, due 11/01/26		3,465		3,493
9.000%, due 02/01/26		6,110		6,187
FNMA ARM
12 mo. MTA + 1.200%,
3.166%, due 03/01/441		143,935		144,298
12 mo. USD LIBOR + 1.790%,
3.790%, due 02/01/421		216,116		225,457
1 year CMT + 2.083%,
3.795%, due 02/01/261		20,652		20,935
1 year CMT + 2.052%,
3.803%, due 09/01/411		389,983		405,248

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 2.250%,
4.000%, due 02/01/301		3,138		3,156
1 year CMT + 2.283%,
4.001%, due 05/01/351		164,651		172,107
1 year CMT + 2.102%,
4.050%, due 05/01/301		25,698		25,792
1 year CMT + 2.095%,
4.095%, due 09/01/261		269		271
1 year CMT + 2.507%,
4.157%, due 12/01/271		14,551		14,651
12 mo. USD LIBOR + 1.730%,
4.172%, due 05/01/381		1,041,757		1,082,971
1 year CMT + 2.218%,
4.333%, due 10/01/371		1,683,985		1,751,908
1 year CMT + 2.237%,
4.391%, due 01/01/361		355,829		370,712
1 year CMT + 2.325%,
4.825%, due 03/01/251		18,388		18,458
FNMA TBA
3.000%		47,750,000		50,348,101
GNMA
3.000%, due 11/15/42		78,331		83,680
3.000%, due 02/15/43		546,833		586,159
3.000%, due 05/15/43		942,424		1,004,519
3.000%, due 06/15/43		352,141		375,285
3.000%, due 07/15/43		103,247		110,101
3.000%, due 01/15/45		346,824		371,063
3.000%, due 02/15/45		42,551		45,583
3.000%, due 07/15/45		579,287		620,683
3.000%, due 10/15/45		915,158		981,427
3.500%, due 11/15/42		679,132		724,510
3.500%, due 03/15/45		283,082		312,493
3.500%, due 04/15/45		622,148		668,233
4.000%, due 12/15/41		1,200,253		1,302,313
4.000%, due 01/15/47		126,381		135,780
4.000%, due 02/15/47		697,880		748,732
4.000%, due 04/15/47		1,023,667		1,095,153
4.000%, due 05/15/47		118,132		126,208
4.000%, due 06/15/47		109,677		116,838
4.000%, due 07/15/47		139,974		149,091
4.000%, due 08/15/47		209,588		223,904
4.000%, due 12/15/47		50,090		53,383
4.500%, due 09/15/39		479,553		534,406
4.500%, due 06/15/40		246,732		272,697
4.500%, due 12/15/45		26,924		29,730

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations— (continued)
4.500%, due 07/15/46		8,116		8,913
4.500%, due 08/15/46		9,827		10,746
4.500%, due 09/15/46		191,173		210,995
4.500%, due 10/15/46		482,023		530,726
4.500%, due 01/15/47		630,402		690,880
5.000%, due 12/15/34		40,049		43,683
5.000%, due 04/15/38		73,539		80,872
5.000%, due 08/15/39		76,556		83,566
5.000%, due 12/15/39		5,586		6,278
5.000%, due 05/15/40		217,625		244,483
5.000%, due 09/15/40		3,356		3,656
5.000%, due 05/15/41		35,345		38,541
5.500%, due 08/15/35		20,356		22,971
5.500%, due 02/15/38		1,994		2,249
5.500%, due 04/15/38		179,439		202,465
5.500%, due 05/15/38		194,043		218,923
5.500%, due 06/15/38		95,013		107,369
5.500%, due 10/15/38		486,429		548,233
5.500%, due 11/15/38		30,119		33,988
5.500%, due 12/15/38		5,756		6,499
5.500%, due 03/15/39		31,170		33,986
5.500%, due 05/15/39		44,682		50,444
5.500%, due 09/15/39		227,624		257,030
5.500%, due 01/15/40		4,658		5,150
5.500%, due 03/15/40		281,679		316,908
6.500%, due 02/15/29		498		556
6.500%, due 01/15/36		10,137		11,109
6.500%, due 09/15/36		116,267		129,361
6.500%, due 02/15/37		10,369		12,297
6.500%, due 04/15/37		5,093		5,785
6.500%, due 01/15/38		6,069		6,983
6.500%, due 06/15/38		26,421		31,562
6.500%, due 07/15/38		5,817		6,586
6.500%, due 11/15/38		5,178		6,390
8.000%, due 02/15/23		115		121
10.500%, due 08/15/20		631		632
GNMA II
3.000%, due 09/20/47		1,702,018		1,815,405
3.000%, due 05/20/507		2,500,000		2,661,233
3.500%, due 04/20/45		9,586		10,378
3.500%, due 11/20/45		603,367		655,017
3.500%, due 04/20/46		711,159		765,513
3.500%, due 05/20/46		1,371,080		1,464,376

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations— (continued)
3.500%, due 04/20/47		525,911		573,672
3.500%, due 07/20/47		4,575,520		5,048,390
3.500%, due 08/20/47		451,170		492,419
3.500%, due 09/20/47		183,255		199,265
3.500%, due 11/20/47		601,028		651,880
3.500%, due 12/20/47		122,199		133,415
3.500%, due 01/20/48		2,778,558		3,017,268
3.500%, due 02/20/48		2,308,627		2,530,775
3.500%, due 03/20/48		3,821,646		4,226,513
3.500%, due 09/20/48		2,247,226		2,393,443
3.500%, due 12/20/49		4,584,884		4,876,883
3.500%, due 01/20/50		692,893		736,956
3.500%, due 03/20/50		2,992,719		3,185,961
3.750%, due 05/20/30		507,160		543,075
4.000%, due 12/20/40		491,967		526,186
4.000%, due 07/20/41		48,428		51,649
4.000%, due 03/20/47		1,119,191		1,213,735
4.000%, due 12/20/47		66,091		74,346
4.000%, due 01/20/48		185,478		208,756
4.000%, due 03/20/48		432,834		472,390
4.000%, due 04/20/48		961,168		1,035,518
4.000%, due 05/20/48		253,538		276,972
4.000%, due 06/20/48		321,613		354,449
4.000%, due 07/20/48		114,953		127,417
4.000%, due 10/20/49		10,908,202		11,619,686
4.500%, due 10/20/44		303,996		322,241
4.500%, due 02/20/45		390,821		414,352
4.500%, due 08/20/45		210,352		231,044
4.500%, due 02/20/46		193,398		204,856
4.500%, due 04/20/48		103,138		111,436
4.500%, due 05/20/48		305,813		330,391
4.500%, due 06/20/48		782,256		844,556
4.500%, due 10/20/48		489,913		527,441
4.500%, due 01/20/49		810,883		868,786
4.500%, due 02/20/49		1,350,607		1,446,976
5.000%, due 12/20/33		174,390		195,691
5.000%, due 01/20/34		87,691		98,373
5.000%, due 02/20/38		103,135		115,722
5.000%, due 04/20/38		140,889		158,068
5.000%, due 08/20/41		17,038		19,083
5.000%, due 12/20/42		24,121		27,062
5.000%, due 08/20/43		2,085,991		2,336,817
5.000%, due 09/20/48		381,637		416,876

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations— (continued)
5.000%, due 10/20/48		426,436		468,097
5.000%, due 11/20/48		1,447,477		1,567,943
5.000%, due 12/20/48		1,086,710		1,175,520
5.500%, due 09/20/48		99,117		107,591
6.000%, due 10/20/38		4,229		5,019
6.500%, due 09/20/32		2,624		2,985
6.500%, due 11/20/38		10,591		11,252
6.500%, due 12/20/38		5,117		5,549
7.000%, due 03/20/28		36,320		36,793
9.000%, due 04/20/25		4,349		4,831
9.000%, due 12/20/26		2,269		2,363
9.000%, due 01/20/27		7,674		7,791
9.000%, due 09/20/30		965		970
9.000%, due 10/20/30		3,122		3,251
9.000%, due 11/20/30		3,972		3,993
GNMA II ARM
1 year CMT + 1.500%,
3.125%, due 11/20/211		2,151		2,169
1 year CMT + 1.500%,
3.125%, due 10/20/301		10,878		11,020
1 year CMT + 1.500%,
3.250%, due 09/20/211		13,208		13,285
1 year CMT + 1.500%,
3.250%, due 08/20/251		8,416		8,542
1 year CMT + 1.500%,
3.250%, due 09/20/251		11,401		11,695
1 year CMT + 1.500%,
3.250%, due 08/20/261		12,019		12,212
1 year CMT + 1.500%,
3.250%, due 09/20/261		2,003		2,023
1 year CMT + 1.500%,
3.250%, due 07/20/271		4,863		5,005
1 year CMT + 1.500%,
3.250%, due 08/20/271		15,472		15,587
1 year CMT + 1.500%,
3.250%, due 07/20/301		52,254		53,606
1 year CMT + 1.500%,
3.250%, due 08/20/301		60,103		62,391
1 year CMT + 1.500%,
3.875%, due 06/20/221		11,468		11,556
1 year CMT + 1.500%,
3.875%, due 04/20/241		11,797		11,878
1 year CMT + 1.500%,
3.875%, due 05/20/251		21,279		21,461
1 year CMT + 1.500%,
3.875%, due 06/20/251		9,477		9,566

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations— (continued)
1 year CMT + 1.500%,
3.875%, due 04/20/261		58,241		58,592
1 year CMT + 1.500%,
3.875%, due 06/20/261		24,854		25,196
1 year CMT + 1.500%,
3.875%, due 04/20/271		14,387		14,487
1 year CMT + 1.500%,
3.875%, due 04/20/301		9,465		9,798
1 year CMT + 1.500%,
3.875%, due 05/20/301		240,001		248,833
1 year CMT + 1.500%,
4.000%, due 01/20/231		11,603		11,823
1 year CMT + 1.500%,
4.000%, due 03/20/231		4,981		5,025
1 year CMT + 1.500%,
4.000%, due 01/20/241		18,258		18,437
1 year CMT + 1.500%,
4.000%, due 01/20/251		2,302		2,336
1 year CMT + 1.500%,
4.000%, due 02/20/251		3,999		4,034
1 year CMT + 1.500%,
4.000%, due 03/20/251		8,276		8,369
1 year CMT + 1.500%,
4.000%, due 03/20/261		6,421		6,493
1 year CMT + 1.500%,
4.000%, due 01/20/271		55,298		56,122
1 year CMT + 1.500%,
4.000%, due 02/20/271		4,306		4,339
1 year CMT + 1.500%,
4.000%, due 01/20/281		6,381		6,565
1 year CMT + 1.500%,
4.000%, due 02/20/281		4,362		4,408
GNMA TBA
4.000%		2,500,000		2,654,734
4.500%		2,000,000		2,168,368
GNMA II TBA
2.500%		1,000,000		1,049,727
3.000%		16,850,000		17,896,678
3.500%		24,350,000		25,823,365
4.000%		5,650,000		6,011,837
4.500%		2,410,000		2,579,746
UMBS TBA
2.500%		55,750,000		57,913,650
3.000%8		33,300,000		35,092,430
3.500%		57,250,000		60,519,761
4.000%8		17,700,000		18,857,239
4.500%		3,200,000		3,450,514

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations— (concluded)
5.000%		2,100,000		2,283,217
6.000%		1,000,000		1,111,133
Total U.S. government agency obligations
(cost—$510,062,720)				520,891,671

	Number of
	shares
Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund
(cost—$2,265,493)		2,265,493	2,265,493

	Face
	amount ($)
Short-term U.S. Treasury obligations—0.6%9
U.S. Treasury Bills
0.212%, due 06/11/208
(cost—$2,180,760)	2,181,000	2,180,760

	Number of	Notional
	contracts	amount
Options purchased—0.0%†
Call options—0.0%†
U.S. Treasury Note 10 Year Futures, strike @ $190.00, expires 05/22/20	50	USD	9,500,000	50
U.S. Treasury Note 10 Year Futures, strike @ $210.00, expires 05/22/20	20	USD	4,200,000	20
Total				70
Put options—0.0%†
FNMA TBA, 2.500%, strike @ 65.00, expires 05/06/20	36,500,000	USD	2,372,500,000	1
FNMA TBA, 3.000%, strike @ 71.00, expires 06/04/20	7,500,000	USD	532,500,000	0

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of contracts	Notional amount		Value($)
Options purchased—(concluded)
Put options—(concluded)
FNMA TBA, 4.000%, strike @ 75.00, expires 05/06/20	14,000,000	USD	1,050,000,000		0
Total					1
Total options purchased (cost—$3,448)					71
Swaptions purchased—0.0%†
Put swaptions—0.0%†
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500%, expires 02/26/21 (Counterparty BNP; receive fixed rate); underlying swap terminates 03/02/31	3,800,000	USD	3,800,000		11,951
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500%, expires 10/26/21 (Counterparty DB; receive fixed rate); underlying swap terminates 03/02/31	6,250,000	USD	6,250,000		19,657
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500%, expires 10/26/21 (Counterparty GS; receive fixed rate); underlying swap terminates 03/02/31	1,350,000	USD	1,350,000		4,246
Total swaptions purchased (cost—$77,460)					35,854
Total investments before investments sold short    (cost—$645,275,293)—194.8%					655,123,922

	Face amount($)
Investments sold short—(11.1)%
U.S. government agency obligations—(11.1)%
UMBS TBA
3.000%		(18,900,000	)		(19,934,556	)
4.000%		(14,200,000	)		(15,135,268	)
5.500%		(2,000,000	)		(2,194,766	)
Total investments sold short (proceeds—$37,218,773)					(37,264,590	)
Liabilities in excess of other assets—(83.7)%					(281,537,368	)
Net assets—100.0%				$	336,321,964

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of the last Portfolio.

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount($)			Value ($)
Reverse repurchase agreements—(11.1)%
Reverse repurchase agreement dated 01/14/20 with Bank of America Securities, 1.760%, to be repurchased 02/12/20 for $(45,436,327), collateralized by Federal Home Loan Mortgage Corp. obligation, 4.000% due 08/01/44, Federal National Mortgage Association obligations, 3.000% - 4.000% due 08/01/33 - 12/01/46 and Government National Mortgage Association obligations, 3.500% - 5.000% due 08/20/43 - 07/20/49; (value—$(47,108,585))   (cost—$(37,272,000))		(37,272,000	)		(37,272,000	)

Options written  

Notional amount		Number of contracts	Call options	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	101,160,000	1,000,000	FNMA TBA, 2.500%, strike @ 101.16	05/06/20		1,875		(29,803	)		(27,928	)
USD	202,960,000	2,000,000	FNMA TBA, 2.500%, strike @ 101.48	05/06/20		3,125		(53,200	)		(50,075	)
USD	52,165,000	500,000	FNMA TBA, 2.500%, strike @ 104.33	06/04/20		1,016		(1,834	)		(818	)
USD	367,185,000	3,500,000	FNMA TBA, 2.500%, strike @ 104.91	06/04/20		9,844		(6,154	)		3,690
USD	52,330,000	500,000	FNMA TBA, 2.500%, strike @ 104.66	06/04/20		976		(1,238	)		(262	)
USD	368,200,000	3,500,000	FNMA TBA, 2.500%, strike @ 105.20	06/04/20		9,844		(4,085	)		5,759
USD	155,715,000	1,500,000	FNMA TBA, 2.500%, strike @ 103.81	07/07/20		7,031		(10,963	)		(3,932	)
Total						33,711		(107,277	)		(73,566	)
			Put options
USD	99,230,000	1,000,000	FNMA TBA, 2.500%, strike @ 99.23	05/06/20		2,500		—			2,500
USD	155,010,000	1,500,000	FNMA TBA, 2.500%, strike @ 103.34	05/06/20		9,375		(280	)		9,095
USD	154,590,000	1,500,000	FNMA TBA, 2.500%, strike @ 103.06	05/06/20		13,124		(91	)		13,033
USD	361,200,000	3,500,000	FNMA TBA, 2.500%, strike @ 103.20	06/04/20		17,500		(8,406	)		9,094
USD	360,185,000	3,500,000	FNMA TBA, 2.500%, strike @ 102.91	06/04/20		17,500		(6,193	)		11,307
USD	308,010,000	3,000,000	FNMA TBA, 2.500%, strike @ 102.67	07/07/20		16,524		(10,345	)		6,179

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Options written—(concluded)

Put options written—(concluded)

Notional amount		Number of contracts	Put options	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	154,215,000	1,500,000	FNMA TBA, 2.500%, strike @ 102.81	07/07/20		12,656		(5,720	)		6,936
Total						89,179		(31,035	)		58,144
Total options written						122,890		(138,312	)		(15,422	)

Futures contracts

Number of contracts	Currency			Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
U.S. Treasury futures sell contracts:
243		USD	U.S. Treasury Note 10 Year Futures	June 2020		(32,206,665	)		(33,792,188	)		(1,585,523	)

Centrally cleared interest rate swap agreements  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)10		Payments received by the Portfolio(%)10		Value($)			Unrealized appreciation (depreciation)($)
USD	5,100	12/19/23	Quarterly		2.750		3 Month USD LIBOR		(489,051	)		(539,737	)
USD	1,100	12/18/26	Quarterly		2.750		3 Month USD LIBOR		(173,600	)		(117,085	)
USD	1,100	01/16/50	Quarterly		1.625		3 Month USD LIBOR		(246,253	)		(249,139	)
USD	3,600	02/03/50	Quarterly		1.625		3 Month USD LIBOR		(794,657	)		(803,812	)
USD	700	01/15/50	Quarterly		2.000		3 Month USD LIBOR		(229,637	)		(224,701	)
USD	4,100	01/22/50	Quarterly		1.750		3 Month USD LIBOR		(1,060,903	)		(1,037,072	)
USD	700	02/07/50	Quarterly		1.875		3 Month USD LIBOR		(203,187	)		(203,312	)
USD	3,500	06/17/25	Quarterly		1.250		3 Month USD LIBOR		(148,489	)		(93,280	)
USD	3,100	10/16/28	Semi-Annual		3 Month USD LIBOR		3.183		677,000			677,000
USD	2,000	12/18/29	Semi-Annual		3 Month USD LIBOR		1.500		176,151			235,749
USD	6,100	06/17/30	Semi-Annual		3 Month USD LIBOR		1.250		370,581			199,649
Total									(2,122,045	)		(2,155,740	)

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

OTC Total return swap agreements  

Counterparty

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio(%)10

Payments received by the Portfolio(%)10

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

DB

USD

987

01/12/38

Monthly

1 Month USD LIBOR

6.500

3,156

(3,273

)

(117

)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—			48,023,413			337,042		48,360,455
Mortgage-backed securities		—			81,389,618			—		81,389,618
U.S. government agency obligations		—			520,891,671			—		520,891,671
Short-term investments		—			2,265,493			—		2,265,493
Short-term U.S. Treasury obligations		—			2,180,760			—		2,180,760
Options purchased		70			1			—		71
Swaptions purchased		—			35,854			—		35,854
Swap agreements		—			1,223,732			—		1,223,732
Total		70			656,010,542			337,042		656,347,654
Liabilities
Investments sold short		—			(37,264,590	)		—		(37,264,590	)
Reverse repurchase agreements		—			(37,272,000	)		—		(37,272,000	)
Options written		—			(138,312	)		—		(138,312	)
Futures contracts		(1,585,523	)		—			—		(1,585,523	)
Swap agreements		—			(3,349,050	)		—		(3,349,050	)
Total		(1,585,523	)		(78,023,952	)		—		(79,609,475	)

At April 30, 2020, 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.

PACE Mortgage-Backed Securities Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Portfolio footnotes

†	Amount represents less than 0.05%.
1	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $64,021,935, represented 19.2% of the Fund's net assets at period end.
3	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
4	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
5	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
6	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
7	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.
8	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
9	Rate shown is the discount rate at the date of purchase unless otherwise noted.
10	Payments made or received are based on the notional amount.

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Asset-backed securities—4.1%
American Homes 4 Rent Trust,
Series 2014-SFR3, Class A,
3.678%, due 12/17/361		456,597		473,706
B2R Mortgage Trust,
Series 2015-2, Class A,
3.336%, due 11/15/481		104,614		104,623
CarMax Auto Owner Trust,
Series 2020-2, Class A3,
1.700%, due 11/15/24		400,000		401,672
Chesapeake Funding II LLC,
Series 2018-1A, Class A1,
3.040%, due 04/15/301		642,929		641,324
Citibank Credit Card Issuance Trust,
Series 2017-A5, Class A5,
1 mo. USD LIBOR + 0.620%,
1.287%, due 04/22/262		650,000		638,884
Series 2018-A1, Class A1,
2.490%, due 01/20/23		270,000		273,295
Cloud Pass-Through Trust,
Series 2019-1A,
3.554%, due 12/05/221,3		1,451,029		1,465,323
Credit Acceptance Auto Loan Trust,
Series 2019-3A, Class A,
2.380%, due 11/15/281		630,000		624,993
Credit Suisse ABS Repackaging Trust,
Series 2013-A, Class B,
2.500%, due 01/25/301		33,205		32,838
Credit Suisse Seasoned Loan Trust,
Series 2006-1, Class A,
1 mo. USD LIBOR + 0.240%,
0.727%, due 10/25/341,2		53,673		53,496
Elara HGV Timeshare Issuer LLC,
Series 2016-A, Class A,
2.730%, due 04/25/281		71,110		68,419
First Franklin Mortgage Loan Trust,
Series 2004-FFH4, Class M5,
1 mo. USD LIBOR + 1.575%,
2.062%, due 01/25/352		49,169		48,985
Ford Credit Floorplan Master Owner Trust A,
Series 2019-2, Class A,
3.060%, due 04/15/26		870,000		857,667
Series 2019-4, Class A,
2.440%, due 09/15/26		810,000		779,521

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Asset-backed securities—(continued)
Hyundai Auto Receivables Trust,
Series 2020-A, Class A3,
1.410%, due 11/15/24		300,000		300,000
Lehman XS Trust,
Series 2005-6, Class 1A1,
1 mo. USD LIBOR + 0.520%,
1.007%, due 11/25/352		129,183		109,066
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B,
1 mo. USD LIBOR + 1.050%,
1.864%, due 12/15/591,2		420,000		396,767
Navient Student Loan Trust,
Series 2018-EA, Class A2,
4.000%, due 12/15/591		100,000		102,036
Nissan Master Owner Trust Receivables,
Series 2019-A, Class A,
1 mo. USD LIBOR + 0.560%,
1.374%, due 02/15/242		875,000		851,963
Series 2019-B, Class A,
1 mo. USD LIBOR + 0.430%,
1.244%, due 11/15/232		410,000		398,938
PFS Financing Corp.,
Series 2018-E, Class A,
1 mo. USD LIBOR + 0.450%,
1.264%, due 10/17/221,2		265,000		261,951
Popular ABS Mortgage Pass-Through Trust,
Series 2006-B, Class A3,
1 mo. USD LIBOR + 0.280%,
0.767%, due 05/25/362		20,712		20,601
Sesac Finance LLC,
Series 2019-1, Class A2,
5.216%, due 07/25/491		119,100		119,037
SMB Private Education Loan Trust,
Series 2016-A, Class A2A,
2.700%, due 05/15/311		60,008		59,996
Series 2016-C, Class A2A,
2.340%, due 09/15/341		363,242		361,218
Series 2017-B, Class A2A,
2.820%, due 10/15/351		297,763		300,062
Series 2017-B, Class A2B,
1 mo. USD LIBOR + 0.750%,
1.564%, due 10/15/351,2		172,389		167,026
Series 2018-A, Class A2B,
1 mo. USD LIBOR + 0.800%,
1.614%, due 02/15/361,2		575,000		558,839

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Asset-backed securities—(concluded)
Series 2018-B, Class A2A,
3.600%, due 01/15/371		658,019		664,784
Series 2018-C, Class A2B,
1 mo. USD LIBOR + 0.750%,
1.564%, due 11/15/351,2		755,000		734,699
SoFi Professional Loan Program LLC,
Series 2015-C, Class A2,
2.510%, due 08/25/331		174,265		173,992
Series 2016-A, Class A1,
1 mo. USD LIBOR + 1.750%,
2.237%, due 08/25/361,2		44,168		43,701
Series 2016-B, Class A1,
1 mo. USD LIBOR + 1.200%,
1.687%, due 06/25/331,2		34,679		34,590
Series 2018-A, Class A2A,
2.390%, due 02/25/421		93,627		93,749
Series 2018-A, Class A2B,
2.950%, due 02/25/421		270,000		267,496
Westlake Automobile Receivables Trust,
Series 2020-1A, Class A2,
1.440%, due 09/15/231		1,370,000		1,363,201
Total asset-backed securities
(cost—$13,950,744)				13,848,458
Corporate bonds—45.5%
Advertising—0.0%†
Interpublic Group of Cos., Inc./The
3.500%, due 10/01/20		75,000		75,481
3.750%, due 10/01/21		30,000		30,853
Omnicom Group, Inc.
3.650%, due 11/01/24		15,000		15,933
				122,267
Aerospace & defense—1.7%
BAE Systems Holdings, Inc.
2.850%, due 12/15/201		300,000		301,294
3.800%, due 10/07/241		345,000		366,800
3.850%, due 12/15/251		121,000		130,997
Boeing Co./The
3.200%, due 03/01/29		17,000		14,913
3.625%, due 03/01/48		8,000		6,027
4.508%, due 05/01/23		200,000		200,000
4.875%, due 05/01/25		200,000		200,000
5.930%, due 05/01/60		135,000		140,643
General Dynamics Corp.

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(continued)
1.875%, due 08/15/23		110,000		112,873
3.250%, due 04/01/25		95,000		103,697
3.500%, due 05/15/25		55,000		60,532
3.500%, due 04/01/27		328,000		363,759
3.750%, due 05/15/28		25,000		28,349
Howmet Aerospace, Inc.
5.125%, due 10/01/24		62,000		59,846
L3Harris Technologies, Inc.
3.832%, due 04/27/25		34,000		36,467
3.850%, due 06/15/231		60,000		62,862
3.850%, due 12/15/261		320,000		349,098
4.400%, due 06/15/28		212,000		239,123
4.854%, due 04/27/35		5,000		6,174
Lockheed Martin Corp.
3.550%, due 01/15/26		85,000		95,305
3.600%, due 03/01/35		116,000		137,936
4.070%, due 12/15/42		100,000		123,329
6.150%, due 09/01/36		11,000		15,698
Northrop Grumman Corp.
2.080%, due 10/15/20		130,000		130,670
2.930%, due 01/15/25		310,000		328,893
3.250%, due 01/15/28		103,000		111,940
4.400%, due 05/01/30		178,000		213,558
5.250%, due 05/01/50		75,000		106,680
Raytheon Co.
4.200%, due 12/15/44		75,000		93,586
7.000%, due 11/01/28		24,000		31,309
7.200%, due 08/15/27		54,000		73,006
Raytheon Technologies Corp.
4.150%, due 05/15/45		141,000		171,906
4.500%, due 06/01/42		55,000		70,174
5.400%, due 05/01/35		40,000		53,829
6.125%, due 07/15/38		11,000		16,291
Rockwell Collins, Inc.
2.800%, due 03/15/22		120,000		123,029
3.100%, due 11/15/21		80,000		81,768
3.200%, due 03/15/24		60,000		63,726
Rolls-Royce PLC
2.125%, due 06/18/214	EUR	130,000		140,738
Spirit AeroSystems, Inc.
7.500%, due 04/15/251,5		205,000		201,925

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
Thales SA
0.010%, due 05/31/224	EUR	200,000		215,874
Thales SA GMTN
0.750%, due 06/07/234	EUR	100,000		109,365
TransDigm, Inc.
6.250%, due 03/15/261		170,000		166,387
				5,660,376
Agriculture—0.6%
Altria Group, Inc.
2.850%, due 08/09/22		2,000		2,057
4.000%, due 01/31/24		120,000		129,145
4.400%, due 02/14/26		48,000		53,224
4.800%, due 02/14/29		278,000		310,397
5.800%, due 02/14/39		268,000		319,246
BAT Capital Corp.
3.222%, due 08/15/24		10,000		10,374
3.557%, due 08/15/27		253,000		259,817
4.540%, due 08/15/47		20,000		20,782
BAT International Finance PLC
0.875%, due 10/13/234	EUR	155,000		167,913
Philip Morris International, Inc.
1.125%, due 05/01/23		11,000		10,981
1.450%, due 08/01/39	EUR	100,000		97,855
2.875%, due 05/01/24		80,000		84,145
Reynolds American, Inc.
3.250%, due 06/12/20		46,000		46,049
4.000%, due 06/12/22		80,000		83,231
4.450%, due 06/12/25		42,000		45,644
4.850%, due 09/15/23		5,000		5,428
5.850%, due 08/15/45		180,000		211,061
RJ Reynolds Tobacco Co.
6.875%, due 05/01/20		170,000		170,000
				2,027,349
Airlines—0.8%
Air Canada Pass-Through Trust,
Series 2015-1, Class B,
3.875%, due 03/15/231		503,566		428,163
Series 2017-1, Class AA,
3.300%, due 01/15/301		51,699		44,605
Series 2017-1, Class B,
3.700%, due 01/15/261		853		673

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Airlines—(continued)
American Airlines Pass-Through Trust,
Series 2014-1, Class B,
4.375%, due 10/01/22		11,211		8,826
Series 2015-1, Class B,
3.700%, due 05/01/23		29,891		20,475
Series 2015-2, Class AA,
3.600%, due 09/22/27		45,391		43,538
Series 2015-2, Class B,
4.400%, due 09/22/23		158,395		109,132
Series 2016-1, Class AA,
3.575%, due 01/15/28		58,318		54,234
Series 2016-1, Class B,
5.250%, due 01/15/24		48,387		34,649
Series 2016-2, Class AA,
3.200%, due 06/15/28		46,998		43,098
Series 2016-2, Class B,
4.375%, due 06/15/241		94,900		65,727
Series 2016-3, Class AA,
3.000%, due 10/15/28		109,240		97,342
Series 2016-3, Class B,
3.750%, due 10/15/25		779		524
Series 2017-1, Class AA,
3.650%, due 02/15/29		34,953		31,425
Series 2017-1, Class B,
4.950%, due 02/15/25		479,171		340,142
Series 2017-2, Class B,
3.700%, due 10/15/25		27,923		18,879
Series 2019-1, Class AA,
3.150%, due 02/15/32		118,152		103,993
Series 2019-1, Class B,
3.850%, due 02/15/28		131,419		89,911
British Airways Pass Through Trust,
Series 2019-1, Class A,
3.350%, due 06/15/291		301,000		227,217
Series 2019-1, Class AA,
3.300%, due 12/15/321		251,883		218,378
Delta Airlines Pass-Through Trust,
Series 2019-1, Class AA,
3.204%, due 04/25/24		120,000		109,736
Southwest Airlines Co.
2.750%, due 11/16/22		80,000		78,638
United Airlines Pass-Through Trust,

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Series 2014-1, Class B,
4.750%, due 04/11/22		152,607		136,641
Series 2014-2, Class B,
4.625%, due 09/03/22		243,968		214,801
Series 2015-1, Class AA,
3.450%, due 12/01/27		39,046		35,614
Series 2016-1, Class AA,
3.100%, due 07/07/28		5,209		4,507
Series 2016-1, Class B,
3.650%, due 01/07/26		16,574		11,935
Series 2016-2, Class AA,
2.875%, due 10/07/28		65,088		55,312
Series 2016-2, Class B,
3.650%, due 10/07/25		8,645		6,048
Series 2018-1, Class AA,
3.500%, due 03/01/30		18,661		16,397
Series 2018-1, Class B,
4.600%, due 03/01/26		60,981		44,164
Series 2019-1, Class AA,
4.150%, due 08/25/31		66,662		59,175
Series 2019-2, Class AA,
2.700%, due 05/01/32		50,000		43,937
Series 2019-2, Class B,
3.500%, due 05/01/28		82,000		54,938
US Airways Pass-Through Trust,
Series 2012-2, Class B,
6.750%, due 06/03/21		3,371		3,023
Series 2013-1, Class B,
5.375%, due 11/15/21		12,208		10,646
				2,866,443
Apparel—0.4%
Hanesbrands, Inc.
4.875%, due 05/15/261,5		250,000		251,600
LVMH Moet Hennessy Louis Vuitton SE
0.010%, due 02/11/244	EUR	200,000		217,131
0.010%, due 02/11/264	EUR	300,000		324,123
0.375%, due 05/26/224	EUR	110,000		120,875
NIKE, Inc.
2.400%, due 03/27/255		72,000		75,823

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Apparel—(concluded)
2.750%, due 03/27/275		214,000		231,096
				1,220,648
Auto manufacturers—1.6%
American Honda Finance Corp.
1.375%, due 11/10/22	EUR	120,000		132,150
American Honda Finance Corp. GMTN
2.300%, due 09/09/265		3,000		2,941
American Honda Finance Corp. MTN
2.400%, due 06/27/24		35,000		35,085
BMW Finance N.V.
0.010%, due 04/14/234	EUR	290,000		310,004
Daimler International Finance BV
0.250%, due 08/09/214	EUR	165,000		178,628
0.250%, due 11/06/234	EUR	60,000		63,586
Ford Motor Credit Co. LLC
5.085%, due 01/07/21		460,000		449,650
General Motors Financial Co., Inc.
3.150%, due 06/30/22		120,000		114,337
3.200%, due 07/13/20		569,000		567,942
3.500%, due 11/07/24		5,000		4,611
3.550%, due 04/09/21		40,000		39,389
4.000%, due 01/15/255		38,000		35,585
4.200%, due 03/01/21		18,000		17,877
4.350%, due 01/17/27		242,000		220,062
4.375%, due 09/25/21		145,000		142,851
5.250%, due 03/01/26		8,000		7,678
Hyundai Capital America
2.375%, due 02/10/231		365,000		351,511
3.000%, due 10/30/201		285,000		285,048
3.950%, due 02/01/221		290,000		291,817
Hyundai Capital Services, Inc.
3.000%, due 08/29/221		200,000		197,688
3.750%, due 03/05/231,5		350,000		347,312
Toyota Motor Corp.
2.157%, due 07/02/22		20,000		20,302
Toyota Motor Credit Corp.
0.010%, due 07/21/214	EUR	155,000		168,493
Toyota Motor Credit Corp. GMTN
3.450%, due 09/20/23		40,000		42,606
Toyota Motor Credit Corp. MTN
3.000%, due 04/01/255		23,000		24,509

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
3.200%, due 01/11/27		72,000		77,330
Toyota Motor Finance Netherlands BV
0.250%, due 01/10/224	EUR	105,000		114,270
Volkswagen Financial Services AG
0.750%, due 10/14/214	EUR	120,000		130,136
Volkswagen Group of America Finance LLC
2.400%, due 05/22/201		270,000		270,159
2.700%, due 09/26/221		200,000		200,767
Volkswagen International Finance N.V.
4.000%, due 08/12/201		235,000		235,791
Volvo Treasury AB
3 mo. Euribor + 0.650%,
0.177%, due 09/13/212,4	EUR	200,000		217,868
				5,297,983
Auto parts & equipment—0.0%†
Aptiv PLC
5.400%, due 03/15/49		15,000		13,408
Lear Corp.
5.250%, due 05/15/49		15,000		13,473
				26,881
Banks—9.7%
ABN AMRO Bank N.V.
3.400%, due 08/27/211		250,000		256,725
Australia & New Zealand Banking Group Ltd. MTN
2.250%, due 11/09/20		345,000		347,472
Banco Santander SA
3.306%, due 06/27/29		400,000		416,599
Bank of America Corp.
(fixed, converts to FRN on 04/24/22),
2.881%, due 04/24/232		195,000		199,250
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/232		440,000		455,481
(fixed, converts to FRN on 01/23/25),
3.366%, due 01/23/262		101,000		107,726
(fixed, converts to FRN on 12/20/27),
3.419%, due 12/20/282		187,000		200,330
(fixed, converts to FRN on 03/05/23),
3.550%, due 03/05/242		262,000		275,534
(fixed, converts to FRN on 04/24/27),
3.705%, due 04/24/282		411,000		448,467
3.950%, due 04/21/25		4,000		4,305
4.100%, due 07/24/23		10,000		10,818

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
4.750%, due 04/21/45		2,000		2,470
(fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/282,6		90,000		91,815
Bank of America Corp. GMTN
(fixed, converts to FRN on 07/21/20),
2.369%, due 07/21/212		1,359,000		1,360,093
(fixed, converts to FRN on 07/21/22),
2.816%, due 07/21/232		30,000		30,817
3.300%, due 01/11/23		140,000		146,764
(fixed, converts to FRN on 07/21/27),
3.593%, due 07/21/282		137,000		147,565
Bank of America Corp. MTN
(fixed, converts to FRN on 01/20/22),
3.124%, due 01/20/232		5,000		5,131
(fixed, converts to FRN on 03/15/24),
3.458%, due 03/15/252		781,000		824,914
(fixed, converts to FRN on 05/17/21),
3.499%, due 05/17/222		196,000		199,699
(fixed, converts to FRN on 04/23/26),
3.559%, due 04/23/272		176,000		189,347
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/282		502,000		548,364
(fixed, converts to FRN on 07/23/23),
3.864%, due 07/23/242		100,000		106,687
(fixed, converts to FRN on 03/05/28),
3.970%, due 03/05/292		228,000		253,240
4.000%, due 04/01/24		22,000		23,877
4.125%, due 01/22/24		15,000		16,279
4.200%, due 08/26/24		140,000		151,390
4.250%, due 10/22/26		57,000		62,426
4.450%, due 03/03/26		208,000		229,381
Bank of New York Mellon Corp./The
(fixed, converts to FRN on 09/20/26),
4.625%, due 09/20/262,6		115,000		112,125
Bank of New York Mellon Corp./The MTN
2.800%, due 05/04/26		5,000		5,302
3.300%, due 08/23/29		16,000		17,311
(fixed, converts to FRN on 02/07/27),
3.442%, due 02/07/282		160,000		174,030
Bank of Nova Scotia/The
2.350%, due 10/21/20		10,000		10,082
2.450%, due 03/22/21		69,000		69,954
2.500%, due 01/08/21		34,000		34,398

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
2.700%, due 03/07/22		4,000		4,117
2.800%, due 07/21/21		29,000		29,539
3.125%, due 04/20/21		50,000		51,065
Banque Federative du Credit Mutuel SA
0.125%, due 08/30/214	EUR	200,000		218,198
0.750%, due 06/15/234	EUR	100,000		110,849
Barclays Bank PLC
5.140%, due 10/14/20		240,000		242,911
Barclays PLC
3.250%, due 01/12/21		405,000		407,912
(fixed, converts to FRN on 05/16/23),
4.338%, due 05/16/242		285,000		299,563
BNP Paribas SA
1.125%, due 01/15/234	EUR	250,000		279,817
3.500%, due 03/01/231		230,000		237,706
(fixed, converts to FRN on 01/10/24),
4.705%, due 01/10/251,2		500,000		540,321
5.000%, due 01/15/21		20,000		20,559
BPCE SA
0.250%, due 01/15/264	EUR	100,000		107,650
2.700%, due 10/01/291,5		313,000		324,597
Citibank N.A.
(fixed, converts to FRN on 02/19/21),
3.165%, due 02/19/222		250,000		253,055
Citigroup, Inc.
2.650%, due 10/26/20		65,000		65,454
2.700%, due 03/30/21		46,000		46,628
2.750%, due 04/25/22		70,000		71,673
(fixed, converts to FRN on 07/24/22),
2.876%, due 07/24/232		14,000		14,338
(fixed, converts to FRN on 01/24/22),
3.142%, due 01/24/232		137,000		140,312
3.200%, due 10/21/26		28,000		29,507
(fixed, converts to FRN on 10/27/27),
3.520%, due 10/27/282		181,000		192,038
(fixed, converts to FRN on 07/24/27),
3.668%, due 07/24/282		172,000		183,822
(fixed, converts to FRN on 01/10/27),
3.887%, due 01/10/282		142,000		153,049
(fixed, converts to FRN on 06/01/23),
4.044%, due 06/01/242		54,000		57,642
4.400%, due 06/10/25		100,000		108,546
4.450%, due 09/29/27		47,000		51,492

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Citizens Bank N.A./Providence RI
2.200%, due 05/26/20		250,000		250,107
Citizens Financial Group, Inc.
2.375%, due 07/28/21		15,000		15,098
Commonwealth Bank of Australia
3.450%, due 03/16/231		80,000		84,698
Cooperatieve Rabobank UA
3.875%, due 02/08/22		225,000		234,362
Cooperatieve Rabobank UA GMTN
2.500%, due 01/19/21		250,000		252,822
Credit Agricole SA
0.750%, due 12/01/224	EUR	200,000		221,661
Danske Bank A/S
5.000%, due 01/12/221		250,000		258,450
5.375%, due 01/12/241		360,000		388,693
Deutsche Bank AG
2.700%, due 07/13/20		177,000		176,809
4.100%, due 01/13/26		45,000		43,718
Discover Bank
3.100%, due 06/04/20		250,000		250,043
Goldman Sachs Group, Inc./The
3 mo. Euribor + 0.550%,
0.307%, due 04/21/232,4	EUR	230,000		244,666
3 mo. USD LIBOR + 0.780%,
1.540%, due 10/31/222		65,000		64,012
2.750%, due 09/15/20		305,000		306,214
3 mo. USD LIBOR + 1.170%,
2.862%, due 05/15/262		155,000		149,307
2.875%, due 02/25/21		100,000		101,059
(fixed, converts to FRN on 10/31/21),
2.876%, due 10/31/222		425,000		431,643
3.000%, due 04/26/22		45,000		45,584
(fixed, converts to FRN on 09/29/24),
3.272%, due 09/29/252		10,000		10,466
3.500%, due 01/23/25		120,000		126,946
3.500%, due 11/16/26		110,000		116,742
3.625%, due 02/20/24		20,000		21,175
(fixed, converts to FRN on 06/05/27),
3.691%, due 06/05/282		318,000		339,014
3.750%, due 05/22/25		145,000		154,813
(fixed, converts to FRN on 04/23/28),
3.814%, due 04/23/292		31,000		33,458
3.850%, due 01/26/27		178,000		192,017

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
4.250%, due 10/21/25		10,000		10,723
5.750%, due 01/24/22		145,000		155,185
HSBC USA, Inc.
5.000%, due 09/27/20		100,000		101,469
ING Bank N.V.
(fixed, converts to FRN on 02/25/21),
3.625%, due 02/25/262,4	EUR	200,000		222,111
5.000%, due 06/09/211		200,000		208,384
ING Bank N.V. GMTN
0.010%, due 04/08/224	EUR	200,000		216,832
JPMorgan Chase & Co.
3 mo. USD LIBOR + 1.230%,
2.250%, due 10/24/232		135,000		134,831
(fixed, converts to FRN on 10/15/24),
2.301%, due 10/15/252		57,000		58,182
2.550%, due 03/01/21		18,000		18,216
2.625%, due 04/23/214	EUR	100,000		112,005
2.700%, due 05/18/23		135,000		139,866
(fixed, converts to FRN on 10/15/29),
2.739%, due 10/15/302		706,000		727,868
(fixed, converts to FRN on 04/25/22),
2.776%, due 04/25/232		90,000		92,154
2.972%, due 01/15/23		141,000		145,084
3.125%, due 01/23/25		27,000		28,618
3.200%, due 01/25/23		460,000		481,715
3.200%, due 06/15/26		9,000		9,587
(fixed, converts to FRN on 04/01/22),
3.207%, due 04/01/232		385,000		397,146
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/292		135,000		146,143
(fixed, converts to FRN on 06/18/21),
3.514%, due 06/18/222		50,000		51,175
(fixed, converts to FRN on 05/01/27),
3.540%, due 05/01/282		159,000		171,187
(fixed, converts to FRN on 04/23/23),
3.559%, due 04/23/242		70,000		74,069
3.625%, due 05/13/24		10,000		10,770
(fixed, converts to FRN on 02/01/27),
3.782%, due 02/01/282		1,080,000		1,177,422
3.875%, due 02/01/24		20,000		21,716
3.900%, due 07/15/25		340,000		373,757
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/292		188,000		209,300

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 12/05/23),
4.023%, due 12/05/242		325,000		351,234
4.250%, due 10/15/20		33,000		33,477
4.250%, due 10/01/27		42,000		47,136
JPMorgan Chase & Co. MTN
2.295%, due 08/15/21		97,000		97,311
KBC Group N.V.
1.125%, due 01/25/244	EUR	100,000		111,238
KeyBank NA/Cleveland OH
3.375%, due 03/07/23		250,000		263,341
KeyCorp MTN
2.550%, due 10/01/29		4,000		3,872
2.900%, due 09/15/20		100,000		100,573
4.100%, due 04/30/28		3,000		3,268
4.150%, due 10/29/25		38,000		41,892
Lloyds Banking Group PLC
(fixed, converts to FRN on 11/07/22),
2.907%, due 11/07/232		200,000		203,182
Mitsubishi UFJ Financial Group, Inc.
3.195%, due 07/18/29		600,000		637,144
Mitsubishi UFJ Trust & Banking Corp.
2.650%, due 10/19/201		920,000		925,806
Mizuho Financial Group, Inc.
0.523%, due 06/10/244	EUR	100,000		107,069
(fixed, converts to FRN on 09/13/24),
2.555%, due 09/13/252		200,000		202,836
(fixed, converts to FRN on 07/16/24),
2.839%, due 07/16/252		280,000		286,731
(fixed, converts to FRN on 09/11/23),
3.922%, due 09/11/242		200,000		212,846
Morgan Stanley
2.800%, due 06/16/20		1,004,000		1,005,827
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/282		74,000		80,039
3.625%, due 01/20/27		174,000		189,306
3.875%, due 04/29/24		9,000		9,703
Morgan Stanley GMTN
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/312		121,000		123,850
3.700%, due 10/23/24		258,000		278,279
3.750%, due 02/25/23		127,000		134,198
(fixed, converts to FRN on 01/24/28),
3.772%, due 01/24/292		289,000		316,998

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Morgan Stanley MTN
2.625%, due 11/17/21		727,000		738,879
3.125%, due 07/27/26		319,000		338,210
National Australia Bank Ltd. MTN
2.125%, due 05/22/20		250,000		250,162
Northern Trust Corp.
3.150%, due 05/03/295		13,000		14,305
Royal Bank of Canada GMTN
2.500%, due 01/19/21		132,000		133,544
2.550%, due 07/16/24		10,000		10,329
3.700%, due 10/05/23		111,000		118,903
Santander UK Group Holdings PLC
2.875%, due 10/16/20		21,000		21,121
3.125%, due 01/08/21		178,000		179,652
Societe Generale SA
0.010%, due 05/27/224	EUR	400,000		434,284
State Street Corp.
(fixed, converts to FRN on 09/15/20),
5.250%, due 09/15/202,6		132,000		125,149
(fixed, converts to FRN on 12/15/23),
5.625%, due 12/15/232,6		125,000		121,875
Sumitomo Mitsui Financial Group, Inc.
2.058%, due 07/14/21		112,000		112,676
2.442%, due 10/19/21		21,000		21,292
2.784%, due 07/12/22		105,000		107,346
2.934%, due 03/09/21		10,000		10,159
3.040%, due 07/16/29		200,000		209,287
3.446%, due 01/11/27		24,000		25,625
Synovus Financial Corp.
3.125%, due 11/01/22		78,000		77,610
Toronto-Dominion Bank/The
0.375%, due 04/25/244	EUR	200,000		216,740
Truist Bank
2.800%, due 05/17/22		60,000		61,794
3.200%, due 04/01/24		2,000		2,108
(fixed, converts to FRN on 10/26/20),
3.525%, due 10/26/212		192,000		194,040
US Bancorp
3.150%, due 04/27/27		1,000		1,090
US Bancorp MTN
3.100%, due 04/27/26		40,000		42,464
Wells Fargo & Co.
1.125%, due 10/29/214	EUR	155,000		171,109

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
2.500%, due 03/04/215		30,000		30,324
3.000%, due 04/22/26		423,000		443,162
3.069%, due 01/24/23		64,000		65,524
5.375%, due 11/02/43		5,000		6,306
Wells Fargo & Co. MTN
(fixed, converts to FRN on 10/30/24),
2.406%, due 10/30/252		3,000		3,046
2.625%, due 07/22/22		98,000		100,356
3.000%, due 02/19/25		55,000		57,715
3.550%, due 09/29/25		53,000		57,265
(fixed, converts to FRN on 05/22/27),
3.584%, due 05/22/282		159,000		170,665
3.750%, due 01/24/24		434,000		461,792
				32,690,684
Beverages—1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		685,000		761,431
4.900%, due 02/01/46		80,000		91,701
Anheuser-Busch InBev Finance, Inc.
3.650%, due 02/01/26		57,000		61,637
4.700%, due 02/01/36		10,000		11,040
4.900%, due 02/01/46		2,000		2,277
Anheuser-Busch InBev Worldwide, Inc.
3.500%, due 06/01/305		512,000		546,103
3.750%, due 07/15/42		95,000		96,873
4.750%, due 01/23/29		14,000		16,146
Coca-Cola Co./The
0.750%, due 03/09/23	EUR	235,000		262,592
1.125%, due 09/22/22	EUR	280,000		314,839
1.650%, due 06/01/30		34,000		33,703
2.200%, due 05/25/22		4,000		4,127
2.250%, due 09/01/26		30,000		31,837
3.375%, due 03/25/27		230,000		258,406
3.450%, due 03/25/30		112,000		129,148
4.200%, due 03/25/50		25,000		31,871
Keurig Dr Pepper, Inc.
3.551%, due 05/25/21		5,000		5,102
4.057%, due 05/25/23		145,000		155,140
Molson Coors Beverage Co.
2.100%, due 07/15/21		120,000		119,610
PepsiCo, Inc.
2.850%, due 02/24/26		75,000		81,893

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Beverages—(concluded)
3.000%, due 10/15/27		18,000		19,755
Pernod Ricard SA
0.000%, due 10/24/234	EUR	100,000		107,930
1.125%, due 04/07/254	EUR	100,000		112,181
Suntory Holdings Ltd.
2.250%, due 10/16/241		380,000		375,042
				3,630,384
Biotechnology—0.3%
Amgen, Inc.
2.200%, due 05/11/20		100,000		100,025
2.200%, due 02/21/27		20,000		20,520
2.450%, due 02/21/30		75,000		77,176
3.150%, due 02/21/40		95,000		99,838
3.625%, due 05/22/24		60,000		65,378
4.400%, due 05/01/45		99,000		121,079
4.663%, due 06/15/51		17,000		22,195
4.950%, due 10/01/41		70,000		90,282
5.150%, due 11/15/41		14,000		18,750
Biogen, Inc.
2.250%, due 05/01/30		70,000		69,596
Gilead Sciences, Inc.
2.950%, due 03/01/27		3,000		3,263
3.250%, due 09/01/22		6,000		6,402
3.650%, due 03/01/26		55,000		61,721
4.500%, due 02/01/45		54,000		69,637
4.750%, due 03/01/46		15,000		20,222
4.800%, due 04/01/44		69,000		91,040
				937,124
Building materials—0.1%
Carrier Global Corp.
2.242%, due 02/15/251		490,000		487,515
Owens Corning
4.300%, due 07/15/47		6,000		5,751
				493,266
Chemicals—0.4%
Air Liquide Finance SA
0.375%, due 04/18/224	EUR	100,000		109,866
Dow Chemical Co./The
1.875%, due 03/15/40	EUR	200,000		195,964
4.550%, due 11/30/25		88,000		95,901

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
DuPont de Nemours, Inc.
4.493%, due 11/15/255		110,000		121,072
5.319%, due 11/15/38		3,000		3,636
Eastman Chemical Co.
3.500%, due 12/01/21		33,000		33,792
3.800%, due 03/15/25		82,000		85,791
Ecolab, Inc.
2.375%, due 08/10/22		90,000		93,364
3.250%, due 01/14/23		20,000		20,909
4.350%, due 12/08/21		50,000		52,907
4.800%, due 03/24/30		82,000		100,678
LYB International Finance III LLC
4.200%, due 10/15/495		60,000		61,061
RPM International, Inc.
3.750%, due 03/15/27		25,000		25,652
Sherwin-Williams Co./The
3.800%, due 08/15/49		20,000		21,807
4.000%, due 12/15/42		5,000		5,333
4.200%, due 01/15/22		360,000		373,236
				1,400,969
Commercial banks—2.2%
Bank of America Corp. MTN
(fixed, converts to FRN on 02/13/25),
2.015%, due 02/13/262		167,000		167,596
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/312		912,000		921,919
(fixed, converts to FRN on 07/23/29),
3.194%, due 07/23/302		893,000		951,376
4.000%, due 01/22/25		61,000		65,876
Bank of New York Mellon Corp./The MTN
1.600%, due 04/24/25		296,000		300,355
Citigroup, Inc.
(fixed, converts to FRN on 04/24/24),
3.352%, due 04/24/252		15,000		15,746
(fixed, converts to FRN on 03/31/30),
4.412%, due 03/31/312		246,000		282,522
Credit Suisse AG
2.950%, due 04/09/25		250,000		263,028
Goldman Sachs Group, Inc./The
2.600%, due 02/07/30		64,000		63,137
3.200%, due 02/23/235		15,000		15,559
HSBC Holdings PLC

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Commercial banks—(concluded)
(fixed, converts to FRN on 05/22/29),
3.973%, due 05/22/302		200,000		218,664
(fixed, converts to FRN on 06/19/28),
4.583%, due 06/19/292		200,000		225,859
JPMorgan Chase & Co.
(fixed, converts to FRN on 04/22/25),
2.083%, due 04/22/262		600,000		608,085
(fixed, converts to FRN on 04/22/50),
3.109%, due 04/22/512		475,000		489,826
Kreditanstalt fuer Wiederaufbau
1.750%, due 09/14/29		95,000		102,220
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 05/25/25),
2.226%, due 05/25/262		455,000		454,822
Morgan Stanley GMTN
(fixed, converts to FRN on 01/23/29),
4.431%, due 01/23/302		723,000		831,748
Morgan Stanley MTN
(fixed, converts to FRN on 07/22/24),
2.720%, due 07/22/252		260,000		267,725
(fixed, converts to FRN on 04/01/30),
3.622%, due 04/01/312		506,000		556,211
Royal Bank of Canada GMTN
3 mo. USD LIBOR + 0.470%,
1.311%, due 04/29/222		20,000		19,733
Wells Fargo & Co.
(fixed, converts to FRN on 05/04/24),
1.338%, due 05/04/252,4,7	EUR	100,000		110,211
(fixed, converts to FRN on 04/30/40),
3.068%, due 04/30/412		365,000		359,390
				7,291,608
Commercial services—0.4%
APRR SA
0.010%, due 01/20/234	EUR	100,000		108,197
Duke University
4.077%, due 10/01/48		91,000		116,598
Equifax, Inc.
2.300%, due 06/01/21		20,000		20,083
Global Payments, Inc.
3.750%, due 06/01/23		50,000		52,669
IHS Markit Ltd.
4.000%, due 03/01/261		20,000		21,200
Moody’s Corp.

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
3.750%, due 03/24/25		525,000		566,672
4.250%, due 02/01/29		55,000		63,265
RELX Capital, Inc.
3.500%, due 03/16/23		505,000		525,403
4.000%, due 03/18/29		20,000		21,811
				1,495,898
Computers—0.8%
Apple, Inc.
1.000%, due 11/10/22	EUR	165,000		185,778
3.850%, due 05/04/43		165,000		198,400
4.450%, due 05/06/44		181,000		237,587
Dell International LLC/EMC Corp.
5.850%, due 07/15/251		135,000		147,178
8.100%, due 07/15/361		75,000		91,873
8.350%, due 07/15/461		5,000		6,234
DXC Technology Co.
4.000%, due 04/15/23		25,000		25,005
Hewlett Packard Enterprise Co.
4.400%, due 10/15/228		150,000		157,354
4.650%, due 10/01/245		135,000		143,635
International Business Machines Corp.
0.500%, due 09/07/21	EUR	300,000		329,320
1.200%, due 02/11/40	EUR	100,000		109,515
2.500%, due 01/27/225		160,000		164,786
2.850%, due 05/13/22		110,000		114,442
2.850%, due 05/15/407		215,000		213,635
3.000%, due 05/15/24		275,000		294,421
3.300%, due 05/15/26		182,000		200,799
4.150%, due 05/15/39		100,000		118,545
Seagate HDD Cayman
4.750%, due 01/01/255		30,000		30,910
5.750%, due 12/01/34		10,000		10,152
				2,779,569
Cosmetics & personal Care—0.0%†
Unilever N.V.
1.250%, due 03/25/254	EUR	100,000		116,134
Diversified financial services—1.1%
Air Lease Corp.
3.875%, due 07/03/23		15,000		13,971
American Express Co.

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Diversified financial services—(continued)
2.200%, due 10/30/20		20,000		20,084
2.500%, due 08/01/22		95,000		97,026
2.500%, due 07/30/24		345,000		354,361
2.750%, due 05/20/22		105,000		107,603
3.000%, due 02/22/21		11,000		11,121
3.000%, due 10/30/24		10,000		10,500
3.375%, due 05/17/21		21,000		21,384
3.400%, due 02/27/23		70,000		73,190
3.400%, due 02/22/245		90,000		95,329
3.700%, due 11/05/21		5,000		5,162
3.700%, due 08/03/23		215,000		228,038
American Express Credit Corp.
2.600%, due 09/14/20		75,000		75,337
American Express Credit Corp. MTN
2.250%, due 05/05/21		104,000		105,085
Capital One Financial Corp.
2.500%, due 05/12/20		270,000		270,063
Charles Schwab Corp./The
3.200%, due 01/25/285		25,000		26,639
3.250%, due 05/22/29		79,000		84,771
(fixed, converts to FRN on 03/01/22),
4.625%, due 03/01/222,6		190,000		184,203
Discover Financial Services
3.950%, due 11/06/24		50,000		51,187
E*TRADE Financial Corp.
3.800%, due 08/24/27		10,000		10,785
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35		328,000		341,163
Intercontinental Exchange, Inc.
3.750%, due 09/21/28		15,000		17,310
4.250%, due 09/21/48		25,000		32,279
Mastercard, Inc.
1.100%, due 12/01/22	EUR	265,000		295,729
3.300%, due 03/26/275		73,000		81,322
3.350%, due 03/26/30		105,000		119,367
3.850%, due 03/26/50		11,000		13,755
Nuveen LLC
4.000%, due 11/01/281,5		10,000		11,538
ORIX Corp.
2.900%, due 07/18/22		482,000		490,045
4.050%, due 01/16/24		46,000		49,036
Synchrony Financial

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
4.250%, due 08/15/24		20,000		19,542
4.375%, due 03/19/24		60,000		59,117
Visa, Inc.
1.900%, due 04/15/27		290,000		299,879
2.700%, due 04/15/405		145,000		151,479
				3,827,400
Electric—3.4%
AEP Texas, Inc.
2.400%, due 10/01/22		90,000		92,071
3.450%, due 01/15/50		153,000		167,936
AEP Transmission Co. LLC
3.150%, due 09/15/49		95,000		104,287
3.650%, due 04/01/50		15,000		17,881
3.750%, due 12/01/47		97,000		114,744
4.250%, due 09/15/48		62,000		78,361
Alabama Power Co.
3.450%, due 10/01/49		55,000		62,604
3.850%, due 12/01/42		55,000		62,718
4.150%, due 08/15/44		124,000		149,305
4.300%, due 07/15/48		31,000		38,778
5.200%, due 06/01/41		35,000		45,137
Ameren Illinois Co.
3.250%, due 03/15/50		110,000		122,911
3.800%, due 05/15/28		50,000		56,871
Baltimore Gas & Electric Co.
3.200%, due 09/15/495		10,000		10,887
3.500%, due 08/15/46		10,000		11,284
3.750%, due 08/15/47		236,000		275,981
CenterPoint Energy Houston Electric LLC
3.550%, due 08/01/42		60,000		68,438
CMS Energy Corp.
3.000%, due 05/15/26		22,000		23,184
Commonwealth Edison Co.
4.600%, due 08/15/43		15,000		19,302
Consumers Energy Co.
3.100%, due 08/15/50		40,000		45,252
3.500%, due 08/01/51		225,000		272,265
3.750%, due 02/15/50		98,000		123,406
3.800%, due 11/15/28		47,000		54,633
Dayton Power & Light Co./The
3.950%, due 06/15/49		112,000		120,251

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Electric—(continued)
Dominion Energy, Inc.
2.579%, due 07/01/208		60,000		60,018
DTE Electric Co.
3.950%, due 03/01/49		160,000		197,935
Duke Energy Carolinas LLC
2.950%, due 12/01/26		5,000		5,464
3.200%, due 08/15/49		35,000		39,290
3.700%, due 12/01/47		105,000		126,102
3.875%, due 03/15/46		40,000		48,279
3.950%, due 03/15/48		33,000		40,855
Duke Energy Florida LLC
2.500%, due 12/01/29		350,000		374,311
3.400%, due 10/01/46		102,000		114,647
3.800%, due 07/15/28		200,000		228,662
4.200%, due 07/15/48		38,000		48,456
Duke Energy Ohio, Inc.
3.650%, due 02/01/295		110,000		126,207
3.700%, due 06/15/46		85,000		99,209
Duke Energy Progress LLC
3.000%, due 09/15/21		50,000		51,095
3.700%, due 09/01/28		15,000		17,257
4.100%, due 05/15/42		166,000		201,589
4.100%, due 03/15/43		50,000		59,750
4.150%, due 12/01/44		45,000		54,772
4.200%, due 08/15/45		75,000		92,856
E.ON SE
0.010%, due 10/24/224	EUR	220,000		239,235
Edison International
3.125%, due 11/15/22		24,000		24,538
3.550%, due 11/15/24		124,000		127,621
Enel Finance International N.V.
0.010%, due 06/17/244	EUR	100,000		106,704
Engie SA
0.375%, due 02/28/234	EUR	200,000		219,501
1.375%, due 03/27/254	EUR	200,000		229,227
Entergy Corp.
4.000%, due 07/15/22		30,000		31,715
Entergy Gulf States Louisiana LLC
5.590%, due 10/01/24		9,000		10,567
Entergy Louisiana LLC
2.400%, due 10/01/26		1,000		1,029
2.900%, due 03/15/51		2,000		2,111

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Electric—(continued)
4.000%, due 03/15/33		132,000		157,751
4.200%, due 09/01/48		99,000		126,919
5.400%, due 11/01/24		35,000		40,202
Entergy Texas, Inc.
2.550%, due 06/01/21		45,000		45,257
4.000%, due 03/30/29		20,000		22,769
ESB Finance DAC
3.494%, due 01/12/244	EUR	100,000		121,460
Eversource Energy
2.900%, due 10/01/24		93,000		97,207
Exelon Corp.
2.450%, due 04/15/21		5,000		5,038
2.850%, due 06/15/20		70,000		70,039
5.625%, due 06/15/35		60,000		78,318
FirstEnergy Corp.
2.050%, due 03/01/25		29,000		29,037
2.650%, due 03/01/305		49,000		49,667
Series C,
3.400%, due 03/01/50		72,000		75,426
FirstEnergy Transmission LLC
4.350%, due 01/15/251		59,000		65,228
4.550%, due 04/01/491		125,000		147,725
5.450%, due 07/15/441		60,000		75,611
Florida Power & Light Co.
3 mo. USD LIBOR + 0.400%,
0.901%, due 05/06/222		790,000		782,977
2.850%, due 04/01/25		60,000		64,987
3.125%, due 12/01/25		85,000		92,961
3.250%, due 06/01/24		6,000		6,435
3.700%, due 12/01/47		38,000		46,770
3.800%, due 12/15/42		30,000		36,351
3.950%, due 03/01/48		108,000		136,819
4.050%, due 06/01/42		81,000		100,441
5.250%, due 02/01/41		5,000		6,824
5.650%, due 02/01/37		7,000		9,954
5.690%, due 03/01/40		14,000		20,508
innogy Finance BV
0.750%, due 11/30/224	EUR	45,000		49,720
ITC Holdings Corp.
2.700%, due 11/15/22		80,000		81,932
Mid-Atlantic Interstate Transmission LLC
4.100%, due 05/15/281		44,000		48,648
MidAmerican Energy Co.

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Electric—(continued)
3.100%, due 05/01/27		105,000		113,467
3.150%, due 04/15/50		70,000		79,046
3.650%, due 04/15/29		204,000		236,731
3.650%, due 08/01/48		34,000		40,635
National Grid Electricity Transmission PLC
0.190%, due 01/20/254	EUR	100,000		107,461
Northern States Power Co.
2.900%, due 03/01/50		30,000		32,766
3.400%, due 08/15/42		155,000		177,217
3.600%, due 09/15/47		5,000		5,911
NRG Energy, Inc.
3.750%, due 06/15/241		15,000		15,325
4.450%, due 06/15/291		45,000		46,135
NSTAR Electric Co.
3.200%, due 05/15/27		55,000		60,415
Ohio Power Co.
4.000%, due 06/01/49		35,000		43,370
4.150%, due 04/01/48		40,000		48,860
6.600%, due 02/15/33		60,000		82,630
Series P,
2.600%, due 04/01/30		14,000		14,850
Oncor Electric Delivery Co. LLC
3.100%, due 09/15/49		45,000		50,588
3.700%, due 11/15/28		265,000		308,687
3.800%, due 09/30/47		28,000		34,835
5.750%, due 03/15/29		40,000		52,551
PacifiCorp
6.000%, due 01/15/39		26,000		37,400
PECO Energy Co.
3.900%, due 03/01/48		30,000		37,026
Public Service Electric & Gas Co. MTN
3.200%, due 05/15/29		2,000		2,239
3.650%, due 09/01/28		100,000		114,206
3.850%, due 05/01/49		30,000		37,320
RTE Reseau de Transport d'Electricite SADIR
4.125%, due 02/03/21	EUR	100,000		112,738
Sempra Energy
3 mo. USD LIBOR + 0.500%,
1.719%, due 01/15/212		145,000		143,514
Southern California Edison Co.
2.250%, due 06/01/30		207,000		201,536
Series A,
2.900%, due 03/01/21		50,000		50,459

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Series E,
3.700%, due 08/01/25		471,000		512,415
Southern Power Co.
2.375%, due 06/01/20		190,000		190,173
Tampa Electric Co.
2.600%, due 09/15/22		40,000		40,508
Virginia Electric & Power Co.
2.750%, due 03/15/23		230,000		239,753
2.875%, due 07/15/295		40,000		42,998
3.100%, due 05/15/25		155,000		166,836
3.150%, due 01/15/26		28,000		30,691
3.300%, due 12/01/495		23,000		25,401
3.800%, due 09/15/47		179,000		213,868
				11,561,031
Electrical components & equipment—0.1%
Eaton Capital Unlimited Co.
0.021%, due 05/14/214	EUR	255,000		277,726
Schneider Electric SE
0.250%, due 09/09/244	EUR	100,000		109,049
				386,775
Electronics—0.2%
Agilent Technologies, Inc.
3.050%, due 09/22/26		2,000		2,084
3.200%, due 10/01/22		150,000		154,854
Honeywell International, Inc.
0.010%, due 03/10/24	EUR	120,000		128,910
1.300%, due 02/22/23	EUR	265,000		296,975
Trimble, Inc.
4.150%, due 06/15/23		36,000		36,725
Tyco Electronics Group SA
3.450%, due 08/01/24		30,000		31,826
				651,374
Engineering & construction—0.1%
Vinci SA
3.750%, due 04/10/291		200,000		224,039
Environmental control—0.3%
Republic Services, Inc.
2.500%, due 08/15/24		5,000		5,203
2.900%, due 07/01/26		35,000		37,160

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Environmental control—(concluded)
3.375%, due 11/15/27		106,000		114,989
3.550%, due 06/01/22		14,000		14,611
3.950%, due 05/15/28		234,000		266,566
Waste Management, Inc.
2.950%, due 06/15/24		79,000		84,230
3.125%, due 03/01/25		60,000		64,658
3.450%, due 06/15/29		33,000		37,406
4.000%, due 07/15/39		90,000		107,587
4.150%, due 07/15/49		135,000		171,098
				903,508
Food—0.1%
Conagra Brands, Inc.
3.800%, due 10/22/21		14,000		14,439
General Mills, Inc.
0.450%, due 01/15/26	EUR	100,000		106,288
2.875%, due 04/15/30		9,000		9,614
Mondelez International, Inc.
1.500%, due 05/04/25		25,000		24,866
Seven & I Holdings Co. Ltd.
3.350%, due 09/17/211		230,000		233,658
Sysco Corp.
2.600%, due 10/01/20		78,000		78,211
Tyson Foods, Inc.
3.900%, due 09/28/23		25,000		26,916
				493,992
Forest Products & Paper—0.2%
Georgia-Pacific LLC
1.750%, due 09/30/251		80,000		80,139
2.100%, due 04/30/271		94,000		93,899
3.600%, due 03/01/251		130,000		138,804
3.734%, due 07/15/231		160,000		169,976
5.400%, due 11/01/201		52,000		53,096
International Paper Co.
7.300%, due 11/15/39		10,000		13,957
				549,871
Gas—0.0%†
Atmos Energy Corp.
3.375%, due 09/15/49		60,000		67,160
Dominion Energy Gas Holdings LLC
4.800%, due 11/01/43		25,000		27,147

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Gas—(concluded)
ONE Gas,Inc.
4.658%, due 02/01/44		13,000		16,019
Piedmont Natural Gas Co.,Inc.
3.500%, due 06/01/29		20,000		21,776
				132,102
Hand & machine tools—0.0%†
Kennametal,Inc.
4.625%, due 06/15/28		3,000		2,979
Healthcare-products—0.5%
Abbott Ireland Financing DAC
0.100%, due 11/19/244	EUR	100,000		108,224
0.875%, due 09/27/234	EUR	100,000		111,549
Baxter International,Inc.
1.700%, due 08/15/21		180,000		181,201
Boston Scientific Corp.
3.450%, due 03/01/24		78,000		82,606
DH Europe Finance II Sarl
0.200%, due 03/18/26	EUR	130,000		138,918
1.800%, due 09/18/49	EUR	100,000		113,617
Medtronic Global Holdings SCA
0.010%, due 12/02/22	EUR	325,000		353,777
1.750%, due 07/02/49	EUR	100,000		113,446
3.350%, due 04/01/27		5,000		5,566
Stryker Corp.
0.250%, due 12/03/24	EUR	160,000		172,664
Thermo Fisher Scientific,Inc.
1.875%, due 10/01/49	EUR	100,000		110,520
4.497%, due 03/25/30		60,000		72,786
				1,564,874
Healthcare-services—0.6%
Aetna, Inc.
3.500%, due 11/15/24		16,000		17,093
4.125%, due 11/15/42		15,000		16,499
4.500%, due 05/15/42		25,000		28,463
Anthem, Inc.
2.375%, due 01/15/25		6,000		6,170
3.125%, due 05/15/22		400,000		414,703
3.350%, due 12/01/24		1,000		1,075
3.500%, due 08/15/24		11,000		11,824
3.650%, due 12/01/27		7,000		7,635

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
BayCare Health System, Inc.,
Series 2020,
3.831%, due 11/15/505		48,000		55,917
HCA, Inc.
4.500%, due 02/15/27		104,000		112,417
4.750%, due 05/01/23		162,000		172,634
5.000%, due 03/15/24		104,000		113,564
5.250%, due 04/15/25		51,000		56,867
5.250%, due 06/15/265		112,000		124,803
Humana, Inc.
4.500%, due 04/01/25		175,000		195,908
New York and Presbyterian Hospital/The
3.954%, due 08/01/2119		161,000		164,542
UnitedHealth Group, Inc.
2.375%, due 08/15/245		10,000		10,496
3.100%, due 03/15/26		112,000		121,959
3.500%, due 02/15/24		8,000		8,692
3.700%, due 12/15/25		55,000		61,754
3.700%, due 08/15/49		75,000		87,618
3.850%, due 06/15/28		10,000		11,523
3.875%, due 12/15/28		5,000		5,729
3.875%, due 08/15/59		5,000		6,060
4.250%, due 06/15/48		32,000		39,875
4.450%, due 12/15/48		93,000		119,221
4.750%, due 07/15/45		166,000		218,095
5.950%, due 02/15/41		3,000		4,362
				2,195,498
Household products/wares—0.0%†
Clorox Co./The
3.050%, due 09/15/22		40,000		41,767
Insurance—0.5%
Allianz Finance II BV
0.010%, due 01/14/254	EUR	100,000		109,521
Aon Corp.
3.750%, due 05/02/29		84,000		91,893
Aon PLC
4.000%, due 11/27/23		3,000		3,186
4.450%, due 05/24/43		64,000		72,879
4.600%, due 06/14/44		56,000		67,001
4.750%, due 05/15/45		100,000		122,126

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Equitable Holdings, Inc.
3.900%, due 04/20/23		178,000	184,952
Hartford Financial Services Group, Inc./The
3.600%, due 08/19/495		10,000	10,567
4.300%, due 04/15/43		30,000	34,313
Loews Corp.
3.750%, due 04/01/26		38,000	40,682
Marsh & McLennan Cos., Inc.
3.500%, due 12/29/20		75,000	76,074
3.500%, due 06/03/24		260,000	277,972
3.875%, due 03/15/24		60,000	65,239
MetLife, Inc.
3.600%, due 04/10/24		70,000	76,369
Metropolitan Life Global Funding I
0.010%, due 09/23/224	EUR	100,000	108,341
Metropolitan Life Global Funding I GMTN
1.250%, due 09/17/214	EUR	115,000	127,506
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/471		27,000	31,388
4.900%, due 09/15/441		23,000	29,306
Trinity Acquisition PLC
4.400%, due 03/15/26		55,000	60,963
4.625%, due 08/15/23		30,000	31,346
Willis North America, Inc.
3.875%, due 09/15/49		10,000	10,859
4.500%, due 09/15/28		4,000	4,550
			1,637,033
Internet—0.5%
Amazon.com, Inc.
2.400%, due 02/22/23		2,000	2,094
2.800%, due 08/22/24		353,000	380,095
4.800%, due 12/05/34		50,000	67,268
Booking Holdings, Inc.
4.100%, due 04/13/25		351,000	371,538
Expedia Group, Inc.
3.250%, due 02/15/30		20,000	16,790
3.800%, due 02/15/28		20,000	17,329
6.250%, due 05/01/251,7		240,000	244,633
Tencent Holdings Ltd.
2.985%, due 01/19/231		200,000	204,500

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Internet—(concluded)
3.595%, due 01/19/281		390,000		420,225
				1,724,472
Investment companies—0.1%
Ares Capital Corp.
4.250%, due 03/01/25		330,000		313,875
Machinery-diversified—0.2%
Nvent Finance SARL
3.950%, due 04/15/23		465,000		484,197
Otis Worldwide Corp.
2.056%, due 04/05/251		116,000		117,804
2.293%, due 04/05/271		20,000		20,143
				622,144
Media—2.5%
AMC Networks, Inc.
5.000%, due 04/01/24		460,000		445,970
Charter Communications Operating LLC/Charter Communications Operating Capital
3.700%, due 04/01/51		102,000		99,027
4.200%, due 03/15/28		3,000		3,332
4.500%, due 02/01/24		89,000		96,325
4.800%, due 03/01/50		98,000		110,664
5.050%, due 03/30/295		16,000		18,770
6.484%, due 10/23/45		231,000		301,020
Comcast Corp.
1.250%, due 02/20/40	EUR	100,000		109,936
2.650%, due 02/01/305		132,000		140,498
3.100%, due 04/01/255		98,000		106,100
3.150%, due 03/01/26		28,000		30,481
3.150%, due 02/15/28		4,000		4,353
3.300%, due 04/01/27		670,000		733,351
3.400%, due 04/01/30		168,000		187,772
3.400%, due 07/15/46		257,000		281,176
3.450%, due 02/01/50		25,000		27,891
3.700%, due 04/15/24		105,000		114,798
3.750%, due 04/01/40		27,000		30,907
3.969%, due 11/01/47		22,000		25,873
3.999%, due 11/01/49		3,000		3,561
4.000%, due 03/01/48		5,000		5,976
4.049%, due 11/01/52		13,000		15,824
4.150%, due 10/15/28		125,000		145,805

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Media—(continued)
4.250%, due 10/15/30		99,000		119,116
4.700%, due 10/15/48		57,000		74,633
Cox Communications, Inc.
3.150%, due 08/15/241		215,000		227,108
3.250%, due 12/15/221		60,000		62,457
3.350%, due 09/15/261		9,000		9,567
4.700%, due 12/15/421		3,000		3,262
4.800%, due 02/01/351		4,000		4,614
Discovery Communications LLC
3.800%, due 03/13/24		288,000		301,690
5.000%, due 09/20/37		105,000		115,130
5.200%, due 09/20/47		40,000		45,277
Fox Corp.
3.050%, due 04/07/25		46,000		48,617
4.030%, due 01/25/24		45,000		48,555
NBCUniversal Enterprise, Inc.
5.250%, due 03/19/211,6		1,140,000		1,153,680
NBCUniversal Media LLC
5.950%, due 04/01/41		165,000		234,238
RELX Finance BV
0.010%, due 03/18/244	EUR	100,000		106,728
Sirius XM Radio, Inc.
4.625%, due 07/15/241		970,000		989,012
Sky Ltd.
1.500%, due 09/15/214	EUR	100,000		110,807
Time Warner Cable, Inc.
6.550%, due 05/01/37		90,000		111,310
Time Warner Entertainment Co. LP
8.375%, due 03/15/23		55,000		63,641
ViacomCBS, Inc.
3.375%, due 03/01/22		34,000		34,767
4.250%, due 09/01/23		80,000		84,377
4.375%, due 03/15/43		75,000		72,361
4.750%, due 05/15/25		35,000		37,439
6.875%, due 04/30/36		37,000		44,077
Walt Disney Co./The
1.750%, due 08/30/245		15,000		15,234
3.350%, due 03/24/25		885,000		965,523
3.800%, due 03/22/30		145,000		167,732

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Media—(concluded)
6.200%, due 12/15/34		47,000		66,713
				8,357,075
Mining—0.0%†
Newmont Corp.
2.250%, due 10/01/30		2,000		1,979
2.800%, due 10/01/29		5,000		5,135
4.875%, due 03/15/42		50,000		61,192
Teck Resources Ltd.
6.000%, due 08/15/40		3,000		2,773
6.125%, due 10/01/35		20,000		19,761
6.250%, due 07/15/41		19,000		17,869
				108,709
Miscellaneous manufacturers—0.4%
3M Co.
0.950%, due 05/15/23	EUR	130,000		145,830
3M Co. MTN
3.375%, due 03/01/295		60,000		66,556
Eaton Corp.
2.750%, due 11/02/22		16,000		16,552
General Electric Co. MTN
5.875%, due 01/14/38		60,000		68,142
Ingersoll-Rand Luxembourg Finance SA
3.500%, due 03/21/26		95,000		100,464
Parker-Hannifin Corp.
2.700%, due 06/14/24		45,000		45,968
3.250%, due 06/14/29		70,000		73,798
Siemens Financieringsmaatschappij N.V.
0.010%, due 09/05/214	EUR	370,000		405,042
0.010%, due 02/20/234	EUR	300,000		328,247
				1,250,599
Oil & gas—1.3%
BP Capital Markets America, Inc.
3.119%, due 05/04/26		67,000		69,883
3.796%, due 09/21/25		10,000		10,806
3.937%, due 09/21/28		2,000		2,178
4.234%, due 11/06/285		8,000		8,885
BP Capital Markets PLC
1.109%, due 02/16/234	EUR	115,000		126,391
1.373%, due 03/03/224	EUR	165,000		182,218
3.814%, due 02/10/24		6,000		6,367

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Cimarex Energy Co.
4.375%, due 06/01/24		124,000		114,295
4.375%, due 03/15/29		5,000		4,343
Concho Resources, Inc.
3.750%, due 10/01/27		90,000		87,707
Diamondback Energy, Inc.
3.500%, due 12/01/29		30,000		25,916
5.375%, due 05/31/25		17,000		16,212
Ecopetrol SA
4.125%, due 01/16/25		195,000		183,083
EOG Resources, Inc.
3.900%, due 04/01/35		25,000		26,970
4.150%, due 01/15/26		50,000		55,355
Exxon Mobil Corp.
1.571%, due 04/15/23		750,000		760,618
Marathon Petroleum Corp.
4.750%, due 12/15/235		20,000		20,161
6.500%, due 03/01/415		60,000		62,944
Occidental Petroleum Corp.
0.010%, due 10/10/36		1,105,000		464,100
Parsley Energy LLC/Parsley Finance Corp.
5.625%, due 10/15/271		160,000		136,800
Petroleos Mexicanos
5.625%, due 01/23/46		275,000		178,750
6.500%, due 03/13/27		595,000		481,950
Shell International Finance BV
1.250%, due 03/15/224	EUR	120,000		133,231
2.500%, due 09/12/26		49,000		50,535
3.250%, due 05/11/255		364,000		389,019
3.625%, due 08/21/42		4,000		4,206
4.000%, due 05/10/46		2,000		2,260
4.375%, due 05/11/455		108,000		126,813
4.550%, due 08/12/43		1,000		1,192
5.500%, due 03/25/405		10,000		13,213
Suncor Energy, Inc.
6.500%, due 06/15/38		65,000		70,881
6.800%, due 05/15/38		10,000		11,066
9.250%, due 10/15/21		30,000		31,930
Total Capital International SA
2.125%, due 11/19/214	EUR	100,000		112,433
2.125%, due 03/15/234	EUR	100,000		115,006
2.434%, due 01/10/25		10,000		10,284
2.750%, due 06/19/21		10,000		10,150

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Viper Energy Partners LP
5.375%, due 11/01/271,5		305,000		272,975
WPX Energy, Inc.
5.750%, due 06/01/26		150,000		135,945
				4,517,071
Packaging & containers—0.1%
Berry Global, Inc.
4.875%, due 07/15/261		250,000		255,359
Pharmaceuticals—2.1%
AbbVie, Inc.
2.850%, due 05/14/23		135,000		141,047
2.950%, due 11/21/261		187,000		197,924
3.200%, due 11/06/22		3,000		3,140
3.200%, due 11/21/291		85,000		89,803
3.375%, due 11/14/21		33,000		34,088
3.600%, due 05/14/25		200,000		217,098
4.050%, due 11/21/391		3,000		3,308
4.450%, due 05/14/46		14,000		16,344
4.500%, due 05/14/35		261,000		301,059
Allergan Finance LLC
3.250%, due 10/01/22		70,000		71,808
4.625%, due 10/01/42		6,000		7,343
Allergan Funding SCS
3.800%, due 03/15/25		3,000		3,201
4.550%, due 03/15/355		209,000		240,845
Allergan Sales LLC
4.875%, due 02/15/211		12,000		12,419
5.000%, due 12/15/211		276,000		289,120
AstraZeneca PLC
3.375%, due 11/16/25		270,000		298,855
Bayer US Finance II LLC
3.375%, due 07/15/241		21,000		22,005
4.400%, due 07/15/441		5,000		5,856
Becton Dickinson and Co.
1.401%, due 05/24/23	EUR	100,000		110,140
Bristol-Myers Squibb Co.
3.200%, due 06/15/261		242,000		266,859
3.250%, due 08/15/221		70,000		73,609
3.550%, due 08/15/221		30,000		31,705
3.875%, due 08/15/251		31,000		35,296
3.900%, due 02/20/281		45,000		52,398

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(continued)
3.950%, due 10/15/201		11,000		11,161
Cardinal Health, Inc.
4.625%, due 12/15/20		20,000		20,324
Cigna Corp.
3.050%, due 10/15/271		5,000		5,234
3.250%, due 04/15/251		71,000		75,654
3.500%, due 06/15/241		125,000		133,492
3.750%, due 07/15/23		246,000		262,419
4.125%, due 11/15/25		3,000		3,364
CVS Health Corp.
2.625%, due 08/15/24		2,000		2,084
3.350%, due 03/09/21		59,000		60,014
3.375%, due 08/12/24		10,000		10,649
3.700%, due 03/09/23		435,000		461,238
3.875%, due 07/20/25		85,000		92,978
4.100%, due 03/25/25		320,000		353,262
4.300%, due 03/25/28		469,000		528,460
4.780%, due 03/25/38		60,000		70,691
5.125%, due 07/20/45		87,000		108,438
Eli Lilly and Co.
1.700%, due 11/01/49	EUR	100,000		114,252
Johnson & Johnson
2.950%, due 03/03/27		45,000		49,979
Merck & Co., Inc.
3.400%, due 03/07/29		20,000		23,038
Merck Financial Services GmbH
0.005%, due 12/15/234	EUR	400,000		436,288
0.125%, due 07/16/254	EUR	100,000		109,425
Novartis Capital Corp.
3.000%, due 11/20/25		3,000		3,281
Novartis Finance SA
0.125%, due 09/20/234	EUR	110,000		121,338
0.500%, due 08/14/234	EUR	120,000		133,677
Pfizer, Inc.
3.600%, due 09/15/285		22,000		25,677
4.100%, due 09/15/38		12,000		14,868
4.125%, due 12/15/46		25,000		31,830
4.200%, due 09/15/48		6,000		7,922
4.400%, due 05/15/44		35,000		45,925
7.200%, due 03/15/39		9,000		15,044
Shire Acquisitions Investments Ireland DAC
3.200%, due 09/23/26		403,000		436,593

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Takeda Pharmaceutical Co. Ltd.
4.400%, due 11/26/23		200,000		219,332
5.000%, due 11/26/28		400,000		481,788
Wyeth LLC
5.950%, due 04/01/37		45,000		65,415
6.500%, due 02/01/34		6,000		8,920
				7,069,324
Pipelines—2.3%
Boardwalk Pipelines LP
4.800%, due 05/03/29		20,000		17,589
Cameron LNG LLC
3.302%, due 01/15/351		135,000		133,929
3.402%, due 01/15/381		145,000		130,268
Cheniere Corpus Christi Holdings LLC
5.125%, due 06/30/27		105,000		104,692
5.875%, due 03/31/25		30,000		31,041
7.000%, due 06/30/24		470,000		501,906
Cheniere Energy Partners LP
4.500%, due 10/01/291		60,000		55,350
5.250%, due 10/01/25		360,000		343,656
5.625%, due 10/01/26		545,000		520,802
Energy Transfer Operating LP
2.900%, due 05/15/25		55,000		51,167
3.750%, due 05/15/30		69,000		62,523
4.200%, due 04/15/27		5,000		4,716
4.750%, due 01/15/26		134,000		133,195
4.950%, due 06/15/28		5,000		4,908
5.000%, due 05/15/50		90,000		79,707
5.150%, due 03/15/455		5,000		4,429
5.500%, due 06/01/27		94,000		95,545
5.875%, due 01/15/24		27,000		28,035
6.500%, due 02/01/42		25,000		25,200
Enterprise Products Operating LLC
3.350%, due 03/15/23		35,000		36,280
4.250%, due 02/15/48		2,000		1,996
4.450%, due 02/15/435		90,000		91,011
4.850%, due 03/15/44		6,000		6,406
5.100%, due 02/15/45		32,000		34,873
Kinder Morgan Energy Partners LP
4.250%, due 09/01/24		55,000		58,488
5.000%, due 08/15/42		20,000		21,228
5.000%, due 03/01/43		124,000		130,459

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
5.400%, due 09/01/44		1,000		1,118
5.500%, due 03/01/44		41,000		46,179
Kinder Morgan Energy Partners LP MTN
6.950%, due 01/15/38		13,000		15,468
Kinder Morgan, Inc.
5.050%, due 02/15/46		10,000		10,782
5.550%, due 06/01/45		9,000		10,302
MPLX LP
4.875%, due 12/01/24		133,000		132,077
5.250%, due 01/15/251		979,000		969,166
NGPL PipeCo LLC
4.375%, due 08/15/221,5		547,000		548,578
4.875%, due 08/15/271,5		65,000		66,168
7.768%, due 12/15/371		12,000		13,191
Northern Natural Gas Co.
4.300%, due 01/15/491		190,000		221,387
Northwest Pipeline LLC
4.000%, due 04/01/27		265,000		265,888
Plains All American Pipeline LP/PAA Finance Corp.
3.650%, due 06/01/22		6,000		5,881
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		256,000		262,162
5.625%, due 04/15/238		169,000		175,699
5.625%, due 03/01/25		218,000		228,045
5.875%, due 06/30/26		15,000		15,965
Spectra Energy Partners LP
4.500%, due 03/15/45		5,000		4,932
Sunoco Logistics Partners Operations LP
4.250%, due 04/01/24		2,000		1,971
5.300%, due 04/01/44		127,000		110,051
6.100%, due 02/15/42		15,000		14,505
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.125%, due 02/01/25		350,000		315,000
Texas Eastern Transmission LP
2.800%, due 10/15/221		45,000		44,549
3.500%, due 01/15/281		151,000		147,765
4.150%, due 01/15/481,5		252,000		237,253
TransCanada PipeLines Ltd.
5.850%, due 03/15/365		31,000		37,268
Transcontinental Gas Pipe Line Co. LLC
4.000%, due 03/15/28		268,000		279,186
4.600%, due 03/15/48		80,000		89,537

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
7.850%, due 02/01/26		410,000		483,581
Williams Cos., Inc./The
3.750%, due 06/15/27		10,000		9,974
4.300%, due 03/04/24		30,000		31,030
5.400%, due 03/04/44		4,000		4,140
7.500%, due 01/15/31		40,000		46,997
7.875%, due 09/01/21		280,000		297,640
				7,852,834
Real estate—0.2%
Northwest Florida Timber Finance LLC
4.750%, due 03/04/291		200,000		193,689
Vonovia Finance BV
0.125%, due 04/06/234	EUR	200,000		215,424
0.750%, due 01/25/224	EUR	100,000		109,445
				518,558
Real estate investment trusts—1.1%
American Tower Corp.
1.950%, due 05/22/26	EUR	125,000		140,870
2.250%, due 01/15/225		125,000		126,747
2.750%, due 01/15/27		10,000		10,350
3.800%, due 08/15/29		12,000		13,370
3.950%, due 03/15/29		130,000		145,314
Boston Properties LP
2.900%, due 03/15/30		9,000		8,834
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.849%, due 04/15/23		460,000		488,007
Crown Castle International Corp.
2.250%, due 09/01/21		20,000		20,211
3.100%, due 11/15/29		50,000		53,058
3.150%, due 07/15/23		35,000		36,656
3.200%, due 09/01/24		10,000		10,609
3.300%, due 07/01/305		29,000		31,034
3.400%, due 02/15/21		15,000		15,138
3.650%, due 09/01/27		45,000		48,981
3.700%, due 06/15/26		20,000		21,743
3.800%, due 02/15/28		10,000		11,015
4.000%, due 03/01/27		6,000		6,632
4.150%, due 07/01/50		17,000		19,848
4.450%, due 02/15/26		89,000		99,867
4.875%, due 04/15/22		948,000		1,010,511

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
5.200%, due 02/15/49		10,000		13,158
5.250%, due 01/15/23		90,000		98,433
Equinix, Inc.
2.625%, due 11/18/24		193,000		202,054
3.200%, due 11/18/29		190,000		198,767
GLP Capital LP/GLP Financing II, Inc.
4.000%, due 01/15/30		24,000		21,180
5.250%, due 06/01/25		160,000		155,616
5.750%, due 06/01/28		25,000		24,625
National Retail Properties, Inc.
2.500%, due 04/15/30		68,000		59,845
Prologis Euro Finance LLC
1.500%, due 09/10/49	EUR	100,000		102,669
Realty Income Corp.
3.000%, due 01/15/27		45,000		45,387
4.125%, due 10/15/26		40,000		43,743
Service Properties Trust
4.350%, due 10/01/24		10,000		8,464
Simon International Finance SCA
1.375%, due 11/18/224	EUR	105,000		115,957
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/261		250,000		233,647
				3,642,340
Retail—0.7%
Dollar General Corp.
3.500%, due 04/03/30		74,000		81,173
4.125%, due 05/01/28		5,000		5,613
Home Depot, Inc./The
2.950%, due 06/15/29		90,000		97,641
3.000%, due 04/01/26		70,000		76,918
3.900%, due 12/06/28		51,000		59,137
5.875%, due 12/16/36		17,000		24,412
5.950%, due 04/01/41		30,000		44,373
Lowe’s Cos., Inc.
2.500%, due 04/15/26		10,000		10,402
4.000%, due 04/15/255		595,000		660,333
4.250%, due 09/15/44		2,000		2,257
McDonald’s Corp. GMTN
1.000%, due 11/15/234	EUR	200,000		222,917
McDonald’s Corp. MTN
2.750%, due 12/09/20		25,000		25,253
3.300%, due 07/01/255		21,000		22,904

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
3.625%, due 05/01/43		5,000		5,332
3.625%, due 09/01/495		283,000		309,605
3.800%, due 04/01/28		65,000		73,107
4.450%, due 09/01/48		20,000		24,549
4.700%, due 12/09/35		15,000		18,531
4.875%, due 12/09/455		12,000		15,092
6.300%, due 03/01/38		15,000		21,174
Starbucks Corp.
3.550%, due 08/15/29		15,000		16,441
3.800%, due 08/15/25		20,000		21,833
Target Corp.
2.250%, due 04/15/255		30,000		31,567
Walgreens Boots Alliance, Inc.
4.500%, due 11/18/34		7,000		7,694
Walmart, Inc.
2.850%, due 07/08/24		233,000		251,064
3.250%, due 07/08/29		110,000		125,370
				2,254,692
Semiconductors—1.4%
Analog Devices, Inc.
2.950%, due 04/01/25		2,000		2,083
3.500%, due 12/05/26		5,000		5,414
3.900%, due 12/15/25		87,000		94,770
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, due 01/15/24		180,000		188,291
3.875%, due 01/15/27		201,000		208,533
Broadcom, Inc.
3.125%, due 04/15/211		355,000		357,534
3.125%, due 10/15/221		152,000		157,517
4.250%, due 04/15/261		50,000		53,554
4.700%, due 04/15/251		313,000		344,846
Intel Corp.
2.450%, due 11/15/29		169,000		179,734
2.700%, due 12/15/22		19,000		19,961
3.750%, due 03/25/275		403,000		457,312
3.900%, due 03/25/305		185,000		219,039
4.100%, due 05/19/46		35,000		43,924
4.750%, due 03/25/50		77,000		106,092
4.900%, due 07/29/45		5,000		6,934
KLA Corp.
3.300%, due 03/01/505		134,000		130,609
4.100%, due 03/15/29		140,000		158,432

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Semiconductors—(concluded)
4.650%, due 11/01/24		140,000		155,810
Lam Research Corp.
1.900%, due 06/15/30		45,000		44,851
2.800%, due 06/15/21		67,000		68,274
3.125%, due 06/15/60		18,000		17,946
3.750%, due 03/15/26		120,000		134,289
4.875%, due 03/15/49		75,000		101,781
NVIDIA Corp.
2.850%, due 04/01/30		116,000		125,779
3.200%, due 09/16/26		303,000		335,740
3.500%, due 04/01/40		85,000		95,284
3.500%, due 04/01/50		81,000		92,484
3.700%, due 04/01/60		43,000		50,018
NXP BV/NXP Funding LLC
4.125%, due 06/01/211		348,000		355,506
4.625%, due 06/01/231		260,000		276,697
5.550%, due 12/01/281		2,000		2,304
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.150%, due 05/01/271		13,000		13,140
4.300%, due 06/18/291		57,000		60,403
QUALCOMM, Inc.
3.450%, due 05/20/25		25,000		27,452
4.800%, due 05/20/45		51,000		64,841
Texas Instruments, Inc.
1.750%, due 05/04/307		64,000		63,776
4.150%, due 05/15/48		23,000		29,282
				4,850,236
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc.
3.483%, due 12/01/27		225,000		230,400
3.844%, due 05/01/251,5		191,000		200,704
4.200%, due 05/01/301		136,000		143,600
5.000%, due 11/15/251		202,000		208,633
				783,337
Software—1.9%
Activision Blizzard, Inc.
3.400%, due 09/15/26		345,000		384,377
Autodesk, Inc.
2.850%, due 01/15/30		60,000		62,691
3.500%, due 06/15/27		46,000		50,900

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Software—(concluded)
Dassault Systemes SE
0.010%, due 09/16/224	EUR	300,000		325,205
Electronic Arts, Inc.
4.800%, due 03/01/26		370,000		429,418
Fidelity National Information Services, Inc.
0.125%, due 12/03/22	EUR	100,000		108,120
0.750%, due 05/21/23	EUR	200,000		219,753
2.950%, due 05/21/39	EUR	100,000		126,580
3.000%, due 08/15/26		50,000		53,239
3.750%, due 05/21/295		109,000		122,192
Fiserv, Inc.
2.750%, due 07/01/24		238,000		250,312
3.200%, due 07/01/26		150,000		160,704
3.500%, due 07/01/29		208,000		227,311
3.850%, due 06/01/25		51,000		56,071
4.200%, due 10/01/28		195,000		222,074
Microsoft Corp.
2.400%, due 08/08/26		30,000		32,268
3.125%, due 11/03/25		4,000		4,461
3.500%, due 02/12/35		293,000		347,940
3.700%, due 08/08/46		185,000		226,222
3.750%, due 05/01/43		18,000		21,676
3.750%, due 02/12/45		81,000		98,914
Oracle Corp.
1.900%, due 09/15/21		29,000		29,381
2.500%, due 10/15/22		83,000		86,206
2.500%, due 04/01/255		797,000		840,177
2.800%, due 04/01/27		795,000		852,039
2.950%, due 04/01/30		325,000		354,696
3.800%, due 11/15/37		257,000		291,928
3.900%, due 05/15/35		64,000		76,025
4.000%, due 07/15/46		47,000		55,604
4.125%, due 05/15/45		20,000		23,696
5.375%, due 07/15/40		9,000		12,201
6.125%, due 07/08/39		10,000		14,707
SAP SE
0.250%, due 03/10/224	EUR	100,000		109,966
				6,277,054
Telecommunications—2.5%
AT&T, Inc.
3.150%, due 09/04/36	EUR	100,000		128,368
3.400%, due 06/15/228		213,000		222,682

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
3.400%, due 05/15/25		465,000		492,853
3.550%, due 06/01/24		25,000		26,434
3.600%, due 07/15/25		85,000		90,790
3.800%, due 02/15/27		230,000		248,111
3.875%, due 01/15/26		38,000		41,247
4.000%, due 01/15/22		23,000		23,989
4.100%, due 02/15/285		3,000		3,310
4.250%, due 03/01/275		221,000		243,295
4.300%, due 02/15/30		22,000		24,791
4.350%, due 03/01/29		159,000		178,633
4.500%, due 05/15/35		506,000		565,357
4.800%, due 06/15/44		25,000		28,557
4.850%, due 07/15/45		9,000		10,304
4.900%, due 08/15/37		32,000		36,970
5.150%, due 03/15/42		10,000		11,887
5.150%, due 11/15/46		55,000		65,839
5.350%, due 09/01/40		5,000		6,036
5.450%, due 03/01/47		2,000		2,528
5.550%, due 08/15/41		5,000		6,083
6.000%, due 08/15/40		33,000		43,274
Corning, Inc.
3.700%, due 11/15/23		20,000		20,851
Juniper Networks, Inc.
4.350%, due 06/15/255		25,000		26,224
Motorola Solutions, Inc.
4.600%, due 02/23/28		22,000		24,142
4.600%, due 05/23/29		213,000		240,727
5.500%, due 09/01/44		135,000		144,232
Orange SA
0.500%, due 01/15/224	EUR	200,000		219,964
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.360%, due 09/20/211,8		1,078,125		1,080,820
T-Mobile USA, Inc.
3.500%, due 04/15/251		322,000		338,020
3.750%, due 04/15/271		727,000		779,366
Telenor ASA
0.010%, due 09/25/234	EUR	100,000		108,334
Telstra Corp. Ltd.
3.500%, due 09/21/224	EUR	265,000		311,215
Verizon Communications, Inc.
0.500%, due 06/02/22	EUR	105,000		115,782
2.625%, due 08/15/26		110,000		116,979

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
3.000%, due 03/22/27		20,000		21,681
4.000%, due 03/22/50		90,000		112,510
4.125%, due 03/16/27		411,000		476,537
4.272%, due 01/15/36		430,000		512,771
4.329%, due 09/21/28		230,000		272,103
4.400%, due 11/01/34		41,000		49,815
4.500%, due 08/10/33		190,000		235,152
5.250%, due 03/16/37		208,000		276,435
Series 20,
2.875%, due 01/15/38	EUR	100,000		135,485
Vodafone Group PLC
3.750%, due 01/16/24		50,000		53,829
4.125%, due 05/30/25		102,000		113,671
4.375%, due 05/30/285		16,000		18,335
4.375%, due 02/19/43		28,000		31,463
5.000%, due 05/30/38		6,000		7,146
5.125%, due 06/19/595		1,000		1,238
5.250%, due 05/30/48		149,000		186,447
6.150%, due 02/27/37		2,000		2,589
				8,535,201
Toys/Games/Hobbies—0.0%†
Hasbro, Inc.
2.600%, due 11/19/22		79,000		79,789
3.900%, due 11/19/29		69,000		66,489
				146,278
Transportation—0.7%
Burlington Northern Santa Fe LLC
3.000%, due 04/01/25		25,000		27,083
4.550%, due 09/01/44		61,000		75,703
4.950%, due 09/15/41		5,000		6,314
5.750%, due 05/01/40		22,000		30,549
Canadian Pacific Railway Co.
2.050%, due 03/05/30		14,000		13,900
Cargo Aircraft Management, Inc.
4.750%, due 02/01/281		240,000		224,100
CSX Corp.
2.600%, due 11/01/26		379,000		399,024
3.250%, due 06/01/27		51,000		55,063
3.800%, due 03/01/28		55,000		61,351
3.950%, due 05/01/50		105,000		123,276

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Corporate bonds—(concluded)
Transportation—(concluded)
4.250%, due 03/15/29		22,000		25,626
4.300%, due 03/01/48		15,000		18,273
5.500%, due 04/15/41		17,000		22,546
FedEx Corp.
3.800%, due 05/15/255		128,000		136,784
3.875%, due 08/01/42		17,000		16,290
4.100%, due 04/15/43		15,000		14,882
4.400%, due 01/15/47		9,000		9,285
4.550%, due 04/01/46		73,000		77,880
Norfolk Southern Corp.
2.550%, due 11/01/29		85,000		88,160
2.900%, due 06/15/26		129,000		136,422
3.400%, due 11/01/49		65,000		69,381
3.650%, due 08/01/25		39,000		42,629
3.942%, due 11/01/47		25,000		28,498
3.950%, due 10/01/42		2,000		2,271
4.450%, due 06/15/45		25,000		30,630
Ryder System, Inc. MTN
2.250%, due 09/01/21		5,000		4,962
Union Pacific Corp.
2.750%, due 03/01/26		35,000		37,119
3.250%, due 02/05/50		110,000		112,047
3.799%, due 10/01/51		204,000		229,072
4.300%, due 03/01/495		2,000		2,431
United Parcel Service, Inc.
0.375%, due 11/15/23	EUR	120,000		130,656
2.500%, due 04/01/23		9,000		9,405
2.500%, due 09/01/295		123,000		127,619
3.400%, due 09/01/49		5,000		5,537
				2,394,768
Water—0.1%
Veolia Environnement SA
0.672%, due 03/30/224	EUR	300,000		329,740
Total corporate bonds
(cost—$149,580,886)			154,033,492
Mortgage-backed securities—8.4%
BAMLL Commercial Mortgage Securities Trust,
Series 2017-SCH, Class AL,
1 mo. USD LIBOR + 0.900%,
1.714%, due 11/15/321,2		1,150,000		1,058,130

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Mortgage-backed securities—(continued)
BENCHMARK 2018-B1 Mortgage Trust,
Series 2019-B15, Class B,
3.564%, due 12/15/72		210,000		190,848
Series 2019-B15, Class C,
3.840%, due 12/15/723		111,000		89,338
Benchmark Mortgage Trust,
Series 2018-B7, Class A4,
4.510%, due 05/15/533		103,000		120,650
BFLD DPLO,
Series 2019-DPLO, Class A,
1 mo. USD LIBOR + 1.090%,
1.904%, due 10/15/341,2		350,000		328,929
BWAY 2013-1515 Mortgage Trust,
Series 2013-1515, Class A2,
3.454%, due 03/10/331		710,000		738,969
BX Commercial Mortgage Trust,
Series 2019-XL, Class A,
1 mo. USD LIBOR + 0.920%,
1.734%, due 10/15/361,2		404,134		393,973
Series 2020-BXLP, Class A,
1 mo. USD LIBOR + 0.800%,
1.614%, due 12/15/361,2		345,000		331,576
BX Trust 2019-OC11,
Series 2019-OC11, Class A,
3.202%, due 12/09/411		420,000		417,596
Cantor Commercial Real Estate Lending,
Series 2019-CF3, Class B,
3.500%, due 01/15/533		101,000		91,066
CD Mortgage Trust,
Series 2017-CD3, Class A4,
3.631%, due 02/10/50		545,000		584,121
Chase Home Lending Mortgage Trust,
Series 2019-ATR2, Class A11,
1 mo. USD LIBOR + 0.900%,
1.387%, due 07/25/491,2		201,816		195,144
CIM Trust,
Series 2019-INV3, Class A11,
1 mo. USD LIBOR + 1.000%,
1.897%, due 08/25/491,2		570,784		556,310
COMM 2015-CCRE25 Mortgage Trust,
Series 2015-CR25, Class A3,
3.505%, due 08/10/48		294,582		308,990
Commercial Mortgage Pass-Through Certificates,
Series 2006-GG7, Class AM,
5.807%, due 07/10/383		32,050		31,842

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Mortgage-backed securities—(continued)
Series 2013-GAM, Class A2,
3.367%, due 02/10/281		1,090,000		1,082,653
Series 2014-CR16, Class A4,
4.051%, due 04/10/47		145,000		152,516
Series 2018-COR3, Class A3,
4.228%, due 05/10/51		589,000		667,793
CSMC Trust,
Series 2017-CALI, Class A,
3.431%, due 11/10/321		260,000		269,853
DBGS BIOD Mortgage Trust,
Series 2018-C1, Class A4,
4.466%, due 10/15/51		480,000		554,891
DBWF GLKS Mortgage Trust,
Series 2018-GLKS, Class A,
1 mo. USD LIBOR + 1.030%,
1.748%, due 12/19/301,2		497,000		460,236
FHLMC Multifamily Structured Pass-Through Certificates,
Series K038, Class X1,IO,
1.282%, due 03/25/243		2,446,931		88,330
Series K075, Class A2,
3.650%, due 02/25/283		230,000		266,010
Series K076, Class A2,
3.900%, due 04/25/28		740,000		872,470
Series K083, Class A2,
4.050%, due 09/25/283		820,000		980,759
Series K084, Class A2,
3.780%, due 10/25/283		548,000		641,929
Series K087, Class A2,
3.771%, due 12/25/28		203,000		239,857
Series KC02, Class A2,
3.370%, due 07/25/25		670,000		719,226
FHLMC REMIC Trust,
Series 2626, Class A,
4.000%, due 06/15/33		92,240		101,251
Series 3702, Class SB,
1 mo. USD LIBOR + 4.500%,
3.686%, due 08/15/402		284,256		43,846
Series 3990, Class VA,
3.500%, due 01/15/25		175,922		178,771
Series 4213, Class VE,
3.500%, due 06/15/26		183,024		191,896
Series 4248, Class FL,
1 mo. USD LIBOR + 0.450%,
1.264%, due 05/15/412		193,042		192,511
Series 4316, Class XZ,
4.500%, due 03/15/44		400,835		475,373

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Mortgage-backed securities—(continued)
Series 4323, Class CA,
4.000%, due 03/15/40		125,671		130,092
Series 4325, Class MA,
4.000%, due 09/15/39		400,781		414,700
Series 4328, Class DA,
4.000%, due 01/15/36		425,771		443,065
Series 4336, Class MA,
4.000%, due 01/15/40		341,179		352,971
Series 4443, Class BA,
3.500%, due 04/15/41		66,559		69,558
Series 4447, Class PA,
3.000%, due 12/15/44		72,552		77,337
Series 4606, Class FB,
1 mo. USD LIBOR + 0.500%,
1.314%, due 08/15/462		296,814		296,337
Flagstar Mortgage Trust,
Series 2019-1INV, Class A11,
1 mo. USD LIBOR + 0.950%,
1.437%, due 10/25/491,2		446,778		430,447
Series 2020-1INV, Class A11,
1 mo. USD LIBOR + 0.850%,
1.337%, due 03/25/501,2		507,618		473,214
FNMA Connecticut Avenue Securities,
Series 2016-C06, Class 1M1,
1 mo. USD LIBOR + 1.300%,
1.787%, due 04/25/292		4,850		4,848
FNMA REMIC Trust
5.543%, due 12/25/40		256,466		55,111
Series 2011-8, Class ZA,
4.000%, due 02/25/41		1,681,060		1,825,527
Series 2013-112, Class HQ,
4.000%, due 11/25/43		54,336		60,508
Series 2014-12, Class GV,
3.500%, due 03/25/27		115,966		123,607
Series 2014-48, Class AB,
4.000%, due 10/25/40		92,411		95,553
Series 2015-20, Class EV,
3.500%, due 07/25/26		207,909		222,225
Series 2015-28, Class IO,
5.500%, due 05/25/45		1,100,535		213,209
Series 2015-40, Class AI,
6.000%, due 05/25/37		359,067		73,347
Series 2015-58, Class JP,
2.500%, due 03/25/37		98,145		102,787
Series 2015-62, Class VA,
4.000%, due 10/25/26		62,611		67,210

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Mortgage-backed securities—(continued)
Series 2016-48, Class UF,
1 mo. USD LIBOR + 0.400%,
0.887%, due 08/25/462		470,151		467,075
Series 2016-62, Class FC,
1 mo. USD LIBOR + 0.500%,
0.987%, due 09/25/462		237,551		237,078
Series 2016-74, Class GF,
1 mo. USD LIBOR + 0.500%,
0.987%, due 10/25/462		295,764		294,818
Series 2017-23, Class IO,
6.000%, due 04/25/47		247,020		52,606
FRESB Mortgage Trust,
Series 2019,
1 mo. USD LIBOR + 3.500%,
3.500%, due 01/25/393		249,539		264,429
GNMA Trust,
Series 2014-131, Class BW,
4.044%, due 05/20/413		52,443		54,882
Series 2015-167, Class SA,
1 mo. USD LIBOR + 6.250%,
5.532%, due 11/20/452		420,798		83,053
Series 2015-3, Class ZD,
4.000%, due 01/20/45		709,117		854,655
GS Mortgage Securities Corp. Trust,
Series 2019-SOHO, Class B,
1 mo. USD LIBOR + 1.150%,
1.964%, due 06/15/361,2		345,000		323,063
GS Mortgage Securities Trust,
Series 2017-GS7, Class A4,
3.430%, due 08/10/50		330,000		357,350
Series 2019, Class A4,
3.048%, due 11/10/52		418,000		441,685
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2015-JP1, Class A5,
3.914%, due 01/15/49		800,000		873,303
Series 2019-BKWD, Class A,
1 mo. USD LIBOR + 1.000%,
1.814%, due 09/15/291,2		130,000		124,660
JP Morgan Mortgage Trust,
Series 2017-1, Class A4,
3.500%, due 01/25/471,3		508,267		513,036
Series 2017-2, Class A6,
3.000%, due 05/25/471,3		373,576		376,002
Series 2019-INV2, Class A11,
1 mo. USD LIBOR + 0.900%,
1.387%, due 02/25/501,2		587,191		567,179

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Mortgage-backed securities—(concluded)
Series 2019-LTV3, Class A11,
1 mo. USD LIBOR + 0.850%,
1.797%, due 03/25/501,2		465,067		451,887
KNDL KNSQ Mortgage Trust,
Series 2019-KNSQ, Class A,
1 mo. USD LIBOR + 0.800%,
1.614%, due 05/15/361,2		476,000		454,551
Morgan Stanley Capital I Trust,
Series 2015-MS1, Class A4,
3.779%, due 05/15/483		520,000		549,221
Series 2019-NUGS, Class A,
1 mo. USD LIBOR + 0.950%,
2.450%, due 12/15/361,2		241,000		230,325
New Residential Mortgage Loan Trust,
Series 2016-4A, Class A1,
3.750%, due 11/25/561,3		103,967		105,982
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B,
4.144%, due 01/05/431,3		515,000		505,067
Shellpoint Co-Originator Trust,
Series 2016-1, Class 2A3,
3.000%, due 10/25/311,3		196,615		200,608
Tharaldson Hotel Portfolio Trust,
Series 2018-THL, Class A,
1 mo. USD LIBOR + 0.750%,
1.735%, due 11/11/341,2		81,008		75,263
Velocity Commercial Capital Loan Trust,
Series 2016-2, Class AFX,
2.997%, due 10/25/463		1,050		1,049
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class A5,
4.212%, due 05/15/51		445,000		499,007
Series 2018-C46, Class A4,
4.152%, due 08/15/51		170,000		189,010
Total mortgage-backed securities (cost—$28,140,064)				28,296,150
Municipal bonds—1.6%
California—0.1%
California State (Build America Bonds)
7.625%, due 03/01/40		25,000		41,643

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Municipal bonds—(continued)
California—(concluded)
San Diego Community College District Refunding, GO Bonds Series A (Taxable)
3.336%, due 08/01/43		180,000		183,222
				224,865
Delaware—0.0%†
State of Delaware General Obligation Bonds Series A
5.000%, due 01/01/30		80,000		105,422
Florida—0.0%†
Miami-Dade County Aviation Revenue Refunding Bonds Series B (Taxable)
3.275%, due 10/01/29		20,000		19,825
Miami-Dade County Water & Sewer Revenue Refunding Bonds Series C (Taxable)
3.490%, due 10/01/42		90,000		93,353
				113,178
Louisiana—0.1%
State of Louisiana General Obligation Bonds
Series A
5.000%, due 03/01/27		130,000		157,443
5.000%, due 03/01/28		130,000		160,625
				318,068
Maryland—0.3%
State of Maryland General Obligation Bonds
Series A
5.000%, due 03/15/27		100,000		124,507
5.000%, due 03/15/28		400,000		509,756
5.000%, due 03/15/29		255,000		331,398
				965,661
Massachusetts—0.3%
Massachusetts Water Resources Authority Revenue Refunding Bonds Series F (Taxable)
3.104%, due 08/01/39		300,000		298,464
The Commonwealth of Massachusetts General Obligation Bonds Series A
5.000%, due 03/01/29		100,000		128,623
The Commonwealth of Massachusetts, Consolidated Loan, GO Bonds Series H (Taxable)
2.900%, due 09/01/49		215,000		218,152

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Municipal bonds—(continued)
Massachusetts—(concluded)
University of Massachusetts Building Authority Refunding Revenue Bonds (Taxable),
Series 3,
3.434%, due 11/01/40		280,000		286,838
				932,077
Minnesota—0.0%†
State of Minnesota General Obligation State Various Purpose Bonds Series A
5.000%, due 08/01/29		110,000		140,038
Nebraska—0.1%
University of Nebraska Facilities Corporation Revenue Refunding Bonds Series A (Taxable)
3.037%, due 10/01/49		200,000		206,828
New Jersey—0.1%
New Jersey Transportation Trust Fund Authority Revenue Bonds (Build America Bonds)
6.561%, due 12/15/40		105,000		132,083
Rutgers State University Revenue Refunding Bonds Series R (Taxable)
3.270%, due 05/01/43		60,000		61,205
				193,288
New York—0.3%
City of New York General Obligation Bonds,
Series C-1,
5.000%, due 08/01/30		230,000		288,949
City of New York General Obligation Bonds, (Taxable),
Series D-3,
2.220%, due 03/01/35		245,000		228,685
New York State Thruway Authority Revenue Refunding Bonds Series M (Taxable)
2.900%, due 01/01/35		150,000		147,170
Port Authority of New York & New Jersey Revenue Refunding Bonds
4.458%, due 10/01/62		200,000		247,748
				912,552
North Carolina—0.2%
County of Mecklenburg North Carolina General Obligation Public Improvement Bonds
5.000%, due 03/01/30		70,000		90,404
State of North Carolina Department of State Treasurer General Obligation Bonds, Series B
5.000%, due 06/01/30		300,000		389,391
				479,795
Ohio—0.0%†
Cleveland Ohio Airport System Revenue Refunding Bonds Series A (Taxable)
2.882%, due 01/01/31		90,000		89,727

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Municipal bonds—(concluded)
Oregon—0.0%†
Oregon State Department of Transportation Highway User Tax Revenue Series A
3.168%, due 11/15/38		105,000		107,785
Pennsylvania—0.0%†
Pennsylvania State University Bonds, Series B (Taxable)
2.758%, due 09/01/40		100,000		100,413
Texas—0.1%
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Series A (Taxable)
2.986%, due 11/01/41		220,000		207,110
Utah—0.0%†
Utah Transit Authority Sales Tax Revenue Bonds, Series B (Taxable)
5.937%, due 06/15/39		85,000		120,383
Virginia—0.0%†
City Of Richmond Virginia Public Utility Revenue Refunding Bonds, Series B
3.537%, due 01/15/43		60,000		63,563
Washington—0.0%†
University of Washington General Revenue Bonds Series B (Taxable)
5.400%, due 06/01/36		85,000		118,301
Total municipal bonds (cost—$5,356,069)			5,399,054
Non-U.S. government agency obligations—2.6%
Argentine Republic Government International Bond
5.875%, due 01/11/28		1,322,000		323,890
Chile Government International Bond
3.240%, due 02/06/28		130,000		139,303
Colombia Government International Bond
3.000%, due 01/30/305		850,000		775,625
3.875%, due 04/25/27		570,000		562,341
4.500%, due 03/15/29		75,000		75,938
Corp. Financiera de Desarrollo SA
4.750%, due 07/15/251		325,000		339,523
Indonesia Government International Bond
2.850%, due 02/14/305		390,000		377,862
3.850%, due 10/15/305		200,000		207,262
4.100%, due 04/24/28		111,000		116,654

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*		Value ($)
Non-U.S. government agency obligations—(concluded)
Mexico Government International Bond
3.250%, due 04/16/305		805,000		730,537
3.750%, due 01/11/28		771,000		748,593
4.125%, due 01/21/265		523,000		532,806
4.150%, due 03/28/275		226,000		226,777
4.500%, due 04/22/29		890,000		894,450
Panama Government International Bond
3.750%, due 03/16/25		250,000		262,578
3.875%, due 03/17/28		190,000		204,844
Philippine Government International Bond
3.000%, due 02/01/28		600,000		631,818
Saudi Government International Bond
4.375%, due 04/16/291		200,000		222,760
Spain Government Bond
0.500%, due 04/30/301,4	EUR	805,000		861,809
Uruguay Government International Bond
4.375%, due 10/27/27		375,000		408,516
4.375%, due 01/23/31		185,000		203,558
4.500%, due 08/14/24		85,000		90,870
Total Non-U.S. government agency obligations (cost—$9,507,942)				8,938,314
U.S. government agency obligations—36.0%
FHLB
4.000%, due 09/01/28		680,000		825,600
FHLMC
3.000%, due 09/01/27		41,544		43,832
3.000%, due 07/01/28		22,490		23,728
3.000%, due 10/01/43		427,107		458,744
3.000%, due 06/01/46		200,220		212,362
3.000%, due 10/01/46		1,988,955		2,143,145
3.500%, due 04/01/42		17,523		19,084
3.500%, due 08/01/42		24,189		26,270
3.500%, due 11/01/42		9,930		10,723
3.500%, due 06/01/44		8,445		9,193
3.500%, due 07/01/47		14,192		15,606
3.500%, due 10/01/47		75,528		83,718
3.500%, due 12/01/47		66,654		73,882
3.500%, due 01/01/48		335,506		363,373
4.000%, due 09/01/40		35,366		39,058
4.000%, due 07/01/44		31,979		34,986
4.000%, due 07/01/46		38,203		41,997
4.000%, due 08/01/46		19,408		21,302
4.000%, due 09/01/46		2,858		3,142

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 10/01/46		6,415		7,052
4.000%, due 01/01/47		827,642		916,550
4.000%, due 02/01/47		90,709		99,683
4.500%, due 07/01/47		420,177		467,150
4.500%, due 08/01/48		213,451		237,206
5.000%, due 02/01/42		544,728		622,050
5.000%, due 09/01/43		203,500		225,227
6.250%, due 07/15/32		302,000		475,718
6.750%, due 03/15/31		82,000		128,470
FNMA
2.000%, due 10/01/31		19,691		20,322
2.000%, due 11/01/31		250,878		258,922
2.000%, due 12/01/31		26,732		27,588
2.000%, due 03/01/32		164,936		170,224
2.500%, due 04/01/32		4,656,745		4,893,822
2.500%, due 05/01/50		1,182,000		1,228,201
3.000%, due 07/01/29		428,642		456,158
3.000%, due 10/01/29		39,120		41,660
3.000%, due 01/01/30		240,769		255,668
3.000%, due 01/01/31		1,162,914		1,236,933
3.000%, due 09/01/31		39,366		41,977
3.000%, due 04/01/32		25,995		27,491
3.000%, due 09/01/32		466,984		498,748
3.000%, due 03/01/339		460,102		486,690
3.000%, due 11/01/399		346,349		366,276
3.000%, due 01/01/40		30,374		32,110
3.000%, due 02/01/40		1,160,064		1,225,318
3.000%, due 11/01/46		488,763		521,936
3.000%, due 03/01/479		5,562,789		5,981,967
3.000%, due 04/01/47		2,557,795		2,737,196
3.000%, due 03/01/50		443,540		468,722
3.000%, due 04/01/50		680,750		719,041
3.000%, due 05/01/50		1,876,000		1,981,523
3.000%, due 05/01/509		1,120,000		1,182,999
3.000%, due 05/01/507		80,724		86,430
3.000%, due 05/01/507,9		61,287		65,620
3.500%, due 12/01/29		42,241		45,181
3.500%, due 08/01/30		184,283		196,800
3.500%, due 02/01/32		378,426		405,800
3.500%, due 04/01/32		889,288		962,458
3.500%, due 05/01/32		638,374		688,736
3.500%, due 05/01/39		33,833		35,894
3.500%, due 12/01/39		91,189		96,837

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 01/01/40		321,645		340,127
3.500%, due 02/01/40		99,664		105,604
3.500%, due 04/01/42		2,947		3,178
3.500%, due 12/01/42		5,527		5,958
3.500%, due 05/01/43		7,823		8,518
3.500%, due 07/01/43		51,900		56,871
3.500%, due 11/01/43		11,354		12,248
3.500%, due 12/01/43		11,995,563		12,945,044
3.500%, due 02/01/45		6,063		6,557
3.500%, due 07/01/45		30,310		33,600
3.500%, due 08/01/45		6,322		6,864
3.500%, due 10/01/45		52,003		56,175
3.500%, due 11/01/45		72,050		79,200
3.500%, due 12/01/45		31,221		34,610
3.500%, due 03/01/46		409,244		446,298
3.500%, due 04/01/46		59,967		64,555
3.500%, due 06/01/46		39,940		43,221
3.500%, due 11/01/46		397,489		430,925
3.500%, due 12/01/46		81,104		88,409
3.500%, due 01/01/47		30,944		34,222
3.500%, due 02/01/47		474,342		516,188
3.500%, due 03/01/47		45,047		49,107
3.500%, due 04/01/47		590,667		643,907
3.500%, due 05/01/47		290,896		317,454
3.500%, due 06/01/47		97,915		106,929
3.500%, due 07/01/47		33,025		36,132
3.500%, due 11/01/47		47,447		52,575
3.500%, due 12/01/47		405,808		443,966
3.500%, due 01/01/48		297,081		326,620
3.500%, due 02/01/507		84,297		90,705
4.000%, due 09/01/33		22,290		23,639
4.000%, due 10/01/33		346,602		373,058
4.000%, due 11/01/33		463,789		498,082
4.000%, due 01/01/42		583,112		640,892
4.000%, due 02/01/42		2,703,804		2,958,840
4.000%, due 03/01/43		41,369		45,826
4.000%, due 10/01/43		139,910		152,982
4.000%, due 08/01/44		86,333		97,740
4.000%, due 01/01/45		211,867		237,629
4.000%, due 05/01/45		66,510		75,279
4.000%, due 07/01/46		1,761,115		1,925,811
4.000%, due 11/01/46		29,919		33,863
4.000%, due 01/01/47		43,355		49,050

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 03/01/47		601,514		665,904
4.000%, due 05/01/47		53,074		58,305
4.000%, due 07/01/47		188,720		204,049
4.000%, due 08/01/47		118,343		130,007
4.000%, due 02/01/48		27,335		30,127
4.000%, due 04/01/48		623,256		690,790
4.500%, due 04/01/41		3,108,138		3,454,301
4.500%, due 11/01/45		12,831		14,487
4.500%, due 12/01/45		62,619		69,517
4.500%, due 07/01/46		138,587		157,127
4.500%, due 10/01/47		45,501		51,372
4.500%, due 12/01/47		90,526		99,597
4.500%, due 05/01/48		687,453		763,733
5.000%, due 09/01/31		316,732		351,995
5.000%, due 01/01/44		72,234		80,484
5.000%, due 03/01/44		154,489		172,156
GNMA
3.000%, due 02/15/45		106,112		112,849
3.000%, due 04/20/45		263,024		281,192
3.000%, due 07/20/45		39,578		42,157
3.000%, due 10/20/45		70,718		75,524
3.000%, due 05/20/46		17,336		18,515
3.000%, due 06/20/46		224,066		239,247
3.000%, due 07/20/46		452,356		482,947
3.000%, due 09/20/46		910,316		972,491
3.000%, due 11/20/46		18,767		19,995
3.000%, due 12/20/46		53,908		57,589
3.500%, due 04/20/43		69,606		76,238
3.500%, due 05/20/43		70,115		76,796
3.500%, due 05/20/45		362,497		390,152
3.500%, due 03/20/469		3,529,603		3,799,672
3.500%, due 04/20/469		2,312,305		2,492,062
3.500%, due 05/20/46		437,006		470,188
3.500%, due 07/20/46		165,861		178,070
4.000%, due 04/20/39		3,900		4,296
4.000%, due 04/20/42		80,891		89,538
4.000%, due 08/20/44		652,859		714,323
4.000%, due 06/15/47		21,333		22,741
4.000%, due 06/20/47		750,632		813,836
4.000%, due 09/15/47		40,045		42,561
4.000%, due 10/15/47		160,686		171,498
4.000%, due 11/15/47		29,129		31,393
4.000%, due 12/15/47		87,636		93,245

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
U.S. government agency obligations—(concluded)
4.000%, due 01/15/48		182,940		194,653
4.500%, due 07/20/40		8,158		8,982
4.500%, due 08/20/40		7,857		8,650
4.500%, due 09/20/40		12,657		13,997
4.500%, due 10/20/40		14,109		15,533
4.500%, due 06/20/44		396,045		435,104
4.500%, due 03/15/47		29,605		32,826
4.500%, due 04/15/47		78,434		87,308
4.500%, due 05/15/47		25,860		28,870
4.500%, due 09/20/48		131,119		142,831
4.500%, due 03/20/49		239,846		257,214
4.500%, due 01/20/50		200,553		214,641
4.500%, due 02/20/50		285,408		306,413
4.500%, due 03/20/50		291,925		313,558
4.500%, due 04/20/50		431,000		464,409
GNMA TBA
3.000%		5,649,500		6,012,128
3.500%		6,530,000		6,927,853
4.000%		3,401,500		3,619,946
5.000%		1,200,000		1,299,355
UMBS TBA
2.500%9		3,074,000		3,200,923
3.000%9		9,254,000		9,768,754
3.500%9		705,000		745,097
4.000%9		3,106,000		3,308,797
4.000%		4,800,000		5,117,527
4.500%9		693,000		747,360
5.000%		110,000		119,597
Total U.S. government agency obligations
(cost—$117,529,135)				121,727,949
U.S. Treasury obligations—11.5%
U.S. Treasury Bonds
2.000%, due 02/15/50		350,000		411,223
2.250%, due 08/15/49		45,000		55,506
2.875%, due 05/15/49		605,000		837,830
3.000%, due 02/15/47		6,234,000		8,683,037
3.000%, due 02/15/48		1,030,000		1,441,799
3.000%, due 08/15/48		695,000		977,289
3.000%, due 02/15/49		275,000		388,470
3.125%, due 11/15/41		3,015,000		4,132,081
3.625%, due 08/15/43		1,655,000		2,453,731
3.625%, due 02/15/44		3,535,000		5,266,874

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount*		Value ($)
U.S. Treasury obligations—(concluded)
4.375%, due 05/15/40		120,000		191,316
4.750%, due 02/15/37		2,175,000		3,497,502
U.S. Treasury Inflation Index Bonds (TIPS)
0.250%, due 02/15/50		311,882		347,699
1.000%, due 02/15/48		1,332,103		1,742,699
1.000%, due 02/15/49		20,558		27,258
U.S. Treasury Inflation Index Notes (TIPS)
0.125%, due 01/15/30		829,298		875,077
0.500%, due 04/15/24		728,148		746,862
0.625%, due 04/15/23		3,383,249		3,435,517
U.S. Treasury Notes
0.375%, due 04/30/25		1,300,000		1,300,965
0.500%, due 04/30/27		1,235,000		1,232,009
1.500%, due 02/15/30		460,000		497,375
2.125%, due 12/31/21		105,000		108,351
2.500%, due 02/28/26		70,000		78,211
Total U.S. Treasury obligations
(cost—$30,910,098)				38,728,681

	Number of shares
Short-term investments—2.7%
Investment companies—2.7%
State Street Institutional U.S. Government Money Market Fund
(cost—$9,199,086)		9,199,086	9,199,086
Investment of cash collateral from securities loaned—3.1%
Money market funds—3.1%
State Street Navigator Securities Lending Government Money Market Portfolio
(cost—$10,328,313)		10,328,313	10,328,313

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
90-Day Eurodollar Futures, strike @ $99.50, expires
05/15/20		10	EUR	2,487,500	3,938

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of contracts	Notional amount		Value($)
Options purchased—(concluded)
Call options—(concluded)
90-Day Eurodollar Futures, strike @ $99.75, expires 12/13/21	134	EUR	33,416,250		41,875
Total					45,813
Put options—0.0%†
Eurodollar 2 Year Mid-Curve Options, strike @ $98.25, expires 06/12/20	29	EUR	7,123,125		181
Total options purchased       (cost—$30,936)					45,994
Swaptions purchased—0.6%
Call swaptions—0.5%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.773% expires 11/23/20 (Counterparty: GS; pay floating rate); underlying swap terminates 11/25/50	340,000	USD	340,000		17,015
3 Month USD LIBOR Interest Rate Swap, strike @ 0.890% expires 04/30/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/02/35	440,000	USD	440,000		22,938
3 Month USD LIBOR Interest Rate Swap, strike @ 1.200% expires 09/23/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 09/25/22	11,900,000	USD	11,900,000		216,969
3 Month USD LIBOR Interest Rate Swap, strike @ 1.209% expires 02/28/22 (Counterparty: GS; pay floating rate); underlying swap terminates 03/02/32	1,040,000	USD	1,040,000		61,684
3 Month USD LIBOR Interest Rate Swap, strike @ 1.250% expires 08/10/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/12/22	7,970,000	USD	7,970,000		153,130
3 Month USD LIBOR Interest Rate Swap, strike @ 1.465% expires 08/16/21 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/18/31	1,220,000	USD	1,220,000		96,034
3 Month USD LIBOR Interest Rate Swap, strike @ 1.495% expires 02/25/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/27/35	680,000	USD	680,000		57,568
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500% expires 06/01/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/03/22	4,308,750	USD	4,308,750		103,527
3 Month USD LIBOR Interest Rate Swap, strike @ 1.772% expires 11/05/24 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/07/25	6,610,000	USD	6,610,000		79,373
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37	1,050,000	USD	1,050,000		189,022
3 Month USD LIBOR Interest Rate Swap, strike @ 2.860% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49	290,000	USD	290,000		57,759

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 03/12/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/14/34	1,090,000	USD	1,090,000	220,678
3 Month USD LIBOR Interest Rate Swap, strike @ 2.980% expires 03/07/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/11/24	1,086,500	USD	1,086,500	223,077
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48	315,000	USD	315,000	65,564
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39	320,000	USD	320,000	65,854
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39	320,000	USD	320,000	66,151
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39	320,000	USD	320,000	66,971
6 Month EURIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41	36,200,000	JPY	36,200,000	42,546
5 Year Constant Maturity Swaps, strike @0.300% expires 02/14/22 (Counterparty : BOA; pay floating rate); underlying swap terminates 02/14/22	21,650,000	USD	21,650,000	46,752
Total				1,852,612
Put swaptions—0.1%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.773% expires 11/23/20 (Counterparty: GS; pay floating rate); underlying swap terminates 11/25/50	340,000	USD	340,000	23,912
3 Month USD LIBOR Interest Rate Swap, strike @ 0.890% expires 04/30/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/02/35	440,000	USD	440,000	24,195
3 Month USD LIBOR Interest Rate Swap, strike @ 1.150% expires 04/07/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/11/52	560,000	USD	560,000	37,831
3 Month USD LIBOR Interest Rate Swap, strike @ 1.209% expires 02/28/22 (Counterparty: GS; pay floating rate); underlying swap terminates 03/02/32	1,040,000	USD	1,040,000	17,411
3 Month USD LIBOR Interest Rate Swap, strike @ 1.350% expires 09/04/20 (Counterparty: GS; pay floating rate); underlying swap terminates 09/08/50	285,000	USD	285,000	2,788
3 Month USD LIBOR Interest Rate Swap, strike @ 1.465% expires 08/16/21 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/18/31	1,220,000	USD	1,220,000	8,499
3 Month USD LIBOR Interest Rate Swap, strike @ 1.495% expires 02/25/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/27/35	680,000	USD	680,000	21,396
3 Month USD LIBOR Interest Rate Swap, strike @ 1.712% expires 05/19/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/21/30	732,500	USD	732,500	0

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 1.772% expires 11/05/24 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/07/25	6,610,000	USD	6,610,000	8,495
3 Month USD LIBOR Interest Rate Swap, strike @ 2.250% expires 08/02/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/04/32	1,170,000	USD	1,170,000	5,132
3 Month USD LIBOR Interest Rate Swap, strike @ 2.250% expires 08/08/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/10/32	1,190,000	USD	1,190,000	5,283
3 Month USD LIBOR Interest Rate Swap, strike @ 2.350% expires 07/13/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/15/30	2,425,000	USD	2,425,000	1
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/13/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/17/34	1,150,000	USD	1,150,000	10,296
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/24/34	1,150,000	USD	1,150,000	10,378
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37	1,050,000	USD	1,050,000	17,585
3 Month USD LIBOR Interest Rate Swap, strike @ 2.850% expires 05/09/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/11/52	1,430,000	USD	1,430,000	7,301
3 Month USD LIBOR Interest Rate Swap, strike @ 2.860% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49	290,000	USD	290,000	8,789
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 03/12/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/14/34	1,090,000	USD	1,090,000	5,119
3 Month USD LIBOR Interest Rate Swap, strike @ 2.980% expires 03/07/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/11/34	1,086,500	USD	1,086,500	4,897
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48	315,000	USD	315,000	8,810
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39	320,000	USD	320,000	4,901
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39	320,000	USD	320,000	4,852
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39	320,000	USD	320,000	4,778
3 Month USD LIBOR Interest Rate Swap, strike @ 3.800% expires 06/07/21 (Counterparty: GS; pay floating rate); underlying swap terminates 06/09/51	1,230,000	USD	1,230,000	203

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions purchased—(concluded)
Put swaptions—(concluded)
5 Year Constant Maturity Swaps, strike @ 0.350% expires 07/08/20 (Counterparty: GS; pay floating rate); underlying swap terminates 07/08/20	5,760,000	USD	5,760,000			2,555
5 Year Constant Maturity Swaps, strike @ 0.400% expires 06/29/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/29/20	5,690,000	USD	5,690,000			3,315
6 Month EURIBOR Interest Rate Swap, strike @ 0.000% expires 06/22/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/24/22	8,447,000	EUR	8,447,000			533
6 Month EURIBOR Interest Rate Swap, strike @ 0.000% expires 06/23/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/25/22	3,169,000	EUR	3,169,000			206
6 Month EURIBOR Interest Rate Swap, strike @ 0.000% expires 06/24/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/26/22	3,169,000	EUR	3,169,000			211
6 Month EURIBOR Interest Rate Swap, strike @ 0.000% expires 06/26/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/30/22	3,169,000	EUR	3,169,000			221
6 Month EURIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41	36,200,000	JPY	36,200,000			498
Total						250,391
Total swaptions purchased        (cost—$1,445,759)						2,103,003
Total investments before investments sold short        (cost — $375,979,032)10 — 116.1%						392,648,494
		Face
		amount*			Value ($)
Investments sold short—(9.5)%
U.S. government agency obligations—(9.5)%
FNMA TBA
3.000%			(7,570,000	)		(7,981,887	)
GNMA TBA
3.500%			(5,632,800	)		(5,976,049	)
UMBS TBA
2.500%			(3,469,000	)		(3,621,970	)
3.000%			(9,424,852	)		(9,948,998	)
3.500%			(2,495,452	)		(2,636,326	)
4.000%			(1,150,000	)		(1,222,215	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount*			Value ($)
Investments sold short—(concluded)
U.S. government agency obligations—(concluded)
4.500%		(640,000	)		(690,203	)
Total investments sold short
(proceeds—$32,023,682)					(32,077,648	)
Liabilities in excess of other assets—(6.6)%					(22,299,069	)
Net assets—100.0%				$	338,271,777

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

Options written

Notional amount		Number of contracts	Call options	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
USD	16,646,150	67	Eurodollar 1 Year Mid-Curve Options, strike @ 99.38	12/13/21		29,203		(69,513	)		(40,310	)

Swaptions written
					Pay/
Notional		Number			receive					Unrealized
amount		of			floating	Expiration	Premiums	Current		appreciation
(000)		contracts	Call swaptions	Counterparty	rate	date	received($)	value($)		(depreciation)($)
USD	6,610	6,610,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.37%, terminating 03/19/22	BOA	Receive	03/17/21	10,906	(10,622	)	284
USD	460	460,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.50%, terminating 07/01/30	BOA	Receive	06/29/20	2,576	(2,056	)	520
USD	470	470,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.55%, terminating 06/24/30	BOA	Receive	06/22/20	3,337	(2,538	)	799
USD	2,190	2,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.61%, terminating 04/12/24	BOA	Receive	04/06/23	8,103	(8,554	)	(451	)
USD	1,360	1,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.66%, terminating 07/24/30	GS	Receive	07/22/20	20,468	(16,696	)	3,772
USD	340	340,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.68%, terminating 04/08/31	BOA	Receive	04/06/21	9,282	(7,608	)	1,674
USD	3,850	3,850,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.69%, terminating 04/13/24	JPMCB	Receive	04/11/23	14,823	(16,958	)	(2,135	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Call swaptions written—(continued)
USD	23,800	23,800,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.70%, terminating 09/25/22	BOA	Receive	09/23/20	34,618	(196,885	)	(162,267	)
USD	678	677,500	3 Month USD LIBOR Interest Rate Swap strike @ 0.71%, terminating 04/07/31	BOA	Receive	04/01/21	19,309	(16,025	)	3,284
USD	320	320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.72%, terminating 04/20/31	BOA	Receive	04/16/21	8,832	(7,842	)	990
USD	1,020	1,020,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/07/31	BOA	Receive	04/01/21	28,445	(25,570	)	2,875
USD	400	400,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/08/31	BOA	Receive	04/06/21	10,480	(10,167	)	313
USD	1,040	1,040,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/21/31	BOA	Receive	04/19/21	28,860	(26,870	)	1,990
USD	690	690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 05/04/32	BOA	Receive	04/29/22	23,874	(23,157	)	717
USD	15,950	15,950,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.75%, terminating 08/12/22	BOA	Receive	08/10/20	32,897	(147,198	)	(114,301	)
USD	320	320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.77%, terminating 04/19/31	BOA	Receive	04/15/21	8,816	(8,633	)	183
USD	370	370,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.80%, terminating 04/19/31	BOA	Receive	04/15/21	10,008	(10,618	)	(610	)
USD	273	272,500	3 Month USD LIBOR Interest Rate Swap strike @ 0.85%, terminating 04/09/31	BOA	Receive	04/07/21	7,139	(8,635	)	(1,496	)
USD	680	680,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.88%, terminating 04/12/31	BOA	Receive	04/08/21	18,462	(22,943	)	(4,481	)
USD	340	340,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.88%, terminating 04/16/31	BOA	Receive	04/14/21	9,265	(11,386	)	(2,121	)
USD	8,618	8,617,500	3 Month USD LIBOR Interest Rate Swap strike @ 1.00%, terminating 06/03/22	JPMCB	Receive	06/01/20	12,898	(120,937	)	(108,039	)
USD	1,530	1,530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.20%, terminating 08/19/30	JPMCB	Receive	08/17/20	28,458	(83,377	)	(54,919	)
USD	1,445	1,445,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.39%, terminating 08/25/50	GS	Receive	08/21/20	46,240	(229,372	)	(183,132	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Call swaptions written—(continued)
USD	1,220	1,220,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.42%, terminating 08/19/30	BOA	Receive	08/17/20	31,720	(92,109	)	(60,389	)
USD	1,100	1,100,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.45%, terminating 02/01/32	BOA	Receive	01/28/22	25,713	(85,777	)	(60,064	)
USD	3,500	3,500,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.51%, terminating 12/16/22	BOA	Receive	12/14/20	16,713	(84,835	)	(68,122	)
USD	3,498	3,497,500	3 Month USD LIBOR Interest Rate Swap strike @ 1.54%, terminating 12/15/22	GS	Receive	12/11/20	16,701	(86,873	)	(70,172	)
USD	6,610	6,610,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.58%, terminating 11/09/21	JPMCB	Receive	11/05/20	15,633	(85,915	)	(70,282	)
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.61%, terminating 09/16/30	BOA	Receive	09/14/20	18,611	(70,240	)	(51,629	)
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.63%, terminating 11/04/30	BOA	Receive	11/02/20	18,281	(70,547	)	(52,266	)
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.64%, terminating 11/04/30	JPMCB	Receive	11/02/20	18,094	(71,842	)	(53,748	)
USD	1,490	1,490,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.73%, terminating 11/23/30	BOA	Receive	11/19/20	35,909	(155,349	)	(119,440	)
USD	1,520	1,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.19%, terminating 06/15/30	JPMCB	Receive	06/11/20	33,440	(230,098	)	(196,658	)
USD	1,630	1,629,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 03/10/31	BOA	Receive	03/08/21	48,922	(333,127	)	(284,205	)
USD	6,125	6,125,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Receive	05/29/20	45,019	(318,900	)	(273,881	)
USD	870	870,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 03/14/39	BOA	Receive	03/12/29	46,154	(179,710	)	(133,556	)
USD	17,970	17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Receive	05/07/20	120,174	(990,562	)	(870,388	)
USD	1,910	1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Receive	05/14/20	12,870	(106,379	)	(93,509	)
EUR	1,690	1,690,000	6 Month EURIBOR Interest Rate Swap strike @ 0.02%, terminating 04/11/27	BOA	Receive	04/07/22	22,899	(33,074	)	(10,175	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Call swaptions written—(concluded)
EUR	760	760,000	6 Month EURIBOR Interest Rate Swap strike @ 0.04%, terminating 09/15/27	BOA	Receive	09/13/22	12,206	(14,618	)	(2,412	)
EUR	755	755,000	6 Month EURIBOR Interest Rate Swap strike @ 0.11%, terminating 09/14/27	BOA	Receive	09/12/22	11,570	(12,714	)	(1,144	)
EUR	1,460	1,460,000	6 Month EURIBOR Interest Rate Swap strike @ 0.12%, terminating 04/06/27	BOA	Receive	04/04/22	19,768	(23,339	)	(3,571	)
USD	10,825	10,825,000	5 Year Constant Maturity Swaps strike @ 0.55%, terminating 02/14/22	JPCMB	Receive	02/14/22	8,768	(11,359	)	(2,591	)
USD	10,825	10,825,000	5 Year Constant Maturity Swaps strike @ 0.55%, terminating 02/14/22	GS	Receive	02/14/22	11,231	(11,360	)	(129	)
Total							988,492	(4,083,374	)	(3,094,882	)

Notional amount (000)		Number of contracts	Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)	Current value($)		Unrealized appreciation (depreciation)($)
USD	11,520	11,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.25%, terminating 07/08/20	GS	Pay	07/08/20	5,760	(2,317	)	3,443
USD	11,380	11,380,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.30%, terminating 06/29/20	JPMCB	Pay	06/29/20	5,690	(2,923	)	2,767
USD	6,610	6,610,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.37%, terminating 03/19/22	BOA	Pay	03/17/21	10,907	(4,049	)	6,858
USD	5,560	5,560,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.55%, terminating 04/25/23	GS	Pay	04/21/22	9,730	(6,563	)	3,167
USD	5,860	5,860,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.60%, terminating 09/28/22	GS	Pay	09/24/20	7,764	(711	)	7,053
USD	2,190	2,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.61%, terminating 04/12/24	BOA	Pay	04/06/23	8,103	(4,974	)	3,129
USD	1,360	1,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.66%, terminating 07/24/30	GS	Pay	07/22/20	20,468	(15,906	)	4,562
USD	340	340,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.68%, terminating 04/08/31	BOA	Pay	04/06/21	9,282	(8,466	)	816
USD	3,850	3,850,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.69%, terminating 04/13/24	JPMCB	Pay	04/11/23	14,823	(7,767	)	7,056
USD	678	677,500	3 Month USD LIBOR Interest Rate Swap strike @ 0.71%, terminating 04/07/31	BOA	Pay	04/01/21	19,309	(15,891	)	3,418

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	320	320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.72%, terminating 04/20/31	BOA	Pay	04/16/21	8,832	(7,548	)	1,284
USD	1,020	1,020,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/07/31	BOA	Pay	04/01/21	28,445	(22,615	)	5,830
USD	400	400,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/08/31	BOA	Pay	04/06/21	10,480	(8,820	)	1,660
USD	1,040	1,040,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 04/21/31	BOA	Pay	04/19/21	28,860	(23,378	)	5,482
USD	690	690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 05/04/32	BOA	Pay	04/29/22	23,874	(24,729	)	(855	)
USD	320	320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.77%, terminating 04/19/31	BOA	Pay	04/15/21	8,816	(6,843	)	1,973
USD	370	370,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.80%, terminating 04/19/31	BOA	Pay	04/15/21	10,009	(7,422	)	2,587
USD	460	460,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.80%, terminating 07/01/30	BOA	Pay	06/29/20	2,093	(2,130	)	(37	)
USD	273	272,500	3 Month USD LIBOR Interest Rate Swap strike @ 0.85%, terminating 04/09/31	BOA	Pay	04/07/21	7,139	(4,779	)	2,360
USD	470	470,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.85%, terminating 06/24/30	BOA	Pay	06/22/20	2,984	(1,382	)	1,602
USD	680	680,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.88%, terminating 04/12/31	BOA	Pay	04/08/21	18,462	(11,165	)	7,297
USD	340	340,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.88%, terminating 04/16/31	BOA	Pay	04/14/21	9,265	(5,721	)	3,544
USD	1,400	1,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.00%, terminating 04/11/32	BOA	Pay	04/07/22	50,994	(34,445	)	16,549
USD	2,960	2,960,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.00%, terminating 10/07/22	GS	Pay	10/05/20	3,552	(8	)	3,544
USD	3,200	3,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.05%, terminating 10/06/22	GS	Pay	10/02/20	3,760	(5	)	3,755
USD	3,200	3,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.05%, terminating 10/06/22	GS	Pay	10/02/20	5,632	(5	)	5,627

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	1,220	1,220,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.42%, terminating 08/19/30	BOA	Pay	08/17/20	31,720	(604	)	31,116
USD	3,500	3,500,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.51%, terminating 12/16/22	BOA	Pay	12/14/20	16,713	(3	)	16,710
USD	3,498	3,497,500	3 Month USD LIBOR Interest Rate Swap strike @ 1.54%, terminating 12/15/22	GS	Pay	12/11/20	16,701	(2	)	16,699
USD	6,610	6,610,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.58%, terminating 11/09/21	JPMCB	Pay	11/05/20	15,633	(1	)	15,632
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/02/32	BOA	Pay	02/28/22	13,688	(6,546	)	7,142
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/07/32	BOA	Pay	03/03/22	13,350	(6,608	)	6,742
USD	743	743,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/08/32	BOA	Pay	03/04/22	12,260	(6,562	)	5,698
USD	1,185	1,185,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/08/32	GS	Pay	03/04/22	20,145	(10,465	)	9,680
USD	1,530	1,530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 08/19/30	JPMCB	Pay	08/17/20	28,458	(325	)	28,133
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.61%, terminating 09/16/30	BOA	Pay	09/14/20	18,611	(254	)	18,357
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.63%, terminating 11/04/30	BOA	Pay	11/02/20	18,281	(485	)	17,796
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.64%, terminating 11/04/30	JPMCB	Pay	11/02/20	18,094	(452	)	17,642
USD	1,490	1,490,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.73%, terminating 11/23/30	BOA	Pay	11/19/20	35,909	(843	)	35,066
USD	570	570,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.75%, terminating 08/11/30	BOA	Pay	08/07/20	9,590	(47	)	9,543
USD	1,480	1,480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.76%, terminating 09/18/30	BOA	Pay	09/16/20	37,222	(271	)	36,951
USD	800	800,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.85%, terminating 02/24/32	BOA	Pay	02/22/22	14,080	(4,539	)	9,541

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	800	800,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.85%, terminating 02/24/32	BOA	Pay	02/22/22	13,680	(4,539	)	9,141
USD	1,100	1,100,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.95%, terminating 02/01/32	BOA	Pay	01/28/22	25,713	(4,944	)	20,769
USD	1,210	1,210,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.95%, terminating 07/15/30	JPMCB	Pay	07/13/20	13,103	(9	)	13,094
USD	640	640,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.00%, terminating 08/05/30	JPMCB	Pay	08/03/20	9,536	(12	)	9,524
USD	7,190	7,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.00%, terminating 12/01/22	JPMCB	Pay	11/27/20	9,347	(1	)	9,346
USD	1,110	1,110,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.10%, terminating 01/10/32	BOA	Pay	01/06/22	25,461	(3,687	)	21,774
USD	1,090	1,090,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.15%, terminating 01/12/32	BOA	Pay	01/10/22	25,425	(3,355	)	22,070
USD	18,330	18,330,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.15%, terminating 06/01/22	BOA	Pay	05/27/21	50,866	(81	)	50,785
USD	1,520	1,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.19%, terminating 06/15/30	JPMCB	Pay	06/11/20	33,440	—		33,440
USD	1,220	1,220,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.25%, terminating 08/22/34	BOA	Pay	08/20/24	36,173	(15,467	)	20,706
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.30%, terminating 06/17/30	GS	Pay	06/15/20	16,790	—		16,790
USD	1,160	1,160,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.30%, terminating 07/29/30	GS	Pay	07/27/20	14,210	(3	)	14,207
USD	13,480	13,480,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 05/19/22	GS	Pay	05/17/21	27,634	(47	)	27,587
USD	820	820,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 07/14/30	GS	Pay	07/10/20	8,491	—		8,491
USD	820	820,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 07/14/30	GS	Pay	07/10/20	8,282	—		8,282
USD	22,730	22,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.40%, terminating 06/03/22	BOA	Pay	06/01/21	40,573	(89	)	40,484

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	3,130	3,130,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 05/11/32	BOA	Pay	05/09/22	92,405	(5,495	)	86,910
USD	1,170	1,170,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 08/04/32	JPMCB	Pay	08/02/22	16,029	(2,499	)	13,530
USD	1,190	1,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 08/10/32	JPMCB	Pay	08/08/22	14,340	(2,575	)	11,765
USD	1,630	1,629,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 03/10/31	BOA	Pay	03/08/21	49,513	(204	)	49,309
USD	22,525	22,525,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Pay	05/29/20	165,559	(3	)	165,556
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/17/34	GS	Pay	06/13/24	31,407	(5,816	)	25,591
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/24/34	GS	Pay	06/20/24	28,663	(5,873	)	22,790
USD	870	870,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 03/14/39	BOA	Pay	03/12/29	46,154	(13,479	)	32,675
USD	17,970	17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Pay	05/07/20	120,174	(1	)	120,173
USD	1,910	1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Pay	05/14/20	12,810	—		12,810
USD	3,000	3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 05/07/22	GS	Pay	05/05/20	16,575	—		16,575
USD	1,170	1,170,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 08/04/32	JPMCB	Pay	08/02/22	7,664	(1,292	)	6,372
USD	1,190	1,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 08/10/32	JPMCB	Pay	08/08/22	7,080	(1,329	)	5,751
USD	4,590	4,590,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 12/31/22	GS	Pay	12/29/20	16,639	(1	)	16,638
USD	4,240	4,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 06/02/22	GS	Pay	05/29/20	15,424	(1	)	15,423
USD	4,210	4,210,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.45%, terminating 06/10/22	GS	Pay	06/08/20	17,430	(1	)	17,429

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	2,660	2,660,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/22	GS	Pay	06/15/20	9,908	—		9,908
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/34	GS	Pay	06/13/24	18,819	(3,305	)	15,514
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/24/34	GS	Pay	06/20/24	17,279	(3,342	)	13,937
USD	5,280	5,280,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 08/26/22	GS	Pay	08/24/20	17,820	(1	)	17,819
USD	2,600	2,600,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.87%, terminating 06/09/31	GS	Pay	06/07/21	50,575	(141	)	50,434
EUR	1,290	1,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/16/23	BOA	Pay	06/14/21	3,563	(611	)	2,952
EUR	1,250	1,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/16/23	BOA	Pay	06/14/21	3,457	(593	)	2,864
EUR	1,290	1,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/22/23	GS	Pay	06/18/21	2,989	(625	)	2,364
EUR	1,510	1,510,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/23/23	GS	Pay	06/21/21	3,663	(736	)	2,927
EUR	1,400	1,400,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/29/23	BOA	Pay	06/25/21	3,342	(696	)	2,646
EUR	1,500	1,500,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/05/23	JPMCB	Pay	07/01/21	3,047	(761	)	2,286
EUR	1,520	1,520,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/21/23	GS	Pay	07/19/21	2,862	(818	)	2,044
EUR	2,160	2,160,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/29/25	BOA	Pay	07/27/20	6,861	(1,006	)	5,855
EUR	1,690	1,690,000	6 Month EURIBOR Interest Rate Swap strike @ 0.02%, terminating 04/11/27	BOA	Pay	04/07/22	22,899	(12,305	)	10,594
EUR	760	760,000	6 Month EURIBOR Interest Rate Swap strike @ 0.04%, terminating 09/15/27	BOA	Pay	09/13/22	12,206	(7,716	)	4,490
EUR	2,840	2,840,000	6 Month EURIBOR Interest Rate Swap strike @ 0.05%, terminating 06/14/23	BOA	Pay	06/10/21	7,313	(1,148	)	6,165

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written—(concluded)
Put swaptions written—(concluded)
EUR	1,460	1,460,000	6 Month EURIBOR Interest Rate Swap strike @ 0.05%, terminating 07/06/23	JPMCB	Pay	07/02/21	3,046	(873	)	2,173
EUR	1,840	1,840,000	6 Month EURIBOR Interest Rate Swap strike @ 0.08%, terminating 06/03/23	BOA	Pay	06/01/21	5,511	(658	)	4,853
EUR	5,550	5,550,000	6 Month EURIBOR Interest Rate Swap strike @ 0.10%, terminating 03/31/23	GS	Pay	03/29/21	20,872	(1,470	)	19,402
EUR	4,290	4,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.10%, terminating 04/14/23	GS	Pay	04/12/21	14,310	(1,183	)	13,127
EUR	2,778	2,777,600	6 Month EURIBOR Interest Rate Swap strike @ 0.11%, terminating 06/01/23	GS	Pay	05/28/21	7,816	(901	)	6,915
EUR	755	755,000	6 Month EURIBOR Interest Rate Swap strike @ 0.11%, terminating 09/14/27	BOA	Pay	09/12/22	11,570	(8,742	)	2,828
EUR	1,460	1,460,000	6 Month EURIBOR Interest Rate Swap strike @ 0.12%, terminating 04/06/27	BOA	Pay	04/04/22	19,768	(13,113	)	6,655
EUR	8,560	8,560,000	6 Month EURIBOR Interest Rate Swap strike @ 0.12%, terminating 04/12/23	GS	Pay	04/08/21	32,104	(2,215	)	29,889
EUR	4,250	4,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.15%, terminating 04/21/23	GS	Pay	04/19/21	15,272	(1,051	)	14,221
EUR	3,450	3,450,000	6 Month EURIBOR Interest Rate Swap strike @ 0.15%, terminating 08/11/23	GS	Pay	08/09/21	5,101	(3,305	)	1,796
EUR	1,940	1,940,000	6 Month EURIBOR Interest Rate Swap strike @ 0.15%, terminating 08/11/23	BOA	Pay	08/09/21	2,880	(1,859	)	1,021
EUR	4,290	4,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.16%, terminating 04/14/23	GS	Pay	04/12/21	14,443	(1,009	)	13,434
EUR	6,270	6,270,000	6 Month EURIBOR Interest Rate Swap strike @ 0.25%, terminating 09/07/23	BOA	Pay	09/03/21	11,072	(9,598	)	1,474
Total							2,022,446	(419,153	)	1,603,293
Total swaptions written							3,010,938	(4,502,527	)	(1,491,589	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Futures contracts
				Current						Unrealized
Number of			Expiration	notional						appreciation
contracts	Currency		date	amount($)			Value($)			(depreciation)($)
Interest rate futures buy contracts:
27	EUR	Call Options on Euro EMR0 Futures 05/15/20, strike @ EUR 100.37	May 2020		2,554			1,849			(705	)
14	EUR	Italian Government Bond Futures	June 2020		2,067,501			2,126,387			58,886
9	USD	90-Day Eurodollar Futures	June 2022		2,214,578			2,243,138			28,560
U.S. Treasury futures buy contracts:
24	USD	U.S. Long Bond Futures	June 2020		4,091,727			4,344,750			253,023
200	USD	U.S. Treasury Note 2 Year Futures	June 2020		43,925,941			44,085,938			159,997
140	USD	U.S. Treasury Note 5 Year Futures	June 2020		17,490,469			17,567,812			77,343
16	USD	U.S. Ultra Bond Futures	June 2020		3,646,400			3,596,500			(49,900	)
Total					73,439,170			73,966,374			527,204
Interest rate futures sell contracts:
43	EUR	German Euro BOBL Futures	June 2020		(6,412,284	)		(6,406,172	)		6,112
21	EUR	German Euro Bund Futures	June 2020		(3,977,958	)		(4,014,130	)		(36,172	)
48	EUR	German Euro Schatz Futures	June 2020		(5,906,315	)		(5,906,805	)		(490	)
6	EUR	German Euro Buxl 30 Year Futures	June 2020		(1,440,994	)		(1,441,262	)		(268	)
14	EUR	Put Options on Euro EMR0 Futures 05/15/20, strike @ EUR 100.37	May 2020		1,103			1,103			—
U.S. Treasury futures sell contracts:
54	USD	U.S. Treasury Note 10 Year Futures	June 2020		(7,317,068	)		(7,509,375	)		(192,307	)
97	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2020		(15,185,176	)		(15,232,031	)		(46,855	)
Total					(40,238,692	)		(40,508,672	)		(269,980	)
Net unrealized appreciation (depreciation)											257,224

Centrally cleared interest rate swap agreements
Notional				Payments	Payments			Unrealized
amount		Maturity	Payment	made by the	received by			appreciation
(000)		date	frequency	Portfolio(%)12	the Portfolio(%)12	Value($)		(depreciation)($)
GBP	2,120	10/15/23	Maturity	3.413	12 Month UK RPI	(121,852	)	(121,923	)
GBP	2,120	10/15/23	Maturity	3.450	12 Month UK RPI	(127,534	)	(127,603	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreements—(continued)  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
USD	4,025	10/30/28	Maturity	2.249	12 Month US CPI	(420,340	)	(420,480	)
USD	3,560	02/07/25	Quarterly	2.572	3 Month USD LIBOR	(376,566	)	(379,873	)
JPY	9,730	02/08/34	Semi-Annual	0.336	6 Month USD LIBOR	(3,616	)	(3,618	)
USD	150	02/15/49	Quarterly	2.898	3 Month USD LIBOR	(83,486	)	(83,490	)
JPY	5,530	03/21/44	Semi-Annual	0.715	6 Month USD LIBOR	(5,119	)	(5,120	)
USD	2,120	04/27/25	Quarterly	2.350	3 Month USD LIBOR	(204,434	)	(204,466	)
USD	7,060	06/02/22	Quarterly	1.870	3 Month USD LIBOR	(113,541	)	(113,618	)
USD	6,670	06/15/21	Quarterly	1.770	3 Month USD LIBOR	(97,412	)	(97,470	)
USD	460	06/15/50	Quarterly	2.350	3 Month USD LIBOR	(194,863	)	(194,875	)
JPY	7,900	06/17/39	Semi-Annual	0.295	6 Month USD LIBOR	(2,319	)	(2,321	)
JPY	7,900	06/17/39	Semi-Annual	6 Month EURIBOR	0.295	(1	)	(1	)
USD	180	07/05/49	Quarterly	2.378	3 Month USD LIBOR	(23,113	)	(23,117	)
USD	11,610	07/12/23	Quarterly	1.771	3 Month USD LIBOR	(163,390	)	(163,535	)
EUR	4,430	07/26/23	Semi-Annual	0.290	6 Month EURIBOR	(9,791	)	(9,867	)
EUR	3,850	07/25/23	Semi-Annual	0.300	6 Month EURIBOR	(7,649	)	(7,715	)
JPY	5,850	08/08/39	Semi-Annual	0.167	6 Month USD LIBOR	(319	)	(320	)
USD	160	08/16/49	Quarterly	1.709	3 Month USD LIBOR	(11,263	)	(11,266	)
USD	130	08/17/49	Quarterly	1.667	3 Month USD LIBOR	(8,673	)	(8,676	)
USD	375	08/22/34	Quarterly	1.645	3 Month USD LIBOR	(27,110	)	(27,117	)
JPY	3,020	08/28/44	Semi-Annual	0.201	6 Month USD LIBOR	155		154
USD	6,500	03/27/21	Quarterly	1.560	3 Month USD LIBOR	(65,412	)	(65,473	)
USD	1,750	03/30/21	Quarterly	1.560	3 Month USD LIBOR	(17,863	)	(17,880	)
USD	380	10/21/34	Quarterly	1.907	3 Month USD LIBOR	(36,798	)	(36,806	)
USD	380	10/22/34	Quarterly	1.933	3 Month USD LIBOR	(37,736	)	(37,744	)
USD	175	10/23/34	Quarterly	1.982	3 Month USD LIBOR	(18,189	)	(18,192	)
USD	175	10/23/34	Quarterly	1.976	3 Month USD LIBOR	(18,096	)	(18,099	)
USD	220	10/23/39	Quarterly	2.098	3 Month USD LIBOR	(23,075	)	(23,079	)
USD	770	10/26/23	Quarterly	1.546	3 Month USD LIBOR	(18,592	)	(18,603	)
USD	910	11/01/23	Quarterly	1.582	3 Month USD LIBOR	(22,597	)	(22,610	)
USD	910	11/01/23	Quarterly	1.606	3 Month USD LIBOR	(23,024	)	(23,037	)
USD	410	11/07/34	Quarterly	1.998	3 Month USD LIBOR	(43,189	)	(43,197	)
USD	131	11/08/31	Quarterly	1.890	3 Month USD LIBOR	(14,915	)	(14,918	)
EUR	330	11/11/24	Semi-Annual	0.173	6 Month EURIBOR	(2,709	)	(2,715	)
EUR	330	11/11/24	Annual	6 Month EURIBOR	0.173	(563	)	(563	)
USD	410	11/12/34	Quarterly	2.111	3 Month USD LIBOR	(47,613	)	(47,621	)
USD	450	11/15/39	Quarterly	2.137	3 Month USD LIBOR	(48,800	)	(48,809	)
EUR	1,450	12/13/23	Semi-Annual	0.167	6 Month EURIBOR	(6,647	)	(6,675	)
EUR	1,450	12/13/23	Annual	6 Month EURIBOR	0.166	—		(1,850	)
EUR	1,510	12/16/21	Semi-Annual	0.450	6 Month EURIBOR	3,095		3,071
EUR	1,510	12/16/21	Annual	6 Month EURIBOR	0.450	(2,150	)	(2,146	)
EUR	75	03/18/25	Annual	0.175	6 Month EURIBOR	(685	)	(687	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreements—(continued)  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
EUR	75	03/18/25	Annual	6 Month EURIBOR	0.175	17		17
EUR	760	01/03/24	Semi-Annual	0.056	6 Month EURIBOR	(5,307	)	(5,322	)
EUR	760	01/03/24	Annual	6 Month EURIBOR	0.056	—		(2	)
EUR	760	01/03/24	Semi-Annual	0.050	6 Month EURIBOR	(5,417	)	(5,432	)
EUR	760	01/03/24	Annual	6 Month EURIBOR	0.050	—		(2	)
USD	405	07/09/30	Quarterly	1.760	3 Month USD LIBOR	(44,869	)	(44,877	)
EUR	630	01/16/30	Semi-Annual	0.185	6 Month EURIBOR	(24,705	)	(24,837	)
JPY	4,450	01/30/45	Semi-Annual	0.371	6 Month USD LIBOR	(1,121	)	(1,122	)
USD	370	02/10/30	Quarterly	1.631	3 Month USD LIBOR	(35,818	)	(35,826	)
USD	1,330	02/11/22	Quarterly	2.200	3 Month USD LIBOR	(45,671	)	(45,691	)
USD	1,210	08/27/30	Quarterly	1.315	3 Month USD LIBOR	(79,933	)	(79,958	)
USD	740	02/27/30	Quarterly	1.313	3 Month USD LIBOR	(48,423	)	(48,438	)
USD	6,480	02/28/22	Quarterly	2.455	3 Month USD LIBOR	(258,559	)	(258,659	)
USD	120	03/06/50	Quarterly	1.245	3 Month USD LIBOR	(14,019	)	(14,022	)
USD	335	03/08/32	Quarterly	1.110	3 Month USD LIBOR	(11,723	)	(11,730	)
USD	680	09/08/25	Quarterly	0.820	3 Month USD LIBOR	(13,751	)	(13,763	)
USD	190	03/11/30	Quarterly	0.663	3 Month USD LIBOR	(629	)	(633	)
EUR	1,620	06/19/22	Semi-Annual	1.000	6 Month EURIBOR	775		746
EUR	770	03/20/22	Semi-Annual	1.000	6 Month EURIBOR	(319	)	(333	)
EUR	770	03/20/22	Annual	6 Month EURIBOR	0.354	337		337
EUR	770	03/20/22	Semi-Annual	1.000	6 Month EURIBOR	(625	)	(639	)
EUR	770	03/20/22	Annual	6 Month EURIBOR	0.335	319		319
EUR	3,120	03/23/22	Semi-Annual	1.000	6 Month EURIBOR	(4,766	)	(4,820	)
EUR	3,120	03/23/22	Annual	6 Month EURIBOR	0.298	1,068		1,068
EUR	1,510	09/22/22	Semi-Annual	1.000	6 Month EURIBOR	(4,225	)	(4,252	)
EUR	3,145	03/24/23	Semi-Annual	1.000	6 Month EURIBOR	(16,042	)	(16,098	)
EUR	3,145	03/24/23	Semi-Annual	1.000	6 Month EURIBOR	(15,607	)	(15,663	)
EUR	3,150	03/24/23	Semi-Annual	1.000	6 Month EURIBOR	(15,282	)	(15,338	)
USD	900	11/15/45	Quarterly	0.830	3 Month USD LIBOR	(2,190	)	(2,213	)
USD	1,060	04/14/25	Quarterly	0.626	3 Month USD LIBOR	(10,176	)	(10,195	)
USD	5,780	04/16/22	Quarterly	2.878	3 Month USD LIBOR	(289,217	)	(289,312	)
USD	355	11/15/45	Quarterly	0.831	3 Month USD LIBOR	(970	)	(979	)
USD	140	04/20/27	Quarterly	0.652	3 Month USD LIBOR	(455	)	(458	)
USD	5,690	04/21/22	Quarterly	2.944	3 Month USD LIBOR	(292,232	)	(292,326	)
USD	710	07/22/30	Quarterly	0.700	3 Month USD LIBOR	(4,354	)	(4,369	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreement—(continued)  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
EUR	2,825	04/15/30	Maturity	0.618	12 Month EU EXT	4,276		4,151
USD	2,945	04/29/25	Maturity	0.800	12 Month US CPI	754		648
USD	980	05/03/32	Quarterly	0.760	3 Month USD LIBOR	306		286
USD	350	11/15/45	Quarterly	0.763	3 Month USD LIBOR	4,741		4,732
USD	1,000	05/04/32	Quarterly	0.765	3 Month USD LIBOR	(164	)	(185	)
USD	430	02/20/53	Semi-Annual	3 Month USD LIBOR	3.080	259,564		259,553
GBP	2,120	10/15/28	Maturity	12 Month UK RPI	3.485	153,344		153,248
GBP	2,120	10/15/28	Maturity	12 Month UK RPI	3.505	160,416		160,322
USD	4,025	10/30/23	Maturity	12 Month US CPI	2.164	256,575		256,474
USD	30,300	02/07/22	Semi-Annual	3 Month USD LIBOR	2.526	1,236,409		1,250,133
USD	710	03/26/29	Semi-Annual	3 Month USD LIBOR	2.600	125,990		125,977
USD	4,470	03/30/22	Semi-Annual	3 Month USD LIBOR	2.033	144,154		144,107
USD	6,610	04/27/22	Semi-Annual	3 Month USD LIBOR	2.250	249,969		249,896
USD	2,470	10/25/21	Semi-Annual	3 Month USD LIBOR	2.318	71,128		71,187
USD	250	05/18/31	Semi-Annual	3 Month USD LIBOR	2.447	43,034		43,029
USD	120	06/22/31	Semi-Annual	3 Month USD LIBOR	2.102	16,501		16,499
USD	11,430	07/13/22	Semi-Annual	3 Month USD LIBOR	1.713	165,515		165,384
EUR	480	08/11/23	Annual	6 Month EURIBOR	0.454	(706	)	(715	)
EUR	490	08/17/23	Annual	6 Month EURIBOR	0.577	(2,070	)	(2,079	)
USD	3,410	11/22/20	Semi-Annual	3 Month USD LIBOR	1.528	31,990		31,966
EUR	660	09/14/23	Annual	6 Month EURIBOR	0.500	(1,711	)	(1,723	)
EUR	660	09/14/23	Semi-Annual	0.500	6 Month EURIBOR	—		13
EUR	390	09/14/23	Annual	6 Month EURIBOR	0.433	(424	)	(431	)
EUR	390	09/14/23	Semi-Annual	0.433	6 Month EURIBOR	—		8
EUR	380	09/28/23	Annual	6 Month EURIBOR	0.450	(572	)	(579	)
EUR	380	09/28/23	Semi-Annual	0.000	6 Month EURIBOR	—		832
EUR	390	10/06/23	Annual	6 Month EURIBOR	0.436	(474	)	(481	)
EUR	390	10/06/23	Semi-Annual	0.436	6 Month EURIBOR	—		(3	)
USD	6,170	11/29/24	Semi-Annual	3 Month USD LIBOR	3.083	822,413		822,310
USD	30	12/01/56	Semi-Annual	3 Month USD LIBOR	1.929	8,395		8,394
USD	380	01/07/30	Semi-Annual	3 Month USD LIBOR	1.797	44,048		44,040
USD	230	01/08/30	Semi-Annual	3 Month USD LIBOR	1.746	25,519		25,514
USD	370	01/08/30	Semi-Annual	3 Month USD LIBOR	1.726	40,303		40,295
USD	230	01/09/30	Semi-Annual	3 Month USD LIBOR	1.760	25,843		25,838
USD	60	01/10/50	Semi-Annual	3 Month USD LIBOR	1.971	19,192		19,190
EUR	3,070	01/16/22	Annual	6 Month EURIBOR	0.000	2,873		2,782
USD	185	01/22/30	Semi-Annual	3 Month USD LIBOR	1.781	20,404		20,400
USD	190	01/23/30	Semi-Annual	3 Month USD LIBOR	1.769	21,630		21,626
USD	400	01/23/30	Semi-Annual	3 Month USD LIBOR	1.750	44,786		44,778
USD	190	01/27/30	Semi-Annual	3 Month USD LIBOR	1.699	19,473		19,469
USD	190	01/27/30	Semi-Annual	3 Month USD LIBOR	1.678	19,079		19,075

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreement—(continued)  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
USD	370	01/28/30	Semi-Annual	3 Month USD LIBOR	1.694	39,504		39,496
USD	185	01/28/30	Semi-Annual	3 Month USD LIBOR	1.659	19,103		19,099
USD	370	01/29/30	Semi-Annual	3 Month USD LIBOR	1.580	35,408		35,400
USD	420	04/29/30	Semi-Annual	3 Month USD LIBOR	1.570	38,736		38,727
USD	470	01/30/30	Semi-Annual	3 Month USD LIBOR	1.580	42,925		42,915
USD	190	01/30/30	Semi-Annual	3 Month USD LIBOR	1.607	17,859		17,855
USD	370	01/30/30	Semi-Annual	3 Month USD LIBOR	1.606	34,724		34,716
USD	190	01/31/30	Semi-Annual	3 Month USD LIBOR	1.560	16,978		16,974
USD	55	02/03/30	Semi-Annual	3 Month USD LIBOR	1.525	4,749		4,748
USD	260	02/04/30	Semi-Annual	3 Month USD LIBOR	1.511	22,105		22,100
USD	275	05/07/50	Semi-Annual	3 Month USD LIBOR	1.805	75,055		75,047
USD	150	02/10/50	Semi-Annual	3 Month USD LIBOR	1.828	41,577		41,573
USD	185	02/11/30	Semi-Annual	3 Month USD LIBOR	1.584	17,058		17,054
EUR	470	02/12/23	Annual	6 Month EURIBOR	1.000	696		688
USD	185	02/12/30	Semi-Annual	3 Month USD LIBOR	1.538	16,223		16,219
USD	370	02/25/30	Semi-Annual	3 Month USD LIBOR	1.432	28,540		28,532
USD	370	02/26/30	Semi-Annual	3 Month USD LIBOR	1.319	24,445		24,437
USD	430	02/26/30	Semi-Annual	3 Month USD LIBOR	1.313	28,154		28,145
USD	3,570	03/01/23	Semi-Annual	3 Month USD LIBOR	1.095	57,527		57,470
USD	360	02/28/30	Semi-Annual	3 Month USD LIBOR	1.315	23,675		23,668
USD	2,960	02/28/25	Semi-Annual	3 Month USD LIBOR	2.515	305,563		305,510
USD	890	03/02/23	Semi-Annual	3 Month USD LIBOR	1.058	13,682		13,668
USD	370	03/02/30	Semi-Annual	3 Month USD LIBOR	1.239	21,630		21,622
EUR	1,750	03/02/23	Annual	6 Month EURIBOR	1.000	(558	)	(589	)
USD	895	03/02/23	Semi-Annual	3 Month USD LIBOR	0.988	12,499		12,485
USD	895	03/02/23	Semi-Annual	3 Month USD LIBOR	0.979	12,347		12,333
USD	220	03/02/30	Semi-Annual	3 Month USD LIBOR	1.243	12,937		12,932
USD	895	03/02/23	Semi-Annual	3 Month USD LIBOR	0.904	11,006		10,992
USD	860	03/02/23	Semi-Annual	3 Month USD LIBOR	0.916	10,773		10,759
USD	895	03/02/23	Semi-Annual	3 Month USD LIBOR	0.878	10,532		10,518
USD	1,780	03/02/23	Semi-Annual	3 Month USD LIBOR	0.882	21,089		21,061
USD	1,290	03/02/23	Semi-Annual	3 Month USD LIBOR	0.873	15,051		15,030
USD	1,790	03/02/23	Semi-Annual	3 Month USD LIBOR	0.878	21,082		21,053
USD	3,550	09/04/22	Semi-Annual	3 Month USD LIBOR	0.730	32,327		32,271
USD	1,790	09/04/22	Semi-Annual	3 Month USD LIBOR	0.733	16,426		16,398
EUR	790	03/04/23	Annual	6 Month EURIBOR	1.000	(1,312	)	(1,326	)
EUR	1,570	03/05/22	Annual	6 Month EURIBOR	1.000	(441	)	(469	)
EUR	1,570	03/05/22	Semi-Annual	0.479	6 Month EURIBOR	(1,279	)	(1,279	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreement—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
USD	505	09/08/30	Semi-Annual	3 Month USD LIBOR	1.020	18,541		18,531
USD	345	09/08/22	Semi-Annual	3 Month USD LIBOR	0.692	2,868		2,863
USD	1,070	09/08/22	Semi-Annual	3 Month USD LIBOR	0.702	9,108		9,091
EUR	850	03/06/22	Annual	6 Month EURIBOR	1.000	(259	)	(274	)
EUR	850	03/06/22	Semi-Annual	0.477	6 Month EURIBOR	(678	)	(678	)
USD	750	03/06/22	Semi-Annual	3 Month USD LIBOR	0.679	4,417		4,405
USD	117	09/08/50	Semi-Annual	3 Month USD LIBOR	1.250	13,750		13,747
EUR	1,110	03/09/22	Annual	6 Month EURIBOR	1.000	(721	)	(741	)
EUR	1,110	03/09/22	Semi-Annual	1.000	6 Month EURIBOR	(1,752	)	(1,752	)
USD	354	09/08/25	Semi-Annual	3 Month USD LIBOR	0.760	6,100		6,094
USD	230	03/11/30	Semi-Annual	3 Month USD LIBOR	0.501	(2,919	)	(2,924	)
USD	900	09/11/22	Semi-Annual	3 Month USD LIBOR	0.508	4,153		4,139
USD	70	03/11/50	Semi-Annual	3 Month USD LIBOR	0.693	(2,514	)	(2,516	)
USD	370	04/15/30	Semi-Annual	3 Month USD LIBOR	0.733	3,219		3,211
USD	260	08/21/50	Semi-Annual	3 Month USD LIBOR	1.103	20,212		20,203
EUR	733	06/24/22	Annual	6 Month EURIBOR	0.000	1,709		1,696
USD	350	03/25/30	Semi-Annual	3 Month USD LIBOR	0.706	2,188		2,181
EUR	275	06/25/22	Annual	6 Month EURIBOR	1.000	402		397
USD	810	09/28/22	Semi-Annual	3 Month USD LIBOR	0.383	1,666		1,653
EUR	275	06/26/22	Annual	6 Month EURIBOR	1.000	463		458
USD	880	09/29/22	Semi-Annual	3 Month USD LIBOR	0.428	2,608		2,594
USD	1,570	09/29/22	Semi-Annual	3 Month USD LIBOR	0.370	2,834		2,809
EUR	275	06/30/22	Annual	6 Month EURIBOR	1.000	501		496
USD	830	09/29/22	Semi-Annual	3 Month USD LIBOR	0.356	1,258		1,245
USD	2,980	09/29/22	Semi-Annual	3 Month USD LIBOR	0.345	3,860		3,811
EUR	1,500	10/02/22	Annual	6 Month EURIBOR	1.000	1,476		1,448
USD	430	05/04/30	Semi-Annual	3 Month USD LIBOR	0.619	(448	)	(457	)
EUR	1,370	10/02/22	Annual	6 Month EURIBOR	0.000	1,759		1,734
USD	1,690	10/02/22	Semi-Annual	3 Month USD LIBOR	0.353	2,454		2,426
USD	5,140	03/15/22	Semi-Annual	3 Month USD LIBOR	0.324	4,256		4,173
USD	270	05/05/30	Semi-Annual	3 Month USD LIBOR	0.642	318		312
USD	550	04/07/30	Semi-Annual	3 Month USD LIBOR	0.639	(485	)	(496	)
USD	5,375	03/15/22	Semi-Annual	3 Month USD LIBOR	0.357	7,483		7,396
USD	5,375	03/15/22	Semi-Annual	3 Month USD LIBOR	0.354	7,187		7,100
USD	550	04/14/30	Semi-Annual	3 Month USD LIBOR	0.820	9,408		9,397
EUR	1,060	07/16/22	Annual	6 Month EURIBOR	1.000	1,574		1,554

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Value($)		Unrealized appreciation (depreciation)($)
EUR	1,590	07/20/22	Annual	6 Month EURIBOR	1.000	2,235		2,206
EUR	1,590	07/20/22	Semi-Annual	0.300	6 Month EURIBOR	—		(8	)
EUR	1,560	07/20/22	Annual	6 Month EURIBOR	1.000	2,089		2,060
USD	750	04/28/22	Semi-Annual	3 Month USD LIBOR	0.380	489		476
EUR	1,630	04/29/23	Annual	6 Month EURIBOR	1.000	3,265		3,235
USD	2,945	04/29/30	Maturity	12 Month US CPI	1.346	10,686		10,566
EUR	2,825	04/15/25	Maturity	12 Month EU EXT	0.318	(6,068	)	(6,178	)
USD	340	04/29/30	Semi-Annual	3 Month USD LIBOR	0.661	828		821
USD	1,070	07/30/22	Semi-Annual	3 Month USD LIBOR	0.297	614		596
USD	120	04/30/30	Semi-Annual	3 Month USD LIBOR	0.655	252		250
USD	340	04/30/30	Semi-Annual	3 Month USD LIBOR	0.654	657		650
USD	340	05/01/30	Semi-Annual	3 Month USD LIBOR	0.593	(1,324	)	(1,331	)
USD	280	05/01/30	Semi-Annual	3 Month USD LIBOR	0.592	(1,118	)	(1,124	)
EUR	980	05/03/23	Annual	6 Month EURIBOR	1.000	1,189		1,171
EUR	980	11/02/22	Annual	6 Month EURIBOR	1.000	1,080		1,062
USD	1,600	05/05/23	Semi-Annual	3 Month USD LIBOR	0.297	(435	)	(462	)
EUR	930	05/04/23	Annual	6 Month EURIBOR	1.000	220		202
Total						1,579,870		1,584,538

OTC credit default swap agreements on corporate issues—sell protection¹¹

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio(%)12		Upfront payments received (made)($)		Value($)	Unrealized appreciation (depreciation)($)
JPMCB	Berkshire Hathaway, Inc., bond 2.75%, due 03/15/23	USD	130,000	12/20/2022	Quarterly	1.000	%	(1,585	)	2,973	1,388
JPMCB	Bristol-Myers Squibb Co., bond, 6.80%, due 11/15/26	USD	25,000	12/20/2022	Quarterly	1.000		(498	)	625	127
BOA	Honeywell International, Inc., bond, 5.70%, due 03/15/36	USD	40,000	12/20/2022	Quarterly	1.000		(723	)	1,012	289

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

OTC credit default swap agreement on corporate issues—sell protection¹¹— (concluded)

JPMCB	Johnson & Johnson, bond, 1.65%, due 03/01/21	USD	65,000	12/20/2022	Quarterly	1.000	(1,395	)	1,635	240
JPMCB	Pfizer, Inc., bond, 2.20%, due 12/15/21	USD	90,000	12/20/2022	Quarterly	1.000	(1,816	)	2,285	469
JPMCB	The Procter & Gamble Co., bond, 1.60%, due 11/15/18	USD	90,000	12/20/2022	Quarterly	1.000	(1,816	)	2,332	516
JPMCB	The Sherwin-Williams Co., bond, 7.38%, due 02/01/27	USD	40,000	12/20/2022	Quarterly	1.000	(417	)	895	478
Total							(8,250	)	11,757	3,507

OTC credit default swaps agreements on corporate and sovereign issues —sell protection¹¹

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio(%)12	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
MSCI	Comanche County Oklahoma Independent School District No. 32 Series 2017	USD	2,760,000	06/20/2025	Quarterly	5.000	114,874	(127,671	)	(12,797	)

OTC Interest rate swap agreement

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)12	Payments received by the Portfolio(%)12	Upfront payments received (made)($)		Value($)	Unrealized appreciation (depreciation)($)
MSCI	EUR	1,360	09/29/22	Semi-Annual	6 Month EURIBOR	0.316	20		—	20
MSCI	EUR	1,360	09/29/22	Annual	0.000	6 Month EURIBOR	(25	)	2,092	2,067
MSCI	EUR	1,370	10/02/22	Annual	6 Month EURIBOR	0.329	(19	)	—	(19	)
							(24	)	2,092	2,068

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	EUR	757,000	USD	820,110	05/05/20	(9,448	)
BOA	EUR	16,298,000	USD	17,701,085	06/03/20	(168,958	)
BOA	USD	69,441	EUR	64,000	05/04/20	693
BOA	USD	17,621,166	EUR	16,234,000	05/05/20	168,856
JPMCB	EUR	15,566,000	USD	17,197,161	05/05/20	139,167
JPMCB	EUR	128,000	USD	140,279	06/03/20	(67	)
JPMCB	USD	112,825	EUR	103,000	05/05/20	47
NTC	USD	203,278	EUR	185,000	05/05/20	(546	)
RBC	EUR	64,000	USD	69,498	06/03/20	(676	)
TD	EUR	96,000	USD	104,411	05/05/20	(791	)
Net unrealized appreciation (depreciation)						128,277

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—		13,848,458		—		13,848,458
Corporate bonds		—		154,033,492		—		154,033,492
Mortgage-backed securities		—		28,296,150		—		28,296,150
Municipal bonds		—		5,399,054		—		5,399,054
Non-U.S. government agency obligations		—		8,938,314		—		8,938,314
U.S. government agency obligations		—		121,727,949		—		121,727,949
U.S. Treasury obligations		—		38,728,681		—		38,728,681
Short-term investments		—		9,199,086		—		9,199,086
Investment of cash collateral from securities loaned		—		10,328,313		—		10,328,313
Options purchased		45,994		—		—		45,994
Swaptions purchased		—		2,103,003		—		2,103,003
Futures contracts		583,921		—		—		583,921
Swap agreements		—		5,319,600		—		5,319,600
Forward foreign currency contracts		—		308,763		—		308,763
Total		629,915		398,230,863		—		398,860,778

Liabilities

Investments sold short	—		(32,077,648	)	—	(32,077,648	)
Options written	(69,513	)	—		—	(69,513	)

PACE Intermediate Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaptions written	—		(4,502,527	)	—	(4,502,527	)
Futures contracts	(326,697	)	—		—	(326,697	)
Swap agreements	—		(3,853,552	)	—	(3,853,552	)
Forward foreign currency contracts	—		(180,486	)	—	(180,486	)
Total	(396,210	)	(40,614,213	)	—	(41,010,423	)

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

*	In US dollars unless otherwise indicated.
†	Amount represents less than 0.05%
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $45,091,033, represented 13.3% of the Fund's net assets at period end.
2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
3	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
4	Security 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.
5	Security, or portion thereof, was on loan at the period end.
6	Perpetual investment. Date shown reflects the next call date.
7	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.
8	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
9	Security, or portion thereof, pledged as collateral for investments sold short, written options or futures.
10	Includes $11,101,486 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $10,328,313 and non-cash collateral of $1,006,413.
11	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.
12	Payments made or received are based on the notional amount.

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—6.3%1
Accredited Mortgage Loan Trust,
Series 2004-2, Class A1,
1 mo. USD LIBOR + 0.580%,
1.067%, due 07/25/342		776,820		731,858
AM Capital Funding LLC,
Series 2018-1, Class A,
4.980%, due 12/15/233		440,000		456,959
Avery Point IV CLO Ltd.,
Series 2014-1A, Class AR,
3 mo. USD LIBOR + 1.100%,
2.091%, due 04/25/262,3		280,265		278,769
California Street CLO XII Ltd.,
Series 2013-12A, Class AR,
3 mo. USD LIBOR + 1.030%,
2.249%, due 10/15/252,3		983,532		981,429
CHEC Loan Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 0.640%,
1.127%, due 06/25/342		388,085		345,075
Chesapeake Funding II LLC,
Series 2018-2A, Class A1,
3.230%, due 08/15/303		1,171,091		1,179,898
Series 2018-2A, Class A2,
1 mo. USD LIBOR + 0.370%,
1.184%, due 08/15/30 2,3		1,171,091		1,151,841
Cork Street CLO Designated Activity Co.,
Series 1A, Class A1BE,
3 mo. Euribor + 0.760%,
0.760%, due 11/27/282,3	EUR	2,312,448		2,499,507
CSAB Mortgage Backed Trust,
Series 2006-1, Class A6A,
6.172%, due 06/25/364		299,486		114,877
Delta Funding Home Equity Loan Trust,
Series 1999-003, Class A1A,
1 mo. USD LIBOR + 0.820%,
1.634%, due 09/15/292		43,863		40,456
Evans Grove CLO Ltd.,
Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.920%,
2.533%, due 05/28/282,3		1,600,000		1,548,238
Figueroa CLO Ltd.,
Series 2014-1A, Class AR,
3 mo. USD LIBOR + 0.900%,
2.119%, due 01/15/272,3		418,633		414,792

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
First Frankin Mortgage Loan Trust,
Series 2005-FFH3, Class M2,
1 mo. USD LIBOR + 0.795%,
1.282%, due 09/25/352		246,153		244,968
Gallatin CLO IX Ltd.,
Series 2018-1A, Class A,
3 mo. USD LIBOR + 1.050%,
2.159%, due 01/21/282,3		1,595,036		1,545,121
GMF Floorplan Owner Revolving Trust,
Series 2018-2, Class A2,
1 mo. USD LIBOR + 0.380%,
1.194%, due 03/15/232,3		1,900,000		1,877,081
GSAMP Trust,
Series 2006-HE4, Class A1,
1 mo. USD LIBOR + 0.140%,
0.627%, due 06/25/362		1,439,750		1,366,054
Home Equity Asset Trust,
Series 2005-2, Class M5,
1 mo. USD LIBOR + 1.095%,
1.582%, due 07/25/352		719,618		710,473
Jamestown CLO V Ltd.,
Series 2014-5A, Class AR,
3 mo. USD LIBOR + 1.220%,
2.355%, due 01/17/272,3		451,660		443,389
JPMorgan Mortgage Acquisition Corp.,
Series 2006-FRE1, Class M1,
1 mo. USD LIBOR + 0.390%,
0.877%, due 05/25/352		2,400,000		2,309,106
JPMorgan Mortgage Acquisition Trust,
Series 2006-NC1, Class A1,
1 mo. USD LIBOR + 0.170%,
0.657%, due 04/25/36 2		105,511		105,196
Series 2007-CH1, Class MV2,
1 mo. USD LIBOR + 0.280%,
0.767%, due 11/25/36 2		1,680,000		1,668,534
LoanCore Issuer Ltd.,
Series 2018-CRE1, Class A,
1 mo. USD LIBOR + 1.130%,
1.944%, due 05/15/282,3		1,600,000		1,534,891
Loomis Sayles CLO II Ltd.,
Series 2015-2A, Class A1R,
3 mo. USD LIBOR + 0.900%,
2.119%, due 04/15/282,3		1,886,561		1,809,044

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
LP Credit Card ABS Master Trust,
Series 2018-1, Class A,
1 mo. USD LIBOR + 1.550%,
2.323%, due 08/20/242,3		1,239,066		1,220,943
M360 LLC,
Series 2018-CRE1, Class A,
4.395%, due 07/24/283		701,449		686,887
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2005-HE1, Class M2,
1 mo. USD LIBOR + 0.705%,
1.192%, due 12/25/342		195,569		162,107
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2003-NC1, Class M1,
1 mo. USD LIBOR + 1.575%,
2.062%, due 11/25/322		468,366		457,543
Mountain View CLO Ltd.,
Series 2014-1A, Class ARR,
3 mo. USD LIBOR + 0.800%,
2.019%, due 10/15/262,3		594,192		582,030
Navient Private Education Loan Trust,
Series 2018-BA, Class A1,
1 mo. USD LIBOR + 0.350%,
1.164%, due 12/15/592,3		77,322		77,283
Navient Private Education Refi Loan Trust,
Series 2018-CA, Class A1,
3.010%, due 06/16/423		222,696		223,003
Navient Student Loan Trust,
Series 2019-7A, Class A1,
1 mo. USD LIBOR + 0.500%,
0.987%, due 01/25/682,3		393,956		386,221
New Century Home Equity Loan Trust,
Series 2005-B, Class M1,
1 mo. USD LIBOR + 0.480%,
0.967%, due 10/25/352		1,900,000		1,743,671
Series 2005-D, Class A2D,
1 mo. USD LIBOR + 0.330%,
0.817%, due 02/25/362		744,791		725,725
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class A,
3.430%, due 12/16/243		1,600,000		1,601,093
RASC,
Series 2005-KS11 Trust, Class M2,
1 mo. USD LIBOR + 0.420%,
0.907%, due 12/25/352		1,100,000		1,041,359

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
SASCO Mortgage Loan Trust,
Series 2005-GEL1, Class M2,
1 mo. USD LIBOR + 1.350%,
1.837%, due 12/25/342		679,423	664,423
Saxon Asset Securities Trust,
Series 2004-1, Class M1,
1 mo. USD LIBOR + 0.795%,
1.282%, due 03/25/352		262,134	245,041
Series 2006-1, Class M1,
1 mo. USD LIBOR + 0.465%,
0.952%, due 03/25/362		1,820,731	1,682,670
Sound Point CLO X Ltd.,
Series 2015-3A, Class AR,
3 mo. USD LIBOR + 0.890%,
2.025%, due 01/20/282,3		773,711	758,273
Soundview Home Loan Trust,
Series 2006-OPT2, Class A3,
1 mo. USD LIBOR + 0.180%,
0.667%, due 05/25/362		196,316	195,391
Series 2006-OPT3, Class 2A4,
1 mo. USD LIBOR + 0.250%,
0.737%, due 06/25/36 2		2,675,000	2,411,570
Structured Asset Securities Corp.,
Series 2001-SB1, Class A2,
3.375%, due 08/25/31		186,220	174,273
Series 2005-WF1, Class M1,
1 mo. USD LIBOR + 0.660%,
1.147%, due 02/25/352		159,405	155,304
Telos CLO Ltd.,
Series 2014-6A, Class A1R,
3 mo. USD LIBOR + 1.270%,
2.405%, due 01/17/272,3		928,572	913,624
TICP CLO III-2 Ltd.,
Series 2018-3R, Class A,
3 mo. USD LIBOR + 0.840%,
1.975%, due 04/20/282,3		1,300,000	1,258,893
TRTX Issuer Ltd.,
Series 2019-FL3, Class A,
1 mo. USD LIBOR + 1.150%,
1.901%, due 10/15/342,3		1,500,000	1,412,359
United States Small Business Administration,
Series 2002-20K, Class 1,
5.080%, due 11/01/22		102,079	105,242
Series 2005-20H, Class 1,
5.110%, due 08/01/25		129,259	137,922

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(concluded)
Series 2007-20D, Class 1,
5.320%, due 04/01/27		508,608		548,371
Utah State Board of Regents,
Series 2017-1, Class A,
1 mo. USD LIBOR + 0.750%,
1.237%, due 01/25/572		637,401		614,416
Verizon Owner Trust,
Series 2017-1A, Class A,
2.060%, due 09/20/213		26,328		26,346
Westlake Automobile Receivables Trust,
Series 2018-3A, Class A2A,
2.980%, due 01/18/223		335,187		335,596
WhiteHorse X Ltd.,
Series 2015-10A, Class A1R,
3 mo. USD LIBOR + 0.930%,
2.065%, due 04/17/272,3		661,920		650,430
Total asset-backed securities
(cost—$43,884,873)				44,555,565
Corporate bonds—54.3%
Advertising—0.0%†
Lamar Media Corp.
3.750%, due 02/15/283		70,000		64,444
5.000%, due 05/01/23		40,000		40,000
5.750%, due 02/01/26		80,000		81,368
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.625%, due 03/15/303		25,000		22,813
5.000%, due 08/15/273		46,000		43,925
				252,550
Aerospace & defense—0.5%
Boeing Co./The
3.750%, due 02/01/50		55,000		43,774
3.900%, due 05/01/49		130,000		108,599
4.875%, due 05/01/25		20,000		20,000
5.040%, due 05/01/27		35,000		35,000
5.150%, due 05/01/30		55,000		55,000
5.705%, due 05/01/40		45,000		45,000
5.805%, due 05/01/50		705,000		705,000
Howmet Aerospace, Inc.
6.875%, due 05/01/25		20,000		20,452
Signature Aviation US Holdings, Inc.
5.375%, due 05/01/263		135,000		124,538

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
Spirit AeroSystems, Inc.
3.950%, due 06/15/23		1,500,000		1,295,625
TransDigm, Inc.
5.500%, due 11/15/273		100,000		84,500
6.250%, due 03/15/263		330,000		322,987
6.375%, due 06/15/26		210,000		179,718
7.500%, due 03/15/27		130,000		118,339
				3,158,532
Agriculture—0.8%
BAT Capital Corp.
4.906%, due 04/02/30		285,000		320,315
Darling Ingredients, Inc.
5.250%, due 04/15/273		70,000		70,532
Imperial Brands Finance PLC
3.500%, due 02/11/233		3,755,000		3,801,620
3.750%, due 07/21/223		1,600,000		1,621,133
				5,813,600
Airlines —1.0%
Air Canada Pass-Through Trust,
Series 2013-1, Class B,
5.375%, due 05/15/213		1,239,810		1,200,644
American Airlines Pass-Through Trust,
Series 2013-2, Class A,
4.950%, due 01/15/23		1,226,721		1,086,751
Series 2016-2, Class AA,
3.200%, due 06/15/28		1,110,850		1,018,683
Series 2017-2, Class A,
3.600%, due 10/15/29		891,755		639,011
Continental Airlines Pass-Through Trust,
Series 2012-2, Class A,
4.000%, due 10/29/24		1,079,214		951,028
Delta Air Lines, Inc.
7.000%, due 05/01/253		45,000		46,120
JetBlue Pass Through Trust,
Series 2019-1, Class A,
2.950%, due 05/15/28		2,200,000		1,866,210

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Spirit Airlines Pass Through Trust,
Series 2015-1, Class A,
4.100%, due 04/01/28		439,340		362,558
				7,171,005
Apparel—0.0%†
Hanesbrands, Inc.
5.375%, due 05/15/253		20,000		20,000
William Carter Co./The
5.625%, due 03/15/273		135,000		136,858
				156,858
Auto manufacturers—2.8%
BMW US Capital LLC
3.900%, due 04/09/253		280,000		298,051
Daimler Finance North America LLC
2.550%, due 08/15/223		1,800,000		1,776,221
3 mo. USD LIBOR + 0.880%,
2.563%, due 02/22/222,3		1,800,000		1,698,746
Ford Motor Credit Co. LLC
5.750%, due 02/01/21		970,000		953,025
5.875%, due 08/02/21		200,000		198,000
Ford Motor Credit Co. LLC GMTN
4.389%, due 01/08/26		200,000		172,000
General Motors Financial Co., Inc.
3 mo. USD LIBOR + 0.540%,
1.041%, due 11/06/202		1,500,000		1,474,044
3.200%, due 07/13/20		1,300,000		1,297,584
3.550%, due 04/09/21		1,600,000		1,575,579
5.100%, due 01/17/24		1,725,000		1,701,191
General Motors Financial Co., Inc. EMTN
3 mo. Euribor + 0.550%,
0.177%, due 03/26/222,5	EUR	1,200,000		1,192,065
Harley-Davidson Financial Services, Inc.
2.550%, due 06/09/223		1,100,000		1,047,244
Volkswagen Bank GmbH EMTN
2.500%, due 07/31/265	EUR	1,200,000		1,382,122
Volkswagen Group of America Finance LLC
3 mo. USD LIBOR + 0.860%,
2.064%, due 09/24/212,3		1,500,000		1,457,191
3 mo. USD LIBOR + 0.940%,
2.653%, due 11/12/212,3		1,500,000		1,452,915
2.700%, due 09/26/223		670,000		672,569

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
2.850%, due 09/26/243		1,500,000		1,471,983
				19,820,530
Auto parts & equipment—0.0%†
Adient US LLC
9.000%, due 04/15/253		25,000		26,063
Goodyear Tire & Rubber Co./The
5.125%, due 11/15/23		40,000		37,476
IHO Verwaltungs GmbH,
4.750% Cash or 5.500 PIK,
4.750%, due 09/15/263,6		200,000		170,000
				233,539
Banks—12.8%
Bank of America Corp.
(fixed, converts to FRN on 01/23/21),
2.738%, due 01/23/22		325,000		327,108
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23		3,131,000		3,241,159
(fixed, converts to FRN on 04/24/27),
3.705%, due 04/24/28		530,000		578,316
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/247		86,000		84,495
Series X,
(fixed, converts to FRN on 09/05/24),
6.250%, due 09/05/247		102,000		106,304
Bank of America Corp. MTN
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/31		290,000		293,154
(fixed, converts to FRN on 03/05/28),
3.970%, due 03/05/29		405,000		449,835
4.000%, due 01/22/25		1,500,000		1,619,904
(fixed, converts to FRN on 03/20/50),
4.083%, due 03/20/51		280,000		335,623
4.125%, due 01/22/24		3,700,000		4,015,447
Bank of Ireland
(fixed, converts to FRN on 06/18/20),
7.375%, due 06/18/205,7	EUR	949,000		1,010,229
Bank of New York Mellon Corp./The,
Series F,
(fixed, converts to FRN on 09/20/26),
4.625%, due 09/20/267		82,000		79,950

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Barclays Bank PLC
7.625%, due 11/21/22		1,600,000		1,678,000
Barclays PLC
(fixed, converts to FRN on 05/07/25),
2.852%, due 05/07/26		495,000		495,000
3 mo. USD LIBOR + 1.625%,
2.936%, due 01/10/232		2,000,000		1,960,402
(fixed, converts to FRN on 02/15/22),
4.610%, due 02/15/23		1,100,000		1,143,387
4.836%, due 05/09/28		535,000		563,244
(fixed, converts to FRN on 05/16/28),
4.972%, due 05/16/298		1,100,000		1,238,032
(fixed, converts to FRN on 12/15/20),
8.000%, due 12/15/207	EUR	1,000,000		1,079,074
BNP Paribas SA
(fixed, converts to FRN on 01/13/30),
3.052%, due 01/13/313		445,000		445,528
CIT Group, Inc.
4.750%, due 02/16/24		55,000		52,525
5.000%, due 08/15/22		535,000		532,325
5.250%, due 03/07/25		45,000		44,451
6.125%, due 03/09/28		35,000		35,875
Citigroup, Inc.
3 mo. USD LIBOR + 0.960%,
1.951%, due 04/25/222		355,000		352,284
(fixed, converts to FRN on 07/24/22),
2.876%, due 07/24/23		1,400,000		1,433,768
(fixed, converts to FRN on 11/05/29),
2.976%, due 11/05/30		375,000		382,546
(fixed, converts to FRN on 10/27/27),
3.520%, due 10/27/28		280,000		297,075
(fixed, converts to FRN on 01/10/27),
3.887%, due 01/10/28		755,000		813,749
4.400%, due 06/10/25		980,000		1,063,753
(fixed, converts to FRN on 02/15/23),
5.900%, due 02/15/237		73,000		73,785
Series U,
(fixed, converts to FRN on 09/12/24),
5.000%, due 09/12/247		89,000		80,928
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/257		52,000		45,240
Citizens Financial Group, Inc.,

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Series B,
(fixed, converts to FRN on 07/06/23),
6.000%, due 07/06/237		60,000		51,300
Series C,
(fixed, converts to FRN on 04/06/24),
6.375%, due 04/06/247		80,000		75,600
Cooperatieve Rabobank UA
3.875%, due 09/26/233		1,500,000		1,592,285
Credit Suisse AG
6.500%, due 08/08/233		500,000		527,168
Credit Suisse Group AG
3 mo. USD LIBOR + 1.240%,
2.024%, due 06/12/242,3		1,600,000		1,538,184
(fixed, converts to FRN on 04/01/30),
4.194%, due 04/01/313		370,000		402,041
(fixed, converts to FRN on 06/12/23),
4.207%, due 06/12/243		1,600,000		1,680,071
(fixed, converts to FRN on 12/18/24),
6.250%, due 12/18/243,7		800,000		820,000
(fixed, converts to FRN on 12/11/23),
7.500%, due 12/11/233,7		700,000		739,375
Credit Suisse Group Funding Guernsey Ltd.
3.800%, due 09/15/22		1,900,000		1,977,284
Deutsche Bank AG
2.700%, due 07/13/20		700,000		699,244
3.300%, due 11/16/228		1,900,000		1,868,459
3.950%, due 02/27/238		1,300,000		1,295,597
(fixed, converts to FRN on 11/26/24),
3.961%, due 11/26/25		1,500,000		1,466,333
4.250%, due 10/14/21		1,100,000		1,107,190
Discover Bank
4.200%, due 08/08/23		1,600,000		1,666,967
Fifth Third Bancorp
(fixed, converts to FRN on 06/30/23),
5.100%, due 06/30/237		90,000		80,100
Goldman Sachs Group, Inc./The
3 mo. USD LIBOR + 0.750%,
2.433%, due 02/23/232		740,000		724,963
(fixed, converts to FRN on 04/23/28),
3.814%, due 04/23/29		470,000		507,268
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/38		455,000		498,471
5.150%, due 05/22/45		565,000		686,296

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Series O,
(fixed, converts to FRN on 11/10/26),
5.300%, due 11/10/267		104,000	105,820
Series Q,
(fixed, converts to FRN on 08/10/24),
5.500%, due 08/10/247		43,000	43,699
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/257		39,000	36,270
HSBC Holdings PLC
(fixed, converts to FRN on 05/22/27),
6.000%, due 05/22/277		870,000	854,049
Huntington Bancshares, Inc./OH,
Series E,
(fixed, converts to FRN on 04/15/23),
5.700%, due 04/15/237		124,000	109,120
Intesa Sanpaolo SpA,
Series XR,
4.000%, due 09/23/293		1,500,000	1,472,029
JPMorgan Chase & Co.
3 mo. USD LIBOR + 0.900%,
1.891%, due 04/25/232		690,000	683,917
(fixed, converts to FRN on 04/22/40),
3.109%, due 04/22/41		470,000	486,423
3.300%, due 04/01/26		1,200,000	1,290,304
(fixed, converts to FRN on 07/23/23),
3.797%, due 07/23/24		1,600,000	1,706,737
(fixed, converts to FRN on 01/23/48),
3.897%, due 01/23/49		340,000	396,834
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/29		650,000	723,645
(fixed, converts to FRN on 03/24/30),
4.493%, due 03/24/31		190,000	224,748
Series CC,
(fixed, converts to FRN on 11/01/22),
4.625%, due 11/01/227		100,000	91,687
Series FF,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/247		95,000	88,350
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/257		41,000	36,777
Lloyds Bank PLC EMTN
7.500%, due 04/02/324,5		2,200,000	1,822,829

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face
		amount1	Value ($)
Corporate bonds—(continued)
Banks—(continued)
Lloyds Banking Group PLC
3.000%, due 01/11/22		1,300,000	1,320,725
Lloyds Banking Group PLC MTN
4.000%, due 03/07/25	AUD	1,700,000	1,162,799
M&T Bank Corp.,
Series G,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/247		81,000	79,121
Mitsubishi UFJ Financial Group, Inc.
3 mo. USD LIBOR + 0.740%,
2.320%, due 03/02/232		1,600,000	1,557,375
3.455%, due 03/02/23		1,900,000	1,979,517
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 09/11/23),
3.922%, due 09/11/24		1,100,000	1,170,651
Morgan Stanley
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/28		1,330,000	1,438,537
Series  H,
(fixed, converts to FRN on 07/15/20),
4.829%, due 07/15/20 7		395,000	355,500
Morgan Stanley GMTN
SOFR + 0.700%,
0.722%, due 01/20/232		590,000	568,887
Morgan Stanley MTN
(fixed, converts to FRN on 04/01/30),
3.622%, due 04/01/31		190,000	208,854
PNC Financial Services Group, Inc./The
2.200%, due 11/01/248		1,800,000	1,869,504
Series S,
(fixed, converts to FRN on 11/01/26),
5.000%, due 11/01/267		87,000	88,486
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 08/10/20),
7.500%, due 08/10/207,8		1,100,000	1,049,818
(fixed, converts to FRN on 08/15/21),
8.625%, due 08/15/21 7,8		1,400,000	1,428,000
Santander UK Group Holdings PLC
2.875%, due 08/05/21		1,700,000	1,720,477
3.125%, due 01/08/21		1,700,000	1,715,775
Societe Generale S.A.
4.250%, due 09/14/233		1,500,000	1,583,790

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1	Value ($)
Corporate bonds—(continued)
Banks—(concluded)
Standard Chartered PLC
(fixed, converts to FRN on 05/21/24),
3.785%, due 05/21/253	1,500,000	1,545,308
Sumitomo Mitsui Financial Group, Inc.
2.696%, due 07/16/248	1,400,000	1,439,516
Synchrony Bank
3.650%, due 05/24/21	1,600,000	1,598,097
Truist Financial Corp.,
Series L,
(fixed, converts to FRN on 12/15/24),
5.050%, due 12/15/247	83,000	77,994
Series N,
(fixed, converts to FRN on 09/01/24),
4.800%, due 09/01/247	140,000	130,880
UniCredit SpA
7.830%, due 12/04/233	3,300,000	3,593,172
United Overseas Bank Ltd.
3.200%, due 04/23/213	1,600,000	1,619,911
Wells Fargo & Co.
3 mo. USD LIBOR + 1.230%,
1.990%, due 10/31/232	1,400,000	1,394,383
3 mo. USD LIBOR + 1.110%,
2.130%, due 01/24/232	645,000	641,465
Series S,
(fixed, converts to FRN on 06/15/24),
5.900%, due 06/15/247	84,000	85,260
Series U,
(fixed, converts to FRN on 06/15/25),
5.875%, due 06/15/257	69,000	73,658
Wells Fargo & Co. MTN
(fixed, converts to FRN on 02/11/30),
2.572%, due 02/11/31	625,000	623,525
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27	1,500,000	1,584,974
(fixed, converts to FRN on 04/04/50),
5.013%, due 04/04/51	190,000	250,292
Wells Fargo Bank N.A.
3.550%, due 08/14/23	735,000	781,960
		90,868,140
Beverages—1.1%
Anheuser-Busch InBev Worldwide, Inc.
4.600%, due 04/15/48	325,000	358,268
4.600%, due 06/01/60	1,400,000	1,546,665

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Beverages—(concluded)
4.750%, due 04/15/58		555,000	621,112
5.800%, due 01/23/59		395,000	519,091
Keurig Dr Pepper, Inc.
4.057%, due 05/25/23		1,600,000	1,711,887
Pernod Ricard SA
4.250%, due 07/15/223		1,500,000	1,581,878
Suntory Holdings Ltd.
2.250%, due 10/16/243		1,500,000	1,480,428
			7,819,329
Building materials—0.3%
Builders FirstSource, Inc.
5.000%, due 03/01/303		35,000	30,034
Fortune Brands Home & Security, Inc.
3.250%, due 09/15/29		1,400,000	1,369,115
JELD-WEN, Inc.
4.625%, due 12/15/253		85,000	75,641
4.875%, due 12/15/273		135,000	119,137
Masonite International Corp.
5.375%, due 02/01/283		75,000	71,438
5.750%, due 09/15/263		125,000	121,250
			1,786,615
Chemicals — 0.5%
CF Industries, Inc.
5.375%, due 03/15/44		110,000	113,850
Element Solutions, Inc.
5.875%, due 12/01/253		120,000	119,100
HB Fuller Co.
4.000%, due 02/15/27		75,000	69,469
Huntsman International LLC
5.125%, due 11/15/228		1,300,000	1,311,440
NOVA Chemicals Corp.
4.875%, due 06/01/243		20,000	17,950
Olin Corp.
5.625%, due 08/01/29		80,000	72,300
Syngenta Finance N.V.
4.441%, due 04/24/233		1,600,000	1,600,833
Tronox Finance PLC
5.750%, due 10/01/253		25,000	22,125
Tronox, Inc.
6.500%, due 04/15/263		45,000	40,725

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
Valvoline, Inc.
4.250%, due 02/15/303	55,000	53,487
WR Grace & Co-Conn
5.125%, due 10/01/213	45,000	45,225
5.625%, due 10/01/243	15,000	15,038
		3,481,542
Commercial services — 1.0%
ADT Security Corp./The
3.500%, due 07/15/22	85,000	82,875
4.875%, due 07/15/323	25,000	22,250
APX Group, Inc.
6.750%, due 02/15/273	105,000	89,250
ASGN, Inc.
4.625%, due 05/15/283	125,000	115,275
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.750%, due 07/15/273	150,000	87,188
Garda World Security Corp.
4.625%, due 02/15/273	165,000	158,812
Gartner, Inc.
5.125%, due 04/01/253	135,000	139,219
Harsco Corp.
5.750%, due 07/31/273	125,000	117,837
IHS Markit Ltd.
5.000%, due 11/01/223	901,000	965,287
Korn Ferry
4.625%, due 12/15/273	90,000	84,555
Moody’s Corp.
2.625%, due 01/15/238	1,700,000	1,749,107
Nielsen Co Luxembourg SARL/The
5.000%, due 02/01/253	180,000	173,700
Nielsen Finance LLC/Nielsen Finance Co.
5.000%, due 04/15/223	200,000	197,022
PayPal Holdings, Inc.
2.850%, due 10/01/29	1,800,000	1,908,756
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, due 04/15/263	405,000	399,046
6.250%, due 01/15/283	120,000	107,700
Ritchie Bros Auctioneers, Inc.
5.375%, due 01/15/253	220,000	222,200
Service Corp. International
5.125%, due 06/01/29	50,000	52,000

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
5.375%, due 05/15/24		90,000		91,350
ServiceMaster Co. LLC/The
5.125%, due 11/15/243		195,000		198,939
United Rentals North America, Inc.
5.250%, due 01/15/30		35,000		35,088
				6,997,456
Computers—0.7%
Apple, Inc.
2.450%, due 08/04/26		610,000		654,865
4.650%, due 02/23/46		455,000		616,898
Dell International LLC/EMC Corp.
4.420%, due 06/15/213		2,100,000		2,140,907
5.450%, due 06/15/233		845,000		893,292
5.850%, due 07/15/253		50,000		54,510
6.100%, due 07/15/273		60,000		65,572
6.200%, due 07/15/303		55,000		60,829
International Business Machines Corp.
4.250%, due 05/15/49		265,000		323,843
Presidio Holdings, Inc.
4.875%, due 02/01/273		70,000		68,467
Science Applications International Corp.
4.875%, due 04/01/283		25,000		24,483
Western Digital Corp.
4.750%, due 02/15/26		255,000		260,337
				5,164,003
Cosmetics & personal care—0.0%†
Edgewell Personal Care Co.
4.700%, due 05/19/21		45,000		45,241
4.700%, due 05/24/22		35,000		35,512
				80,753
Distribution & wholesale—0.1%
HD Supply, Inc.
5.375%, due 10/15/263		130,000		132,587
IAA, Inc.
5.500%, due 06/15/273		110,000		109,758
KAR Auction Services, Inc.
5.125%, due 06/01/253		185,000		159,564
Performance Food Group, Inc.
5.500%, due 10/15/273		50,000		47,501
6.875%, due 05/01/253		20,000		20,350

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
Resideo Funding, Inc.
6.125%, due 11/01/263		190,000	166,250
Univar Solutions USA, Inc.
5.125%, due 12/01/273		80,000	79,400
			715,410
Diversified financial services—2.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.450%, due 10/01/25		650,000	562,633
4.450%, due 04/03/26		1,800,000	1,560,508
5.000%, due 10/01/21		1,326,000	1,274,755
Air Lease Corp.
3.500%, due 01/15/22		1,600,000	1,514,264
Air Lease Corp. MTN
2.300%, due 02/01/25		475,000	414,815
Aircastle Ltd.
5.500%, due 02/15/228		1,500,000	1,443,115
Ally Financial, Inc.
5.800%, due 05/01/25		75,000	79,925
Avolon Holdings Funding Ltd.
3.950%, due 07/01/243		1,400,000	1,204,116
BGC Partners, Inc.
5.375%, due 07/24/23		1,400,000	1,400,399
Capital One Financial Corp.
3 mo. USD LIBOR + 0.950%,
1.949%, due 03/09/222		185,000	181,850
Charles Schwab Corp./The,
Series G,
(fixed, converts to FRN on 06/01/25),
5.375%, due 06/01/257		40,000	41,500
Depository Trust & Clearing Corp./The,
Series C,
(fixed, converts to FRN on 06/15/20),
4.875%, due 06/15/203,7		2,000,000	1,760,000
Discover Financial Services,
Series C,
(fixed, converts to FRN on 10/30/27),
5.500%, due 10/30/277		125,000	105,734
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust,
Series 2012-1, Class A,
5.125%, due 11/30/223		246,589	250,292
Emerald Bay SA
5.284%, due 10/08/203,9	EUR	1,553,000	1,642,289

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
GE Capital UK Funding Unlimited Co. EMTN
5.125%, due 05/24/235		GBP	1,000,000	1,343,952
Global Aircraft Leasing Co. Ltd.,
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/243,6			70,000	42,329
Lazard Group LLC
4.375%, due 03/11/29			400,000	418,456
LeasePlan Corp. N.V.
2.875%, due 10/24/243			1,500,000	1,480,231
Lehman Brothers Holdings, Inc. MTN
0.000%, due 12/30/1610			1,900,000	21,280
1.000%, due 01/24/1310			4,500,000	50,400
1.000%, due 12/30/1610			900,000	10,080
LPL Holdings, Inc.
4.625%, due 11/15/273			60,000	57,300
5.750%, due 09/15/253			293,000	290,802
Navient Corp.
5.875%, due 10/25/24			25,000	22,750
Navient Corp. MTN
6.125%, due 03/25/24			70,000	64,400
Series A,
5.625%, due 01/25/25			500,000	406,087
Quicken Loans, Inc.
5.250%, due 01/15/283			800,000	776,640
Springleaf Finance Corp.
6.875%, due 03/15/25			1,345,000	1,271,966
7.125%, due 03/15/26			35,000	32,440
Synchrony Financial
2.850%, due 07/25/22			1,150,000	1,116,471
				20,841,779
Electric—6.3%
Adani Electricity Mumbai Ltd.
3.949%, due 02/12/303			1,800,000	1,525,939
American Transmission Systems, Inc.
5.250%, due 01/15/223			900,000	953,364
Avangrid, Inc.
3.800%, due 06/01/29			1,600,000	1,736,147
Berkshire Hathaway Energy Co.
4.250%, due 10/15/503			255,000	324,000
Calpine Corp.
4.500%, due 02/15/283			225,000	218,160
5.125%, due 03/15/283			95,000	92,625

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
5.750%, due 01/15/25		175,000	174,118
Commonwealth Edison Co.
3.700%, due 03/01/45		745,000	868,758
Consolidated Edison Co. of New York, Inc.,
Series 20B,
3.950%, due 04/01/50		195,000	231,889
Dominion Energy, Inc.,
Series B,
(fixed, converts to FRN on 12/15/24),
4.650%, due 12/15/247		75,000	72,937
DTE Energy Co.,
Series C,
2.529%, due 10/01/244		260,000	264,589
3.400%, due 06/15/29		655,000	676,760
Duke Energy Corp.
3.750%, due 04/15/24		1,700,000	1,848,985
Edison International
2.950%, due 03/15/238		1,500,000	1,500,220
Enel Finance International N.V.
4.250%, due 09/14/233		1,600,000	1,695,559
Entergy Gulf States Louisiana LLC
5.590%, due 10/01/24		2,207,000	2,591,283
Evergy, Inc.
2.900%, due 09/15/29		585,000	598,885
Idaho Power Co.,
Series K,
4.200%, due 03/01/48		1,400,000	1,801,089
IPALCO Enterprises, Inc.
3.450%, due 07/15/20		2,800,000	2,809,708
LG&E & KU Energy LLC
4.375%, due 10/01/21		1,440,000	1,482,280
MidAmerican Energy Co.
3.650%, due 04/15/29		1,400,000	1,624,623
Monongahela Power Co.
3.550%, due 05/15/273		1,800,000	1,946,135
NextEra Energy Capital Holdings, Inc.
3.200%, due 02/25/22		1,500,000	1,545,449
3.550%, due 05/01/27		1,700,000	1,868,695
NextEra Energy Operating Partners LP
3.875%, due 10/15/263		65,000	64,246
4.250%, due 07/15/243		40,000	40,712

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
4.250%, due 09/15/243		53,000	53,795
Niagara Mohawk Power Corp.
4.278%, due 12/15/283		2,100,000	2,420,188
NRG Energy, Inc.
5.250%, due 06/15/293		220,000	235,675
7.250%, due 05/15/26		105,000	112,875
Ohio Power Co.,
Series M,
5.375%, due 10/01/21		480,000	509,845
PPL Capital Funding, Inc.
3.500%, due 12/01/22		1,700,000	1,768,190
Puget Energy, Inc.
6.500%, due 12/15/20		6,000,000	6,181,300
Sempra Energy
2.900%, due 02/01/23		2,178,000	2,253,614
Talen Energy Supply LLC
6.625%, due 01/15/283		150,000	141,120
7.250%, due 05/15/273		115,000	113,850
Vistra Operations Co. LLC
5.000%, due 07/31/273		125,000	127,487
5.500%, due 09/01/263		60,000	61,770
5.625%, due 02/15/273		90,000	94,725
Xcel Energy, Inc.
3.400%, due 06/01/30		1,600,000	1,775,991
			44,407,580
Electrical components & equipment—0.0%†
Energizer Holdings, Inc.
5.500%, due 06/15/253		20,000	20,232
6.375%, due 07/15/263		70,000	72,013
7.750%, due 01/15/273		105,000	111,457
EnerSys
4.375%, due 12/15/273		45,000	43,425
			247,127
Electronics—0.0%†
Sensata Tech, Inc.
4.375%, due 02/15/30		20,000	19,400

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electronics—(concluded)
Sensata Technologies BV
4.875%, due 10/15/233		145,000		145,725
				165,125
Energy-Alternate Sources—0.4%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/243		1,500,000		1,373,250
Greenko Solar Mauritius Ltd.
5.950%, due 07/29/263,8		1,300,000		1,131,660
				2,504,910
Engineering & construction—0.3%
AECOM
5.875%, due 10/15/24		35,000		37,030
China Minmetals Corp.
(fixed, converts to FRN on 11/13/22),
3.750%, due 11/13/225,7		200,000		197,437
frontdoor, Inc.
6.750%, due 08/15/263		185,000		191,938
Sydney Airport Finance Co. Pty Ltd.
3.375%, due 04/30/253		1,800,000		1,801,200
				2,227,605
Entertainment—0.2%
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250%, due 10/15/253		30,000		23,559
Cedar Fair LP
5.250%, due 07/15/293		35,000		30,100
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.
5.375%, due 06/01/24		135,000		126,225
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
5.375%, due 04/15/27		70,000		62,300
5.500%, due 05/01/253		65,000		65,163
Churchill Downs, Inc.
5.500%, due 04/01/273		295,000		281,931
Live Nation Entertainment, Inc.
4.750%, due 10/15/273		250,000		213,748
4.875%, due 11/01/243		200,000		177,375
Six Flags Entertainment Corp.
4.875%, due 07/31/243		105,000		92,421
Six Flags Theme Parks, Inc.
7.000%, due 07/01/253		15,000		15,522

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
Vail Resorts, Inc.
6.250%, due 05/15/253		10,000		10,325
WMG Acquisition Corp.
5.000%, due 08/01/233		70,000		70,350
				1,169,019
Environmental control—0.0%†
Clean Harbors, Inc.
4.875%, due 07/15/273		30,000		31,079
5.125%, due 07/15/293		15,000		15,263
				46,342
Food—0.7%
Danone SA
2.077%, due 11/02/213,8		1,500,000		1,518,236
Grupo Bimbo SAB de CV
4.700%, due 11/10/473		705,000		698,170
HJ Heinz Finance Co.
7.125%, due 08/01/393		1,200,000		1,438,093
Kraft Heinz Foods Co.
4.375%, due 06/01/46		90,000		85,482
4.875%, due 10/01/493		150,000		149,013
5.000%, due 06/04/42		85,000		86,166
5.200%, due 07/15/45		125,000		127,999
Kroger Co./The
5.400%, due 01/15/49		115,000		151,280
Post Holdings, Inc.
4.625%, due 04/15/303		115,000		112,699
5.000%, due 08/15/263		30,000		29,888
5.500%, due 12/15/293		60,000		60,300
5.625%, due 01/15/283		95,000		96,663
5.750%, due 03/01/273		20,000		20,475
Sysco Corp.
5.950%, due 04/01/30		25,000		29,398
6.600%, due 04/01/40		10,000		11,944
US Foods, Inc.
6.250%, due 04/15/253		245,000		250,512
				4,866,318
Food Service—0.0%†
Aramark Services, Inc.
5.000%, due 02/01/283		90,000		85,901

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food Service—(concluded)
6.375%, due 05/01/253		100,000		104,000
				189,901
Hand & machine tools—0.0%†
Colfax Corp.
6.000%, due 02/15/243		35,000		35,525
6.375%, due 02/15/263		70,000		72,184
				107,709
Healthcare-products—0.1%
Abbott Laboratories
3.750%, due 11/30/26		375,000		433,121
Hologic, Inc.
4.375%, due 10/15/253		90,000		90,414
Zimmer Biomet Holdings, Inc.
3.550%, due 04/01/25		385,000		401,979
				925,514
Healthcare-services—0.7%
Aetna, Inc.
2.750%, due 11/15/22		1,600,000		1,648,303
Centene Corp.
4.250%, due 12/15/273		110,000		115,087
4.625%, due 12/15/293		175,000		191,625
4.750%, due 01/15/25		80,000		81,868
5.250%, due 04/01/253		35,000		36,488
5.375%, due 08/15/263		165,000		175,741
Fresenius Medical Care US Finance II, Inc.
4.125%, due 10/15/203		900,000		900,914
Fresenius Medical Care US Finance, Inc.
5.750%, due 02/15/213		600,000		612,692
HCA, Inc.
3.500%, due 09/01/30		75,000		71,578
5.250%, due 06/15/49		405,000		475,677
5.375%, due 02/01/25		95,000		102,138
5.375%, due 09/01/26		130,000		140,725
5.625%, due 09/01/28		115,000		127,429
5.875%, due 02/01/29		140,000		160,412
LifePoint Health, Inc.
4.375%, due 02/15/273		45,000		42,300
MEDNAX, Inc.
6.250%, due 01/15/273		90,000		81,490
Tenet Healthcare Corp.

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
4.625%, due 09/01/243		15,000		14,700
5.125%, due 11/01/273		45,000		44,438
				5,023,605
Holding companies-divers—0.4%
CVS Pass-Through Trust
4.704%, due 01/10/363		2,914,905		2,927,858
Home builders—0.6%
D.R. Horton, Inc.
4.375%, due 09/15/22		1,400,000		1,439,189
Lennar Corp.
5.375%, due 10/01/22		125,000		128,238
Meritage Homes Corp.
7.000%, due 04/01/22		50,000		51,000
NVR, Inc.
3.950%, due 09/15/22		1,800,000		1,880,495
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/283		35,000		30,231
Taylor Morrison Communities, Inc.
5.750%, due 01/15/283		80,000		72,400
5.875%, due 06/15/273		75,000		69,000
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.
5.625%, due 03/01/243		140,000		131,600
Toll Brothers Finance Corp.
4.350%, due 02/15/28		75,000		73,875
5.625%, due 01/15/24		105,000		107,100
TRI Pointe Group, Inc.
5.250%, due 06/01/27		50,000		45,250
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
5.875%, due 06/15/24		30,000		29,103
				4,057,481
Household products/wares—0.0%†
Spectrum Brands, Inc.
5.000%, due 10/01/293		15,000		14,325
5.750%, due 07/15/25		120,000		119,700
				134,025
Insurance—0.8%
Equitable Holdings, Inc.
4.350%, due 04/20/28		1,700,000		1,776,027
5.000%, due 04/20/48		485,000		503,835

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Jackson National Life Global Funding
2.375%, due 09/15/223		1,500,000		1,531,474
Prudential Financial, Inc.
(fixed, converts to FRN on 05/15/25),
5.375%, due 05/15/45		77,000		78,031
Reliance Standard Life Global Funding II
3.850%, due 09/19/233		1,400,000		1,465,931
				5,355,298
Internet—0.3%
Expedia Group, Inc.
3.800%, due 02/15/28		1,400,000		1,213,010
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.250%, due 12/01/273		210,000		215,775
Match Group, Inc.
5.625%, due 02/15/293		135,000		141,412
Netflix, Inc.
3.625%, due 06/15/253		25,000		25,281
4.875%, due 04/15/28		115,000		122,294
5.375%, due 11/15/293		115,000		126,305
5.750%, due 03/01/24		60,000		65,244
5.875%, due 02/15/25		25,000		27,571
5.875%, due 11/15/28		125,000		141,356
6.375%, due 05/15/29		165,000		193,446
NortonLifeLock, Inc.
5.000%, due 04/15/253		70,000		70,438
				2,342,132
Iron & steel—0.0%†
Big River Steel LLC/BRS Finance Corp.
7.250%, due 09/01/253		101,000		94,688
Lodging—0.5%
Boyd Gaming Corp.
6.375%, due 04/01/26		35,000		31,525
Hilton Domestic Operating Co., Inc.
5.125%, due 05/01/26		115,000		113,539
5.375%, due 05/01/253		5,000		5,013
5.750%, due 05/01/283		5,000		5,063
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.625%, due 04/01/25		55,000		54,312
4.875%, due 04/01/27		40,000		38,784

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Lodging—(concluded)
Hyatt Hotels Corp.
5.375%, due 04/23/25	20,000	20,397
Marriott International, Inc.
3.600%, due 04/15/24	1,500,000	1,429,096
Series EE,
5.750%, due 05/01/25	20,000	20,891
MGM Resorts International
5.500%, due 04/15/27	27,000	24,806
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.500%, due 03/01/253	2,100,000	1,869,000
		3,612,426
Machinery-construction & mining—0.0%†
Terex Corp.
5.625%, due 02/01/253	215,000	195,027
Machinery-diversified—0.1%
RBS Global, Inc./Rexnord LLC
4.875%, due 12/15/253	130,000	126,750
SPX FLOW, Inc.
5.875%, due 08/15/263	100,000	101,000
Stevens Holding Co., Inc.
6.125%, due 10/01/263	170,000	170,374
		398,124
Media—2.2%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/303	100,000	100,500
4.500%, due 05/01/323	40,000	39,738
4.750%, due 03/01/303	140,000	142,800
5.000%, due 02/01/283	210,000	216,300
5.125%, due 05/01/233	180,000	182,306
5.375%, due 05/01/253	75,000	76,908
5.500%, due 05/01/263	75,000	78,008
5.750%, due 02/15/263	225,000	234,585
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579%, due 07/23/20	1,600,000	1,602,296
4.464%, due 07/23/22	1,700,000	1,791,922
4.800%, due 03/01/50	765,000	863,858
Clear Channel Worldwide Holdings, Inc.
5.125%, due 08/15/273	109,000	102,416
Comcast Corp.
4.000%, due 08/15/47	290,000	344,063

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Media—(continued)
4.950%, due 10/15/58	505,000	707,367
CSC Holdings LLC
5.500%, due 05/15/263	200,000	207,000
5.500%, due 04/15/273	200,000	207,937
5.750%, due 01/15/303	235,000	244,327
7.500%, due 04/01/283	200,000	219,787
Cumulus Media New Holdings, Inc.
6.750%, due 07/01/263	20,000	16,290
DISH DBS Corp.
5.875%, due 11/15/24	115,000	110,612
7.750%, due 07/01/26	30,000	29,550
Entercom Media Corp.
7.250%, due 11/01/243,8	1,500,000	930,000
Fox Corp.
5.576%, due 01/25/49	560,000	761,813
Gray Television, Inc.
5.875%, due 07/15/263	40,000	38,400
7.000%, due 05/15/273	85,000	85,612
iHeartCommunications, Inc.
5.250%, due 08/15/273	80,000	71,400
6.375%, due 05/01/26	250,000	236,250
Liberty Interactive LLC
8.500%, due 07/15/29	50,000	43,000
Midcontinent Communications/Midcontinent Finance Corp.
5.375%, due 08/15/273	35,000	35,378
Nexstar Broadcasting, Inc.
5.625%, due 07/15/273	170,000	162,350
Sinclair Television Group, Inc.
5.125%, due 02/15/273	40,000	33,700
Sirius XM Radio, Inc.
4.625%, due 07/15/243	105,000	107,058
5.000%, due 08/01/273	80,000	81,820
5.375%, due 04/15/253	215,000	221,719
5.375%, due 07/15/263	145,000	150,438
5.500%, due 07/01/293	155,000	163,463
TEGNA, Inc.
5.000%, due 09/15/293	60,000	53,636
Telenet Finance Luxembourg Notes SARL
5.500%, due 03/01/283	200,000	204,000
Time Warner Entertainment Co. LP
8.375%, due 03/15/23	1,200,000	1,388,539

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
ViacomCBS, Inc.
4.950%, due 01/15/31	270,000		286,426
Virgin Media Secured Finance PLC
5.000%, due 04/15/273	GBP	2,200,000	2,770,900
			15,344,472
Metal Fabricate/Hardware—0.0%†
Advanced Drainage Systems, Inc.
5.000%, due 09/30/273	35,000		34,388
Mining—0.1%
Arconic Corp.
6.125%, due 02/15/283	25,000		23,789
FMG Resources August 2006 Pty Ltd.
4.750%, due 05/15/223	20,000		20,090
5.125%, due 05/15/243	70,000		71,029
Freeport-McMoRan, Inc.
3.550%, due 03/01/22	8,000		8,062
3.875%, due 03/15/23	70,000		69,825
4.125%, due 03/01/28	80,000		74,200
4.250%, due 03/01/30	80,000		74,488
4.550%, due 11/14/24	45,000		45,056
5.000%, due 09/01/27	35,000		33,962
5.250%, due 09/01/29	35,000		34,563
5.400%, due 11/14/34	30,000		28,200
5.450%, due 03/15/43	55,000		50,619
Hudbay Minerals, Inc.
7.250%, due 01/15/233	35,000		31,864
7.625%, due 01/15/253	50,000		45,225
Novelis Corp.
4.750%, due 01/30/303	90,000		80,100
5.875%, due 09/30/263	80,000		77,784
			768,856
Miscellaneous manufacturers—0.4%
Amsted Industries, Inc.
4.625%, due 05/15/303	45,000		41,400
General Electric Capital Corp. MTN
5.875%, due 01/14/38	430,000		488,352
General Electric Co.
4.250%, due 05/01/40	1,800,000		1,796,319

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Miscellaneous manufacturers—(concluded)
4.350%, due 05/01/50	375,000	376,370
		2,702,441
Office & business equipment—0.0%†
CDW LLC/CDW Finance Corp.
4.125%, due 05/01/25	20,000	20,200
4.250%, due 04/01/28	160,000	160,736
5.000%, due 09/01/25	70,000	72,100
		253,036
Oil & gas—2.1%
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/263	85,000	49,300
BG Energy Capital PLC
4.000%, due 10/15/213	1,400,000	1,446,948
Canadian Natural Resources Ltd. GMTN
4.950%, due 06/01/47	255,000	232,158
Concho Resources, Inc.
4.875%, due 10/01/47	440,000	434,338
CrownRock LP/CrownRock Finance, Inc.
5.625%, due 10/15/253	130,000	105,314
Equinor ASA
3.125%, due 04/06/30	1,700,000	1,823,230
Exxon Mobil Corp.
3.452%, due 04/15/51	615,000	666,818
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 10/01/253	45,000	25,088
6.250%, due 11/01/283	45,000	23,288
KazMunayGas National Co. JSC
5.375%, due 04/24/303	200,000	197,250
Marathon Oil Corp.
2.800%, due 11/01/22	1,900,000	1,787,802
Marathon Petroleum Corp.
4.700%, due 05/01/25	585,000	588,296
Matador Resources Co.
5.875%, due 09/15/26	70,000	34,293
Occidental Petroleum Corp.
3.200%, due 08/15/26	1,730,000	1,245,600
3.500%, due 08/15/29	535,000	374,607
4.300%, due 08/15/39	185,000	116,087
Odebrecht Offshore Drilling Finance Ltd.
6.720%, due 12/01/225	254,956	191,538

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
7.720%, due 12/01/265,6	1,258,273	124,254
Parsley Energy LLC/Parsley Finance Corp.
5.250%, due 08/15/253	70,000	61,600
PDC Energy, Inc.
5.750%, due 05/15/26	180,000	137,286
Petroleos Mexicanos
5.350%, due 02/12/28	100,000	74,501
6.750%, due 09/21/47	83,000	57,291
Pioneer Natural Resources Co.
3.950%, due 07/15/22	1,900,000	1,928,013
Precision Drilling Corp.
7.125%, due 01/15/263	30,000	12,000
7.750%, due 12/15/23	45,000	19,800
Range Resources Corp.
4.875%, due 05/15/25	160,000	124,000
9.250%, due 02/01/263	50,000	40,625
Rio Oil Finance Trust,
Series 2014-1,
9.250%, due 07/06/243	1,015,003	965,521
Saudi Arabian Oil Co. EMTN
4.250%, due 04/16/395	200,000	205,588
Shell International Finance BV
2.750%, due 04/06/308	1,500,000	1,554,178
WPX Energy, Inc.
5.250%, due 09/15/24	125,000	112,227
5.250%, due 10/15/27	45,000	39,150
5.750%, due 06/01/26	75,000	67,972
6.000%, due 01/15/22	20,000	18,200
		14,884,161
Oil & gas services—0.0%†
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/283	60,000	44,700
Odebrecht Oil & Gas Finance Ltd.
1.384%, due 05/29/203,7,9	174,037	174
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 09/01/27	45,000	36,900
		81,774
Packaging & containers—0.4%
Berry Global, Inc.
4.500%, due 02/15/263	40,000	39,484
4.875%, due 07/15/263	215,000	219,609

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
5.125%, due 07/15/23		55,000	55,344
5.625%, due 07/15/273		35,000	36,138
Crown Americas LLC/Crown Americas Capital Corp. IV
4.500%, due 01/15/23		65,000	66,638
Crown Americas LLC/Crown Americas Capital Corp. V
4.250%, due 09/30/26		25,000	25,051
Crown Americas LLC/Crown Americas Capital Corp. VI
4.750%, due 02/01/26		45,000	46,237
Graphic Packaging International, Inc.
4.875%, due 11/15/22		40,000	40,400
Mauser Packaging Solutions Holding Co.
5.500%, due 04/15/243		215,000	198,273
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
3 mo. USD LIBOR + 3.500%,
4.719%, due 07/15/212,3		25,000	24,625
Sealed Air Corp.
4.000%, due 12/01/273		75,000	73,500
5.250%, due 04/01/233		75,000	77,280
5.500%, due 09/15/253		70,000	74,550
Silgan Holdings, Inc.
4.125%, due 02/01/283		80,000	78,600
4.750%, due 03/15/25		140,000	142,100
WRKCo, Inc.
4.650%, due 03/15/26		1,200,000	1,334,368
4.900%, due 03/15/29		500,000	568,887
			3,101,084
Pharmaceuticals—3.2%
AbbVie, Inc.
2.900%, due 11/06/22		1,600,000	1,664,487
2.950%, due 11/21/263		100,000	105,842
3.200%, due 11/21/293		175,000	184,888
3.375%, due 11/14/21		1,900,000	1,962,637
4.050%, due 11/21/393		215,000	237,067
4.250%, due 11/21/493		580,000	665,344
4.700%, due 05/14/45		450,000	533,668
Actavis Funding SCS
3.450%, due 03/15/22		1,400,000	1,434,869
Bausch Health Americas, Inc.
8.500%, due 01/31/273		75,000	82,680
Bausch Health Cos., Inc.
5.750%, due 08/15/273		15,000	15,819

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
6.125%, due 04/15/253		290,000	293,081
6.500%, due 03/15/223		115,000	117,277
7.000%, due 01/15/283		55,000	57,063
Bayer US Finance II LLC
3 mo. USD LIBOR + 1.010%,
1.751%, due 12/15/232,3		1,900,000	1,834,946
3 mo. USD LIBOR + 0.630%,
1.846%, due 06/25/212,3		700,000	688,130
3.500%, due 06/25/213		1,600,000	1,632,561
Cigna Corp.
3 mo. USD LIBOR + 0.890%,
2.109%, due 07/15/232		800,000	775,285
3.200%, due 03/15/40		275,000	280,875
4.800%, due 08/15/38		150,000	182,116
CVS Health Corp.
3.700%, due 03/09/23		1,500,000	1,590,477
4.125%, due 04/01/40		185,000	207,061
4.750%, due 12/01/22		1,500,000	1,614,848
5.050%, due 03/25/48		470,000	591,015
Mylan N.V.
3.150%, due 06/15/21		1,200,000	1,207,151
3.950%, due 06/15/26		185,000	196,396
Mylan, Inc.
4.550%, due 04/15/28		420,000	460,194
Takeda Pharmaceutical Co. Ltd.
4.400%, due 11/26/238		1,800,000	1,973,990
Teva Pharmaceutical Finance Netherlands II BV
0.375%, due 07/25/205	EUR	486,776	528,877
3.250%, due 04/15/22	EUR	1,200,000	1,288,645
Vizient, Inc.
6.250%, due 05/15/273		55,000	57,789
			22,465,078
Pipelines—1.7%
Abu Dhabi Crude Oil Pipeline LLC
4.600%, due 11/02/475		200,000	214,000
Buckeye Partners LP
3.950%, due 12/01/26		135,000	122,175
4.125%, due 03/01/253		55,000	50,875
4.125%, due 12/01/27		65,000	58,013
4.500%, due 03/01/283		55,000	49,500
Cheniere Corpus Christi Holdings LLC
7.000%, due 06/30/24		1,700,000	1,815,403

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
Cheniere Energy Partners LP
4.500%, due 10/01/293		95,000	87,637
5.250%, due 10/01/25		160,000	152,736
DCP Midstream Operating LP
5.375%, due 07/15/25		50,000	40,500
(fixed, converts to FRN on 05/21/23),
5.850%, due 05/21/433		30,000	13,800
6.750%, due 09/15/373		30,000	18,000
Energy Transfer Operating LP
3.750%, due 05/15/30		325,000	294,491
5.250%, due 04/15/298		1,500,000	1,528,084
6.250%, due 04/15/49		370,000	368,049
Series B,
(fixed, converts to FRN on 02/15/28),
6.625%, due 02/15/287		750,000	537,232
Series G,
(fixed, converts to FRN on 05/15/30),
7.125%, due 05/15/307		760,000	605,625
Enterprise Products Operating LLC
4.200%, due 01/31/50		65,000	64,141
EQM Midstream Partners LP
4.000%, due 08/01/24		35,000	31,588
4.750%, due 07/15/23		60,000	56,400
5.500%, due 07/15/28		35,000	31,478
EQT Midstream Partners LP
4.125%, due 12/01/26		70,000	60,025
Florida Gas Transmission Co. LLC
5.450%, due 07/15/203		800,000	803,219
Genesis Energy LP/Genesis Energy Finance Corp.
6.000%, due 05/15/23		75,000	66,210
6.500%, due 10/01/25		40,000	33,600
Global Partners LP/GLP Finance Corp.
7.000%, due 08/01/27		50,000	40,240
Kinder Morgan Energy Partners LP
4.150%, due 02/01/24		585,000	613,932
Kinder Morgan, Inc.
5.550%, due 06/01/45		753,000	861,971
MPLX LP
4.000%, due 03/15/28		110,000	104,262
4.700%, due 04/15/48		840,000	750,255
NuStar Logistics LP
4.800%, due 09/01/20		25,000	24,500
5.625%, due 04/28/27		30,000	27,000

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
6.000%, due 06/01/26		35,000	31,981
Plains All American Pipeline LP/PAA Finance Corp.
3.550%, due 12/15/29		1,049,000	895,379
4.650%, due 10/15/25		379,000	356,883
Sabine Pass Liquefaction LLC
4.200%, due 03/15/28		65,000	63,533
Southern Gas Corridor CJSC
6.875%, due 03/24/265		200,000	209,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.250%, due 11/15/23		120,000	108,300
5.000%, due 01/15/28		10,000	8,510
5.125%, due 02/01/25		10,000	9,000
5.375%, due 02/01/27		10,000	8,500
5.500%, due 03/01/303		75,000	63,937
5.875%, due 04/15/26		70,000	62,125
6.000%, due 03/01/273		55,000	36,575
6.500%, due 07/15/27		10,000	9,000
6.875%, due 01/15/29		10,000	9,171
Western Midstream Operating LP
3.100%, due 02/01/254		150,000	136,875
4.050%, due 02/01/304		160,000	146,000
Williams Cos., Inc./The
4.850%, due 03/01/48		110,000	112,683
			11,792,393
Private Equity—0.2%
Carlyle Finance Subsidiary LLC
3.500%, due 09/19/293		1,500,000	1,487,182
Real estate—0.4%
Ontario Teachers’ Cadillac Fairview Properties Trust
3.125%, due 03/20/223,8		300,000	302,243
Realogy Group LLC/Realogy Co-Issuer Corp.
4.875%, due 06/01/233		80,000	60,831
9.375%, due 04/01/273		75,000	52,500
Tesco Property Finance 5 PLC
5.661%, due 10/13/415	GBP	685,993	1,123,269

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Real estate—(concluded)
Vesteda Finance BV EMTN
2.500%, due 10/27/225	EUR	1,000,000	1,129,150
			2,667,993
Real estate investment trusts—0.3%
Equinix, Inc.
5.875%, due 01/15/26		35,000	36,351
ESH Hospitality, Inc.
4.625%, due 10/01/273		95,000	85,975
5.250%, due 05/01/253		200,000	188,000
Healthcare Trust of America Holdings LP
3.100%, due 02/15/30		290,000	268,093
Iron Mountain US Holdings, Inc.
5.375%, due 06/01/263		145,000	144,275
Iron Mountain, Inc.
4.875%, due 09/15/273		60,000	58,500
4.875%, due 09/15/293		100,000	95,750
5.250%, due 03/15/283		415,000	405,663
MPT Operating Partnership LP/MPT Finance Corp.
5.250%, due 08/01/26		40,000	40,400
5.500%, due 05/01/24		65,000	64,675
RHP Hotel Properties LP/RHP Finance Corp.
5.000%, due 04/15/23		65,000	60,450
Ryman Hospitality Properties, Inc.
4.750%, due 10/15/273		100,000	87,250
SBA Communications Corp.
3.875%, due 02/15/273		125,000	127,656
Starwood Property Trust, Inc.
4.750%, due 03/15/25		40,000	33,800
5.000%, due 12/15/21		75,000	70,125
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/263		75,000	70,094
4.625%, due 12/01/293		75,000	69,281
			1,906,338
Retail—0.3%
1011778 BC ULC/New Red Finance, Inc.
4.250%, due 05/15/243		135,000	134,958
5.000%, due 10/15/253		130,000	130,650
5.750%, due 04/15/253		30,000	31,650
Asbury Automotive Group, Inc.
4.500%, due 03/01/283		19,000	15,954
4.750%, due 03/01/303		24,000	20,108

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
Beacon Roofing Supply, Inc.
4.875%, due 11/01/253		230,000	203,263
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.000%, due 06/01/243		40,000	41,215
5.250%, due 06/01/263		155,000	158,488
McDonald's Corp. MTN
2.125%, due 03/01/30		95,000	94,590
3.600%, due 07/01/30		300,000	338,126
3.625%, due 09/01/49		130,000	142,221
Penske Automotive Group, Inc.
5.500%, due 05/15/26		170,000	157,109
Staples, Inc.
7.500%, due 04/15/263		270,000	213,300
Yum! Brands, Inc.
4.750%, due 01/15/303		130,000	132,600
7.750%, due 04/01/253		20,000	21,803
			1,836,035
Semiconductors—2.2%
Amkor Technology, Inc.
6.625%, due 09/15/273		100,000	102,750
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.200%, due 01/15/21		1,100,000	1,096,404
3.625%, due 01/15/24		1,800,000	1,882,912
Broadcom, Inc.
3.125%, due 10/15/223		1,800,000	1,865,336
KLA Corp.
3.300%, due 03/01/50		270,000	263,168
Microchip Technology, Inc.
3.922%, due 06/01/21		1,300,000	1,321,052
4.333%, due 06/01/23		595,000	616,830
Micron Technology, Inc.
4.975%, due 02/06/26		1,400,000	1,544,373
NXP BV/NXP Funding LLC
4.125%, due 06/01/213,8		1,800,000	1,838,823
4.625%, due 06/15/223		700,000	730,085
4.875%, due 03/01/243		1,500,000	1,627,774
QUALCOMM, Inc.
4.800%, due 05/20/458		2,000,000	2,542,797

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Semiconductors—(concluded)
Sensata Technologies UK Financing Co. PLC
6.250%, due 02/15/263		65,000		67,112
				15,499,416
Software—0.7%
CDK Global, Inc.
4.875%, due 06/01/27		80,000		79,800
5.000%, due 10/15/244		75,000		77,625
5.875%, due 06/15/26		55,000		57,613
Fair Isaac Corp.
4.000%, due 06/15/283		105,000		104,212
j2 Cloud Services LLC/j2 Cloud Co-Obligor, Inc.
6.000%, due 07/15/253		130,000		131,300
MSCI, Inc.
4.000%, due 11/15/293		75,000		77,865
Nuance Communications, Inc.
5.625%, due 12/15/26		145,000		151,989
Open Text Corp.
5.875%, due 06/01/263		190,000		199,500
Oracle Corp.
3.600%, due 04/01/50		235,000		266,904
3.850%, due 04/01/60		1,615,000		1,871,153
4.000%, due 07/15/46		150,000		177,460
PTC, Inc.
4.000%, due 02/15/283		125,000		122,500
SS&C Technologies, Inc.
5.500%, due 09/30/273		245,000		251,125
VMware, Inc.
2.950%, due 08/21/22		1,500,000		1,521,855
				5,090,901
Telecommunications—2.2%
Altice France SA
5.500%, due 01/15/283		200,000		201,980
5.875%, due 02/01/273	EUR	1,100,000		1,248,830
7.375%, due 05/01/263,8		800,000		836,000
8.125%, due 02/01/273		215,000		232,802
AT&T, Inc.
3 mo. USD LIBOR + 0.750%,
2.330%, due 06/01/212		670,000		667,669
3.800%, due 03/15/22		725,000		756,768
4.350%, due 06/15/45		160,000		174,945
4.500%, due 03/09/48		910,000		1,031,505

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
5.450%, due 03/01/47		770,000	973,370
British Telecommunications PLC
3.250%, due 11/08/293		630,000	633,769
4.500%, due 12/04/23		1,500,000	1,627,705
CenturyLink, Inc.
4.000%, due 02/15/273		70,000	67,900
CommScope Technologies LLC
5.000%, due 03/15/273		55,000	47,025
6.000%, due 06/15/253		65,000	57,844
CommScope, Inc.
5.500%, due 06/15/243		45,000	40,292
6.000%, due 03/01/263		35,000	34,998
8.250%, due 03/01/273		60,000	57,600
Deutsche Telekom International Finance BV
2.820%, due 01/19/223		1,600,000	1,634,134
Hughes Satellite Systems Corp.
7.625%, due 06/15/21		40,000	41,540
Level 3 Financing, Inc.
4.625%, due 09/15/273		100,000	99,080
5.125%, due 05/01/23		210,000	209,475
Sprint Capital Corp.
6.875%, due 11/15/28		50,000	60,217
8.750%, due 03/15/32		150,000	210,750
Sprint Communications, Inc.
6.000%, due 11/15/22		1,200,000	1,269,132
Sprint Corp.
7.125%, due 06/15/24		210,000	235,725
7.625%, due 03/01/26		80,000	94,568
7.875%, due 09/15/23		125,000	140,600
T-Mobile USA, Inc.
4.375%, due 04/15/403		185,000	208,969
4.500%, due 04/15/503		280,000	326,242
5.375%, due 04/15/27		45,000	47,921
6.500%, due 01/15/26		95,000	100,225
Telecom Italia Capital SA
6.000%, due 09/30/34		40,000	41,436
Verizon Communications, Inc.
3.376%, due 02/15/25		866,000	949,174
4.522%, due 09/15/48		540,000	711,500

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Telecommunications—(concluded)
Vodafone Group PLC
3.750%, due 01/16/24		455,000	489,844
			15,561,534
Transportation—0.2%
AP Moller - Maersk A/S
4.500%, due 06/20/293		1,500,000	1,490,393
Trucking & leasing—1.7%
Aviation Capital Group Corp.
6.750%, due 04/06/213		4,820,000	4,539,392
Aviation Capital Group LLC
7.125%, due 10/15/203		1,100,000	990,549
NTT Finance Corp. EMTN
1.900%, due 07/21/215		2,000,000	2,004,924
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.900%, due 02/01/243		1,200,000	1,239,594
4.250%, due 01/17/233		1,300,000	1,357,635
SMBC Aviation Capital Finance DAC
2.650%, due 07/15/213,8		400,000	398,044
4.125%, due 07/15/233		1,600,000	1,611,476
			12,141,614
Water—0.1%
Essential Utilities, Inc.
3.351%, due 04/15/50		505,000	526,378
Total corporate bonds (cost—$386,148,370)			384,994,922
Loan assignments—0.5%
Broadcast—0.5%
Hilton Worldwide Finance, LLC 2019 Term Loan B2
1 mo. USD LIBOR + 1.750%,
2.237%, due 06/22/262
(cost—$3,496,790)		3,524,014	3,336,078
Mortgage-backed securities—11.4%
Alba PLC,
Series 2007-1, Class A3,
3 mo. LIBOR GBP + 0.170%,
0.683%, due 03/17/392,5	GBP	422,240	481,023

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Alternative Loan Trust,
Series 2006-14CB, Class A1,
6.000%, due 06/25/36		1,674,238	1,197,024
ARM Trust,
Series 2005-5, Class 2A1,
4.174%, due 09/25/3511		80,947	71,311
Ashford Hospitality Trust,
Series KEYS, Class A,
1 mo. USD LIBOR + 1.000%,
1.814%, due 05/15/352,3		1,500,000	1,300,814
BAMLL Commercial Mortgage Securities Trust,
Series 2012-PARK, Class A,
2.959%, due 12/10/303		1,000,000	1,036,815
Banc of America Funding Trust,
Series 2005-D, Class A1,
4.331%, due 05/25/3511		337,234	322,051
Bank of America Mortgage Trust,
Series 2002-G, Class 1A3,
4.799%, due 07/20/3211		564	523
BBCCRE Trust,
Series 2015-GTP, Class A,
3.966%, due 08/10/333		3,600,000	3,827,165
BCAP LLC Trust,
Series 2014-RR5, Class 1A3,
1 mo. USD LIBOR + 0.225%,
1.397%, due 01/26/362,3		166,970	166,012
Bear Stearns Alternative Loan Trust-A Trust,
Series 2003-3, Class 1A,
4.544%, due 10/25/3311		3,854	3,502
Series 2004-9, Class 2A1,
4.119%, due 09/25/3411		208,385	188,738
Series 2005-7, Class 22A1,
3.925%, due 09/25/3511		402,937	302,924
Series 2006-1, Class 21A2,
3.647%, due 02/25/3611		527,348	416,878
Bear Stearns ARM Trust,
Series 2003-1, Class 6A1,
4.016%, due 04/25/3311		9,932	9,689
Series 2003-5, Class 2A1,
4.189%, due 08/25/3311		73,755	69,416
Series 2004-3, Class 1A2,
4.321%, due 07/25/3411		64,509	55,485
Series 2004-6, Class 2A1,
3.913%, due 09/25/3411		381,604	347,763

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2004-7, Class 1A1,
4.250%, due 10/25/3411		139,824		119,960
Chase Mortgage Finance Corp.,
Series 2005-S3, Class A10,
5.500%, due 11/25/35		1,450,416		1,292,129
Series 2007-S6, Class 2A1,
5.500%, due 12/25/22		611,702		373,507
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO,
1.493%, due 02/10/4811		3,338,862		153,031
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-11, Class A1A,
1 year CMT + 2.400%,
2.570%, due 05/25/352		117,080		111,796
Series 2005-4, Class A,
4.621%, due 08/25/3511		270,087		255,686
Series 2005-6, Class A2,
1 year CMT + 2.150%,
2.290%, due 09/25/352		21,295		20,077
Series 2005-6, Class A3,
1 year CMT + 1.800%,
1.940%, due 09/25/352		3,421		3,056
COMM Mortgage Trust,
Series 2014-LC15, Class XA, IO,
1.260%, due 04/10/4711		9,447,428		323,533
Series 2014-UBS3, Class XA, IO,
1.235%, due 06/10/4711		2,833,394		101,859
Countrywide Alternative Loan Trust,
Series 2003-J3, Class 2A1,
6.250%, due 12/25/33		22,360		22,385
Series 2005-62, Class 2A1,
12 mo. MTA + 1.000%,
2.871%, due 12/25/352		150,581		128,999
Series 2006-41CB, Class 1A9,
6.000%, due 01/25/37		424,777		313,494
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2003-R4, Class 2A,
4.945%, due 01/25/343,11		551,568		529,094
Series 2004-12, Class 11A2,
3.784%, due 08/25/3411		126,675		118,014
Series 2004-12, Class 12A1,
4.101%, due 08/25/3411		8,957		8,840
Series 2005-HYB9, Class 5A1,
12 mo. USD LIBOR + 1.750%,
3.793%, due 02/20/362		157,493		139,439

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
DSLA Mortgage Loan Trust,
Series 2005-AR4, Class 2A1A,
1 mo. USD LIBOR + 0.260%,
0.978%, due 08/19/452		190,996		165,386
FHLMC REMIC,
Series 0023, Class KZ,
6.500%, due 11/25/23		15,509		16,525
Series 1278, Class K,
7.000%, due 05/15/22		1,557		1,596
Series 1367, Class KA,
6.500%, due 09/15/22		140		147
Series 1502, Class PX,
7.000%, due 04/15/23		54,197		57,426
Series 1503, Class PZ,
7.000%, due 05/15/23		15,494		16,534
Series 1534, Class Z,
5.000%, due 06/15/23		17,405		18,070
Series 1562, Class Z,
7.000%, due 07/15/23		29,929		31,950
Series 1694, Class Z,
6.500%, due 03/15/24		12,149		13,151
Series 2061, Class Z,
6.500%, due 06/15/28		47,141		54,104
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
1.314%, due 01/15/322		28,149		27,687
Series 2764, Class LZ,
4.500%, due 03/15/34		445,484		482,428
Series 2764, Class ZG,
5.500%, due 03/15/34		1,351,140		1,551,585
Series 2835, Class JZ,
5.000%, due 08/15/34		282,244		321,849
Series 2921, Class PG,
5.000%, due 01/15/35		1,492,634		1,706,716
Series 2983, Class TZ,
6.000%, due 05/15/35		893,907		1,023,452
Series 3149, Class CZ,
6.000%, due 05/15/36		1,180,117		1,399,952
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2017-DNA1, Class M2,
1 mo. USD LIBOR + 3.250%,
4.197%, due 07/25/292		515,000		490,756
Series 2017-DNA2, Class M2,
1 mo. USD LIBOR + 3.450%,
4.397%, due 10/25/292		1,190,000		1,141,165

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2017-DNA3, Class M2,
1 mo. USD LIBOR + 2.500%,
3.447%, due 03/25/302		320,000		300,921
Series 2017-HQA2, Class M2,
1 mo. USD LIBOR + 2.650%,
3.597%, due 12/25/292		1,320,000		1,170,151
Series 2018-HQA1, Class M2,
1 mo. USD LIBOR + 2.300%,
3.247%, due 09/25/302		819,401		720,628
FHLMC Structured Pass-Through Certificates,
Series T-054, Class 2A,
6.500%, due 02/25/43		416,419		507,667
Series T-058, Class 2A,
6.500%, due 09/25/43		266,824		308,829
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3, Class 2A1,
4.622%, due 08/25/3511		15,533		12,191
FNMA Connecticut Avenue Securities,
Series 2017-C02, Class 2M2,
1 mo. USD LIBOR + 3.650%,
4.597%, due 09/25/292		1,489,072		1,406,794
Series 2017-C03, Class 1M2,
1 mo. USD LIBOR + 3.000%,
3.947%, due 10/25/292		680,000		643,338
Series 2017-C03, Class 2M2,
1 mo. USD LIBOR + 2.800%,
3.747%, due 02/25/302		339,533		311,370
Series 2017-C04, Class 2M2,
1 mo. USD LIBOR + 2.850%,
3.797%, due 11/25/292		1,300,000		1,191,038
Series 2017-C05, Class 1M2,
1 mo. USD LIBOR + 2.200%,
3.147%, due 01/25/302		476,682		441,357
Series 2017-C06, Class 1M2,
1 mo. USD LIBOR + 2.650%,
3.597%, due 02/25/302		298,365		276,910
Series 2017-C07, Class 2M2,
1 mo. USD LIBOR + 2.500%,
3.447%, due 05/25/302		899,469		783,409
Series 2018-C01, Class 1M2,
1 mo. USD LIBOR + 2.250%,
3.197%, due 07/25/302		725,000		632,248
Series 2018-C02, Class 2M2,
1 mo. USD LIBOR + 2.200%,
3.147%, due 08/25/302		244,821		214,191
FNMA REMIC,

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Series 1991-065, Class Z,
6.500%, due 06/25/21		119		121
Series 1992-129, Class L,
6.000%, due 07/25/22		549		571
Series 1993-060, Class Z,
7.000%, due 05/25/23		13,656		14,494
Series 1993-070, Class Z,
6.900%, due 05/25/23		2,185		2,322
Series 1993-096, Class PZ,
7.000%, due 06/25/23		10,619		11,315
Series 1993-160, Class ZB,
6.500%, due 09/25/23		5,199		5,480
Series 1993-163, Class ZB,
7.000%, due 09/25/23		1,194		1,272
Series 1998-066, Class FG,
1 mo. USD LIBOR + 0.300%,
0.787%, due 12/25/282		6,214		6,165
Series 1999-W4, Class A9,
6.250%, due 02/25/29		134,539		151,070
Series 2000-034, Class F,
1 mo. USD LIBOR + 0.450%,
0.937%, due 10/25/302		2,010		1,955
Series 2002-080, Class A1,
6.500%, due 11/25/42		532,090		609,899
Series 2003-064, Class AH,
6.000%, due 07/25/33		1,257,513		1,471,840
Series 2003-W8, Class 2A,
7.000%, due 10/25/42		22,853		27,347
Series 2004-T1, Class 1A1,
6.000%, due 01/25/44		325,158		378,009
Series 2004-W8, Class 2A,
6.500%, due 06/25/44		389,880		457,457
Series 2005-024, Class ZE,
5.000%, due 04/25/35		534,748		608,214
Series 2005-120, Class ZU,
5.500%, due 01/25/36		1,366,768		1,608,996
Series 2006-065, Class GD,
6.000%, due 07/25/26		423,497		461,691
Trust 1993-037, Class PX,
7.000%, due 03/25/23		2,666		2,808
Trust G92-040, Class ZC,
7.000%, due 07/25/22		1,269		1,318
GNMA REMIC,
Trust Series 2003-98, Class Z,
6.000%, due 11/20/33		3,577,578		4,129,447

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Trust Series 2005-26, Class ZA,
5.500%, due 01/20/35		7,638,943		8,643,226
Trust Series 2015-H20, Class FB,
1 mo. USD LIBOR + 0.600%,
1.956%, due 08/20/652		1,303,740		1,297,310
Trust Series 2016-H11, Class F,
1 mo. USD LIBOR + 0.800%,
2.156%, due 05/20/662		962,680		965,085
Trust Series 2016-H15, Class FA,
1 mo. USD LIBOR + 0.800%,
2.156%, due 07/20/662		1,779,277		1,783,652
Trust Series 2016-H19, Class FE,
1 mo. USD LIBOR + 0.370%,
1.726%, due 06/20/612		508		508
Trust Series 2017-182, Class FW,
1 mo. USD LIBOR + 0.350%,
1.335%, due 05/20/472		648,079		649,466
Trust Series 2018-38, Class WF,
1 mo. USD LIBOR + 0.300%,
1.285%, due 10/20/432		1,750,515		1,745,226
GS Residential Mortgage Loan Trust,
Series 2005-AR6, Class 2A1,
4.091%, due 09/25/3511		196,054		188,201
Harborview Mortgage Loan Trust,
Series 2004-11, Class 3A1A,
1 mo. USD LIBOR + 0.700%,
1.418%, due 01/19/352		32,669		27,902
Series 2005-4, Class 3A1,
4.251%, due 07/19/3511		171,871		148,965
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-LAQ, Class A,
1 mo. USD LIBOR + 1.000%,
1.814%, due 06/15/322,3		1,599,305		1,454,923
Series 2018-PHH, Class A,
1 mo. USD LIBOR + 0.910%,
1.724%, due 06/15/352,3		1,550,537		1,380,959
JPMorgan Mortgage Trust,
Series 2005-A8, Class 1A1,
3.909%, due 11/25/3511		553,078		471,460
Series 2006-A4, Class 2A2,
3.778%, due 06/25/3611		259,276		210,831
Ludgate Funding PLC,
Series 2007-1, Class A2A,
3 mo. LIBOR GBP + 0.160%,
0.735%, due 01/01/612,5	GBP	1,513,487		1,745,968

PACE Strategic Fixed Income Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2008-W1X, Class A1,
3 mo. LIBOR GBP + 0.600%,
1.175%, due 01/01/61 2,5	GBP	651,581	761,436
Mansard Mortgages,
Series 2007-1X, Class A2,
3 mo. LIBOR GBP + 0.180%,
0.846%, due 04/15/472,5	GBP	975,137	1,112,705
Morgan Stanley Capital I Trust,
Series 2014-CPT, Class B,
3.560%, due 07/13/293,11	1,800,000		1,832,664
NAAC Reperforming Loan REMIC Trust,
Series 2004-R3, Class A1,
6.500%, due 02/25/353	617,771		593,391
Nomura Resecuritization Trust,
Series 2014-7R, Class 2A3,
1 mo. USD LIBOR + 0.200%,
1.147%, due 12/26/352,3	543,689		524,658
OBX Trust,
Series 2019-EXP2, Class 2A1A,
1 mo. USD LIBOR + 0.900%,
1.847%, due 06/25/592,3	318,745		313,987
Reperforming Loan REMIC Trust,
Series 2006-R1, Class AF1,
1 mo. USD LIBOR + 0.340%,
0.827%, due 01/25/362,3	696,318		644,651
Residential Funding Mortgage Security I,
Series 2004-S9, Class 1A23,
5.500%, due 12/25/34	393,886		386,611
Sequoia Mortgage Trust,
Series 2007-3, Class 1A1,
1 mo. USD LIBOR + 0.200%,
0.918%, due 07/20/362	115,225		104,135
Structured ARM Loan Trust,
Series 2004-8, Class 3A,
3.952%, due 07/25/3411	258,888		234,260
Structured Asset Mortgage Investments, Inc.,
Series 2002-AR3, Class A1,
1 mo. USD LIBOR + 0.660%,
1.378%, due 09/19/322	59,674		55,455
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.210%,
0.697%, due 04/25/362	1,115,516		1,094,030
Thornburg Mortgage Securities Trust,
Series 2007-4, Class 2A1,
3.912%, due 09/25/3711	627,922		592,528

PACE Strategic Fixed Income Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
Towd Point Mortgage Funding,
Series 2019-A13A, Class A1,
3 mo. Sonia + 0.900%,
1.392%, due 07/20/452,3	GBP	4,899,492	6,047,818
Uropa Securities PLC,
Series 2007-1, Class A3A,
3 mo. LIBOR GBP + 0.200%,
0.866%, due 10/10/402,5	GBP	2,689,027	3,083,274
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR6, Class A,
12 mo. MTA + 1.400%,
3.271%, due 06/25/422	13,852		12,059
Series 2005-AR13, Class A1A1,
1 mo. USD LIBOR + 0.290%,
0.777%, due 10/25/452	459,666		428,079
Series 2006-AR2, Class 2A1,
3.573%, due 03/25/3611	562,104		466,649
Series 2006-AR9, Class 1A,
12 mo. MTA + 1.000%,
2.871%, due 08/25/462	525,936		476,164
WFRBS Commercial Mortgage Trust,
Series 2014-C22, Class XA, IO,
0.956%, due 09/15/5711	6,455,800		174,355
Series 2014-LC14, Class XA, IO,
1.376%, due 03/15/4711	3,342,367		114,193
Total Mortgage-backed securities (cost—$80,606,665)			80,972,128
Municipal bonds—0.3%
Illinois—0.1%
Sales Tax Securitization Corp.,
Series B,
3.057%, due 01/01/34	1,400,000		1,216,782
New York—0.1%
New York State Dormitory Authority, Personal Income Tax Revenue Bonds,
Series D,
4.000%, due 02/15/47	180,000		192,749
New York State Urban Development Corp., Sale Tax Revenue Bonds,
Series A,
4.000%, due 03/15/43	180,000		194,182
			386,931
Texas—0.1%
Texas Water Development Board, Water Implementation Revenue Bonds
4.000%, due 10/15/54	115,000		127,436

PACE Strategic Fixed Income Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Municipal bonds—(concluded)
Texas—(concluded)
Waller Consolidated Independent School District, GO Bonds,
(PSF-GTD),
4.000%, due 02/15/50		180,000	202,947
Ysleta Independent School District, GO Bonds,
(PSF-GTD),
4.000%, due 08/15/52		105,000	117,288
			447,671
Total Municipal bonds (cost—$2,304,416)			2,051,384
Non-U.S. government agency obligations—2.6%
Angolan Government International Bond EMTN
4.750%, due 02/20/245	200,000		200,300
Bermuda Government International Bond
3.717%, due 01/25/275	200,000		200,000
Brazil Minas SPE via State of Minas Gerais
5.333%, due 02/15/285	160,000		160,100
Brazilian Government International Bond
5.625%, due 01/07/41	100,000		99,750
7.125%, due 01/20/37	40,000		45,275
Colombia Government International Bond
6.125%, due 01/18/41	100,000		111,469
Costa Rica Government International Bond
7.158%, due 03/12/455	230,000		177,603
Dominican Republic International Bond
6.850%, due 01/27/455	200,000		170,750
Egypt Government International Bond
7.903%, due 02/21/485	250,000		215,391
Indonesia Government International Bond
8.500%, due 10/12/355	190,000		274,040
Israel Government International Bond
3.875%, due 07/03/508	1,700,000		1,880,370
4.125%, due 01/17/48	1,600,000		1,861,000
Ivory Coast Government International Bond
5.750%, due 12/31/324,5	342,000		298,822
Japan Bank for International Cooperation
2.875%, due 07/21/27	2,200,000		2,472,141
Japan International Cooperation Agency
2.750%, due 04/27/27	1,300,000		1,457,624
Kuwait International Government Bond
2.750%, due 03/20/225	1,700,000		1,740,375

PACE Strategic Fixed Income Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Mexico Government International Bond GMTN
5.750%, due 10/12/10		76,000	72,271
Mongolia Government International Bond
5.625%, due 05/01/235		200,000	176,250
Paraguay Government International Bond
4.950%, due 04/28/315	200,000		206,750
Peruvian Government International Bond
5.940%, due 02/12/293	PEN	5,100,000	1,699,709
Qatar Government International Bond
4.500%, due 04/23/285	1,700,000		1,946,500
5.103%, due 04/23/485	1,600,000		1,996,500
Republic of South Africa Government International Bond
5.875%, due 06/22/30	200,000		183,000
Romanian Government International Bond
5.125%, due 06/15/485	30,000		31,687
Russian Foreign Bond - Eurobond
4.250%, due 06/23/275	200,000		217,000
Sri Lanka Government International Bond
6.750%, due 04/18/285	200,000		110,750
Turkey Government International Bond
7.375%, due 02/05/25	150,000		151,875
Uruguay Government International Bond
5.100%, due 06/18/50	197,500		224,101
Total Non-U.S. government agency obligations (cost—$16,907,452)			18,381,403
U.S. government agency obligations—9.3%
FHA GMAC
7.430%, due 06/01/21	1		1
FHLMC
7.645%, due 05/01/25	658,487		761,830
FHLMC ARM
12 mo. USD LIBOR + 1.815%,
3.783%, due 03/01/362	12,800		12,869
FNMA
3.310%, due 07/01/23	584,062		622,349
3.500%, due 11/01/21	1,008,950		1,033,839
4.500%, due 04/01/29	115,321		124,565
5.153%, due 11/01/3411	2,809,163		2,806,540
FNMA ARM
12 mo. MTA + 1.400%,
3.366%, due 08/01/402	20,556		20,510
12 mo. USD LIBOR + 1.420%,
3.420%, due 03/01/362	9,661		9,749

PACE Strategic Fixed Income Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
6 mo. USD LIBOR + 1.538%,
3.431%, due 01/01/362		21,993	22,212
12 mo. USD LIBOR + 1.586%,
3.586%, due 12/01/352		22,184	22,345
1 year CMT + 2.250%,
3.750%, due 05/01/272		4,627	4,666
12 mo. USD LIBOR + 1.815%,
3.815%, due 03/01/362		18,588	18,718
12 mo. USD LIBOR + 1.880%,
3.889%, due 03/01/362		26,961	27,202
12 mo. USD LIBOR + 1.780%,
3.905%, due 11/01/352		3,997	4,022
12 mo. USD LIBOR + 1.912%,
3.912%, due 02/01/362		24,650	24,825
12 mo. USD LIBOR + 1.912%,
3.912%, due 03/01/362		22,067	22,222
1 year CMT + 2.102%,
4.050%, due 05/01/302		25,698	25,792
12 mo. USD LIBOR + 1.942%,
4.192%, due 09/01/352		6,180	6,219
1 year CMT + 2.645%,
4.270%, due 01/01/362		23,044	23,237
1 year CMT + 2.224%,
4.282%, due 04/01/272		7,364	7,439
12 mo. USD LIBOR + 2.015%,
4.765%, due 06/01/362		7,785	7,782
FNMA ARM COFI
3.250%, due 11/01/2612,13		10,709	9,852
GNMA II
5.000%, due 07/20/49		16,800,939	18,131,607
5.000%, due 11/20/49		620,016	668,481
5.000%, due 12/20/49		270,409	291,546
5.000%, due 01/20/50		206,856	223,439
GNMA II ARM
1 year CMT + 1.500%,
3.125%, due 11/20/232		1,022	1,044
1 year CMT + 1.500%,
3.250%, due 07/20/252		1,741	1,785
1 year CMT + 1.500%,
3.875%, due 05/20/262		6,081	6,256
1 year CMT + 1.500%,
4.000%, due 01/20/262		3,168	3,221
GNMA II TBA
4.500%,		2,000,000	2,141,336
UMBS TBA
2.500%		21,285,000	22,104,795
3.000%		14,030,000	14,784,363

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(concluded)
3.500%		1,000,000	1,055,325
4.000%		200,000	213,230
4.500%		1,000,000	1,078,286
Total U.S. government agency obligations (cost—$65,884,088)			66,323,499
U.S. Treasury obligations—32.2%
U.S. Treasury Bonds
2.000%, due 02/15/50		3,500,000	4,112,227
2.500%, due 02/15/45		53,400,000	67,275,656
2.750%, due 08/15/42		4,345,000	5,643,748
2.750%, due 11/15/42		3,200,000	4,154,500
2.875%, due 05/15/43		3,500,000	4,639,824
2.875%, due 08/15/45		9,100,000	12,244,121
3.000%, due 11/15/44		8,200,000	11,193,000
3.000%, due 05/15/45		200,000	274,164
3.000%, due 02/15/4814		500,000	699,902
3.125%, due 02/15/43		2,075,000	2,853,854
3.125%, due 08/15/44		5,200,000	7,224,750
3.375%, due 05/15/44		600,000	863,695
3.625%, due 02/15/44		2,200,000	3,277,828
U.S. Treasury Inflation Index Bonds (TIPS)
1.000%, due 02/15/46		1,397,274	1,798,779
1.000%, due 02/15/48		2,480,649	3,245,262
U.S. Treasury Notes
1.375%, due 09/30/20		1,115,000	1,120,836
1.625%, due 02/15/26		845,000	901,113
1.750%, due 06/30/24		5,400,000	5,717,461
1.750%, due 11/15/29		580,000	639,813
1.875%, due 08/31/22		9,600,000	9,969,000
2.000%, due 02/28/21		16,900,000	17,157,461
2.000%, due 10/31/2214		1,000,000	1,043,945
2.125%, due 09/30/21		27,500,000	28,249,805
2.125%, due 09/30/24		10,900,000	11,749,008
2.250%, due 04/30/2114		6,500,000	6,635,332
2.250%, due 04/15/22		835,000	868,335
2.250%, due 08/15/27		5,000,000	5,612,305
2.625%, due 02/15/29		6,700,000	7,855,488

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face amount1	Value ($)
U.S. Treasury obligations—(concluded)
2.875%, due 05/31/25		1,475,000	1,659,548
Total U.S. Treasury obligations (cost—$209,381,286)			228,680,760
		Number of shares
Exchange traded funds—0.6%
Invesco Senior Loan ETF (cost—$5,003,936)		217,988	4,573,388
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund (cost—$2,075,883)		2,075,883	2,075,883
		Face amount1
Short-term U.S. Treasury obligations—0.1%
U.S. Treasury Bill
1.543%, due 05/28/2015 (cost—$749,150)		750,000	749,150
		Number of shares
Investment of cash collateral from securities loaned—1.8%
Money market funds—1.8%
State Street Navigator Securities Lending Government Money Market Portfolio
(cost—$12,582,123)		12,582,123	12,582,123
	Number of contracts	Notional amount
Options purchased—0.0%†
Call options—0.0%†
U.S. Bond Future Option Futures, strike @ $196.00, expires 05/22/20	109	USD     21,364,000	10,219
Put options—0.0%†
U.S. Treasury Note 10 Year Futures, strike @ $119.50, expires 05/22/20	517	USD     61,781,500	517

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of contracts	Notional amount	Value($)
Options purchased—(concluded)
Put options—(concluded)
U.S. Treasury Note 5 Year Futures, strike @ $113.00 expires 05/22/20	501	USD   56,613,000	3,914
U.S. Treasury Note 5 Year Futures, strike @ $113.25 expires 05/22/20	68	USD     7,701,000	531
Total			4,962
Total options purchased (cost—$10,289)			15,181
Total investments    (cost—$829,035,321)16—119.7%			849,291,464
Liabilities in excess of other assets—(19.7)%			(139,908,142		)
Net assets—100.0%			$	709,383,322

For a listing of defined portfolio acronyms, counterparty acronyms and currency type abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of the last Portfolio.

Credit default 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	900	900,000	CDX North American Investment Grade 33 Index, strike @ 0.850%, terminating 12/20/24	MSCI	Receive	06/17/20	1,161	(4,371	)	(3,210	)
USD	500	500,000	CDX North American Investment Grade 33 Index, strike @ 0.850%, terminating 12/20/24	DB	Receive	06/17/20	575	(2,428	)	(1,853	)
USD	2,600	2,600,000	CDX North American Investment Grade 33 Index, strike @ 0.800%, terminating 12/20/24	BNP	Receive	06/17/20	2,743	(15,477	)	(12,734	)
Total Put credit default swaptions							4,479	(22,276	)	(17,797	)
Total Credit default swaptions written							4,479	(22,276	)	(17,797	)

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount ($)		Value ($)		Unrealized appreciation (depreciation) ($)
Interest rate futures buy contracts:
24	EUR	Call Options on Euro SCHATZ Futures 05/22/20, strike @ EUR 113.5	June 2020	144		131		(13	)
3	EUR	German Euro Buxl 30 Year Futures	June 2020	716,229		720,631		4,402
2	USD	Australian Dollar Futures	June 2020	127,192		130,460		3,268
4	USD	British Pound Futures	June 2020	315,032		315,050		18
2	USD	Canadian Dollar Futures	June 2020	145,222		143,650		(1,572	)
U.S. Treasury futures buy contracts:
13	USD	U.S. Long Bond Futures	June 2020	2,169,643		2,353,406		183,763
388	USD	U.S. Treasury Note 10 Year Futures	June 2020	52,639,069		53,956,250		1,317,181
797	USD	U.S. Treasury Note 5 Year Futures	June 2020	97,908,398		100,011,047		2,102,649
Total				154,020,929		157,630,625		3,609,696
Interest rate futures sell contracts:
2	USD	Euro Fx Futures with American Style Options	June 2020	(280,575	)	(274,050	)	6,525
9	EUR	German Euro Bund Futures	June 2020	(1,724,955	)	(1,720,341	)	4,614
U.S. Treasury futures sell contracts:
237	USD	U.S. Long Bond Futures	June 2020	(41,498,338	)	(42,904,406	)	(1,406,068	)
33	USD	U.S. Treasury Note 10 Year Futures	June 2020	(4,553,013	)	(4,589,063	)	(36,050	)
41	USD	U.S. Ultra Bond Futures	June 2020	(8,303,877	)	(9,216,031	)	(912,154	)
99	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2020	(14,630,470	)	(15,546,094	)	(915,624	)
Total				(70,991,228	)	(74,249,985	)	(3,258,757	)
Net unrealized appreciation (depreciation)								350,939

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio (%)17	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
Exelon Generation Co. LLC, bond, 6.200%, due 10/01/17	USD	2,000	12/20/21	Quarterly	1.000	29,373	26,629		56,002
General Electric Co., bond, 5.000% due 06/15/21	USD	1,000	06/20/24	Quarterly	1.000	9,641	(27,538	)	(17,897	)

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaps—(continued)

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

Rolls-Royce PLC, bond, 2.125%, due 06/08/21	EUR	1,400	06/20/24	Quarterly	1.000	(2,870	)	(182,543	)	(185,413	)
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly	1.000	(16,582	)	21,375		4,793
Total						19,562		(162,077	)	(142,515	)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio (%)17	Upfront payments received (made)($)	Value($)	Unrealized appreciation (depreciation)($)
CDX North American Investment Grade 33 Index	USD	2,924	12/20/24	Quarterly	5.000	227,184	153,558	380,742

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio (%)17	Upfront payments received (made)($)		Value($)		Unrealized appreciation (depreciation)($)
CDX North American Investment Grade 28 Index	USD	11,700	06/20/22	Quarterly	1.000	(99,523	)	(18,373	)	(117,896	)
CDX North American Investment Grade 31 Index	USD	8,000	12/20/23	Quarterly	1.000	(64,056	)	63,901		(155	)
CDX North American Investment Grade 32 Index	USD	600	06/20/24	Quarterly	1.000	(10,993	)	5,126		(5,867	)
CDX North American Investment Grade 34 Index	USD	3,500	06/20/25	Quarterly	1.000	63,719		27,250		90,969
Total						(110,853	)	77,904		(32,949	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)17	Payments received by the Portfolio(%)17	Value($)		Unrealized appreciation (depreciation)($)
JPY	3,240,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR	(690,827	)	(579,737	)
JPY	1,800,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR	(385,110	)	(331,524	)
JPY	230,000	03/20/29	Semi-Annual	0.450	6 Month JPY LIBOR	(95,177	)	(81,160	)
JPY	580,000	09/20/27	Semi-Annual	0.300	6 Month JPY LIBOR	(148,157	)	(126,671	)
JPY	310,000	03/20/28	Semi-Annual	0.300	6 Month JPY LIBOR	(82,804	)	(100,122	)
JPY	756,000	03/20/38	Semi-Annual	0.750	6 Month JPY LIBOR	(805,117	)	(828,582	)
JPY	220,000	06/18/28	Semi-Annual	0.399	6 Month JPY LIBOR	(78,322	)	(78,175	)
JPY	736,400	12/20/38	Semi-Annual	0.750	6 Month JPY LIBOR	(814,727	)	(855,533	)

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)
Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)	Payments received by the Portfolio(%)	Value($)		Unrealized appreciation (depreciation)($)
JPY	60,000	10/22/38	Semi-Annual	0.800	6 Month JPY LIBOR	(69,832	)	(69,797	)
JPY	200,000	10/31/38	Semi-Annual	0.705	6 Month JPY LIBOR	(206,207	)	(218,003	)
GBP	1,800	03/18/30	Semi-Annual	0.750	6 Month GBP LIBOR	(60,773	)	(78,283	)
GBP	4,900	06/17/50	Semi-Annual	1.000	6 Month GBP LIBOR	(1,053,092	)	(1,141,971	)
JPY	60,000	03/21/48	Semi-Annual	6 Month JPY LIBOR	1.000	126,669		(10,397	)
JPY	1,810,000	06/18/28	Semi-Annual	6 Month JPY LIBOR	0.380	616,944		556,558
USD	7,900	08/22/23	Semi-Annual	3 Month USD LIBOR	2.800	659,088		659,088
JPY	430,000	08/22/39	Semi-Annual	6 Month JPY LIBOR	0.122	(11,842	)	(36,010	)
JPY	600,000	08/22/39	Semi-Annual	6 Month JPY LIBOR	0.123	(15,976	)	(35,826	)
JPY	60,000	08/28/39	Semi-Annual	6 Month JPY LIBOR	0.103	(3,679	)	(3,679	)
JPY	430,000	09/13/26	Semi-Annual	6 Month JPY LIBOR	0.095	(3,863	)	(3,863	)
JPY	210,000	09/13/26	Semi-Annual	6 Month JPY LIBOR	0.092	(1,518	)	(1,518	)
JPY	350,000	09/18/26	Semi-Annual	6 Month JPY LIBOR	0.068	2,613		3,729
JPY	560,000	09/18/26	Semi-Annual	6 Month JPY LIBOR	0.062	6,130		8,144
JPY	215,000	09/19/26	Semi-Annual	6 Month JPY LIBOR	0.063	1,945		1,665
JPY	215,000	09/19/26	Semi-Annual	6 Month JPY LIBOR	0.064	1,818		1,538
JPY	108,000	09/20/26	Semi-Annual	6 Month JPY LIBOR	0.087	(710	)	(710	)
JPY	262,000	09/24/26	Semi-Annual	6 Month JPY LIBOR	0.000	(3,584	)	(3,906	)
JPY	73,000	03/10/38	Semi-Annual	6 Month JPY LIBOR	0.040	(9,546	)	(9,546	)
JPY	73,000	03/10/38	Semi-Annual	6 Month JPY LIBOR	0.326	(10,048	)	(10,048	)
Total						(3,135,704	)	(3,374,339	)

OTC credit default swap agreements on corporate issues—sell protection¹⁸

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio (%)17		Upfront payments received (made)	Value		Unrealized appreciation (depreciation)
BB	Republic of Italy, bond, 6.875%, due 09/27/23	USD	1,000,000	06/20/2024	Quarterly		1.000	23,140	(16,727	)	6,413
GSI	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600,000	06/20/2024	Quarterly		1.000	52,742	(178,162	)	(125,420	)
Total								75,882	(194,889	)	(119,007	)

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	GBP	15,331,000	USD	18,756,850	05/04/20	(552,541	)
BNP	EUR	1,115,000	USD	1,212,975	05/05/20	(8,897	)
BNP	USD	1,801,099	EUR	1,655,000	05/05/20	12,532
BOA	USD	2,117,255	AUD	3,136,000	05/15/20	(73,617	)
CITI	GBP	15,331,000	USD	19,082,177	06/02/20	(229,348	)
CITI	JPY	1,319,000,000	USD	11,945,336	05/15/20	(346,820	)
CITI	USD	3,067,548	EUR	2,849,000	05/05/20	54,528
CITI	USD	19,079,525	GBP	15,331,000	05/04/20	229,867
CITI	USD	11,432,684	JPY	1,251,800,000	05/15/20	233,215
DB	BRL	9,131	USD	1,683	05/05/20	3
DB	USD	1,778	BRL	9,131	05/05/20	(99	)
HSBC	AUD	8,604,000	USD	5,693,397	05/15/20	86,428
HSBC	CAD	355,000	USD	249,982	05/04/20	(5,055	)
HSBC	EUR	19,501,000	USD	21,319,230	05/05/20	(50,932	)
HSBC	EUR	1,311,000	USD	1,424,488	06/02/20	(12,937	)
HSBC	USD	1,587,094	AUD	2,388,000	05/15/20	(30,906	)
HSBC	USD	745,347	AUD	1,210,000	05/15/20	43,174
HSBC	USD	3,943,846	EUR	3,635,000	05/05/20	39,567
JPMCB	USD	70,844	MXN	1,354,000	06/17/20	(15,052	)
JPMCB	USD	113,799	TRY	779,000	05/08/20	(2,324	)
RBS	MYR	2,596,159	USD	621,016	06/17/20	18,405
SSC	USD	99,442	EUR	91,265	07/22/20	732
Net unrealized appreciation (depreciation)						(610,077	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—		44,555,565		—		44,555,565
Corporate bonds		—		384,994,922		—		384,994,922
Loan assignments		—		3,336,078		—		3,336,078
Mortgage-backed securities		—		80,972,128		—		80,972,128
Municipal bonds		—		2,051,384		—		2,051,384
Non-U.S. government agency obligations		—		18,381,403		—		18,381,403
U.S. government agency obligations		—		66,313,647		9,852		66,323,499

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

U.S. Treasury obligations	—		228,680,760		—	228,680,760
Exchange traded funds	4,573,388		—		—	4,573,388
Short-term investments	—		2,075,883		—	2,075,883
Short-term U.S. Treasury obligations	—		749,150		—	749,150
Investment of cash collateral from securities loaned	—		12,582,123		—	12,582,123
Options purchased	15,181		—		—	15,181
Futures contracts	3,622,420		—		—	3,622,420
Swap agreements	—		1,713,046		—	1,713,046
Forward foreign currency contracts	—		718,451		—	718,451
Total	8,210,989		847,124,540		9,852	855,345,381
Liabilities
Credit default swaptions written	—		(22,276	)	—	(22,276	)
Futures contracts	(3,271,481	)	—		—	(3,271,481	)
Swap agreements	—		(4,974,254	)	—	(4,974,254	)
Forward foreign currency contracts	—		(1,328,528	)	—	(1,328,528	)
Total	(3,271,481	)	(6,325,058	)	—	(9,596,539	)

At April 30, 2020, there were no transfers in or out of Level 3.

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

Portfolio footnotes  

†	Amount represents less than 0.05%.
1	In US dollars unless otherwise indicated.
2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $182,096,637, represented 25.74% of the Fund’s net assets at period end.
4	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
5	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
6	Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
7	Perpetual investment. Date shown reflects the next call date.
8	Security, or portion thereof, was on loan at the period end.
9	Rate shown reflects annualized yield at the period end on zero coupon bond.
10	Bond interest in default.
11	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
12	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
13	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
14	Security, or portion thereof, pledged as collateral for investments sold short, written options or futures.
15	Rate shown is the discount rate at the date of purchase unless otherwise noted.

PACE Strategic Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

16	Includes $12,324,280 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $12,540,355.
17	Payments made or received are based on the notional amount.
18	If the Portfolio  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
19	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.

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—98.5%
Alabama—3.6%
Alabama Federal Aid Highway Finance Authority,
Series A,
5.000%, due 09/01/29		2,000,000	2,446,900
Birmingham-Jefferson Civic Center Authority, Special Tax Revenue Subordinate Lien,
Series B,
5.000%, due 07/01/32		2,000,000	2,338,120
Black Belt Energy Gas District Revenue,
Series A-1,
4.000%, VRD		2,000,000	2,143,420
Lower Alabama Gas District Gas Project Revenue
4.000%		2,500,000	2,659,550
Series A,
5.000%, due 09/01/31		1,500,000	1,787,775
			11,375,765
Alaska—0.5%
City of Anchorage AK Wastewater Revenue Refunding,
Series B,
5.000%, due 05/01/31		1,395,000	1,691,075
Arizona—2.1%
Arizona Industrial Development Authority,
Series 2019-2, Class A,
3.625%, due 05/20/33		991,708	938,354
City of Phoenix Civic Improvement Corp. Revenue Refunding,
Series B, AMT,
5.000%, due 07/01/30		1,000,000	1,179,650
Maricopa County Industrial Development Authority (Banner Health Obligation Group),
Series A,
5.000%, due 01/01/31		3,000,000	3,470,370
Salt Verde Financial Corp. Revenue Bonds
5.000%, due 12/01/32		1,000,000	1,185,080
			6,773,454
Arkansas—1.0%
City of Fort Smith AR Water & Sewer Revenue Refunding
5.000%, due 10/01/34		1,320,000	1,600,104

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Arkansas—(concluded)
University of Arkansas, (Fayetteville Campus),
Series A,
5.000%, due 11/01/29		1,385,000	1,586,102
			3,186,206
California—2.8%
California State
5.000%, due 10/01/30		2,815,000	3,511,206
5.000%, due 04/01/33		2,710,000	3,346,877
Los Angeles Department of Airports (Los Angeles International Airport),
Series A, AMT,
5.000%, due 05/15/32		2,000,000	2,150,660
			9,008,743
Colorado—4.3%
Colorado Health Facilities Authority,
Series A,
5.000%, due 01/01/30		1,500,000	1,878,405
Colorado Health Facilities Authority, Revenue Refunding Adventhealth Obligated Group
5.000%, VRD		1,500,000	1,785,195
Denver City & County Airport Revenue,
Subseries A, AMT,
5.500%, due 11/15/26		7,000,000	7,824,740
University of Colorado Revenue Refunding,
Series A-2,
5.000%, due 06/01/30		1,750,000	2,185,628
			13,673,968
Connecticut—2.4%
Connecticut Special Tax Revenue,
Series B,
5.000%, due 10/01/30		2,000,000	2,357,900
Connecticut State (Gaap Conversion Bonds - 2013),
Series A,
5.000%, due 10/15/25		2,900,000	3,192,030
Hartford County Metropolitan District Revenue (Green Bonds),
Series A,
5.000%, due 11/01/29		1,870,000	2,090,623
			7,640,553
District of Columbia—1.6%
Metropolitan Washington, Airport Authority Airport System Revenue,

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
District of Columbia—(concluded)
Series A, AMT,
5.000%, due 10/01/22		2,000,000	2,145,060
AMT,
5.000%, due 10/01/28		2,500,000	2,911,600
			5,056,660
Florida—4.1%
Citizens Property Insurance Corp. Revenue,
Series A-1,
5.000%, due 06/01/25		7,000,000	8,025,780
County of Broward FL Port Facilities Revenue Unrefunded,
Series B, AMT,
5.000%, due 09/01/21		660,000	694,023
County of Polk FL Utility System Revenue
5.000%, due 10/01/35		625,000	792,244
Miami Beach Redevelopment Agency Tax Increment Revenue Refunding
5.000%, due 02/01/28		1,000,000	1,126,840
Orange County Florida Tourist Development Tax Revenue Refunding,
Series B,
5.000%, due 10/01/30		1,885,000	2,267,617
			12,906,504
Georgia—3.1%
Atlanta Development Authority Revenue Senior Lien,
Series A-1,
5.000%, due 07/01/32		2,000,000	2,080,100
Fulton County Development Authority of Georgia Revenue (Anticipation CTFS-Wellstar Health System, Inc. Project),
Series A,
5.000%, due 04/01/36		1,000,000	1,106,740
Fulton County Development Authority of Georgia Revenue (Piedmont Healthcare, Inc. Project),
Series A,
5.000%, due 07/01/27		1,500,000	1,732,515
Main Street Natural Gas, Inc. Revenue,
Series A,
5.500%, due 09/15/28		1,500,000	1,820,835
Series B,
1 mo. USD LIBOR + 0.750%,
1.410%, due 04/01/481		1,000,000	959,520
Municipal Electric Authority of Georgia Revenue Bonds (Nuclear Power Plants)
5.000%, due 01/01/33		1,000,000	1,093,550

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Georgia—(concluded)
Savannah Economic Development Authority (International Paper Company)
1.900%, due 08/01/24		1,000,000	959,180
			9,752,440
Hawaii—0.4%
Hawaii Airports System Revenue,
Series A, AMT,
5.000%, due 07/01/29		1,000,000	1,174,450
Illinois—11.0%
Chicago O’Hare International Airport Revenue,
Series A, AMT,
5.000%, due 01/01/23		1,150,000	1,202,475
Chicago O’Hare International Airport Revenue Refunding,
Series A, AMT,
5.000%, due 01/01/29		2,500,000	2,736,825
Chicago O’Hare International Airport Revenue Senior Lien,
Series B,
5.000%, due 01/01/35		1,750,000	1,922,707
Chicago Waterworks Revenue Senior Lien,
Series 2017-2, (AGM Insured),
5.000%, due 11/01/31		1,000,000	1,187,680
Series A-1,
5.000%, due 11/01/29		1,920,000	2,068,243
Illinois County of Cook Sale Tax Revenue Refunding
5.000%, due 11/15/35		2,500,000	2,962,625
Illinois Finance Authority Revenue Advocate Health Care Network
5.000%, due 06/01/27		3,000,000	3,255,630
Illinois Finance Authority Revenue University of Chicago,
Series A,
5.000%, due 10/01/29		2,440,000	2,568,295
Illinois Municipal Electric Agency Power Supply System Revenue Refunding,
Series A,
5.000%, due 02/01/32		2,500,000	2,848,550
Illinois Sports Facilities Authority,
(BAM Insured),
5.000%, due 06/15/28		1,000,000	1,111,620
Regional Transportation Authority Revenue Refunding,
(AGM Insured),
6.000%, due 06/01/25		2,000,000	2,313,100
Sales Tax Securitization Corp. Revenue Refunding Senior Lien,
Series A,
5.000%, due 01/01/36		1,770,000	1,957,443

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Illinois—(concluded)
State of Illinois Sales Tax Revenue,
Series A, (BAM Insured),
5.000%, due 06/15/27		3,000,000	3,346,200
University of Illinois,
Series A,
5.000%, due 04/01/30		1,000,000	1,078,020
University of Illinois, (Auxiliary Facilities System),
Series A,
5.000%, due 04/01/27		4,000,000	4,262,120
			34,821,533
Indiana—3.4%
Indiana Finance Authority Revenue Refunding (Stadium Project),
Series A,
5.250%, due 02/01/35		1,000,000	1,116,550
Indiana Finance Authority Revenue University Health Obligated Group,
Series B,
2.250%, VRD		5,250,000	5,293,785
Richmond Hospital Authority Revenue Refunding Reid Hospital & Health Care,
Series A,
5.000%, due 01/01/30		2,055,000	2,265,227
Whiting City Revenue (BP Products North America, Inc. Project),
AMT,
5.000%, VRD		1,840,000	2,001,699
			10,677,261
Kentucky—2.0%
Kentucky Public Energy Authority Revenue,
Series A,
4.000%, VRD		1,000,000	1,049,080
Series A,
4.000%, VRD		1,250,000	1,311,350
Series B,
4.000%, VRD		3,750,000	3,896,325
			6,256,755
Louisiana—3.1%
East Baton Rouge Sewerage Commission Revenue Refunding,
Series B,
5.000%, due 02/01/28		1,000,000	1,162,150
Jefferson Sales Tax District,
Series B, (AGM Insured),
4.000%, due 12/01/32		1,895,000	2,185,352

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Louisiana—(concluded)
New Orleans Aviation Board Revenue,
Series B, (AGM Insured), AMT,
5.000%, due 01/01/28	1,500,000	1,676,130
Parish of St John the Baptist LA (Marathon Oil Corporation)
2.200%, VRD	1,000,000	830,470
State of Louisiana State Highway Improvement Revenue,
Series A,
5.000%, due 06/15/29	3,500,000	3,987,270
		9,841,372
Maryland—0.6%
Maryland State Transportation Authority Revenue Baltimore/Washington International,
AMT,
5.000%, due 06/01/24	1,700,000	1,869,150
Massachusetts—1.6%
Commonwealth of Massachusetts,
Series D,
4.000%, due 05/01/34	2,000,000	2,320,000
Massachusetts Educational Financing Authority,
Series K, AMT,
5.000%, due 07/01/22	2,500,000	2,639,525
		4,959,525
Michigan—4.5%
Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien,
Series A,
5.000%, due 07/01/23	1,000,000	1,116,260
Series D,
5.000%, due 07/01/26	1,100,000	1,310,177
Michigan State Finance Authority Revenue Refunding (Beaumont Health Credit Group)
5.000%, due 08/01/33	2,415,000	2,609,746
Michigan State Finance Authority Revenue Refunding (Detroit School District),
Series A,
5.000%, due 05/01/22	1,485,000	1,592,380
Michigan State Finance Authority Revenue Refunding Senior Lien (Detroit Water And
Sewerage),
Series C-3, (AGM Insured),
5.000%, due 07/01/30	1,500,000	1,672,590
Michigan Strategic Fund Revenue, (Improvement Project),
AMT,
5.000%, due 06/30/32	3,300,000	3,606,405

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Michigan—(concluded)
Saginaw Hospital Finance Authority Revenue
5.000%, due 07/01/28	1,000,000	1,202,540
Utica Community Schools, (School Building And Site)
4.000%, due 05/01/23	1,000,000	1,082,510
		14,192,608
Missouri—4.1%
City of Kansas City, Missouri Airport Revenue,
Series A, AMT,
5.000%, due 09/01/23	5,000,000	5,193,950
Missouri Joint Municipal Electric Utility Commission Revenue Refunding Prairie State Project,
Series A,
5.000%, due 12/01/25	2,300,000	2,695,370
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Coxhealth,
Series A,
5.000%, due 11/15/34	2,000,000	2,194,180
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Saint Luke’s Health System
5.000%, due 11/15/28	1,000,000	1,127,360
Missouri State Health & Educational Facilities Authority Health Facilities Revenue SSM Health Care,
Series A,
5.000%, due 06/01/27	1,500,000	1,662,690
		12,873,550
Nebraska—1.4%
Nebraska Public Power District Revenue Refunding,
Series B,
5.000%, due 01/01/31	1,300,000	1,597,960
Public Power Generation Agency Revenue Refunding Whelan Energy Center Unit 2,
Series A,
5.000%, due 01/01/30	2,500,000	2,877,600
		4,475,560
Nevada—1.1%
Las Vegas Valley Water District,
Series B,
5.000%, due 06/01/25	2,700,000	2,916,297

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Nevada—(concluded)
Reno Sales Tax Revenue Refunding, First Lien,
Series 2018A,
5.000%, due 06/01/33	500,000	545,270
		3,461,567
New Jersey—7.7%
New Jersey Economic Development Authority Revenue Refunding,
Series WW,
5.250%, due 06/15/31	2,100,000	2,143,869
Series XX,
5.000%, due 06/15/26	1,600,000	1,650,496
New Jersey Economic Development Authority Water Facilities Revenue Refunding American Water Co.,
Series C, AMT,
5.100%, due 06/01/23	1,000,000	1,002,510
New Jersey Health Care Facilities Financing Authority Revenue Refunding
5.000%, due 07/01/33	1,000,000	1,158,360
New Jersey Health Care Facilities Financing Authority Revenue Refunding (Virtua Health)
5.000%, due 07/01/25	1,500,000	1,696,170
New Jersey State Higher Education Assistance Authority Revenue,
Series 1A, AMT,
5.000%, due 12/01/21	2,550,000	2,672,247
Series B, AMT,
5.000%, due 12/01/23	2,000,000	2,191,460
New Jersey Transportation Trust Fund Authority Revenue Bonds,
Series S,
5.000%, due 06/15/30	1,000,000	1,021,540
New Jersey Turnpike Authority Revenue,
Series E,
5.000%, due 01/01/30	1,350,000	1,596,226
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue Refunding,
Series A,
5.000%, due 06/01/34	8,000,000	9,086,000
		24,218,878
New York—5.2%
Metropolitan Transportation Authority Revenue Bonds,
Series A-1,
5.000%, due 02/01/23	605,000	602,659
Series B,
5.000%, due 11/15/22	895,000	896,665
Nassau County New York Industrial Development,
Series B,
5.000%, due 10/01/21	3,045,000	3,215,763

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
New York—(concluded)
New York City,
Series H,
5.000%, due 08/01/25	2,990,000	3,379,746
New York State Urban Development Corp. Empire State Development State Personal Income Tax Revenue Bonds,
Series E,
5.000%, due 03/15/31	2,000,000	2,190,520
New York Transportation Development Corp. Special Facility Revenue Refunding (Laguardia Airport Terminal B Redevelopment),
Series A, AMT,
5.000%, due 07/01/34	1,000,000	1,032,350
New York Transportation Development Corp. Special Facility Revenue Refunding (Terminal One Group Association),
AMT,
5.000%, due 01/01/22	1,500,000	1,499,430
Port Authority of New York & New Jersey Revenue Consolidated (One Hundred Eighty-Fifth), AMT,
5.000%, due 09/01/22	2,400,000	2,576,520
TSASC, Inc. Tobacco Settlement Bonds,
Series A,
5.000%, due 06/01/34	1,000,000	1,089,040
		16,482,693
North Carolina — 1.0%
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding (Vidant Health)
5.000%, due 06/01/32	1,500,000	1,664,700
North Carolina Turnpike Authority Senior Lien,
(AGM Insured),
5.000%, due 01/01/26	1,250,000	1,433,250
		3,097,950
Ohio — 0.6%
American Municipal Power, Inc. Revenue,
Series A,
5.000%, due 02/15/27	1,000,000	1,133,550

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Ohio—(concluded)
Sycamore Community City School District
4.000%, due 12/01/26	750,000	867,623
		2,001,173
Pennsylvania — 7.2%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group Issue) Revenue,
Series A,
5.000%, due 04/01/29	3,190,000	3,739,414
Allegheny County Port Authority Special Revenue Refunding Transportation
5.000%, due 03/01/25	1,000,000	1,031,510
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue
5.000%, due 06/01/31	1,500,000	1,726,575
Delaware Valley Regional Finance Authority, Pennsylvania Local Government Revenue Bonds,
Series B, , SIFMA + 0.420% 1
0.630%, due 09/01/48	3,500,000	3,467,625
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue
5.000%, due 12/01/33	1,500,000	1,765,710
Pennsylvania Turnpike Commission Turnpike Refunding Subordinated Revenue,
Series B,
5.000%, due 06/01/28	2,000,000	2,295,600
Pennsylvania Turnpike Commission Turnpike Revenue,
Series B,
5.000%, due 12/01/32	1,250,000	1,452,462
Philadelphia Airport Revenue,
Series B, AMT,
5.000%, due 07/01/32	1,250,000	1,407,450
Philadelphia School District,
Series A,
4.000%, due 09/01/35	1,500,000	1,655,055
Series A,
5.000%, due 09/01/31	1,000,000	1,214,020
Philadelphia School District Prerefunded,
Series F,
5.000%, due 09/01/30	10,000	12,404

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)	Value ($)
Municipal bonds—(continued)
Pennsylvania—(concluded)
Philadelphia School District Unrefunded,
Series F,
5.000%, due 09/01/30	2,640,000	3,122,935
		22,890,760
Tennessee—1.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (Lipscomb University Projects),
Series S,
5.000%, due 10/01/35	1,350,000	1,433,052
Tennessee Energy Acquisition Corp. Gas Revenue,
Series A,
5.250%, due 09/01/26	1,500,000	1,679,760
		3,112,812
Texas—10.9%
Brazos Higher Education Authority Inc Revenue,
Series A-1,
5.000%, due 04/01/30	1,000,000	1,207,990
Central Texas Regional Mobility Authority Senior Lien Revenue,
Series A,
5.000%, due 01/01/35	1,100,000	1,173,194
Central Texas Turnpike System,
Series C,
5.000%, due 08/15/31	2,000,000	2,104,860
City of Brownsville, Texas Utilities System Revenue,
Series A,
5.000%, due 09/01/28	2,225,000	2,486,994
Clifton Higher Education Finance Corp. Revenue Refunding Idea Public Schools, (PSF-GTD),
5.000%, due 08/15/28	1,100,000	1,264,296
El Paso Texas
5.000%, due 08/15/34	2,000,000	2,365,000
Grand Parkway Transportation Corporation Bond Anticipation Notes Revenue
5.000%, due 02/01/23	500,000	533,000
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding Childred’s Hospital
4.000%, due 10/01/35	1,750,000	1,956,203
Harris County Toll Road Authority Revenue Refunding Senior Lien,
Series A,
5.000%, due 08/15/29	2,025,000	2,511,121

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Texas—(concluded)
Harris County-Houston Sports Authority Revenue Refunding Senior Lien,
Series A,
5.000%, due 11/15/29		1,000,000		1,002,470
Houston Airport System Revenue Refunding,
Series B,
5.000%, due 07/01/29		2,000,000		2,378,020
North Texas Tollway Authority Revenue Refunding,
Series A,
5.000%, due 01/01/31		2,750,000		3,078,047
Series A,
5.000%, due 01/01/34		2,775,000		3,074,950
Socorro Independent School District Refunding,
Series A, (PSF-GTD),
5.000%, due 08/15/28		3,885,000		4,475,753
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding (Baylor Scott and White Memorial Hospital),
Series B,
5.000%, due 11/15/32		1,000,000		1,144,460
University of Houston Revenue Refunding,
Series C,
5.000%, due 02/15/29		2,000,000		2,377,840
West Travis County Public Utility Agency Revenue,
(BAM Insured),
5.000%, due 08/15/30		1,000,000		1,214,740
				34,348,938
Virginia—2.0%
City of Richmond, Virginia Public Utility Revenue
5.000%, due 01/15/26		2,030,000		2,436,182
Virginia College Building Authority Virginia Educational Facilities Revenue Bonds, (21st Century College),
Series C,
5.000%, due 02/01/31		1,825,000		2,195,311
Virginia Small Business Financing Authority Senior Lien Revenue Bonds, (95 Express Lanes LLLC Project),
AMT,
5.000%, due 07/01/34		1,700,000		1,706,273
				6,337,766
Washington—1.9%
Central Puget Sound Regional Transit Authority Revenue (Green Bonds),
Series S-1,
5.000%, due 11/01/26		800,000		985,200

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(concluded)
Washington—(concluded)
Port of Seattle Revenue,
Series C, AMT,
5.000%, due 04/01/32		1,955,000		2,122,817
Port of Seattle Revenue, Intermediate Lien,
AMT,
5.000%, due 04/01/28		2,500,000		2,936,525
				6,044,542
Wisconsin—2.3%
Public Finance Authority lease Development Revenue (Central District Development Project)
5.000%, due 03/01/34		1,500,000		1,698,915
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group)
5.000%, due 08/15/27		1,000,000		1,087,670
Wisconsin Health & Educational Facilities Authority Revenue (Unitypoint Health),
Series A,
5.000%, due 12/01/26		1,175,000		1,316,200
WPPI Energy Power Supply Revenue,
Series A,
5.000%, due 07/01/32		2,760,000		3,056,396
				7,159,181
Total Municipal bonds (cost—$302,379,433)				311,363,392

	Number of shares
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund (cost—$1,179,705)		1,179,705		1,179,705
Total investments (cost—$303,559,138)—98.8%				312,543,097
Other assets in excess of liabilities—1.2%				3,644,511
Net assets—100.0%			$	316,187,608

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

PACE Municipal Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Municipal bonds		—		311,363,392		—		311,363,392
Short-term investments		—		1,179,705		—		1,179,705
Total		—		312,543,097		—		312,543,097

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

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

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Asset-backed securities—1.1%
United Kingdom—1.1%
Gracechurch Card Funding PLC,
Series 2018-1A, Class A,
1 mo. USD LIBOR + 0.400%,
1.214%, due 07/15/221,2	USD	1,370,000		1,367,440
Penarth Master Issuer PLC,
Series 2018-2A, Class A1,
1 mo. USD LIBOR + 0.450%,
1.168%, due 09/18/221,2	USD	1,480,000		1,473,731
Series 2019-1A, Class A1,
1 mo. USD LIBOR + 0.540%,
1.258%, due 07/18/231,2	USD	900,000		888,414
Total asset-backed securities (cost—$3,750,000)				3,729,585
Corporate bonds—33.1%
Australia—1.5%_
Australia & New Zealand Banking Group Ltd.
2.500%, due 01/16/243	EUR	700,000		836,202
BHP Billiton Finance Ltd.
(fixed, converts to FRN on 10/22/24),
5.625%, due 10/22/793	EUR	300,000		366,015
National Australia Bank Ltd. EMTN
0.875%, due 02/19/273	EUR	1,300,000		1,490,185
Westpac Banking Corp.
2.000%, due 01/16/251	USD	1,161,000		1,210,337
Westpac Banking Corp. GMTN
0.500%, due 05/17/243	EUR	800,000		891,546
				4,794,285
Belgium—0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36	USD	340,000		377,937
Anheuser-Busch InBev Worldwide, Inc.
4.439%, due 10/06/48	USD	260,000		281,071
4.600%, due 04/15/48	USD	170,000		187,402
4.750%, due 01/23/29	USD	135,000		155,688

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
Belgium—(concluded)
4.900%, due 01/23/31	USD	225,000		263,657
				1,265,755
Brazil—0.1%
Braskem Netherlands Finance BV
4.500%, due 01/31/301,4	USD	429,000		347,490
Canada—0.7%
Emera U.S. Finance LP
4.750%, due 06/15/46	USD	265,000		285,892
Fortis, Inc.
3.055%, due 10/04/26	USD	406,000		412,058
Royal Bank of Canada
0.250%, due 06/28/233	EUR	1,500,000		1,657,342
				2,355,292
China—0.1%
Sinopec Group Overseas Development Ltd.
2.950%, due 08/08/293	USD	425,000		437,830
Denmark—0.1%
Orsted A/S
(fixed, converts to FRN on 08/24/24),
2.250%, due 11/24/173	EUR	400,000		438,778
France—4.1%
Air Liquide Finance SA
2.250%, due 09/27/231	USD	410,000		419,308
BPCE SA
2.700%, due 10/01/291,4	USD	1,060,000		1,099,273
BPCE SFH SA
0.625%, due 05/29/313	EUR	800,000		920,382
Credit Agricole Home Loan SFH SA EMTN
0.500%, due 04/03/253	EUR	600,000		675,990
0.625%, due 09/11/233	EUR	2,700,000		3,036,758
Credit Agricole SA
3.750%, due 04/24/231	USD	1,440,000		1,510,976
Engie SA
2.875%, due 10/10/223	USD	2,369,000		2,423,932
(fixed, converts to FRN on 06/02/24),
3.875%, due 06/02/243,5	EUR	400,000		464,424

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds— (continued)
France—(concluded)
Orange SA EMTN
(fixed, converts to FRN on 04/01/23),
5.750%, due 04/01/233,5	GBP	300,000		400,269
Societe Generale SA
5.200%, due 04/15/213	USD	800,000		829,937
Total Capital International SA
3.461%, due 07/12/49	USD	200,000		210,027
Total Capital SA EMTN
5.125%, due 03/26/243	EUR	550,000		712,419
TOTAL SA EMTN
(fixed, converts to FRN on 04/04/24),
1.750%, due 04/04/243,5	EUR	700,000		736,511
				13,440,206
Germany—0.1%
CeramTec BondCo GmbH
5.250%, due 12/15/253	EUR	150,000		143,173
Nidda Healthcare Holding GmbH
3.500%, due 09/30/243	EUR	150,000		158,927
				302,100
Greece—0.3%
Alpha Bank AE EMTN
2.500%, due 02/05/233	EUR	750,000		849,259
Italy—0.1%
Enel Finance International N.V. EMTN
1.966%, due 01/27/253	EUR	264,000		307,341
Japan—0.7%
Mitsubishi UFJ Financial Group, Inc.
3.218%, due 03/07/22	USD	1,145,000		1,175,610
3.407%, due 03/07/24	USD	320,000		336,880
Sumitomo Mitsui Banking Corp.
3.200%, due 07/18/22	USD	580,000		598,808
				2,111,298
Luxembourg—0.2%
Altice Finco SA
4.750%, due 01/15/283	EUR	100,000		93,147

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds— (continued)
Luxembourg—(concluded)
SELP Finance SARL
1.500%, due 11/20/253	EUR	520,000		551,991
				645,138
Malaysia—0.2%
Petronas Capital Ltd.
3.500%, due 04/21/301	USD	760,000		795,909
Mexico—0.2%
Petroleos Mexicanos
5.950%, due 01/28/313	USD	500,000		362,150
7.690%, due 01/23/501	USD	490,000		360,150
				722,300
Netherlands—2.5%
ABN AMRO Bank N.V. EMTN
(fixed, converts to FRN on 06/30/20),
2.875%, due 06/30/253	EUR	1,400,000		1,526,568
6.375%, due 04/27/213	EUR	1,950,000		2,243,889
ING Groep N.V. EMTN
(fixed, converts to FRN on 09/26/24),
1.625%, due 09/26/293	EUR	300,000		329,372
(fixed, converts to FRN on 04/11/23),
3.000%, due 04/11/28	EUR	1,600,000		1,807,180
NIBC Bank N.V. EMTN
1.000%, due 09/11/283	EUR	700,000		820,661
Shell International Finance BV
2.375%, due 04/06/25	USD	740,000		762,891
3.125%, due 11/07/49	USD	140,000		141,648
Volkswagen International Finance N.V.
(fixed, converts to FRN on 03/20/22),
2.500%, due 03/20/223,5	EUR	400,000		422,812
				8,055,021
New Zealand—0.0%†
ASB Finance Ltd. EMTN
0.625%, due 10/18/243	EUR	109,000		122,532
Portugal—0.6%
EDP Finance BV EMTN
1.125%, due 02/12/243	EUR	800,000		892,521

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
Portugal—(concluded)
2.000%, due 04/22/253	EUR	910,000		1,054,564
				1,947,085
Spain—0.3%
Banco Santander SA
3.250%, due 04/04/263	EUR	300,000		354,244
Iberdrola International BV EMTN
0.375%, due 09/15/253	EUR	500,000		550,130
				904,374
Switzerland—0.7%
Credit Suisse AG
2.800%, due 04/08/22	USD	390,000		399,470
2.950%, due 04/09/25	USD	440,000		462,930
Credit Suisse Group AG
(fixed, converts to FRN on 09/12/24),
2.125%, due 09/12/253	GBP	600,000		754,037
SOFR  + 3.730%,
4.194%, due 04/01/311	USD	690,000		749,753
				2,366,190
United Kingdom—3.2%
BAE Systems PLC
3.400%, due 04/15/301	USD	170,000		184,576
BAT Capital Corp.
4.390%, due 08/15/37	USD	195,000		199,478
4.700%, due 04/02/27	USD	340,000		375,505
Centrica PLC EMTN
4.375%, due 03/13/293	GBP	200,000		292,228
Diageo Capital PLC
2.000%, due 04/29/30	USD	200,000		199,248
Eversholt Funding PLC EMTN
6.359%, due 12/02/253	GBP	430,000		644,677
GlaxoSmithKline Capital PLC
3.000%, due 06/01/24	USD	365,000		392,524
Heathrow Funding Ltd. EMTN
1.875%, due 07/12/323	EUR	290,000		316,990
6.750%, due 12/03/263	GBP	600,000		931,915
HSBC Holdings PLC
(fixed, converts to FRN on 11/22/22),
3.033%, due 11/22/23	USD	1,200,000		1,235,586
Imperial Brands Finance PLC
3.125%, due 07/26/241	USD	440,000		433,205
Lloyds Bank PLC EMTN
0.250%, due 03/25/243	EUR	360,000		398,011

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
Reynolds American, Inc.
4.850%, due 09/15/23	USD	960,000		1,042,251
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 05/15/22),
3.498%, due 05/15/23	USD	985,000		1,008,551
(fixed, converts to FRN on 03/22/24),
4.269%, due 03/22/25	USD	380,000		405,034
Sky Ltd. GMTN
2.250%, due 11/17/253	EUR	510,000		609,356
Standard Chartered PLC
(fixed, converts to FRN on 04/01/30),
4.644%, due 04/01/311	USD	945,000		1,039,391
Vodafone Group PLC
4.125%, due 05/30/25	USD	425,000		473,629
5.000%, due 05/30/38	USD	315,000		375,141
				10,557,296
United States—17.0%
AbbVie, Inc.
3.200%, due 11/21/291	USD	970,000		1,024,805
4.250%, due 11/21/491	USD	240,000		275,315
4.875%, due 11/14/48	USD	165,000		207,761
Altria Group, Inc.
4.250%, due 08/09/42	USD	45,000		44,964
Ameren Corp.
3.500%, due 01/15/31	USD	380,000		420,125
American Airlines Pass-Through Trust,
Series 2016-2, Class AA,
3.200%, due 06/15/28	USD	640,875		587,702
American Electric Power Co., Inc.,
Series F,
2.950%, due 12/15/22	USD	400,000		413,841
American Tower Corp.
1.375%, due 04/04/25	EUR	300,000		330,326
3.125%, due 01/15/27	USD	530,000		560,450
3.950%, due 03/15/29	USD	290,000		324,162
American Water Capital Corp.
2.800%, due 05/01/30	USD	250,000		266,373
Apple, Inc.
4.650%, due 02/23/46	USD	420,000		569,444
AT&T, Inc.
4.300%, due 12/15/42	USD	15,000		16,266

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United States—(continued)
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.
3.337%, due 12/15/27	USD	360,000		342,345
Bank of America Corp.
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23	USD	915,000		947,193
(fixed, converts to FRN on 12/20/27),
3.419%, due 12/20/28	USD	910,000		974,869
Bank of America Corp. EMTN
2.300%, due 07/25/253	GBP	490,000		627,708
Bank of America Corp. MTN
(fixed, converts to FRN on 10/22/24),
2.456%, due 10/22/25	USD	280,000		286,787
(fixed, converts to FRN on 03/15/24),
3.458%, due 03/15/25	USD	365,000		385,523
Becton Dickinson and Co.
2.894%, due 06/06/22	USD	421,000		431,938
3.700%, due 06/06/27	USD	196,000		212,703
Berkshire Hathaway Energy Co.
4.450%, due 01/15/49	USD	150,000		196,281
Biogen, Inc.
2.250%, due 05/01/30	USD	150,000		149,133
Boeing Co./The
3.500%, due 03/01/39	USD	90,000		72,201
Boston Scientific Corp.
4.700%, due 03/01/49	USD	20,000		24,946
BP Capital Markets America, Inc.
3.000%, due 02/24/50	USD	60,000		57,025
3.119%, due 05/04/26	USD	690,000		719,689
3.410%, due 02/11/26	USD	220,000		232,055
Bristol-Myers Squibb Co.
3.400%, due 07/26/291	USD	310,000		354,016
4.250%, due 10/26/491	USD	165,000		214,859
Burlington Northern Santa Fe LLC
3.050%, due 02/15/514	USD	690,000		717,827
4.150%, due 12/15/48	USD	75,000		91,735
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, due 04/01/31	USD	500,000		502,606
3.700%, due 04/01/51	USD	485,000		470,866
Citigroup, Inc.
(fixed, converts to FRN on 07/24/22),
2.876%, due 07/24/23	USD	3,580,000		3,666,349
SOFR + 2.750%, 3.106%, due 04/08/26	USD	1,100,000		1,151,777

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United States—(continued)
(fixed, converts to FRN on 01/24/22),
3.142%, due 01/24/23	USD	345,000		353,341
Claremont Mckenna College,
Series 2019,
3.378%, due 01/01/50	USD	620,000		624,244
Cleveland Electric Illuminating Co./The
3.500%, due 04/01/281	USD	420,000		448,447
Coca Cola Co./The
1.650%, due 06/01/30	USD	345,000		341,991
Comcast Corp.
3.900%, due 03/01/38	USD	395,000		461,536
3.950%, due 10/15/25	USD	197,000		222,035
3.969%, due 11/01/47	USD	400,000		470,415
4.000%, due 03/01/48	USD	355,000		424,264
Constellation Brands, Inc.
4.500%, due 05/09/47	USD	80,000		88,565
Costco Wholesale Corp.
1.750%, due 04/20/32	USD	240,000		238,419
Cox Communications, Inc.
3.500%, due 08/15/271	USD	65,000		68,683
Crown Castle International Corp.
3.300%, due 07/01/30	USD	760,000		813,305
Deere & Co.
2.750%, due 04/15/254	USD	260,000		276,865
3.750%, due 04/15/50	USD	55,000		65,380
Edison International
2.950%, due 03/15/23	USD	1,060,000		1,060,155
Entergy Louisiana LLC
3.120%, due 09/01/27	USD	600,000		642,904
4.950%, due 01/15/45	USD	208,000		225,111
Enterprise Products Operating LLC
2.800%, due 01/31/304	USD	205,000		201,332
Equinix, Inc.
2.875%, due 03/15/24	EUR	150,000		166,482
Exelon Corp.
4.450%, due 04/15/46	USD	240,000		285,779
5.150%, due 12/01/20	USD	1,300,000		1,315,155
Exxon Mobil Corp.
2.992%, due 03/19/25	USD	800,000		855,842
FirstEnergy Corp.
2.650%, due 03/01/30	USD	180,000		182,452
GE Capital International Funding Co., Unlimited Co.
3.373%, due 11/15/25	USD	410,000		421,588

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United States—(continued)
Goldman Sachs Group, Inc./The
(fixed, converts to FRN on 10/31/21),
2.876%, due 10/31/22	USD	1,520,000		1,543,758
(fixed, converts to FRN on 06/05/22),
2.908%, due 06/05/23	USD	185,000		189,094
3.500%, due 11/16/26	USD	605,000		642,079
Goldman Sachs Group, Inc./The EMTN
1.625%, due 07/27/263	EUR	600,000		673,658
4.250%, due 01/29/263	GBP	440,000		614,069
Hess Corp.
5.800%, due 04/01/47	USD	225,000		196,317
Huntsman International LLC
4.250%, due 04/01/25	EUR	200,000		228,679
IBM Corp.
1.950%, due 05/15/30	USD	435,000		433,386
2.850%, due 05/15/40	USD	220,000		218,603
Keurig Dr Pepper, Inc.
2.550%, due 09/15/26	USD	169,000		172,789
3.430%, due 06/15/27	USD	455,000		485,164
Kroger Co./The
3.875%, due 10/15/46	USD	290,000		309,610
Kroger Co/The
2.200%, due 05/01/30	USD	245,000		245,577
Lowe's Cos., Inc.
3.700%, due 04/15/46	USD	380,000		411,984
Magellan Midstream Partners LP
4.200%, due 03/15/45	USD	360,000		326,765
McDonald's Corp. MTN
3.600%, due 07/01/30	USD	140,000		157,792
Medtronic Global Holdings SCA
1.000%, due 07/02/31	EUR	200,000		226,788
1.125%, due 03/07/27	EUR	430,000		494,110
MGM Resorts International
4.625%, due 09/01/264	USD	189,000		169,155
MidAmerican Energy Co.
4.250%, due 05/01/46	USD	170,000		215,042
Morgan Stanley
(fixed, converts to FRN on 04/24/23),
3.737%, due 04/24/24	USD	990,000		1,048,859
Morgan Stanley GMTN
1.875%, due 04/27/27	EUR	670,000		778,764
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/31	USD	15,000		15,353

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United States—(continued)
Morgan Stanley MTN
SOFR + 3.120%,
3.622%, due 04/01/31	USD	560,000		615,569
MPLX LP
4.500%, due 04/15/38	USD	130,000		115,815
National Rural Utilities Cooperative Finance Corp.
4.300%, due 03/15/49	USD	60,000		76,663
National Rural Utilities Cooperative Finance Corp. MTN
3.250%, due 11/01/25	USD	488,000		532,387
NextEra Energy Capital Holdings, Inc.
2.750%, due 05/01/25	USD	300,000		319,257
2.900%, due 04/01/22	USD	549,000		567,141
3.150%, due 04/01/24	USD	120,000		127,277
NiSource, Inc.
2.950%, due 09/01/29	USD	340,000		356,231
Noble Energy, Inc.
3.900%, due 11/15/24	USD	171,000		153,281
Norfolk Southern Corp.
3.050%, due 05/15/50	USD	180,000		179,577
3.942%, due 11/01/47	USD	305,000		347,680
Oasis Petroleum, Inc.
6.875%, due 01/15/23	USD	60,000		7,800
Oracle Corp.
2.950%, due 04/01/30	USD	1,040,000		1,135,026
3.600%, due 04/01/50	USD	145,000		164,686
4.000%, due 07/15/46	USD	165,000		195,206
PacifiCorp
3.300%, due 03/15/51	USD	310,000		346,236
Pfizer, Inc.
2.625%, due 04/01/30	USD	80,000		86,242
3.450%, due 03/15/29	USD	70,000		80,597
4.000%, due 03/15/49	USD	95,000		122,473
Philip Morris International, Inc.
4.125%, due 03/04/43	USD	385,000		421,822
Raytheon Technologies Corp.
3.950%, due 08/16/25	USD	22,000		24,706
4.125%, due 11/16/28	USD	260,000		301,461
San Diego Gas & Electric Co.,
Series UUU,
3.320%, due 04/15/50	USD	80,000		86,800
Schlumberger Holdings Corp.
3.750%, due 05/01/241	USD	190,000		191,774
3.900%, due 05/17/281	USD	585,000		561,923

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(continued)
United States—(continued)
Shire Acquisitions Investments Ireland DAC
3.200%, due 09/23/26	USD	630,000		682,515
Southwestern Electric Power Co.,
Series J, 3.900%, due 04/01/45	USD	55,000		59,513
Spectra Energy Partners LP
4.500%, due 03/15/45	USD	165,000		162,749
State Street Corp.
SOFR + 2.690%,
2.825%, due 03/30/231	USD	325,000		334,159
Sunoco Logistics Partners Operations LP
5.350%, due 05/15/45	USD	360,000		325,897
T-Mobile USA, Inc.
3.750%, due 04/15/271	USD	1,070,000		1,147,072
3.875%, due 04/15/301	USD	400,000		437,540
4.500%, due 04/15/501	USD	115,000		133,992
Target Corp.
2.650%, due 09/15/30	USD	80,000		85,728
Tyson Foods, Inc.
3.900%, due 09/28/23	USD	990,000		1,065,886
Union Electric Co.
3.500%, due 03/15/29	USD	55,000		61,103
Union Pacific Corp.
3.150%, due 03/01/244	USD	220,000		234,215
Verizon Communications, Inc.
4.016%, due 12/03/29	USD	200,000		232,635
4.329%, due 09/21/284	USD	1,295,000		1,532,060
Wells Fargo & Co.
SOFR + 2.000%,
2.188%, due 04/30/26	USD	960,000		964,939
Wells Fargo & Co. MTN
(fixed, converts to FRN on 02/11/30),
2.572%, due 02/11/31	USD	555,000		553,691
3.750%, due 01/24/24	USD	130,000		138,325
Wells Fargo Bank N.A.
(fixed, converts to FRN on 07/23/20),
3.325%, due 07/23/21	USD	2,100,000		2,106,480

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Xcel Energy, Inc.
3.400%, due 06/01/30	USD	220,000	244,199
			55,543,978
Total corporate bonds (cost—$105,496,336)			108,309,457
Mortgage-backed securities—6.1%
Spain—0.6%
Bankinter 10 FTA,
Series 10, Class A2,
3 mo. Euribor + 0.160%,
0.000%, due 06/21/432,3	EUR	1,122,845	1,196,560
Fondo de Titulizacion de Activos Santander Hipotecario,
Series 2, Class A,
3 mo. Euribor + 0.150%,
0.000%, due 01/18/492,3	EUR	833,737	879,126
			2,075,686
United Kingdom—1.7%
Finsbury Square PLC,
Series 2020-1A, Class A,
3 mo. SONIA + 0.800%,
1.511%, due 03/16/701,2	GBP	480,000	591,858
Gosforth Funding PLC,
Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.450%,
2.129%, due 08/25/601,2	USD	519,269	515,117
Holmes Master Issuer PLC,
Series 2018-1A, Class A2,
3 mo. USD LIBOR + 0.360%,
2.191%, due 10/15/541,2	USD	289,714	288,972
Lanark Master Issuer PLC,
Series 2018-1A,Class 1A,
3 mo. USD LIBOR + 0.420%,
2.103%, due 12/22/691,2	USD	613,200	610,724
Series 2020-1A, Class 2A,
3 mo. SONIA + 0.570%,
2.333%, due 12/22/691,2	GBP	615,000	760,365
Permanent Master Issuer PLC,
Series 2018-1A, Class 1A1,
3 mo. USD LIBOR + 0.380%,
1.599%, due 07/15/581,2	USD	567,000	565,613
Silverstone Master Issuer PLC,

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Mortgage-backed securities—(continued)
United Kingdom—(concluded)
Series 2018-1A, Class 1A,
3 mo. USD LIBOR + 0.390%,
2.209%, due 01/21/701,2	USD	728,000		717,611
Series 2019-1A, Class 1A,
3 mo. USD LIBOR + 0.570%,
2.389%, due 01/21/701,2	USD	322,000		319,895
Series 2020-1A, Class 1A,
3 mo. SONIA + 0.470%,
0.955%, due 01/21/701,2	GBP	900,000		1,119,190
				5,489,345
United States—3.8%
Angel Oak Mortgage Trust,
Series 2020-1, Class A1,
2.466%, due 12/25/591,6	USD	521,562		525,008
BANK,
Series 2019-BN19, Class A3,
3.183%, due 08/15/61	USD	870,000		933,953
Series 2019-BN24, Class A3,
2.960%, due 11/15/62	USD	440,000		466,266
BX Commercial Mortgage Trust,
Series 2020-BXLP, Class A,
1 mo. USD LIBOR + 0.800%,
1.614%, due 12/15/361,2	USD	1,055,000		1,013,951
Citigroup Commercial Mortgage Trust,
Series 2017-P7, Class A4,
3.712%, due 04/14/50	USD	807,500		885,386
COMM Mortgage Trust,
Series 2014-UBS4, Class A5,
3.694%, due 08/10/47	USD	810,000		850,460
Deephaven Residential Mortgage Trust,
Series 2020-1, Class A1,
2.339%, due 01/25/601,6	USD	1,659,152		1,632,142
GRACE Mortgage Trust,
Series 2014-GRCE,Class A,
3.369%, due 06/10/281	USD	2,550,000		2,557,648
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3,
3.119%, due 05/10/50	USD	1,040,000		1,082,127
Series 2020-GC45, Class A5,
2.911%, due 02/13/53	USD	559,000		591,596

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
OBX Trust,
Series 2020-EXP1, Class 2A1,
1 mo. USD LIBOR + 0.750%,
1.697%, due 02/25/601,2	USD	523,615		510,384
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1,
2.275%, due 02/25/501,6	USD	525,572		520,141
Verus Securitization Trust,
Series 2020-1, Class A1,
2.417%, due 01/25/601,6	USD	813,208		822,048
				12,391,110
Total Mortgage-backed securities (cost—$20,138,377)				19,956,141
Municipal bonds—0.9%
District of Columbia—0.3%
District of Columbia Water & Sewer Authority
3.207%, due 10/01/48	USD	810,000		826,937
Massachusetts—0.1%
Commonwealth of Massachusetts, Consolidated Loan, GO Bonds,
Series H,
2.900%, due 09/01/49	USD	280,000		284,105
Missouri—0.2%
Health & Educational Facilities Authority of the State of Missouri,
Series A,
3.229%, due 05/15/50	USD	700,000		773,150
Texas—0.3%
Texas A&M University,
Series B,
3.480%, due 05/15/49	USD	810,000		864,092
Total Municipal bonds (cost—$2,668,437)				2,748,284
Non-U.S. government agency obligations—29.7%
Australia—1.2%
Australia Government Bond
3.000%, due 03/21/473	AUD	2,420,000		2,035,686
New South Wales Treasury Corp.
3.000%, due 02/20/303	AUD	1,300,000		961,699

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount			Value ($)
Non-U.S. government agency obligations—(continued)
Australia—(concluded)
Queensland Treasury Corp.
1.750%, due 08/21/311,3		AUD	1,540,000		1,010,177
					4,007,562
Bermuda—0.3%
Bermuda Government International Bond
4.750%, due 02/15/291		USD	910,000		955,500
					955,500
Canada—2.9%
Canadian Government Bond
5.000%, due 06/01/37		CAD	380,000		449,145
5.750%, due 06/01/33		CAD	910,000		1,061,574
Hydro-Quebec
6.500%, due 02/15/35		CAD	750,000		858,194
Province of British Columbia Canada
2.800%, due 06/18/48		CAD	300,000		245,757
Province of Ontario Canada
2.400%, due 06/02/26		CAD	4,050,000		3,130,483
2.700%, due 06/02/29		CAD	1,672,000		1,340,459
Province of Quebec Canada
2.300%, due 09/01/29		CAD	1,754,000		1,370,059
5.000%, due 12/01/41		CAD	1,100,000		1,180,385
					9,636,056
China—2.4%
China Government Bond
3.160%, due 06/27/233		CNY	4,500,000		658,894
3.380%, due 11/21/243		CNY	8,000,000		1,194,924
3.480%, due 06/29/273		CNY	13,000,000		1,972,775
4.100%, due 12/04/223		CNY	2,000,000		298,890
4.290%, due 05/22/293		CNY	17,000,000		2,706,221

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(continued)
China—(concluded)
4.500%, due 05/22/343	CNY	6,000,000		984,015
				7,815,719
Cyprus—0.7%
Cyprus Government International Bond EMTN
4.250%, due 11/04/253	EUR	1,753,000		2,154,859
				2,154,859
Denmark—0.5%
Denmark Government Bond
1.500%, due 11/15/23	DKK	10,250,000		1,612,573
				1,612,573
Germany—1.1%
Bundesrepublik Deutschland Bundesanleihe
0.010%, due 08/15/503	EUR	2,460,000		2,841,195
State of North Rhine-Westphalia Germany EMTN
2.150%, due 03/21/193	EUR	400,000		786,054
				3,627,249
Greece—1.0%
Hellenic Republic Government Bond
1.875%, due 07/23/261,3	EUR	619,000		675,660
1.875%, due 02/04/351,3	EUR	1,200,000		1,262,077

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(continued)
Greece—(concluded)
3.875%, due 03/12/291,3	EUR	1,198,000		1,487,523
				3,425,260
Hungary—0.1%
Hungary Government International Bond
5.375%, due 03/25/24	USD	234,000		261,202
				261,202
Indonesia—0.3%
Indonesia Treasury Bond
7.000%, due 05/15/27	IDR	16,042,000,000		1,032,080
				1,032,080
Israel—0.2%
Israel Government International Bond
3.875%, due 07/03/50	USD	570,000		630,477
				630,477
Italy—5.1%
Italy Buoni Poliennali Del Tesoro
0.950%, due 03/01/23	EUR	4,320,000		4,760,354
1.750%, due 07/01/243	EUR	4,180,000		4,703,440
2.000%, due 02/01/283	EUR	610,000		688,946
3.000%, due 08/01/293	EUR	490,000		593,831
3.450%, due 03/01/481,3	EUR	510,000		655,257
3.850%, due 09/01/491,3	EUR	572,000		785,420
5.000%, due 09/01/401,3	EUR	1,100,000		1,701,529
Republic of Italy Government International Bond
2.375%, due 10/17/24	USD	2,990,000		2,919,173
				16,807,950
Japan—5.5%
Japan Government Forty Year Bond
2.200%, due 03/20/51	JPY	379,700,000		5,350,651
Japan Government Thirty Year Bond
1.700%, due 06/20/44	JPY	128,500,000		1,566,236
2.300%, due 12/20/36	JPY	269,400,000		3,351,365
Japan Government Twenty Year Bond
0.300%, due 12/20/39	JPY	528,700,000		4,923,317

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(continued)
Japan—(concluded)
0.700%, due 03/20/37	JPY	294,150,000		2,942,322
				18,133,891
Qatar—0.4%
Qatar Government International Bond
3.750%, due 04/16/301	USD	1,140,000		1,246,875
				1,246,875
Saudi Arabia—0.4%
Saudi Government International Bond
3.250%, due 10/22/301	USD	1,190,000		1,203,685
				1,203,685
Singapore—1.0%
Singapore Government Bond
2.875%, due 07/01/29	SGD	4,110,000		3,416,766
				3,416,766
Slovenia—0.2%
Slovenia Government International Bond
5.250%, due 02/18/243	USD	510,000		574,607
				574,607
South Korea—2.5%
Korea Housing Finance Corp.
0.010%, due 02/05/251	EUR	1,590,000		1,737,173
0.100%, due 06/18/241	EUR	724,000		796,093
0.750%, due 10/30/231	EUR	317,000		355,190
Korea Treasury Bond
3.000%, due 09/10/24	KRW	5,964,350,000		5,229,569
				8,118,025
Spain—1.4%
Spain Government Bond
0.500%, due 04/30/301,3	EUR	4,120,000		4,410,751
				4,410,751
Supranationals—0.6%
European Financial Stability Facility EMTN
0.400%, due 05/31/263	EUR	861,000		984,081

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount			Value ($)
Non-U.S. government agency obligations—(concluded)
Supranationals—(concluded)
European Stability Mechanism EMTN
1.125%, due 05/03/323		EUR	500,000		620,817
European Union EMTN
3.375%, due 04/04/323		EUR	200,000		306,708
					1,911,606
Turkey—0.2%
Turkey Government International Bond
5.750%, due 05/11/47		USD	900,000		682,875
					682,875
United Arab Emirates—0.4%
Abu Dhabi Government International Bond
3.125%, due 10/11/271		USD	1,100,000		1,168,750
					1,168,750
United Kingdom—1.3%
United Kingdom Gilt
3.250%, due 01/22/443		GBP	2,180,000		4,358,760
					4,358,760
Total Non-U.S. government agency obligations (cost—$97,229,139)					97,193,078
U.S. government agency obligations—15.7%
United States—15.7%
FHLMC
3.000%, due 03/01/31		USD	3,071,815		3,247,875
FNMA
2.500%, due 04/01/50		USD	5,206,166		5,412,814
3.500%, due 09/01/32		USD	3,554,929		3,755,307
3.500%, due 08/01/47		USD	2,888,262		3,172,922
3.500%, due 05/01/58		USD	2,144,753		2,328,376
4.000%, due 04/01/59		USD	2,566,351		2,817,829
GNMA TBA
3.000%		USD	2,760,000		2,937,158
3.500%		USD	770,000		816,922
UMBS TBA
2.500%		USD	6,300,000		6,560,121
3.000%		USD	10,280,000		10,851,825

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount		Value ($)
U.S. government agency obligations—(concluded)
United States—(concluded)
3.500%	USD	8,960,000		9,469,600
Total U.S. government agency obligations (cost—$50,861,453)				51,370,749
U.S. Treasury obligations—11.8%
United States—11.8%
U.S. Treasury Bond
2.000%, due 02/15/50	USD	2,510,000		2,949,054
U.S. Treasury Inflation Indexed Bonds (TIPS)
0.875%, due 01/15/29	USD	1,055,091		1,171,355
1.000%, due 02/15/48	USD	5,954,605		7,790,001
U.S. Treasury Notes
0.500%, due 03/31/25	USD	1,060,000		1,067,205
1.125%, due 02/28/22	USD	8,220,000		8,358,712
1.375%, due 01/31/22	USD	1,350,000		1,377,475
1.500%, due 02/15/30	USD	9,980,000		10,790,875
2.375%, due 02/29/24	USD	654,400		705,729
2.375%, due 05/15/29	USD	3,698,000		4,268,012
Total U.S. Treasury obligations (cost—$36,185,158)				38,478,418

	Number of shares
Short-term investments—10.6%
Investment companies—10.6%
State Street Institutional U.S. Government Money Market Fund (cost—$34,802,691)		34,802,691	34,802,691
Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$2,277,275)		2,277,275	2,277,275

Total investments
(cost—$353,408,866) 7—109.7%		358,865,678
Liabilities in excess of other assets—(9.7)%		(31,607,960	)
Net assets—100.0%	$	327,257,718

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of the last Portfolio.

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)	Value($)	Unrealized appreciation (depreciation)($)
Interest rate futures buy contracts:
45	CAD	Canada Government Bond 10 Year Futures	June 2020	4,585,981	4,829,591	243,610
13	EUR	German Euro BOBL Futures	June 2020	1,940,184	1,936,750	(3,434	)
157	EUR	German Euro Bund Futures	June 2020	29,665,239	30,010,400	345,161
10	JPY	Japan Government Bond 10 Year Futures	June 2020	14,387,588	14,237,525	(150,063	)
U.S. Treasury futures buy contracts:
5	USD	U.S. Treasury Note 10 Year Futures	June 2020	695,229	695,313	84
26	USD	U.S. Ultra Long Treasury Bond Futures	June 2020	5,723,979	5,844,312	120,333
Total				56,998,200	57,553,891	555,691

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Interest rate futures sell contracts:
5	AUD	Australian Bond 10 Year Futures	June 2020	(492,318	)	(484,986	)	7,332
31	EUR	German Euro Buxl 30 Year Futures	June 2020	(7,571,254	)	(7,446,517	)	124,737
346	EUR	German Euro Schatz Futures	June 2020	(42,484,972	)	(42,578,216	)	(93,244	)
28	EUR	Italian Government Bond Futures	June 2020	(4,173,115	)	(4,252,773	)	(79,658	)
6	GBP	United Kingdom Long Gilt Bond Futures	June 2020	(1,015,577	)	(1,040,599	)	(25,022	)
U.S. Treasury futures sell contracts:
3	USD	U.S. Long Bond Futures	June 2020	(543,215	)	(543,094	)	121
3	USD	U.S. Treasury Note 2 Year Futures	June 2020	(661,143	)	(661,289	)	(146	)
79	USD	U.S. Treasury Note 5 Year Futures	June 2020	(9,891,254	)	(9,913,266	)	(22,012	)
96	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2020	(14,323,005	)	(15,075,000	)	(751,995	)
Total				(81,155,853	)	(81,995,740	)	(839,887	)
Net unrealized appreciation (depreciation)								(284,196	)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	GBP	990,863	EUR	1,126,416	05/27/20	(13,203	)
BB	GBP	1,310,148	USD	1,614,024	05/27/20	(36,247	)
BB	NZD	2,031,611	AUD	1,958,853	05/27/20	30,496
BB	TRY	32,423,420	USD	4,699,663	05/27/20	82,589
BB	USD	3,642,769	GBP	2,901,915	05/27/20	12,502
BB	USD	1,637,048	MXN	39,644,400	05/27/20	1,837
BB	USD	441,631	SEK	4,391,041	05/27/20	8,558
BNP	EUR	1,500,277	CZK	40,552,387	05/27/20	(4,334	)
BNP	EUR	3,020,601	JPY	353,918,085	05/27/20	(12,713	)
BNP	EUR	9,797,312	USD	10,682,961	05/27/20	(57,876	)
BNP	GBP	1,968,144	EUR	2,260,000	05/27/20	(1,438	)
BNP	JPY	22,662,018	USD	208,324	05/27/20	(2,903	)
BNP	JPY	18,505,264	USD	173,751	05/27/20	1,268
BNP	NZD	2,028,748	CAD	1,729,021	05/27/20	(2,142	)
BNP	TRY	5,379,975	USD	859,146	05/22/20	92,052

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BNP	TRY	1,113,902	USD	161,550	05/27/20	2,931
BNP	USD	279,912	CZK	6,859,393	05/27/20	(2,435	)
BNP	USD	8,398,000	EUR	7,720,671	05/27/20	66,206
BNP	USD	1,637,000	MXN	39,651,414	05/27/20	2,176
BNP	USD	1,163,645	PLN	4,837,324	05/27/20	2,055
BNP	USD	2,042,198	TRY	14,198,748	05/27/20	(20,305	)
BNP	USD	1,636,929	TRY	11,505,977	05/27/20	1,514
BOA	JPY	18,986,444	USD	176,759	05/27/20	(209	)
BOA	USD	6,634,287	EUR	6,096,924	05/27/20	49,799
CITI	AUD	3,860,053	CAD	3,464,185	05/27/20	(26,801	)
CITI	AUD	1,309,791	USD	822,744	05/27/20	(30,847	)
CITI	CAD	1,704,945	AUD	1,918,579	05/27/20	25,444
CITI	CAD	1,711,146	JPY	130,350,856	05/27/20	(14,380	)
CITI	CAD	5,130,397	NZD	6,071,045	05/27/20	37,813
CITI	DKK	5,660,941	USD	831,701	05/27/20	1
CITI	EUR	4,524,222	CHF	4,755,952	05/27/20	(29,842	)
CITI	GBP	142,967	USD	177,566	05/27/20	(2,516	)
CITI	NZD	2,066,905	AUD	2,000,547	05/27/20	36,021
CITI	TRY	2,690,238	USD	428,928	05/22/20	45,345
CITI	USD	8,985,400	AUD	14,454,625	05/27/20	434,681
CITI	USD	517,790	ILS	1,850,463	05/27/20	13,357
CITI	USD	2,433,116	SEK	24,164,764	05/27/20	44,360
GSI	EUR	178,837	AUD	316,707	05/27/20	10,339
GSI	EUR	17,390,263	USD	19,070,135	05/27/20	5,111
GSI	EUR	5,283,142	USD	5,739,744	05/27/20	(52,188	)
GSI	GBP	985,902	EUR	1,128,000	05/27/20	(5,218	)
GSI	GBP	982,000	USD	1,221,788	05/27/20	(15,146	)
GSI	GBP	1,976,893	USD	2,491,725	05/27/20	1,618
GSI	MXN	62,182,947	USD	2,604,251	05/27/20	33,629
GSI	NZD	6,054,810	CAD	5,159,576	05/27/20	(6,892	)
GSI	SEK	24,718,143	USD	2,451,418	05/27/20	(82,793	)
GSI	USD	12,270,012	EUR	11,281,284	05/27/20	97,710

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
GSI	USD	1,240,593	MXN	30,122,239	05/27/20	4,650
GSI	USD	1,636,859	MXN	39,530,957	05/27/20	(2,663	)
GSI	USD	309,433	NOK	3,187,922	05/27/20	1,769
GSI	USD	1,106,482	PLN	4,608,643	05/27/20	4,111
GSI	USD	429,400	TRY	2,683,866	05/22/20	(46,726	)
GSI	USD	405,344	TRY	2,815,399	05/27/20	(4,433	)
HSBC	AUD	2,573,368	USD	1,640,348	05/27/20	(36,716	)
HSBC	CAD	11,265,791	USD	8,101,965	05/27/20	8,216
HSBC	EUR	3,020,000	JPY	349,149,508	05/27/20	(56,501	)
HSBC	JPY	351,750,783	USD	3,244,155	05/27/20	(34,429	)
HSBC	SGD	3,894,893	USD	2,751,301	05/27/20	(10,963	)
HSBC	USD	4,080,039	AUD	6,296,687	05/27/20	23,512
HSBC	USD	1,750,988	CHF	1,682,745	05/27/20	(6,633	)
HSBC	USD	3,281,826	EUR	3,007,287	05/27/20	15,077
HSBC	USD	1,633,180	MXN	40,465,144	05/27/20	39,635
HSBC	USD	1,412,534	NZD	2,322,433	05/27/20	11,930
HSBC	USD	1,151,877	THB	37,775,590	05/27/20	15,670
RBC	AUD	20,909,576	USD	13,370,378	05/27/20	(256,394	)
RBC	CAD	472,608	USD	335,308	05/27/20	(4,231	)
RBC	EUR	173,588	AUD	305,910	05/27/20	9,056
RBC	USD	48,103,174	JPY	5,160,388,272	05/27/20	(4,439	)
SCB	JPY	353,645,674	AUD	5,146,737	05/27/20	57,883
SCB	USD	3,294,944	AUD	5,224,000	05/27/20	109,537
SCB	USD	602,862	GBP	489,056	05/27/20	13,156
SSC	AUD	327,784	USD	207,046	05/27/20	(6,571	)
SSC	EUR	203,376	USD	220,771	05/27/20	(2,190	)
SSC	USD	1,531,239	AUD	2,429,221	05/27/20	51,885
SSC	USD	5,537,916	CNY	39,114,121	05/27/20	7,591
SSC	USD	205,413	HUF	65,827,675	05/27/20	(838	)
TD	AUD	3,857,652	NZD	4,046,252	05/27/20	(32,263	)
TD	EUR	3,017,446	AUD	5,154,702	05/27/20	51,280
TD	GBP	984,078	EUR	1,127,095	05/27/20	(3,912	)
TD	GBP	981,830	USD	1,224,666	05/27/20	(12,053	)
TD	USD	1,225,709	JPY	131,574,984	05/27/20	669
Net unrealized appreciation (depreciation)						622,656

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

PACE Global Fixed Income Investments

Schedule of investments – April 30, 2020 (unaudited)

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Asset-backed securities	—	3,729,585	—	3,729,585
Corporate bonds	—	108,309,457	—	108,309,457
Mortgage-backed securities	—	19,956,141	—	19,956,141
Municipal bonds	—	2,748,284	—	2,748,284
Non-U.S. government agency obligations	—	97,193,078	—	97,193,078
U.S. government agency obligations	—	51,370,749	—	51,370,749
U.S. Treasury obligations	—	38,478,418	—	38,478,418
Short-term investments	—	34,802,691	—	34,802,691
Investment of cash collateral from securities loaned	—	2,277,275	—	2,277,275
Futures contracts	841,378	—	—	841,378
Forward foreign currency contracts	—	1,566,696	—	1,566,696
Total	841,378	360,432,374	—	361,273,752

Liabilities
Futures contracts	(1,125,574	)	—		—	(1,125,574	)
Forward foreign currency contracts	—		(944,040	)	—	(944,040	)
Total	(1,125,574	)	(944,040	)	—	(2,069,614	)

At April 30, 2020, there were no transfers in or out of Level 3.
Portfolio footnotes
	†	Amount represents less than 0.05%.
	1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $49,594,865, represented 15.2% of the Fund's net assets at period end.
	2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
	3	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
	4	Security, or portion thereof, was on loan at the period end.
	5	Perpetual investment. Date shown reflects the next call date.
	6	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
	7	Includes $2,399,726 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $2,277,275 non-cash collateral of $172,975.

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—93.7%
Advertising—0.4%
Lamar Media Corp.
3.750%, due 02/15/282,3		25,000		23,016
4.000%, due 02/15/302,3		100,000		92,000
5.000%, due 05/01/23		25,000		25,000
5.750%, due 02/01/26		50,000		50,855
National CineMedia LLC
5.750%, due 08/15/26		25,000		12,750
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.000%, due 08/15/272		250,000		238,725
Summer BC Holdco A SARL
9.250%, due 10/31/274	EUR	428,000		353,536
Summer BC Holdco B SARL
5.750%, due 10/31/264	EUR	100,000		96,906
				892,788
Aerospace & defense—1.5%
Bombardier, Inc.
6.000%, due 10/15/222		625,000		468,750
6.125%, due 05/15/214	EUR	250,000		231,191
6.125%, due 01/15/232		250,000		178,750
7.500%, due 12/01/242		325,000		215,922
7.500%, due 03/15/252		125,000		80,859
7.875%, due 04/15/272		25,000		16,188
Howmet Aerospace, Inc.
5.125%, due 10/01/24		100,000		96,526
5.950%, due 02/01/37		550,000		511,500
6.875%, due 05/01/25		75,000		76,696
Spirit AeroSystems, Inc.
7.500%, due 04/15/252		275,000		270,875
TransDigm UK Holdings PLC
6.875%, due 05/15/26		200,000		171,500
TransDigm, Inc.
5.500%, due 11/15/272		875,000		739,375
6.250%, due 03/15/262		375,000		367,031
6.500%, due 05/15/25		130,000		116,350
7.500%, due 03/15/27		100,000		91,030
Triumph Group, Inc.
6.250%, due 09/15/242,5		50,000		39,500

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
7.750%, due 08/15/25		125,000		81,094
				3,753,137
Agriculture—0.9%
Camposol SA
6.000%, due 02/03/272		300,000		283,200
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc.
8.500%, due 12/15/222		275,000		275,000
Darling Ingredients, Inc.
5.250%, due 04/15/272		75,000		75,570
JBS Investments II GmbH
5.750%, due 01/15/282		500,000		487,500
7.000%, due 01/15/262		600,000		622,440
Tereos Finance Groupe I SA
4.125%, due 06/16/234	EUR	500,000		386,287
Vector Group Ltd.
10.500%, due 11/01/262		225,000		207,000
				2,336,997
Airlines—0.4%
Air Canada
7.750%, due 04/15/212		225,000		219,375
American Airlines Group, Inc.
5.000%, due 06/01/222		150,000		91,688
Delta Air Lines, Inc.
3.625%, due 03/15/22		75,000		66,940
7.000%, due 05/01/252,5		125,000		128,112
Gol Finance, Inc.
7.000%, due 01/31/254		380,000		190,000
Southwest Airlines Co.
4.750%, due 05/04/23		50,000		49,650
Transportes Aereos Portugueses SA
5.625%, due 12/02/242	EUR	200,000		132,898
5.625%, due 12/02/244	EUR	100,000		66,449
United Airlines Holdings, Inc.
4.250%, due 10/01/22		75,000		62,153
6.000%, due 12/01/205		75,000		71,250
				1,078,515
Apparel—0.3%
IM Group SAS
6.625%, due 03/01/252	EUR	150,000		137,087

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Apparel— (concluded)
Levi Strauss & Co.
5.000%, due 05/01/252		25,000		25,228
PB International BV
7.625%, due 01/26/224		400,000		310,500
Takko Luxembourg 2 SCA MTN
5.375%, due 11/15/234	EUR	425,000		267,314
				740,129
Auto manufacturers—1.6%
Aston Martin Capital Holdings Ltd.
5.750%, due 04/15/224	GBP	350,000		333,264
BCD Acquisition, Inc.
9.625%, due 09/15/232		125,000		103,594
FCE Bank PLC
1.660%, due 02/11/214	EUR	100,000		106,113
Ford Motor Co.
8.500%, due 04/21/23		150,000		148,500
9.000%, due 04/22/25		250,000		243,125
9.625%, due 04/22/305		75,000		73,687
Ford Motor Credit Co. LLC
0.317%, due 11/15/236	EUR	100,000		88,820
1.514%, due 02/17/23	EUR	200,000		195,061
1.744%, due 07/19/24	EUR	100,000		91,814
2.330%, due 11/25/25	EUR	100,000		89,542
2.386%, due 02/17/26	EUR	100,000		89,106
3.815%, due 11/02/27		200,000		157,000
4.063%, due 11/01/24		200,000		175,500
4.134%, due 08/04/25		200,000		169,786
5.113%, due 05/03/29		600,000		516,000
5.875%, due 08/02/21		200,000		198,000
Mclaren Finance PLC
5.750%, due 08/01/222,5		200,000		139,860
Navistar International Corp.
6.625%, due 11/01/252		150,000		128,655
9.500%, due 05/01/252		100,000		104,750
Renault SA
1.000%, due 03/08/234	EUR	200,000		208,759

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Tesla, Inc.
5.300%, due 08/15/252		500,000		487,500
				3,848,436
Auto parts & equipment—1.2%
Adient Global Holdings Ltd.
3.500%, due 08/15/244	EUR	350,000		298,529
Adient US LLC
9.000%, due 04/15/252		100,000		104,250
Cooper-Standard Automotive, Inc.
5.625%, due 11/15/262		275,000		178,769
Dealer Tire LLC/DT Issuer LLC
8.000%, due 02/01/282		100,000		74,750
Faurecia SA
2.625%, due 06/15/254	EUR	300,000		308,208
Garrett LX I SARL/Garrett Borrowing LLC
5.125%, due 10/15/264	EUR	175,000		125,132
LKQ Italia Bondco SpA
3.875%, due 04/01/244	EUR	100,000		112,325
Metalsa SA de CV
4.900%, due 04/24/234		575,000		531,013
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
8.500%, due 05/15/272		125,000		105,938
Schaeffler Finance BV
3.250%, due 05/15/254	EUR	150,000		158,213
Superior Industries International, Inc.
6.000%, due 06/15/252	EUR	300,000		213,464
Tenneco, Inc.
5.000%, due 07/15/244	EUR	325,000		254,605
5.000%, due 07/15/26		250,000		111,850
The Goodyear Tire & Rubber Co.
5.125%, due 11/15/23		50,000		46,845
Titan International, Inc.
6.500%, due 11/30/23		150,000		69,375
ZF Europe Finance BV
2.000%, due 02/23/264	EUR	200,000		194,787
				2,888,053
Banks —3.8%
Akbank T.A.S.
5.000%, due 10/24/224		550,000		533,500
5.125%, due 03/31/254		400,000		365,125

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks— (continued)
Banco Bilbao Vizcaya Argentaria SA
(fixed, converts to FRN on 09/24/23),
5.875%, due 09/24/234,6,7	EUR	400,000	408,022
Banco de Bogota SA
5.375%, due 02/19/232		250,000	249,727
Banco do Brasil SA
5.875%, due 01/26/224		350,000	359,975
5.875%, due 01/26/222		450,000	460,687
Bank of America Corp.
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/24 6,7		100,000	98,250
(fixed, converts to FRN on 09/05/24),
6.250%, due 09/05/24 6,7		650,000	677,430
(fixed, converts to FRN on 03/10/26),
6.300%, due 03/10/26 5,6,7		175,000	190,385
Barclays PLC
(fixed, converts to FRN on 06/15/24),
8.000%, due 06/15/24 6,7		400,000	399,000
(fixed, converts to FRN on 12/15/20),
8.000%, due 12/15/20 6,7	EUR	600,000	647,445
CaixaBank SA
(fixed, converts to FRN on 06/13/24),
6.750%, due 06/13/244,6,7	EUR	400,000	412,039
CIT Group, Inc.
4.125%, due 03/09/21		25,000	24,563
Credit Suisse Group AG
(fixed, converts to FRN on 12/18/24),
6.250%, due 12/18/242,6,7		200,000	205,000
Goldman Sachs Group, Inc./The
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/255,6,7		75,000	69,750
(fixed, converts to FRN on 05/29/20),
5.375%, due 05/29/206,7		375,000	348,281
Intesa Sanpaolo SpA
3.928%, due 09/15/264	EUR	500,000	576,325
Provident Funding Associates LP/PFG Finance Corp.
6.375%, due 06/15/252		75,000	63,563
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 08/10/20),
7.500%, due 08/10/20 5,6,7		400,000	381,752
(fixed, converts to FRN on 08/10/25),
8.000%, due 08/10/25 5,6,7		200,000	208,050

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
(fixed, converts to FRN on 08/15/21),
8.625%, due 08/15/21 6,7	200,000		204,000
Turkiye Vakiflar Bankasi TAO
8.125%, due 03/28/242	250,000		251,562
Ukreximbank Via Biz Finance PLC
9.625%, due 04/27/224	166,667		163,750
9.750%, due 01/22/254	1,050,000		1,018,500
UniCredit SpA
(fixed, converts to FRN on 01/03/22),
4.375%, due 01/03/274,6	EUR	800,000	883,427
Yapi ve Kredi Bankasi AS
8.250%, due 10/15/242	200,000		204,000
			9,404,108
Beverages—0.7%
Ajecorp BV
6.500%, due 05/14/224	531,000		463,297
Central American Bottling Corp.
5.750%, due 01/31/272	400,000		391,500
5.750%, due 01/31/274	450,000		440,438
Coca-Cola Icecek AS
4.215%, due 09/19/244	200,000		195,940
Primo Water Corp.
5.500%, due 07/01/244	EUR	225,000	241,445
			1,732,620
Building materials—2.2%
BMC East LLC
5.500%, due 10/01/242	225,000		213,750
Builders FirstSource, Inc.
5.000%, due 03/01/302	100,000		85,810
6.750%, due 06/01/272	225,000		231,750
Cemex SAB de CV
3.125%, due 03/19/262	EUR	400,000	359,165
3.125%, due 03/19/264	EUR	125,000	111,822
5.450%, due 11/19/292,5	400,000		330,000
5.700%, due 01/11/254	250,000		226,312
7.750%, due 04/16/262	400,000		373,220
CPG Merger Sub LLC
8.000%, due 10/01/212	125,000		121,663
Griffon Corp.
5.750%, due 03/01/28	225,000		214,313

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
Grupo Cementos de Chihuahua SAB de CV
5.250%, due 06/23/244	1,000,000		923,781
James Hardie International Finance Ltd.
3.625%, due 10/01/262	EUR	150,000	152,624
Jeld-Wen, Inc.
4.625%, due 12/15/252	125,000		111,238
JELD-WEN, Inc.
6.250%, due 05/15/252	100,000		101,250
Masonite International Corp.
5.750%, due 09/15/262	75,000		72,750
NWH Escrow Corp.
7.500%, due 08/01/212	250,000		87,500
Patrick Industries, Inc.
7.500%, due 10/15/272	225,000		211,500
PGT Innovations, Inc.
6.750%, due 08/01/262	175,000		172,760
Standard Industries, Inc.
2.250%, due 11/21/262	EUR	275,000	256,572
5.500%, due 02/15/232	77,000		76,326
Summit Materials LLC/Summit Materials Finance Corp.
6.125%, due 07/15/23	75,000		75,071
6.500%, due 03/15/272	50,000		49,500
Tecnoglass, Inc.
8.200%, due 01/31/224	600,000		443,100
US Concrete, Inc.
6.375%, due 06/01/24	450,000		424,912
			5,426,689
Chemicals—1.8%
Ashland Services BV
2.000%, due 01/30/282	EUR	100,000	102,325
Atotech Alpha 2 BV
8.750% Cash or 9.500% PIK,
8.750%, due 06/01/232,8	200,000		188,000
Atotech Alpha 3 BV/Alpha US Bidco, Inc.
6.250%, due 02/01/252	200,000		189,960
Axalta Coating Systems Dutch Holding B BV
3.750%, due 01/15/254	EUR	300,000	320,536
Blue Cube Spinco LLC
10.000%, due 10/15/25	325,000		344,402
Chemours Co./The
5.375%, due 05/15/27	50,000		42,000

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(continued)
7.000%, due 05/15/255	75,000		70,478
Cornerstone Chemical Co.
6.750%, due 08/15/242	125,000		101,250
Element Solutions, Inc.
5.875%, due 12/01/252	25,000		24,813
Innophos Holdings, Inc.
9.375%, due 02/15/282	175,000		168,000
Kraton Polymers LLC/Kraton Polymers Capital Corp.
5.250%, due 05/15/262	EUR	250,000	246,528
7.000%, due 04/15/252,5	100,000		96,000
Monitchem HoldCo 2 SA
9.500%, due 09/15/262	EUR	150,000	152,460
NOVA Chemicals Corp.
5.000%, due 05/01/252	50,000		42,230
5.250%, due 06/01/272	150,000		120,000
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.750%, due 04/30/262	50,000		47,000
OCI NV
3.125%, due 11/01/242	EUR	250,000	266,017
3.125%, due 11/01/244	EUR	300,000	319,221
5.250%, due 11/01/242	200,000		197,032
6.625%, due 04/15/232	200,000		200,031
Olin Corp.
5.000%, due 02/01/30	100,000		87,320
5.625%, due 08/01/29	75,000		67,781
Polyone Corp.
5.750%, due 05/15/252,3	150,000		151,594
PQ Corp.
5.750%, due 12/15/252,5	75,000		73,530
SPCM SA
4.875%, due 09/15/252	200,000		202,000
TPC Group, Inc.
10.500%, due 08/01/242	225,000		183,937
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.375%, due 09/01/252	250,000		213,125
Tronox Finance PLC
5.750%, due 10/01/252,5	225,000		199,125

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
Tronox, Inc.
6.500%, due 04/15/262	75,000		67,875
			4,484,570
Coal—0.1%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
3.000%, due 03/15/249	550,000		5,500
12.000%, due 11/21/219	66,000		—
Indo Energy Finance II BV
6.375%, due 01/24/234	228,000		195,795
Murray Energy Corp.
12.000%, due 04/15/242,10	1,268,693		13
			201,308
Commercial banks—1.5%
Banco de Bogota SA
6.250%, due 05/12/264	500,000		498,755
Barclays PLC
(fixed, converts to FRN on 06/15/25),
7.125%, due 06/15/256,7	GBP	200,000	238,234
Citigroup, Inc.
(fixed, converts to FRN on 01/30/25),  4.700%, due 01/30/25 6,7	225,000		195,750
(fixed, converts to FRN on 02/15/23),  5.900%, due 02/15/23 6,7	325,000		328,497
(fixed, converts to FRN on 01/30/23),  5.950%, due 01/30/23 6,7	175,000		174,183
(fixed, converts to FRN on 08/15/20),  5.950%, due 08/15/20 6,7	175,000		161,245
(fixed, converts to FRN on 08/15/26),  6.250%, due 08/15/26 6,7	150,000		160,500
Itau Unibanco Holding SA
2.900%, due 01/24/234	400,000		386,004
JPMorgan Chase & Co.
(fixed, converts to FRN on 02/01/25),  4.600%, due 02/01/25 6,7	125,000		112,125
(fixed, converts to FRN on 04/30/24),  6.125%, due 04/30/24 6,7	575,000		587,938
(fixed, converts to FRN on 02/01/24),  6.750%, due 02/01/24 6,7	500,000		536,790
UniCredit SpA
(fixed, converts to FRN on 09/23/24), 2.000%, due 09/23/294,6	EUR	200,000	192,322

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial banks—(concluded)
Unione di Banche Italiane SpA
(fixed, converts to FRN on 03/04/24), 5.875%, due 03/04/294,6	EUR	100,000	114,266
			3,686,609
Commercial services—2.8%
AA Bond Co. Ltd.
5.500%, due 07/31/224	GBP	475,000	419,753
Ahern Rentals, Inc.
7.375%, due 05/15/232	325,000		152,880
Algeco Global Finance PLC
8.000%, due 02/15/232	200,000		175,000
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.625%, due 07/15/262	425,000		436,942
9.750%, due 07/15/272	450,000		454,500
Arena Luxembourg Finance SARL
1.875%, due 02/01/282	EUR	100,000	98,171
ASGN, Inc.
4.625%, due 05/15/282	150,000		138,330
Atlantia SpA
1.875%, due 07/13/274	EUR	200,000	192,409
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.750%, due 07/15/272	125,000		72,656
Capitol Investment Merger Sub 2 LLC
10.000%, due 08/01/242,5	25,000		23,250
Cardtronics, Inc./Cardtronics USA, Inc.
5.500%, due 05/01/252	50,000		47,500
Graham Holdings Co.
5.750%, due 06/01/262	175,000		176,750
Hertz Corp./The
5.500%, due 10/15/242	25,000		5,000
6.000%, due 01/15/282	375,000		67,500
7.125%, due 08/01/262	375,000		75,938
Intertrust Group BV
3.375%, due 11/15/254	EUR	175,000	190,872
3.375%, due 11/15/252	EUR	125,000	136,337
La Financiere Atalian SASU
4.000%, due 05/15/244	EUR	150,000	101,967
5.125%, due 05/15/254	EUR	125,000	84,852
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.
7.875%, due 10/01/222	300,000		208,500

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Commercial services—(concluded)
MPH Acquisition Holdings LLC
7.125%, due 06/01/242		200,000		178,244
Nassa Topco AS
2.875%, due 04/06/244	EUR	425,000		431,011
Nielsen Finance LLC/Nielsen Finance Co.
5.000%, due 04/15/222		25,000		24,628
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.250%, due 04/15/242		75,000		73,477
6.250%, due 01/15/282		75,000		67,313
Q-Park Holding I BV
2.000%, due 03/01/272	EUR	100,000		99,421
Refinitiv US Holdings, Inc.
4.500%, due 05/15/264	EUR	225,000		256,429
6.875%, due 11/15/264	EUR	350,000		406,714
8.250%, due 11/15/262		275,000		298,375
Rekeep SpA
9.000%, due 06/15/224	EUR	300,000		300,607
Ritchie Bros Auctioneers, Inc.
5.375%, due 01/15/252		175,000		176,750
Service Corp. International
5.125%, due 06/01/29		75,000		78,000
5.375%, due 05/15/24		125,000		126,875
Techem Verwaltungsgesellschaft 675 mbH
2.000%, due 07/15/252	EUR	275,000		284,784
2.000%, due 07/15/254	EUR	375,000		388,342
TMS International Holding Corp.
7.250%, due 08/15/252		125,000		93,281
United Rentals North America, Inc.
6.500%, due 12/15/26		25,000		25,938
Verscend Escrow Corp.
9.750%, due 08/15/262		250,000		260,625
				6,829,921
Computers—1.3%
Banff Merger Sub, Inc.
9.750%, due 09/01/262		150,000		134,625
Dell International LLC/EMC Corp.
7.125%, due 06/15/242		300,000		310,860
Diebold Nixdorf, Inc.
8.500%, due 04/15/245		150,000		98,250
Everi Payments, Inc.
7.500%, due 12/15/252,5		116,000		94,540

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Computers—(concluded)
Exela Intermediate LLC/Exela Finance, Inc.
10.000%, due 07/15/232		325,000		60,125
MTS Systems Corp.
5.750%, due 08/15/272		100,000		92,750
NCR Corp.
5.750%, due 09/01/272		225,000		225,562
6.125%, due 09/01/292		300,000		297,750
6.375%, due 12/15/235		530,000		536,625
8.125%, due 04/15/252		50,000		53,000
Presidio Holdings, Inc.
4.875%, due 02/01/272		125,000		122,263
8.250%, due 02/01/282,5		250,000		246,700
Science Applications International Corp.
4.875%, due 04/01/282		225,000		220,345
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.750%, due 06/01/252		200,000		194,000
Vericast Corp.
8.375%, due 08/15/222		325,000		232,667
9.250%, due 03/01/212,5		175,000		175,000
				3,095,062
Construction materials—0.2%
CEMEX Finance LLC
4.625%, due 06/15/244	EUR	375,000		376,424
James Hardie International Finance DAC
3.625%, due 10/01/264	EUR	125,000		127,187
				503,611
Cosmetics & personal care — 0.0%†
Avon International Capital PLC
6.500%, due 08/15/222		75,000		70,125
Revlon Consumer Products Corp.
6.250%, due 08/01/24		200,000		37,000
				107,125
Distribution & wholesale—0.7%
Anixter, Inc.
6.000%, due 12/01/25		100,000		101,000
H&E Equipment Services, Inc.
5.625%, due 09/01/25		275,000		261,965
IAA, Inc.
5.500%, due 06/15/272		125,000		124,725

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
KAR Auction Services, Inc.
5.125%, due 06/01/252		125,000		107,814
Matalan Finance PLC
6.750%, due 01/31/232	GBP	450,000		334,318
9.500%, due 01/31/242	GBP	150,000		52,491
Performance Food Group, Inc.
5.500%, due 06/01/242		275,000		268,125
5.500%, due 10/15/272		100,000		95,002
Resideo Funding, Inc.
6.125%, due 11/01/262		75,000		65,625
Univar Solutions USA, Inc.
5.125%, due 12/01/272		225,000		223,312
				1,634,377
Diversified financial services—2.8%
AG Issuer LLC
6.250%, due 03/01/282		150,000		132,476
Ally Financial, Inc.
3.875%, due 05/21/24		125,000		121,825
8.000%, due 11/01/31		460,000		542,094
Amigo Luxembourg SA
7.625%, due 01/15/244,5	GBP	225,000		158,887
Credit Acceptance Corp.
5.125%, due 12/31/242		100,000		87,750
6.625%, due 03/15/26		125,000		112,500
Credito Real SAB de CV
5.000%, due 02/01/272	EUR	100,000		82,634
9.500%, due 02/07/264		300,000		267,003
9.500%, due 02/07/262		300,000		267,003
Fairstone Financial, Inc.
7.875%, due 07/15/242		200,000		190,000
Garfunkelux Holdco 2 SA
11.000%, due 11/01/234	GBP	175,000		170,158
Garfunkelux Holdco 3 SA
3 mo. Euribor + 4.500%,
4.500%, due 09/01/23 4,6	EUR	625,000		549,555
7.500%, due 08/01/224,5	EUR	500,000		443,819
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/242,8		375,000		226,763
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.250%, due 06/03/262		200,000		180,500

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
LPL Holdings, Inc.
4.625%, due 11/15/272		75,000	71,625
Motion Finco SARL
7.000%, due 05/15/252	EUR	100,000	109,585
Mulhacen Pte Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 08/01/234,8	EUR	600,000	258,134
Nationstar Mortgage Holdings, Inc.
6.000%, due 01/15/272		75,000	63,983
8.125%, due 07/15/232		100,000	96,000
9.125%, due 07/15/262		125,000	119,531
Navient Corp.
5.000%, due 03/15/27		25,000	21,050
6.125%, due 03/25/24		350,000	322,000
6.500%, due 06/15/22		100,000	96,750
6.625%, due 07/26/21		75,000	74,625
6.750%, due 06/25/25		300,000	277,500
6.750%, due 06/15/26		200,000	180,500
7.250%, due 09/25/23		25,000	23,938
Newday Bondco PLC
7.375%, due 02/01/244	GBP	100,000	85,488
NFP Corp.
6.875%, due 07/15/252		325,000	310,375
8.000%, due 07/15/252		125,000	116,275
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.375%, due 12/15/222		100,000	96,627
Park Aerospace Holdings Ltd.
5.250%, due 08/15/222		75,000	69,150
Springleaf Finance Corp.
5.375%, due 11/15/29		50,000	41,510
6.625%, due 01/15/28		200,000	176,500
6.875%, due 03/15/25		275,000	260,067
7.125%, due 03/15/26		525,000	486,596
			6,890,776
Electric—3.3%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It
7.950%, due 05/11/264		500,000	414,999
AES El Salvador Trust II
6.750%, due 03/28/234		450,000	378,281
Calpine Corp.

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
4.500%, due 02/15/282		275,000	266,640
5.125%, due 03/15/282		400,000	390,000
5.500%, due 02/01/24		475,000	470,844
Capex SA
6.875%, due 05/15/242		225,000	147,516
6.875%, due 05/15/244		200,000	132,002
Centrais Eletricas Brasileiras SA
3.625%, due 02/04/252		200,000	182,000
Clearway Energy Operating LLC
4.750%, due 03/15/282		100,000	101,750
5.000%, due 09/15/265		225,000	226,125
5.750%, due 10/15/25		175,000	180,233
ContourGlobal Power Holdings SA
4.125%, due 08/01/252	EUR	675,000	725,400
Drax Finco PLC
6.625%, due 11/01/252		200,000	204,000
Eskom Holdings SOC Ltd.
6.350%, due 08/10/284		775,000	691,930
GenOn Energy, Inc.
7.875%, due 06/15/499,11,12		75,000	0
Mong Duong Finance Holdings BV
5.125%, due 05/07/292		375,000	355,681
NextEra Energy Operating Partners LP
3.875%, due 10/15/262		275,000	271,810
NRG Energy, Inc.
6.625%, due 01/15/27		150,000	160,125
Orano SA
3.125%, due 03/20/234	EUR	100,000	108,841
4.875%, due 09/23/24	EUR	700,000	810,985
Pacific Gas & Electric Co.
3.250%, due 06/15/2310		50,000	50,625
4.000%, due 12/01/4610		50,000	49,850
5.125%, due 11/15/4310		200,000	220,500
5.400%, due 01/15/4010		175,000	196,437
5.800%, due 03/01/3710		100,000	112,000
6.050%, due 03/01/3410		350,000	393,750
SMC Global Power Holdings Corp.
(fixed, converts to FRN on 05/05/25), 5.950%, due 05/05/25 4,6,7		300,000	262,508
(fixed, converts to FRN on 04/25/24), 6.500%, due 04/25/24 4,6,7		200,000	178,101

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Electric—(concluded)
Star Energy Geothermal Wayang Windu Ltd.
6.750%, due 04/24/334		226,750		209,867
Talen Energy Supply LLC
6.625%, due 01/15/282		75,000		70,560
7.250%, due 05/15/272		25,000		24,750
10.500%, due 01/15/262		250,000		206,267
Vistra Energy Corp.
5.875%, due 06/01/23		25,000		25,250
Vistra Operations Co. LLC
5.000%, due 07/31/272		25,000		25,498
				8,245,125
Electrical components & equipment—0.4%
Energizer Gamma Acquisition BV
4.625%, due 07/15/262	EUR	650,000		703,577
Energizer Holdings, Inc.
6.375%, due 07/15/262		150,000		154,312
Senvion Holding GmbH
3.875%, due 10/25/224,10	EUR	400,000		12,274
				870,163
Electronics—0.1%
TTM Technologies, Inc.
5.625%, due 10/01/252		175,000		167,344
Energy-Alternate Sources—0.4%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/242		300,000		274,650
Pattern Energy Group, Inc.
5.875%, due 02/01/242		75,000		75,750
ReNew Power Pvt Ltd.
5.875%, due 03/05/272		300,000		243,357
ReNew Power Synthetic
6.670%, due 03/12/242		200,000		172,062
TerraForm Power Operating LLC
4.250%, due 01/31/232		125,000		128,062
4.750%, due 01/15/302		125,000		127,813
5.000%, due 01/31/282		50,000		52,452
				1,074,146

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Engineering & construction—1.6%
Aeropuertos Argentina 2000 SA
6.875%, due 02/01/272		240,625		145,879
6.875%, due 02/01/274		437,500		265,234
Aeropuertos Dominicanos Siglo XXI SA
6.750%, due 03/30/292		200,000		164,000
6.750%, due 03/30/294		810,000		664,200
Aldesa Financial Services SA
7.250%, due 04/01/214	EUR	325,000		341,905
Brand Industrial Services, Inc.
8.500%, due 07/15/252		275,000		203,500
Cellnex Telecom SA
1.000%, due 04/20/274	EUR	100,000		105,331
Great Lakes Dredge & Dock Corp.
8.000%, due 05/15/22		200,000		204,022
Mytilineos Financial Partners SA
2.500%, due 12/01/244	EUR	350,000		345,193
New Enterprise Stone & Lime Co., Inc.
6.250%, due 03/15/262		175,000		164,500
10.125%, due 04/01/222		225,000		223,312
Novafives SAS
3 mo. Euribor + 4.500%,
4.500%, due 06/15/254,6	EUR	250,000		139,721
SPIE SA
2.625%, due 06/18/264	EUR	200,000		211,068
Swissport Financing SARL
5.250%, due 08/15/242	EUR	100,000		73,525
9.000%, due 02/15/252	EUR	125,000		15,216
9.000%, due 02/15/254	EUR	250,000		30,432
TopBuild Corp.
5.625%, due 05/01/262		200,000		196,000
Weekley Homes LLC/Weekley Finance Corp.
6.000%, due 02/01/23		175,000		168,000
6.625%, due 08/15/25		200,000		180,080
				3,841,118
Entertainment—3.2%
Allen Media LLC / Allen Media Co-Issuer, Inc.
10.500%, due 02/15/282		150,000		111,375
AMC Entertainment Holdings, Inc.
5.875%, due 11/15/26		25,000		5,563
6.125%, due 05/15/27		300,000		70,500
ASR Media & Sponsorship SpA
5.125%, due 08/01/242	EUR	275,000		257,541

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(continued)
5.125%, due 08/01/244	EUR	100,000		93,651
Boyne USA, Inc.
7.250%, due 05/01/252		250,000		250,000
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250%, due 10/15/252		325,000		255,222
CCM Merger, Inc.
6.000%, due 03/15/222		150,000		141,750
Churchill Downs, Inc.
4.750%, due 01/15/282		75,000		69,825
5.500%, due 04/01/272		125,000		119,462
Cinemark USA, Inc.
4.875%, due 06/01/23		25,000		21,000
5.125%, due 12/15/22		300,000		254,250
Cirsa Finance International SARL
3 mo. Euribor + 3.625%,
3.625%, due 09/30/25 4,6	EUR	237,000		192,190
4.750%, due 05/22/254	EUR	350,000		299,167
7.875%, due 12/20/232		200,000		162,260
Codere Finance 2 Luxembourg SA
6.750%, due 11/01/214	EUR	450,000		187,363
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%, due 02/15/232		125,000		75,000
Eldorado Resorts, Inc.
6.000%, due 04/01/25		375,000		360,000
7.000%, due 08/01/23		250,000		240,000
Enterprise Development Authority/The
12.000%, due 07/15/242		300,000		270,750
Gateway Casinos & Entertainment Ltd.
8.250%, due 03/01/242		225,000		189,000
Golden Entertainment, Inc.
7.625%, due 04/15/262		175,000		132,125
International Game Technology PLC
2.375%, due 04/15/282	EUR	150,000		132,998
3.500%, due 06/15/262	EUR	250,000		232,627
Intralot Capital Luxembourg SA
5.250%, due 09/15/244	EUR	225,000		54,245
Jacobs Entertainment, Inc.
7.875%, due 02/01/242		275,000		208,312
Juventus Football Club SpA
3.375%, due 02/19/244	EUR	225,000		233,083
Lions Gate Capital Holdings LLC
5.875%, due 11/01/242		125,000		113,800

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
6.375%, due 02/01/242		125,000		116,294
Live Nation Entertainment, Inc.
5.625%, due 03/15/262		100,000		88,000
Merlin Entertainments Ltd.
5.750%, due 06/15/262		219,000		206,955
Mohegan Gaming & Entertainment
7.875%, due 10/15/242		575,000		326,312
Sazka Group AS
3.875%, due 02/15/272	EUR	350,000		318,337
3.875%, due 02/15/274	EUR	150,000		133,525
Scientific Games International, Inc.
3.375%, due 02/15/264	EUR	250,000		224,375
3.375%, due 02/15/262	EUR	175,000		157,063
5.500%, due 02/15/262	EUR	425,000		306,943
7.000%, due 05/15/282		350,000		252,000
7.250%, due 11/15/292		50,000		35,625
8.250%, due 03/15/262		100,000		75,500
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.875%, due 11/01/272		75,000		62,250
Stars Group Holdings BV/Stars Group US Co.-Borrower LLC
7.000%, due 07/15/262		50,000		51,400
Twin River Worldwide Holdings, Inc.
6.750%, due 06/01/272		75,000		59,625
William Hill PLC
4.875%, due 09/07/234	GBP	125,000		150,948
WMG Acquisition Corp.
3.625%, due 10/15/264	EUR	175,000		192,886
5.000%, due 08/01/232		125,000		125,625
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, due 10/01/292		75,000		70,313
7.750%, due 04/15/252		125,000		127,202
				7,814,237
Environmental control—0.1%
Clean Harbors, Inc.
4.875%, due 07/15/272		75,000		77,698
5.125%, due 07/15/292		25,000		25,438

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Environmental control—(concluded)
GFL Environmental, Inc.
5.125%, due 12/15/262		25,000		26,000
				129,136
Food—3.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson's LLC
3.500%, due 02/15/232		150,000		147,000
4.625%, due 01/15/272		150,000		150,750
4.875%, due 02/15/302		75,000		76,031
5.750%, due 03/15/25		250,000		256,250
6.625%, due 06/15/24		225,000		232,031
Casino Guichard Perrachon SA
4.561%, due 01/25/234	EUR	200,000		207,425
Chobani LLC/Chobani Finance Corp., Inc.
7.500%, due 04/15/252		175,000		174,265
Clearwater Seafoods, Inc.
6.875%, due 05/01/252		25,000		22,813
Grupo KUO SAB De CV
5.750%, due 07/07/274		750,000		624,375
HJ Heinz Finance UK PLC
6.250%, due 02/18/30	GBP	100,000		148,393
Ingles Markets, Inc.
5.750%, due 06/15/23		39,000		39,000
JBS USA LUX SA/JBS USA Finance, Inc.
5.750%, due 06/15/252		75,000		75,938
5.875%, due 07/15/242		50,000		51,000
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.500%, due 04/15/292		125,000		131,564
KeHE Distributors LLC/KeHE Finance Corp.
8.625%, due 10/15/262		50,000		52,875
Kraft Heinz Foods Co.
1.500%, due 05/24/244	EUR	125,000		137,152
2.250%, due 05/25/284	EUR	200,000		216,665
3.950%, due 07/15/25		25,000		26,158
4.125%, due 07/01/274	GBP	100,000		128,066
4.375%, due 06/01/46		700,000		664,860
4.625%, due 01/30/29		75,000		78,935
4.875%, due 10/01/492		450,000		447,039
5.000%, due 07/15/35		250,000		267,874
5.000%, due 06/04/42		150,000		152,058
5.200%, due 07/15/45		325,000		332,797
6.500%, due 02/09/40		275,000		320,289

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food—(concluded)
Kraft Foods Group Inc, 6.875%, due 01/26/39		100,000		120,054
MARB BondCo PLC
7.000%, due 03/15/244		250,000		243,750
Minerva Luxembourg SA
6.500%, due 09/20/264		250,000		242,500
6.500%, due 09/20/262		550,000		533,500
Nathan's Famous, Inc.
6.625%, due 11/01/252		150,000		144,750
NBM US Holdings, Inc.
7.000%, due 05/14/264		500,000		481,250
Ocado Group PLC
4.000%, due 06/15/244	GBP	100,000		126,036
Pilgrim's Pride Corp.
5.750%, due 03/15/252		225,000		227,279
5.875%, due 09/30/272		100,000		101,195
Post Holdings, Inc.
4.625%, due 04/15/302		100,000		97,999
5.750%, due 03/01/272		375,000		383,906
US Foods, Inc.
5.875%, due 06/15/242		50,000		47,625
6.250%, due 04/15/252		25,000		25,562
				7,937,009
Food Service—0.1%
Aramark International Finance SARL
3.125%, due 04/01/254	EUR	225,000		222,353
Aramark Services, Inc.
6.375%, due 05/01/252		100,000		104,000
				326,353
Forest Products & Paper—0.2%
Appvion, Inc.
9.000%, due 06/01/209,11,12		650,000		6,500
Mercer International, Inc.
6.500%, due 02/01/24		175,000		163,187
7.375%, due 01/15/25		125,000		119,738

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Forest Products & Paper—(concluded)
Schweitzer-Mauduit International, Inc.
6.875%, due 10/01/262		100,000		99,020
				388,445
Gas—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.500%, due 05/20/25		250,000		253,880
5.625%, due 05/20/24		75,000		76,500
5.750%, due 05/20/27		150,000		152,625
				483,005
Hand & machine tools—0.2%
Colfax Corp.
6.000%, due 02/15/242		125,000		126,875
6.375%, due 02/15/262		25,000		25,780
Werner FinCo LP/Werner FinCo, Inc.
8.750%, due 07/15/252,5		375,000		326,250
				478,905
Healthcare-products—0.1%
Avantor, Inc.
6.000%, due 10/01/242		50,000		52,700
9.000%, due 10/01/252		225,000		244,012
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.625%, due 05/15/222,5		52,000		47,271
				343,983
Healthcare-services—1.6%
Air Methods Corp.
8.000%, due 05/15/252		350,000		208,250
Centene Corp.
4.250%, due 12/15/272		175,000		183,094
4.750%, due 01/15/252		250,000		255,837
5.375%, due 06/01/262		175,000		185,432
Charles River Laboratories International, Inc.
5.500%, due 04/01/262		125,000		128,550
CHS/Community Health Systems, Inc.
6.625%, due 02/15/252,3		300,000		275,250
6.875%, due 02/01/22		113,000		83,620
6.875%, due 04/01/282		148,000		58,460
8.000%, due 03/15/262		300,000		287,574
8.000%, due 12/15/272,5		50,000		47,500

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Healthcare-services—(concluded)
8.125%, due 06/30/242,5		359,000	239,632
9.875%, due 06/30/232,13		125,000	91,938
Encompass Health Corp.
4.750%, due 02/01/30		100,000	100,013
5.750%, due 11/01/24		223,000	224,115
Envision Healthcare Corp.
8.750%, due 10/15/262		325,000	108,674
IQVIA, Inc.
5.000%, due 05/15/272		125,000	128,399
LifePoint Health, Inc.
4.375%, due 02/15/272		50,000	47,000
6.750%, due 04/15/252		100,000	103,040
MEDNAX, Inc.
6.250%, due 01/15/272		100,000	90,544
Polaris Intermediate Corp.
8.500% Cash or 9.250% PIK,
8.500%, due 12/01/222,8		250,000	209,375
Select Medical Corp.
6.250%, due 08/15/262		100,000	95,500
Tenet Healthcare Corp.
4.625%, due 07/15/24		125,000	123,350
4.625%, due 09/01/242		125,000	122,500
4.875%, due 01/01/262		225,000	222,817
5.125%, due 11/01/272		50,000	49,375
6.250%, due 02/01/272		50,000	49,230
Tenet Healthcare Corp, 6.875%, due 11/15/31		87,000	75,255
West Street Merger Sub, Inc.
6.375%, due 09/01/252		175,000	163,187
			3,957,511
Holding companies-divers—0.5%
KOC Holding AS
5.250%, due 03/15/234		500,000	489,194
6.500%, due 03/11/252		200,000	195,980
6.500%, due 03/11/254		400,000	391,960

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Holding companies-divers—(concluded)
VistaJet Malta Finance PLC/XO Management Holding, Inc.
10.500%, due 06/01/242	150,000	119,625
		1,196,759
Home builders—1.5%
Adams Homes, Inc.
7.500%, due 02/15/252,3	150,000	136,500
Ashton Woods USA LLC/Ashton Woods Finance Co.
6.625%, due 01/15/282	100,000	81,500
6.750%, due 08/01/252	175,000	147,875
Beazer Homes USA, Inc.
6.750%, due 03/15/25	225,000	193,500
7.250%, due 10/15/29	100,000	78,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.
4.875%, due 02/15/302	150,000	123,180
6.375%, due 05/15/252	150,000	149,250
Century Communities, Inc.
5.875%, due 07/15/25	250,000	231,250
Forestar Group, Inc.
5.000%, due 03/01/282	75,000	65,438
8.000%, due 04/15/242	275,000	269,500
Installed Building Products, Inc.
5.750%, due 02/01/282	150,000	144,000
KB Home
6.875%, due 06/15/275	100,000	105,000
7.625%, due 05/15/23	50,000	52,035
Mattamy Group Corp.
4.625%, due 03/01/302	150,000	134,526
Meritage Homes Corp.
6.000%, due 06/01/25	515,000	525,300
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/282	100,000	86,375
Taylor Morrison Communities, Inc.
5.875%, due 01/31/252	225,000	211,500
6.000%, due 09/01/232	150,000	144,937
6.625%, due 07/15/272	100,000	90,245
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
5.875%, due 06/15/24	400,000	388,040
Williams Scotsman International, Inc.
6.875%, due 08/15/232	250,000	249,375

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
7.875%, due 12/15/222		45,000		45,619
				3,652,945
Household products/wares—0.4%
Central Garden & Pet Co.
6.125%, due 11/15/23		275,000		277,750
Kronos Acquisition Holdings, Inc.
9.000%, due 08/15/232		100,000		86,708
Prestige Brands, Inc.
5.125%, due 01/15/282		100,000		101,150
6.375%, due 03/01/242		200,000		205,500
Spectrum Brands, Inc.
4.000%, due 10/01/262	EUR	325,000		331,648
4.000%, due 10/01/264	EUR	100,000		102,045
				1,104,801
Housewares—0.3%
Newell Brands, Inc.
4.700%, due 04/01/26		275,000		278,266
5.875%, due 04/01/36		350,000		366,625
6.000%, due 04/01/46		50,000		51,437
				696,328
Insurance—0.9%
Acrisure LLC/Acrisure Finance, Inc.
7.000%, due 11/15/252		325,000		287,625
8.125%, due 02/15/242		225,000		231,750
10.125%, due 08/01/262		75,000		74,625
Ardonagh Midco 3 PLC
8.625%, due 07/15/232,5		200,000		188,500
AssuredPartners, Inc.
7.000%, due 08/15/252		150,000		139,688
Genworth Financial, Inc.
7.625%, due 09/24/215		100,000		95,000
Genworth Holdings, Inc.,
(Series .), 4.900%, due 08/15/23		250,000		215,000
HUB International Ltd.
7.000%, due 05/01/262		250,000		246,612
MGIC Investment Corp.
5.750%, due 08/15/23		275,000		269,500
Radian Group, Inc.

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
4.500%, due 10/01/24		200,000	194,000
4.875%, due 03/15/27		150,000	131,745
USIS, Inc.
6.875%, due 05/01/252		200,000	200,500
			2,274,545
Internet—1.4%
Cogent Communications Group, Inc.
4.375%, due 06/30/244	EUR	220,000	237,525
5.375%, due 03/01/222		175,000	177,345
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.250%, due 12/01/272		225,000	231,187
Match Group, Inc.
5.000%, due 12/15/272		50,000	52,350
6.375%, due 06/01/24		400,000	414,252
Netflix, Inc.
3.625%, due 06/15/302	EUR	350,000	386,523
3.625%, due 06/15/304	EUR	350,000	386,523
5.375%, due 11/15/292		25,000	27,458
6.375%, due 05/15/29		375,000	439,650
Uber Technologies, Inc.
7.500%, due 11/01/232		350,000	350,833
7.500%, due 09/15/272		75,000	76,507
8.000%, due 11/01/262		300,000	307,503
United Group BV
3 mo. Euribor + 3.250%,  3.250%, due 02/15/26 2,3,6	EUR	100,000	102,241
3.625%, due 02/15/282,3	EUR	200,000	203,653
VeriSign, Inc.
4.625%, due 05/01/23		25,000	25,163
Yell Bondco PLC
8.500%, due 05/02/232	GBP	250,000	122,801
			3,541,514
Investment companies—0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.750%, due 09/15/24		400,000	376,208
5.250%, due 05/15/27		375,000	356,254
6.250%, due 02/01/22		150,000	151,500
6.250%, due 05/15/26		425,000	417,613
6.375%, due 12/15/25		150,000	149,250

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Investment companies—(concluded)
Mangrove Luxco III SARL
7.775%, due 10/09/252,8	EUR	295,708	301,368
			1,752,193
Iron & steel —0.6%
ABJA Investment Co. Pte Ltd.
5.450%, due 01/24/284		300,000	242,426
Allegheny Technologies, Inc.
5.875%, due 12/01/275		125,000	103,125
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/262		175,000	154,000
Big River Steel LLC/BRS Finance Corp.
7.250%, due 09/01/252		125,000	117,187
Cleveland-Cliffs, Inc.
5.750%, due 03/01/255		125,000	89,375
6.750%, due 03/15/262		75,000	65,438
Series WI, 5.875%, due 06/01/27		275,000	171,875
GUSAP III LP
4.250%, due 01/21/302		250,000	227,500
Mineral Resources Ltd.
8.125%, due 05/01/272		225,000	231,469
United States Steel Corp.
6.250%, due 03/15/26		50,000	31,790
			1,434,185
Leisure Time— 0.6%
Carlson Travel, Inc.
9.500%, due 12/15/242		200,000	84,000
Carnival Corp.
1.625%, due 02/22/21	EUR	100,000	95,613
11.500%, due 04/01/232		125,000	130,586
Carnival Corp, 3.950%, due 10/15/20		50,000	48,566
LTF Merger Sub, Inc.
8.500%, due 06/15/232		1,117,000	893,600
NCL Corp. Ltd.
3.625%, due 12/15/242		25,000	16,063
Sabre GLBL, Inc.
9.250%, due 04/15/252		100,000	105,625
Vail Resorts, Inc.
6.250%, due 05/15/252		75,000	77,437

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
Viking Cruises Ltd.
5.875%, due 09/15/272		200,000	130,000
			1,581,490
Lodging—1.3%
Arrow Bidco LLC
9.500%, due 03/15/242		50,000	27,500
Boyd Gaming Corp.
4.750%, due 12/01/272		50,000	43,075
6.000%, due 08/15/26		425,000	384,625
Hilton Domestic Operating Co., Inc.
5.125%, due 05/01/26		350,000	345,555
5.375%, due 05/01/252		100,000	100,250
5.750%, due 05/01/282		100,000	101,250
Inn of the Mountain Gods Resort & Casino
9.250% Cash or 7.500% PIK, 9.250%, due 11/30/208		64,354	49,553
Marriott International, Inc.,
Series EE, 5.750%, due 05/01/25		125,000	130,566
Marriott Ownership Resorts, Inc.
4.750%, due 01/15/282		50,000	43,750
Marriott Ownership Resorts, Inc./ILG LLC
6.500%, due 09/15/26		25,000	23,687
Melco Resorts Finance Ltd.
5.250%, due 04/26/262		200,000	194,890
5.375%, due 12/04/292		200,000	186,570
MGM China Holdings Ltd.
5.375%, due 05/15/242		200,000	195,000
MGM Resorts International
6.000%, due 03/15/23		300,000	291,750
6.750%, due 05/01/25		25,000	24,503
7.750%, due 03/15/22		640,000	651,002
Wyndham Destinations, Inc.
4.625%, due 03/01/302		75,000	63,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/272		300,000	256,312

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Lodging—(concluded)
Wynn Macau Ltd.
4.875%, due 10/01/242		200,000	191,000
			3,304,588
Machinery-construction & mining—0.0%†
Manitowoc Co., Inc./The
9.000%, due 04/01/262		75,000	67,500
Machinery-diversified—0.5%
Galapagos SA
5.375%, due 06/15/214,10	EUR	27,500	319
Granite US Holdings Corp.
11.000%, due 10/01/272		50,000	42,500
Husky III Holding Ltd.
13.000%, due 02/15/252,8		125,000	113,750
JPW Industries Holding Corp.
9.000%, due 10/01/242		150,000	109,688
Maxim Crane Works Holdings Capital LLC
10.125%, due 08/01/242		150,000	141,450
Selecta Group BV
5.875%, due 02/01/244	EUR	400,000	162,151
SPX FLOW, Inc.
5.625%, due 08/15/242		175,000	176,312
5.875%, due 08/15/262		175,000	176,750
Tennant Co.
5.625%, due 05/01/25		125,000	125,156
Titan Acquisition Ltd./Titan Co-Borrower LLC
7.750%, due 04/15/262,5		150,000	139,500
			1,187,576
Media—5.5%
Altice Financing SA
5.000%, due 01/15/282		400,000	390,000
7.500%, due 05/15/262		200,000	209,000
Altice Finco SA
4.750%, due 01/15/284	EUR	400,000	372,589
Block Communications, Inc.
4.875%, due 03/01/282		75,000	74,625
Cable Onda SA
4.500%, due 01/30/302		300,000	285,000
CCO Holdings LLC / CCO Holdings Capital Corp.
4.500%, due 05/01/322		300,000	298,031

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/302		275,000	276,375
4.750%, due 03/01/302		50,000	51,000
5.375%, due 05/01/252		25,000	25,636
5.500%, due 05/01/262		325,000	338,036
5.750%, due 02/15/262		475,000	495,235
Clear Channel Worldwide Holdings, Inc.
5.125%, due 08/15/272		500,000	469,800
9.250%, due 02/15/242		81,000	67,433
CSC Holdings LLC
6.500%, due 02/01/292		400,000	436,960
7.750%, due 07/15/252		200,000	208,576
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375%, due 08/15/262		425,000	323,000
6.625%, due 08/15/272,5		200,000	109,500
DISH DBS Corp.
5.000%, due 03/15/23		50,000	47,625
5.125%, due 05/01/20		25,000	25,000
5.875%, due 07/15/22		25,000	25,231
5.875%, due 11/15/24		225,000	216,414
6.750%, due 06/01/21		25,000	24,900
EW Scripps Co./The
5.125%, due 05/15/252		225,000	189,720
GCI LLC
6.625%, due 06/15/242		100,000	103,500
Gray Television, Inc.
5.125%, due 10/15/242		225,000	221,625
5.875%, due 07/15/262		575,000	552,000
iHeartCommunications, Inc.
4.750%, due 01/15/282		125,000	108,125
5.250%, due 08/15/272		225,000	200,813
6.375%, due 05/01/26		180,117	170,211
8.375%, due 05/01/27		59,591	49,758
LCPR Senior Secured Financing DAC
6.750%, due 10/15/272		200,000	206,000
Midcontinent Communications/Midcontinent Finance Corp.
5.375%, due 08/15/272		100,000	101,080
Nexstar Broadcasting, Inc.
5.625%, due 08/01/242		500,000	486,250
Quebecor Media, Inc.
5.750%, due 01/15/23		300,000	316,179

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(continued)
Salem Media Group, Inc.
6.750%, due 06/01/242		100,000		78,000
Scripps Escrow, Inc.
5.875%, due 07/15/272		25,000		21,125
Sinclair Television Group, Inc.
5.125%, due 02/15/272		150,000		126,375
5.500%, due 03/01/302,5		75,000		62,250
5.875%, due 03/15/262		200,000		173,000
Sirius XM Radio, Inc.
3.875%, due 08/01/222		50,000		50,313
4.625%, due 05/15/232		25,000		25,156
4.625%, due 07/15/242		100,000		101,960
5.500%, due 07/01/292		200,000		210,920
Summer BidCo BV
9.000% Cash or 9.750% PIK,
9.000%, due 11/15/252,3,8	EUR	250,000		254,785
TEGNA, Inc.
4.625%, due 03/15/282		425,000		380,906
5.000%, due 09/15/292		125,000		111,742
Tele Columbus AG
3.875%, due 05/02/254	EUR	425,000		389,644
Townsquare Media, Inc.
6.500%, due 04/01/232		275,000		243,127
Univision Communications, Inc.
5.125%, due 02/15/252		50,000		43,875
6.750%, due 09/15/222		226,000		227,412
9.500%, due 05/01/252		100,000		101,125
UPC Holding BV
3.875%, due 06/15/294	EUR	300,000		318,767
UPCB Finance VII Ltd.
3.625%, due 06/15/294	EUR	725,000		783,305
Virgin Media Finance PLC
5.750%, due 01/15/252		200,000		202,060
6.000%, due 10/15/242		400,000		405,000
Virgin Media Secured Finance PLC
6.000%, due 01/15/254,13	GBP	525,000		706,921
6.250%, due 03/28/294	GBP	112,500		147,989
Ziggo Bond Co. BV
3.375%, due 02/28/302	EUR	450,000		463,544

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
6.000%, due 01/15/272		350,000		351,750
				13,456,278
Metal Fabricate/Hardware — 0.3%
Advanced Drainage Systems, Inc.
5.000%, due 09/30/272		75,000		73,687
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.
7.375%, due 12/15/232		175,000		171,500
Hillman Group, Inc./The
6.375%, due 07/15/222		200,000		151,000
Park-Ohio Industries, Inc.
6.625%, due 04/15/27		125,000		95,625
Vallourec SA
2.250%, due 09/30/244,5	EUR	100,000		52,601
6.375%, due 10/15/232	EUR	125,000		67,822
6.375%, due 10/15/234	EUR	275,000		148,630
				760,865
Mining—2.4%
Alcoa Nederland Holding BV
7.000%, due 09/30/262		400,000		396,000
Anglo American Capital PLC
4.125%, due 09/27/222		400,000		405,829
Arconic Corp.
6.000%, due 05/15/252,3		150,000		151,687
6.125%, due 02/15/282,5		25,000		23,789
Coeur Mining, Inc.
5.875%, due 06/01/24		150,000		138,492
Compass Minerals International, Inc.
6.750%, due 12/01/272		150,000		148,500
Constellium SE
6.625%, due 03/01/252,5		500,000		480,000
First Quantum Minerals Ltd.
6.500%, due 03/01/242		800,000		696,000
7.500%, due 04/01/252		200,000		176,500
7.500%, due 04/01/254		200,000		176,500
Freeport-McMoRan, Inc.
3.875%, due 03/15/23		125,000		124,688
4.125%, due 03/01/28		200,000		185,500
4.250%, due 03/01/30		300,000		279,330
5.000%, due 09/01/27		250,000		242,587
5.450%, due 03/15/43		550,000		506,192

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
Hudbay Minerals, Inc.
7.250%, due 01/15/232		125,000		113,800
7.625%, due 01/15/252		100,000		90,450
IAMGOLD Corp.
7.000%, due 04/15/252		175,000		176,379
Kaiser Aluminum Corp.
4.625%, due 03/01/282		125,000		116,375
6.500%, due 05/01/252		175,000		178,281
Mountain Province Diamonds, Inc.
8.000%, due 12/15/222		100,000		63,000
Novelis Corp.
4.750%, due 01/30/302		350,000		311,500
5.875%, due 09/30/262		175,000		170,152
Petra Diamonds US Treasury PLC
7.250%, due 05/01/222		200,000		68,188
Taseko Mines Ltd.
8.750%, due 06/15/222		175,000		91,000
Vedanta Resources PLC
6.125%, due 08/09/244		200,000		70,100
6.375%, due 07/30/222		300,000		109,688
8.250%, due 06/07/212		250,000		132,500
				5,823,007
Miscellaneous manufacturers—0.2%
Amsted Industries, Inc.
5.625%, due 07/01/272		75,000		75,083
EnPro Industries, Inc.
5.750%, due 10/15/26		150,000		146,250
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp.
12.250%, due 11/15/262		375,000		309,375
				530,708
Office & business equipment—0.1%
CDW LLC/CDW Finance Corp.
4.125%, due 05/01/25		125,000		126,250
5.000%, due 09/01/25		225,000		231,750
				358,000
Oil & gas—8.0%
Antero Resources Corp.
5.000%, due 03/01/25		25,000		13,750
5.125%, due 12/01/22		100,000		69,750

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
5.375%, due 11/01/215		100,000		89,437
5.625%, due 06/01/23		25,000		14,693
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/262		25,000		14,500
10.000%, due 04/01/222		375,000		292,500
Bruin E&P Partners LLC
8.875%, due 08/01/232		400,000		10,000
Callon Petroleum Co.
6.125%, due 10/01/24		325,000		62,563
6.250%, due 04/15/23		150,000		29,850
6.375%, due 07/01/26		25,000		4,000
Cenovus Energy, Inc.
3.000%, due 08/15/22		50,000		44,129
5.250%, due 06/15/37		50,000		33,771
5.400%, due 06/15/47		100,000		67,399
6.750%, due 11/15/39		75,000		53,542
Centennial Resource Production LLC
5.375%, due 01/15/262		150,000		45,000
6.875%, due 04/01/272		100,000		30,000
Chaparral Energy, Inc.
8.750%, due 07/15/232		150,000		3,000
Chesapeake Energy Corp.
5.500%, due 09/15/26		75,000		4,063
5.750%, due 03/15/23		75,000		1,594
6.875%, due 11/15/20		200,000		8,000
8.000%, due 01/15/25		175,000		3,500
Citgo Holding, Inc.
9.250%, due 08/01/242		500,000		450,000
CNX Resources Corp.
5.875%, due 04/15/22		200,000		196,750
7.250%, due 03/14/272		250,000		219,037
Comstock Resources, Inc.
7.500%, due 05/15/252		125,000		103,750
Continental Resources, Inc.
3.800%, due 06/01/24		50,000		40,875
4.375%, due 01/15/28		50,000		38,500
4.500%, due 04/15/23		275,000		243,203
4.900%, due 06/01/44		225,000		156,375
5.000%, due 09/15/22		375,000		352,500
CrownRock LP/CrownRock Finance, Inc.
5.625%, due 10/15/252		250,000		202,527
Denbury Resources, Inc.
6.375%, due 12/31/242		118,000		9,445

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
9.000%, due 05/15/212		335,000		60,300
Devon Energy Corp.
7.950%, due 04/15/32		25,000		24,610
Diamond Offshore Drilling, Inc.
3.450%, due 11/01/2310		75,000		8,078
5.700%, due 10/15/3910		50,000		5,375
7.875%, due 08/15/2510		250,000		26,250
Endeavor Energy Resources LP/EER Finance, Inc.
5.500%, due 01/30/262		25,000		22,125
5.750%, due 01/30/282		175,000		152,250
Ensign Drilling, Inc.
9.250%, due 04/15/242		275,000		79,805
EP Energy LLC/Everest Acquisition Finance, Inc.
9.375%, due 05/01/2010		492,000		49
9.375%, due 05/01/242,10		186,000		279
EQT Corp.
3.900%, due 10/01/27		75,000		63,000
6.125%, due 02/01/25		50,000		47,625
7.000%, due 02/01/30		200,000		189,000
Extraction Oil & Gas, Inc.
7.375%, due 05/15/242		150,000		23,574
Gazprom PJSC Via Gaz Capital SA
4.950%, due 07/19/224		400,000		415,000
Geopark Ltd.
5.500%, due 01/17/272		300,000		190,503
Global Marine, Inc.
7.000%, due 06/01/28		100,000		25,000
Gulfport Energy Corp.
6.000%, due 10/15/24		50,000		24,875
6.375%, due 05/15/25		100,000		47,020
6.375%, due 01/15/26		175,000		79,625
HighPoint Operating Corp.
7.000%, due 10/15/225		125,000		35,000
Hilcorp Energy I LP/Hilcorp Finance Co.
6.250%, due 11/01/282		325,000		168,187
Indigo Natural Resources LLC
6.875%, due 02/15/262		225,000		209,250
Jagged Peak Energy LLC
5.875%, due 05/01/26		125,000		106,250
KazMunayGas National Co. JSC
4.400%, due 04/30/234		850,000		840,437
4.400%, due 04/30/234		425,000		420,750

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
4.750%, due 04/19/274		250,000		241,875
Laredo Petroleum, Inc.
9.500%, due 01/15/25		150,000		63,750
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.000%, due 08/01/262		100,000		82,000
Marathon Oil Corp.
4.400%, due 07/15/27		25,000		19,382
6.600%, due 10/01/37		75,000		59,352
6.800%, due 03/15/32		150,000		124,710
Matador Resources Co.
5.875%, due 09/15/26		125,000		61,238
Medco Bell Pte Ltd.
6.375%, due 01/30/272		250,000		147,305
MEG Energy Corp.
7.000%, due 03/31/242		90,000		63,900
7.125%, due 02/01/272		150,000		103,500
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/262		200,000		67,000
10.500%, due 05/15/272		75,000		28,125
Murphy Oil Corp.
5.750%, due 08/15/25		250,000		172,500
5.875%, due 12/01/27		50,000		33,935
Nabors Industries Ltd.
7.250%, due 01/15/262		100,000		38,000
7.500%, due 01/15/282		100,000		40,000
Nabors Industries, Inc.
5.750%, due 02/01/25		350,000		80,500
Noble Holding International Ltd.
6.200%, due 08/01/40		50,000		313
7.750%, due 01/15/24		155,000		8,525
7.875%, due 02/01/262		200,000		44,160
8.950%, due 04/01/45		50,000		313
Oasis Petroleum, Inc.
6.250%, due 05/01/262		25,000		3,250
Occidental Petroleum Corp.
2.600%, due 08/13/21		100,000		93,500
2.600%, due 04/15/22		75,000		66,000
3 mo. USD LIBOR + 0.950%, 2.684%, due 02/08/21 6		150,000		141,000
2.700%, due 08/15/22		25,000		21,750
2.900%, due 08/15/24		175,000		132,947
3.500%, due 06/15/25		100,000		72,200
3.500%, due 08/15/29		75,000		52,515

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
4.100%, due 02/15/47		50,000		30,000
4.300%, due 08/15/39		100,000		62,750
4.400%, due 04/15/46		50,000		31,375
4.850%, due 03/15/21		100,000		96,000
5.550%, due 03/15/26		100,000		77,360
6.200%, due 03/15/40		50,000		35,750
6.450%, due 09/15/36		25,000		18,250
6.950%, due 07/01/24		75,000		64,470
7.125%, due 10/15/27		50,000		34,500
7.500%, due 05/01/31		625,000		478,125
7.875%, due 09/15/31		250,000		190,000
Series 1,
4.100%, due 02/01/21		75,000		71,250
Parkland Fuel Corp.
5.875%, due 07/15/272		150,000		144,000
6.000%, due 04/01/262		75,000		72,187
Parsley Energy LLC/Parsley Finance Corp.
5.250%, due 08/15/252		175,000		154,000
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/282		75,000		53,393
PDC Energy, Inc.
6.125%, due 09/15/24		75,000		58,875
Petrobras Global Finance BV
4.750%, due 01/14/25	EUR	100,000		105,846
5.093%, due 01/15/302		461,000		420,201
6.125%, due 01/17/22		360,000		368,100
6.850%, due 06/05/15		475,000		446,500
6.900%, due 03/19/49		375,000		364,687
8.750%, due 05/23/26		1,375,000		1,529,000
Petrobras Global Finance Co.
5.093%, due 01/15/304		300,000		273,450
Petroleos Mexicanos
2.500%, due 08/21/214	EUR	300,000		310,673
2.750%, due 04/21/274	EUR	275,000		215,614
4.750%, due 02/26/294	EUR	100,000		81,831
4.875%, due 02/21/284	EUR	100,000		84,016
5.125%, due 03/15/234	EUR	300,000		295,977
6.500%, due 03/13/27		500,000		405,000
6.625%, due 06/15/35		227,000		160,035
7.690%, due 01/23/504		600,000		440,940
Precision Drilling Corp.
7.125%, due 01/15/262		200,000		80,000

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
7.750%, due 12/15/23		75,000		33,000
Range Resources Corp.
5.875%, due 07/01/22		188,000		159,800
Sanchez Energy Corp.
6.125%, due 01/15/2310		350,000		875
7.750%, due 06/15/2110		475,000		1,188
Sandridge Energy, Inc.
7.500%, due 03/15/219,11,12		1,425,000		0
Seven Generations Energy Ltd.
5.375%, due 09/30/252		100,000		79,750
6.875%, due 06/30/232		175,000		158,200
Shelf Drilling Holdings Ltd.
8.250%, due 02/15/252		275,000		88,220
SM Energy Co.
5.625%, due 06/01/25		175,000		49,000
6.125%, due 11/15/22		75,000		30,000
6.625%, due 01/15/27		75,000		19,755
6.750%, due 09/15/26		150,000		40,875
Southwestern Energy Co.
7.750%, due 10/01/27		25,000		21,755
State Oil Co. of the Azerbaijan Republic
4.750%, due 03/13/234		800,000		800,500
6.950%, due 03/18/304		500,000		523,640
Sunoco LP/Sunoco Finance Corp.
4.875%, due 01/15/23		250,000		243,125
5.500%, due 02/15/26		25,000		24,125
6.000%, due 04/15/27		250,000		243,750
Transocean Guardian Ltd.
5.875%, due 01/15/242		187,875		143,724
Transocean Pontus Ltd.
6.125%, due 08/01/252		83,500		67,635
Transocean Poseidon Ltd.
6.875%, due 02/01/272		100,000		78,500
Transocean Sentry Ltd.
5.375%, due 05/15/232		100,000		76,000
Transocean, Inc.
5.800%, due 10/15/22		175,000		49,000
6.800%, due 03/15/38		25,000		5,313
7.250%, due 11/01/252		50,000		19,375
7.500%, due 04/15/31		200,000		47,750
8.000%, due 02/01/272		225,000		85,500
9.350%, due 12/15/41		450,000		106,875

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Tullow Oil PLC
6.250%, due 04/15/222,5		400,000		214,500
7.000%, due 03/01/252		200,000		100,375
UGI International LLC
3.250%, due 11/01/252	EUR	250,000		268,483
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.750%, due 04/15/232		175,000		92,750
9.750%, due 04/15/232		225,000		112,500
Whiting Petroleum Corp.
6.250%, due 04/01/2310		150,000		14,625
6.625%, due 01/15/2610		150,000		15,000
WPX Energy, Inc.
4.500%, due 01/15/30		100,000		81,500
5.750%, due 06/01/26		25,000		22,658
8.250%, due 08/01/23		125,000		120,000
				19,729,541
Oil & gas services — 0.8%
Anton Oilfield Services Group
7.500%, due 12/02/224		500,000		274,257
Apergy Corp.
6.375%, due 05/01/26		125,000		102,500
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/282		200,000		149,000
6.875%, due 04/01/272		100,000		75,000
Calfrac Holdings LP
8.500%, due 06/15/262		75,000		3,750
Exterran Energy Solutions LP/EES Finance Corp.
8.125%, due 05/01/25		325,000		195,000
FTS International, Inc.
6.250%, due 05/01/22		300,000		74,250
Hilong Holding Ltd.
8.250%, due 09/26/224		500,000		250,000
Honghua Group Ltd.
6.375%, due 08/01/224		400,000		388,878
Nine Energy Service, Inc.
8.750%, due 11/01/232		75,000		14,343
SESI LLC
7.125%, due 12/15/212		100,000		50,081
7.750%, due 09/15/24		150,000		31,068
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 04/01/26		175,000		140,875

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas services—(concluded)
6.875%, due 09/01/27		150,000		123,000
				1,872,002
Packaging & containers — 2.3%
ARD Finance SA
5.000% Cash or 5.750% PIK, 5.000%, due 06/30/27 4,8	EUR	400,000		395,365
6.500% Cash or 7.250% PIK, 6.500%, due 06/30/27 2,8		400,000		371,280
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125%, due 08/15/264	EUR	200,000		210,469
Ball Corp.
0.875%, due 03/15/24	EUR	300,000		313,961
Berry Global, Inc.
1.000%, due 01/15/252	EUR	200,000		206,502
1.000%, due 01/15/254	EUR	100,000		103,251
1.500%, due 01/15/274	EUR	100,000		102,462
6.000%, due 10/15/22		250,000		250,000
Cascades Inc/Cascades USA, Inc.
5.125%, due 01/15/262		50,000		50,000
5.375%, due 01/15/282		50,000		50,225
Flex Acquisition Co., Inc.
6.875%, due 01/15/252		150,000		145,267
7.875%, due 07/15/262,5		175,000		168,000
Graphic Packaging International LLC
4.750%, due 07/15/272		75,000		77,625
Greif, Inc.
6.500%, due 03/01/272,5		175,000		175,000
Hercule Debtco SARL
6.750% Cash or 7.500% PIK, 6.750%, due 06/30/242,8	EUR	275,000		280,264
Kleopatra Holdings 1 SCA
9.250% Cash or 8.500% PIK, 9.250%, due 06/30/234,8	EUR	229,053		99,962
Matthews International Corp.
5.250%, due 12/01/252		125,000		113,125
Mauser Packaging Solutions Holding Co.
7.250%, due 04/15/252,5		675,000		528,187
OI European Group BV
2.875%, due 02/15/252	EUR	150,000		154,597
3.125%, due 11/15/242	EUR	125,000		131,491

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
Owens-Brockway Glass Container, Inc.
6.375%, due 08/15/252,5		242,000		245,630
Plastipak Holdings, Inc.
6.250%, due 10/15/252		100,000		89,280
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.125%, due 07/15/232		450,000		452,250
Schoeller Packaging BV
6.375%, due 11/01/242	EUR	125,000		127,393
Sealed Air Corp.
4.000%, due 12/01/272		175,000		171,500
Silgan Holdings, Inc.
2.250%, due 06/01/282	EUR	100,000		106,023
4.125%, due 02/01/282		75,000		73,687
Trident TPI Holdings, Inc.
6.625%, due 11/01/252		100,000		78,790
9.250%, due 08/01/242		125,000		109,375
Trivium Packaging Finance BV
5.500%, due 08/15/262		200,000		205,000
				5,585,961
Pharmaceuticals—2.7%
Bausch Health Americas, Inc.
8.500%, due 01/31/272		250,000		275,600
Bausch Health Cos., Inc.
4.500%, due 05/15/234	EUR	225,000		240,999
5.000%, due 01/30/282		250,000		239,325
5.250%, due 01/30/302		75,000		74,250
5.500%, due 03/01/232		20,000		19,800
5.875%, due 05/15/232		54,000		53,595
6.125%, due 04/15/252		75,000		75,797
7.000%, due 01/15/282		75,000		77,812
7.250%, due 05/30/292		200,000		213,436
9.000%, due 12/15/252		1,250,000		1,363,125
Elanco Animal Health, Inc.
5.650%, due 08/28/28		75,000		83,062
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.000%, due 07/15/232		546,000		409,282
Endo Ltd./Endo Finance LLC/Endo Finco, Inc.
6.000%, due 02/01/252		200,000		143,000
HLF Financing SARL LLC/Herbalife International, Inc.
7.250%, due 08/15/262		50,000		48,715

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.625%, due 10/15/232		150,000		43,057
5.750%, due 08/01/222		25,000		10,750
Par Pharmaceutical, Inc.
7.500%, due 04/01/272		275,000		278,520
Teva Pharmaceutical Finance Netherlands II BV
1.125%, due 10/15/244	EUR	100,000		94,346
1.625%, due 10/15/284	EUR	650,000		560,493
1.875%, due 03/31/274	EUR	400,000		362,064
6.000%, due 01/31/254	EUR	200,000		226,555
Teva Pharmaceutical Finance Netherlands III BV
4.100%, due 10/01/46		275,000		214,500
6.000%, due 04/15/245		1,450,000		1,438,219
Vizient, Inc.
6.250%, due 05/15/272		50,000		52,535
				6,598,837
Pipelines—2.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 09/15/24		200,000		156,000
5.750%, due 03/01/272		175,000		129,500
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.250%, due 04/01/23		845,000		616,850
DCP Midstream Operating LP
3.875%, due 03/15/23		25,000		20,750
5.125%, due 05/15/29		175,000		130,322
5.375%, due 07/15/25		350,000		283,500
Delek Logistics Partners LP/Delek Logistics Finance Corp.
6.750%, due 05/15/25		200,000		191,500
EnLink Midstream LLC
5.375%, due 06/01/29		250,000		155,000
EnLink Midstream Partners LP
4.400%, due 04/01/24		75,000		47,250
4.850%, due 07/15/26		200,000		122,000
5.050%, due 04/01/45		75,000		30,375
5.450%, due 06/01/47		100,000		40,625
5.600%, due 04/01/44		150,000		60,000
EQM Midstream Partners LP
4.750%, due 07/15/23		75,000		70,500
5.500%, due 07/15/28		25,000		22,485
Genesis Energy LP/Genesis Energy Finance Corp.
7.750%, due 02/01/28		150,000		127,500

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
Hess Midstream Operations LP
5.125%, due 06/15/282		300,000		262,860
5.625%, due 02/15/262		150,000		139,500
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/282		150,000		136,455
NuStar Logistics LP
6.000%, due 06/01/26		75,000		68,531
PBF Logistics LP/PBF Logistics Finance Corp.
6.875%, due 05/15/23		400,000		308,000
Plains All American Pipeline LP
(fixed, converts to FRN on 11/15/22),
6.125%, due 11/15/226,7		475,000		318,407
Rockies Express Pipeline LLC
7.500%, due 07/15/382		25,000		21,938
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.500%, due 08/15/22		475,000		114,000
5.750%, due 04/15/25		175,000		35,035
Summit Midstream Partners LP
(fixed, converts to FRN on 12/15/22),
9.500%, due 12/15/226,7		350,000		35,000
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
4.750%, due 10/01/232		125,000		96,250
5.500%, due 09/15/242		75,000		57,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.250%, due 11/15/23		125,000		112,812
5.000%, due 01/15/285		300,000		255,288
5.125%, due 02/01/25		50,000		45,000
5.500%, due 03/01/302		75,000		63,937
5.875%, due 04/15/26		450,000		399,375
6.750%, due 03/15/24		100,000		94,500
TransMontaigne Partners LP/TLP Finance Corp.
6.125%, due 02/15/26		100,000		80,020
Transportadora de Gas del Sur SA
6.750%, due 05/02/252		600,000		436,500
6.750%, due 05/02/254		150,000		109,125
Western Midstream Operating LP
3.100%, due 02/01/25		75,000		68,437
3.950%, due 06/01/25		25,000		22,188
4.000%, due 07/01/22		25,000		24,188
4.050%, due 02/01/30		100,000		91,250
4.500%, due 03/01/28		125,000		110,156
4.650%, due 07/01/26		25,000		22,125
4.750%, due 08/15/28		100,000		88,095

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
5.300%, due 03/01/48		175,000		131,687
5.450%, due 04/01/44		150,000		113,250
5.500%, due 08/15/48		75,000		55,219
				6,120,285
Real estate—5.1%
ADLER Real Estate AG
1.500%, due 04/17/224	EUR	100,000		104,446
Agile Group Holdings Ltd.
(fixed, converts to FRN on 12/04/23),
8.375%, due 12/04/234,6,7		400,000		378,900
APL Realty Holdings Pte Ltd.
5.950%, due 06/02/244		200,000		91,073
Aroundtown SA
(fixed, converts to FRN on 01/17/24),
2.125%, due 01/17/244,6,7	EUR	300,000		287,332
Central China Real Estate Ltd.
7.250%, due 04/24/234		300,000		281,378
Champion Sincerity Holdings Ltd.
(fixed, converts to FRN on 02/08/22),
8.125%, due 02/08/224,6,7		200,000		196,550
China Aoyuan Group Ltd.
5.375%, due 09/13/224		300,000		287,727
7.950%, due 02/19/234		300,000		304,500
China Evergrande Group
7.500%, due 06/28/234		200,000		156,875
9.500%, due 04/11/224		200,000		179,250
9.500%, due 03/29/244		850,000		691,687
10.000%, due 04/11/234		200,000		171,000
China SCE Group Holdings Ltd.
5.875%, due 03/10/224		200,000		190,324
7.375%, due 04/09/244		800,000		746,370
CIFI Holdings Group Co. Ltd.
5.500%, due 01/23/224		700,000		690,375
6.550%, due 03/28/244		200,000		198,002
Consus Real Estate AG
9.625%, due 05/15/242	EUR	300,000		297,490
9.625%, due 05/15/244	EUR	200,000		198,327
Easy Tactic Ltd.
8.625%, due 02/27/244		300,000		265,092
9.125%, due 07/28/224		300,000		282,033
Fantasia Holdings Group Co. Ltd.
7.375%, due 10/04/214		300,000		285,253

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate—(continued)
10.875%, due 01/09/234		300,000		286,168
11.750%, due 04/17/224		200,000		197,106
Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, due 11/15/252		125,000		120,938
Greystar Real Estate Partners LLC
5.750%, due 12/01/252		100,000		92,000
Howard Hughes Corp./The
5.375%, due 03/15/252		75,000		72,701
Hunt Cos., Inc.
6.250%, due 02/15/262		175,000		148,750
Jababeka International BV
6.500%, due 10/05/234		400,000		261,000
Kaisa Group Holdings Ltd.
10.500%, due 01/15/254		300,000		264,396
11.500%, due 01/30/234		200,000		191,028
Kennedy-Wilson, Inc.
5.875%, due 04/01/24		375,000		358,669
KWG Group Holdings Ltd.
7.400%, due 03/05/244		200,000		193,954
7.875%, due 09/01/234		200,000		197,084
Newmark Group, Inc.
6.125%, due 11/15/23		150,000		138,095
Realogy Group LLC/Realogy Co-Issuer Corp.
5.250%, due 12/01/212		100,000		84,000
9.375%, due 04/01/272		25,000		17,500
Redsun Properties Group Ltd.
9.700%, due 04/16/234		250,000		205,157
RKPF Overseas 2019 A Ltd.
6.700%, due 09/30/244		300,000		287,256
7.875%, due 02/01/234		300,000		301,975
Scenery Journey Ltd.
13.000%, due 11/06/224		200,000		181,057
Shimao Property Holdings Ltd.
5.600%, due 07/15/264		250,000		250,124
6.125%, due 02/21/244		350,000		361,812
Sunac China Holdings Ltd.
6.500%, due 01/10/254		200,000		185,076
Times China Holdings Ltd.
5.750%, due 04/26/224		200,000		195,460
6.750%, due 07/16/234		200,000		196,250
7.625%, due 02/21/224		400,000		405,060
Yanlord Land HK Co. Ltd.

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited) 

		Face amount1		Value ($)
Corporate bonds— (continued)
Real estate— (concluded)
	5.875%, due 01/23/224		500,000		493,272
	6.800%, due 02/27/244		200,000		192,548
Yuzhou Properties Co. Ltd.
	7.375%, due 01/13/264		400,000		324,178
	8.500%, due 02/26/244		200,000		186,000
					12,672,598
Real estate investment trusts — 1.4%
ESH Hospitality, Inc.
	4.625%, due 10/01/272		150,000		135,750
	5.250%, due 05/01/252		50,000		47,000
FelCor Lodging LP
	6.000%, due 06/01/25		575,000		549,355
GEO Group, Inc./The
	5.875%, due 10/15/24		25,000		19,750
	6.000%, due 04/15/26		200,000		151,500
GLP Capital LP/GLP Financing II, Inc.
	5.250%, due 06/01/25		100,000		97,260
HAT Holdings I LLC/HAT Holdings II LLC
	5.250%, due 07/15/242		150,000		148,860
Iron Mountain UK PLC
	3.875%, due 11/15/254	GBP	325,000		382,983
Iron Mountain, Inc.
	4.875%, due 09/15/292		100,000		95,750
	5.750%, due 08/15/24		390,000		383,175
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
	4.250%, due 02/01/272		100,000		69,500
	5.250%, due 03/15/222		225,000		185,625
MPT Operating Partnership LP/MPT Finance Corp.
	2.550%, due 12/05/23	GBP	150,000		185,921
	5.500%, due 05/01/24		100,000		99,500
	6.375%, due 03/01/24		325,000		335,624
SBA Communications Corp.
	4.000%, due 10/01/22		225,000		226,193
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
	7.125%, due 12/15/242		200,000		154,000
	7.875%, due 02/15/252		275,000		264,688
					3,532,434
Retail — 3.6%
1011778 BC ULC/New Red Finance, Inc.
	4.250%, due 05/15/242		100,000		99,969

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
Retail— (continued)
	4.375%, due 01/15/282		275,000		265,911
	5.000%, due 10/15/252		275,000		276,375
Arcos Dorados Holdings, Inc.
	5.875%, due 04/04/274		300,000		275,628
	5.875%, due 04/04/272		200,000		183,437
Argos Merger Sub, Inc.
	7.125%, due 03/15/232		450,000		426,375
Asbury Automotive Group, Inc.
	4.500%, due 03/01/282		40,000		33,588
	4.750%, due 03/01/302		13,000		10,892
Beacon Roofing Supply, Inc.
	4.500%, due 11/15/262,5		75,000		71,625
Burlington Coat Factory Warehouse Corp.
	6.250%, due 04/15/252		50,000		50,875
Carvana Co.
	8.875%, due 10/01/232		100,000		97,750
Ferrellgas LP/Ferrellgas Finance Corp.
	6.500%, due 05/01/21		430,000		346,150
	6.750%, due 06/15/235		150,000		119,250
	10.000%, due 04/15/252		50,000		52,845
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
	8.625%, due 06/15/20		100,000		45,000
FirstCash, Inc.
	5.375%, due 06/01/242		125,000		125,312
Foodco Bondco SL
	6.250%, due 05/15/264	EUR	175,000		163,391
Gap Inc/The
	8.375%, due 05/15/232		100,000		104,250
	8.625%, due 05/15/252		75,000		77,625
	8.875%, due 05/15/272		25,000		25,875
Golden Nugget, Inc.
	6.750%, due 10/15/242		775,000		604,500
	8.750%, due 10/01/252		496,000		277,760
Grupo Unicomer Co. Ltd.
	7.875%, due 04/01/244		600,000		505,500
	7.875%, due 04/01/242		250,000		210,625
Hema Bondco I BV
	3 mo. Euribor + 6.250%,
	6.250%, due 07/15/224,6	EUR	425,000		249,560
Hema Bondco II BV
	8.500%, due 01/15/234	EUR	100,000		10,516

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
Retail— (continued)
Hornbach Baumarkt AG
	3.250%, due 10/25/264	EUR	300,000		325,892
IRB Holding Corp.
	6.750%, due 02/15/262		125,000		103,750
JC Penney Corp., Inc.
	6.375%, due 10/15/36		150,000		7,500
	8.625%, due 03/15/252		150,000		12,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	4.750%, due 06/01/272		150,000		154,828
L Brands, Inc.
	6.750%, due 07/01/36		675,000		486,000
	6.875%, due 11/01/35		100,000		73,640
	7.500%, due 06/15/29		50,000		36,948
Lithia Motors, Inc.
	4.625%, due 12/15/272		75,000		70,875
	5.250%, due 08/01/252		125,000		120,938
Murphy Oil USA, Inc.
	4.750%, due 09/15/29		150,000		154,455
	5.625%, due 05/01/27		25,000		25,739
Penske Automotive Group, Inc.
	3.750%, due 08/15/20		125,000		123,906
Pizzaexpress Financing 2 PLC
	6.625%, due 08/01/214	GBP	425,000		348,363
PVH Corp.
	3.625%, due 07/15/242	EUR	225,000		246,157
Rite Aid Corp.
	6.125%, due 04/01/232		223,000		201,815
	7.500%, due 07/01/252		27,000		26,325
Shop Direct Funding PLC
	7.750%, due 11/15/222	GBP	425,000		385,629
Sonic Automotive, Inc.
	6.125%, due 03/15/27		275,000		236,500
Staples, Inc.
	7.500%, due 04/15/262		450,000		355,500
	10.750%, due 04/15/272		475,000		270,750
Superior Plus LP/Superior General Partner, Inc.
	7.000%, due 07/15/262		75,000		74,123
Yum! Brands, Inc.
	3.875%, due 11/01/23		275,000		279,042

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
Retail— (concluded)
	7.750%, due 04/01/252		25,000		27,253
					8,858,512
Savings & loans — 0.0%†
Washington Mutual, Inc.
	0.000%, due 09/21/179,11,12		500,000		5,625
Semiconductors — 0.2%
Amkor Technology, Inc.
	6.625%, due 09/15/272		100,000		102,750
Entegris, Inc.
	4.625%, due 02/10/262		200,000		200,500
Qorvo, Inc.
	4.375%, due 10/15/292		100,000		99,625
	5.500%, due 07/15/26		50,000		52,500
					455,375
Software — 1.8%
ACI Worldwide, Inc.
	5.750%, due 08/15/262		50,000		49,750
Ascend Learning LLC
	6.875%, due 08/01/252		75,000		74,250
	6.875%, due 08/01/252		100,000		99,000
Camelot Finance SA
	4.500%, due 11/01/262		150,000		151,125
Castle U.S. Holding Corp.
	9.500%, due 02/15/282		350,000		329,000
CDK Global, Inc.
	5.250%, due 05/15/292		50,000		51,000
	5.875%, due 06/15/26		125,000		130,938
Donnelley Financial Solutions, Inc.
	8.250%, due 10/15/245		75,000		69,750
Dun & Bradstreet Corp./The
	10.250%, due 02/15/272		425,000		462,187
Infor US, Inc.
	6.500%, due 05/15/22		325,000		325,292
IQVIA, Inc.
	3.250%, due 03/15/254	EUR	200,000		220,367
j2 Cloud Services LLC/j2 Cloud Co-Obligor, Inc.
	6.000%, due 07/15/252		200,000		202,000
Open Text Corp.
	3.875%, due 02/15/282		175,000		170,625

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
Software— (concluded)
	5.875%, due 06/01/262		325,000	341,250
Open Text Holdings, Inc.
	4.125%, due 02/15/302		175,000	170,222
PTC, Inc.
	3.625%, due 02/15/252,3		100,000	98,450
	4.000%, due 02/15/282,3		50,000	49,000
RP Crown Parent LLC
	7.375%, due 10/15/242		450,000	442,125
Solera LLC/Solera Finance, Inc.
	10.500%, due 03/01/242		325,000	323,375
SS&C Technologies, Inc.
	5.500%, due 09/30/272		375,000	384,375
Tempo Acquisition LLC
	5.750%, due 06/01/252,3		75,000	76,219
Veritas US, Inc./Veritas Bermuda Ltd.
	10.500%, due 02/01/242,5		200,000	178,500
				4,398,800
Storage/Warehousing — 0.1%
Algeco Global Finance PLC
	6.500%, due 02/15/234	EUR	225,000	218,029
Telecommunications — 8.0%
Altice France Holding SA
	4.000%, due 02/15/284	EUR	225,000	211,430
	6.000%, due 02/15/282		400,000	365,000
	8.000%, due 05/15/274	EUR	325,000	361,338
	10.500%, due 05/15/272		400,000	431,040
Altice France SA
	2.500%, due 01/15/252	EUR	125,000	129,146
	3.375%, due 01/15/282	EUR	350,000	359,576
	3.375%, due 01/15/284	EUR	400,000	410,944
	7.375%, due 05/01/262		400,000	418,000
	8.125%, due 02/01/272		200,000	216,560
CenturyLink, Inc.
	5.125%, due 12/15/262		275,000	260,562
	5.800%, due 03/15/22		125,000	127,992
	6.750%, due 12/01/23		200,000	208,920
CommScope Technologies LLC
	6.000%, due 06/15/252		475,000	422,702
CommScope, Inc.
	5.500%, due 03/01/242		150,000	150,000

PACE High Yield Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
6.000%, due 03/01/262		50,000	49,998
8.250%, due 03/01/272,5		75,000	72,000
Connect Finco SARL/Connect US Finco LLC
6.750%, due 10/01/262		400,000	382,000
Digicel Group One Ltd.
8.250%, due 12/30/222		672,000	396,480
Digicel Group Two Ltd.
8.250%, due 09/30/222		753,000	22,590
Digicel Ltd.
6.000%, due 04/15/212		125,000	72,656
6.750%, due 03/01/234		300,000	121,875
Embarq Corp.
7.995%, due 06/01/36		475,000	489,250
Frontier Communications Corp.
8.000%, due 04/01/272,10		200,000	203,940
8.500%, due 04/01/262,10		50,000	46,250
10.500%, due 09/15/2210		1,325,000	407,040
Hughes Satellite Systems Corp.
6.625%, due 08/01/26		300,000	321,000
Intelsat Connect Finance SA
9.500%, due 02/15/232		375,000	71,250
Intelsat Jackson Holdings SA
8.500%, due 10/15/242		550,000	319,000
9.750%, due 07/15/252		425,000	246,500
Intelsat Luxembourg SA
7.750%, due 06/01/21		25,000	3,684
8.125%, due 06/01/23		165,000	13,200
Level 3 Financing, Inc.
5.125%, due 05/01/23		50,000	49,875
5.375%, due 08/15/22		42,000	42,088
5.625%, due 02/01/23		250,000	250,380
Millicom International Cellular SA
6.250%, due 03/25/292		250,000	245,000
6.250%, due 03/25/294		200,000	196,000
6.625%, due 10/15/264		250,000	255,000
6.625%, due 10/15/262		325,000	329,436
Nokia of America Corp.
6.450%, due 03/15/29		100,000	100,000
Nokia OYJ
3.375%, due 06/12/22		50,000	50,375
Qualitytech LP/QTS Finance Corp.
4.750%, due 11/15/252		75,000	75,469

PACE High Yield Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
RCS & RDS SA
2.500%, due 02/05/252	EUR	200,000	211,144
3.250%, due 02/05/282	EUR	100,000	102,804
SoftBank Group Corp.
3.125%, due 09/19/254	EUR	800,000	810,929
4.500%, due 04/20/254	EUR	100,000	105,969
5.000%, due 04/15/284	EUR	300,000	318,070
Sprint Capital Corp.
8.750%, due 03/15/32		920,000	1,292,600
Sprint Communications, Inc.
6.000%, due 11/15/22		25,000	26,440
9.250%, due 04/15/22		225,000	247,500
Sprint Corp.
7.625%, due 03/01/26		175,000	206,868
7.875%, due 09/15/23		850,000	956,080
T-Mobile USA, Inc.
4.375%, due 04/15/402		25,000	28,239
4.500%, due 04/15/502		25,000	29,129
6.000%, due 03/01/23		300,000	302,895
6.000%, due 04/15/24		125,000	127,450
6.375%, due 03/01/25		325,000	333,531
6.500%, due 01/15/24		75,000	76,680
Telecom Argentina SA
6.500%, due 06/15/214		690,000	624,457
6.500%, due 06/15/212		900,000	814,500
Telecom Italia Capital SA
6.000%, due 09/30/34		350,000	362,565
7.200%, due 07/18/36		50,000	56,115
Telecom Italia Finance SA
7.750%, due 01/24/33	EUR	750,000	1,147,338
Telecom Italia SpA
2.375%, due 10/12/274	EUR	600,000	636,397
4.000%, due 04/11/244	EUR	225,000	256,769
5.303%, due 05/30/242		25,000	26,000
Telesat Canada/Telesat LLC
4.875%, due 06/01/272		100,000	97,500
6.500%, due 10/15/272		125,000	117,813
ViaSat, Inc.
5.625%, due 04/15/272		125,000	123,125
Vodafone Group PLC
(fixed, converts to FRN on 10/03/23),
3.100%, due 01/03/79 4,6	EUR	500,000	539,951

PACE High Yield Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
(fixed, converts to FRN on 07/03/28),
4.200%, due 10/03/78 4,6	EUR	125,000	140,124
(fixed, converts to FRN on 01/04/29),
7.000%, due 04/04/79 6		275,000	314,585
Windstream Services LLC/Windstream Finance Corp.
10.500%, due 06/30/242,10		100,000	6,000
Xplornet Communications, Inc.
9.625% Cash or 10.625% PIK,
9.625%, due 06/01/222,8		149,365	150,859
Zayo Group Holdings, Inc.
6.125%, due 03/01/282		225,000	212,067
			19,708,039
Textiles—0.2%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC
5.375%, due 05/01/234	EUR	253,000	145,556
5.375%, due 05/01/232	EUR	300,000	184,514
Golden Legacy Pte Ltd.
6.875%, due 03/27/244		300,000	232,773
			562,843
Toys/Games/Hobbies—0.1%
Mattel, Inc.
5.875%, due 12/15/272,5		50,000	48,875
6.750%, due 12/31/252		100,000	101,500
			150,375
Transportation—0.6%
Rumo Luxembourg SARL
5.875%, due 01/18/254		500,000	490,500
Transnet SOC Ltd.
4.000%, due 07/26/224		250,000	231,009
XPO Logistics, Inc.
6.125%, due 09/01/232		150,000	151,875
6.250%, due 05/01/252		150,000	151,875
6.500%, due 06/15/222		369,000	370,476
			1,395,735
Trucking & leasing—0.2%
DAE Funding LLC
5.250%, due 11/15/212		300,000	274,500

PACE High Yield Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Trucking & leasing—(concluded)
Fly Leasing Ltd.
5.250%, due 10/15/24		200,000	160,000
Fortress Transportation and Infrastructure Investors LLC
6.500%, due 10/01/252		175,000	143,500
6.750%, due 03/15/222		50,000	45,183
			623,183
Total corporate bonds (cost—$267,911,220)			230,802,767
Loan assignments—2.8%
Auto manufacturers—0.2%
Navistar International Corp.,
2017 1st Lien Term Loan B,
1 mo. USD LIBOR + 0.720%,
4.220%, due 11/06/246		218,641	196,915
Panther BF Aggregator 2 LP,
USD Term Loan B,
1 mo. USD LIBOR + 0.404%,
3.904%, due 04/30/266		248,563	224,452
			421,367
Broadcast—0.4%
Allen Media LLC,
2020 Term Loan B,
3 mo. USD LIBOR + 1.731%,
7.231%, due 02/10/276		250,000	225,000
Arconic Corp.,
Term Loan B,
1 mo. USD LIBOR + 0.490%,
3.240%, due 03/25/276		50,000	49,500
Banijay Entertainment SAS,
USD Term Loan,
0.000%, due 03/04/2514		75,000	68,813
Golden Nugget LLC,
2020 Incremental Term Loan,
0.000%, due 10/04/2314		25,000	25,708
RegionalCare Hospital Partners Holdings, Inc.,
2018 Term Loan B,
1 mo. USD LIBOR + 0.404%,
4.154%, due 11/17/256		175,000	161,340
Spectacle Gary Holdings LLC,

PACE High Yield Investments
Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Broadcast—(concluded)
Delayed Draw Term Loan,
0.000%, due 12/23/2514		16,892	14,358
Term Loan B,
3 mo. USD LIBOR + 2.000%,
11.000%, due 12/23/25 6		233,108	198,142
Vertiv Group Corp.,
Term Loan B,
1 mo. USD LIBOR + 0.993%,
3.993%, due 03/02/276		375,000	351,562
			1,094,423
Chemicals—0.1%
Consolidated Energy Finance SA,
Term Loan B,
3 mo. USD LIBOR + 0.794%,
3.294%, due 05/07/256		221,063	181,271
Commercial services—0.1%
National Intergovernmental Purchasing Alliance Co.,
1st Lien Term Loan,
3 mo. USD LIBOR + 1.450%,
5.200%, due 05/23/256		98,252	87,608
USS Ultimate Holdings, Inc.,
1st Lien Term Loan,
6 mo. USD LIBOR + 1.921%,
5.671%, due 08/25/246		170,809	140,740
			228,348
Computer software & services—0.0%†
SS&C Technologies Holdings Europe SARL,
2018 Term Loan B4,
1 mo. USD LIBOR + 0.404%,
2.154%, due 04/16/256		26,900	25,827
SS&C Technologies, Inc.,
2018 Term Loan B3,
1 mo. USD LIBOR + 0.404%,
2.154%, due 04/16/256		37,697	36,193
			62,020
Containers & packaging—0.1%
Flex Acquisition Co., Inc.,
1st Lien Term Loan,
3 mo. USD LIBOR + 1.433%,
4.433%, due 12/29/236		286,564	267,221

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Electric-generation—0.0%†
Vistra Operations Company LLC,
1st Lien Term Loan B3,
1 mo. USD LIBOR + 0.751%,
2.501%, due 12/31/256		116,259		112,421
Engineering & construction—0.0%†
MRO Holdings, Inc.,
2019 Term Loan B,
3 mo. USD LIBOR + 1.450%,
6.450%, due 06/04/266		148,875		104,212
Entertainment—0.2%
Caesars Entertainment Operating Co.,
Exit Term Loan,
1 mo. USD LIBOR + 0.404%,
2.404%, due 10/07/246		222,979		214,758
Gateway Casinos & Entertainment Ltd.,
2018 Term Loan B,
3 mo. USD LIBOR + 1.450%,
4.450%, due 03/13/256		196,500		122,812
Lions Gate Capital Holdings LLC,
2018 Term Loan B,
1 mo. USD LIBOR + 0.404%,
2.654%, due 03/24/256		76,760		70,860
				408,430
Financial services—0.1%
Air Methods Corp.,
2017 Term Loan B,
3 mo. USD LIBOR + 1.450%,
4.950%, due 04/22/246		119,884		89,104
UFC Holdings LLC,
2019 Term Loan,
1 mo. USD LIBOR + 1.000%,
4.250%, due 04/29/266		99,102		92,412
				181,516
Gaming—0.1%
Boyd Gaming Corp.,
Term Loan B3,
1 week USD LIBOR + 0.137%,
2.387%, due 09/15/236		201,443		186,461

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Health care providers & services—0.0%†
MPH Acquisition Holdings LLC,
2016 Term Loan B,
3 mo. USD LIBOR + 1.450%,
4.200%, due 06/07/236		69,606		63,908
Hotels, restaurants & leisure—0.2%
LTF Merger Sub, Inc.,
2017 Term Loan B,
3 mo. USD LIBOR + 1.613%,
4.363%, due 06/10/226		674,892		568,388
Insurance—0.2%
Asurion LLC,
2017 Term Loan B4,
1 mo. USD LIBOR + 1.000%,
4.000%, due 08/04/226		448,631		431,134
Hub International Ltd.,
2018 Term Loan B,
3 mo. USD LIBOR + 1.270%,
4.020%, due 04/25/256		73,688		68,881
				500,015
Lodging—0.2%
Golden Nugget, Inc.,
2017 Incremental Term Loan B,
3 mo. USD LIBOR + 1.195%,
3.695%, due 10/04/236		163,083		130,121
Hilton Worldwide Finance LLC,
2019 Term Loan B2,
1 mo. USD LIBOR + 0.487%,
2.237%, due 06/22/266		275,000		260,334
RHP Hotel Properties LP,
2017 Term Loan B,
1 mo. USD LIBOR + 0.410%,
2.410%, due 05/11/246		134,167		124,985
				515,440
Media—0.3%
Altice France SA,
2018 Term Loan B13,
1 mo. USD LIBOR + 4.000%,
4.814%, due 08/14/266		417,567		386,546

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Media—(concluded)
Diamond Sports Group LLC,
Term Loan,
1 mo. USD LIBOR + 0.570%,
3.820%, due 08/24/266		99,500		80,740
NASCAR Holdings, Inc,
Term Loan B,
1 mo. USD LIBOR + 0.625%,
3.375%, due 10/19/266		141,543		130,801
Nexstar Broadcasting, Inc.,
2019 Term Loan B4,
1 mo. USD LIBOR + 0.985%,
3.735%, due 09/18/266		120,078		112,423
Sinclair Television Group, Inc.,
Term Loan B2B,
3 mo. USD LIBOR + 2.500%,
3.320%, due 09/30/266		74,625		69,028
				779,538
Media-publishing—0.1%
Cengage Learning, Inc.,
2016 Term Loan B,
6 mo. USD LIBOR + 1.000%,
5.250%, due 06/07/236		223,260		169,678
Metals & mining—0.1%
Big River Steel LLC,
Term Loan B,
3 mo. USD LIBOR + 1.450%,
6.450%, due 08/23/236		72,942		63,094
Neenah Foundry Co.,
2017 Term Loan,
2 mo. USD LIBOR + 1.256%,
7.756%, due 12/13/226		124,528		105,849
				168,943
Oil & gas—0.2%
California Resources Corp.,
2017 1st Lien Term Loan,
3 mo. USD LIBOR + 1.613%,
6.363%, due 12/31/22 6		550,000		120,692
Second Out Term Loan,
3 mo. USD LIBOR + 1.613%,
11.988%, due 12/31/21 6		75,000		2,672

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Oil & gas—(concluded)
Citgo Holding, Inc.,
2019 Term Loan B,
3 mo. USD LIBOR + 1.000%,
8.000%, due 08/01/236		174,125		143,653
Keane Group Holdings LLC,
2018 1st Lien Term Loan,
1 mo. USD LIBOR + 0.438%,
3.938%, due 05/25/256		23,688		15,397
Parker Drilling Co.,
2nd Lien PIK Term Loan,
3 mo. USD LIBOR + 11.000%,
6.500%, due 03/26/246		26,278		25,490
Prairie ECI Acquiror LP,
Term Loan B,
3 mo. USD LIBOR + 1.450%,
6.200%, due 03/11/266		94,842		68,227
				376,131
Retail-restaurants—0.1%
1011778 B.C. Unlimited Liability Co.,
Term Loan B4,
1 mo. USD LIBOR + 0.404%,
2.154%, due 11/19/266		134,046		125,374
Software—0.0%†
Dun & Bradstreet Corp./The,
Term Loan,
1 mo. USD LIBOR + 0.487%,
4.487%, due 02/06/266		75,000		69,938
Support-services—0.0%†
Kar Auction Services, Inc.,
2019 Term Loan B6,
1 mo. USD LIBOR + 0.625%,
2.875%, due 09/19/266		74,625		67,536

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount1		Value ($)
Loan assignments—(concluded)
Telephone-integrated—0.1%
IQVIA, Inc.,
2018 USD Term Loan B3,
3 mo. USD LIBOR + 1.945%,
3.695%, due 06/11/256		172,239		164,445
Total loan assignments (cost—$8,168,605)				6,817,024
Non-U.S. government agency obligations—1.3%
Ecuador Government International Bond
9.500%, due 03/27/302		250,000		72,500
Egypt Government International Bond
6.125%, due 01/31/224		350,000		348,110
7.903%, due 02/21/484		250,000		215,391
Province of Santa Fe
7.000%, due 03/23/234		150,000		61,500
Russian Foreign Bond
4.875%, due 09/16/234		1,200,000		1,308,375
Turkiye Ihracat Kredi Bankasi AS
5.375%, due 10/24/232		200,000		190,375
5.375%, due 10/24/234		200,000		190,375
5.375%, due 10/24/234		750,000		713,906
Total Non-U.S. government agency obligations (cost—$3,360,488)				3,100,532

	Number of shares
Common stocks—0.1%
Chemicals—0.1%
Hexion Holdings Corp., Class B*		17,052	120,217
Energy equipment & services—0.0%†
Parker Drilling Co.*		1,452	10,745
Weatherford International PLC *		2,724	12,258
			23,003
Metals & mining—0.0%†
Aleris International9,11,12		795	13,912

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Metals & mining—(concluded)
Elah Holdings, Inc.*		5		260
				14,172
Oil, gas & consumable fuels—0.0%†
Chaparral Energy, Inc., Class A*,5,9		3,605		1,765
Software—0.0%†
Avaya Holdings Corp.*,5		5,969		59,332
Specialty retail—0.0%†
Rue21, Inc.9,11,12		16		160
Total common stocks (cost—$1,098,163)				218,649
Preferred stocks—0.0%†
Media—0.0%†
MYT Holding Co.2 (cost—$19,578)		21,052		12,631

	Number of warrants
Warrants—0.0%†
Oil & Gas—0.0%†
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*		1,172	518
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,784	15
iHeartMedia, Inc. expires 05/01/39*,9		1,347	8,251
Total Oil & Gas			8,784
Oil, gas & consumable fuels—0.0%†
Jones Energy II, Inc. expires 05/17/24*,11,12		912	9
Total oil, gas & consumable fuels			9
Paper & forest products—0.0%†
Appvion Holding Corp. expires 06/13/23	USD	1.268	238
Total warrants (cost—$24,700)			9,031

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investment of cash collateral from securities loaned—2.7%
Money market funds—2.7%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$6,657,024)		6,657,024		6,657,024
Total investments    (cost—$287,239,778)15—100.6%				247,617,658
Liabilities in excess of other assets—(0.6)%				(1,357,597	)
Net assets—100.0%			$	246,260,061

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of the last Portfolio.  

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation) ($)
SSC	EUR	37,231,584	USD	40,990,485	05/05/20		190,269
SSC	EUR	762,817	USD	832,566	05/05/20		(3,367	)
SSC	EUR	38,182,376	USD	41,880,912	06/04/20		14,780
SSC	GBP	3,809,093	USD	4,751,535	05/05/20		(46,028	)
SSC	GBP	3,920,334	USD	4,940,923	06/04/20		2,675
SSC	USD	762,000	EUR	704,528	05/05/20		10,057
SSC	USD	183,000	EUR	167,467	05/05/20		518
SSC	USD	276,000	EUR	253,590	05/05/20		1,897
SSC	USD	148,000	EUR	136,987	05/05/20		2,117
Net unrealized appreciation (depreciation)							172,918

PACE High Yield Investments

Schedule of investments – April 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)	Total ($)
Corporate bonds	—	230,790,642		12,125	230,802,767
Loan assignments	—	6,817,024		—	6,817,024
Non-U.S. government agency obligations	—	3,100,532		—	3,100,532
Common stocks	204,577	13,912		160	218,649
Preferred stocks	12,631	—		—	12,631
Warrants	8,793	—		238	9,031
Investment of cash collateral from securities loaned	—	6,657,024		—	6,657,024
Forward foreign currency contracts	—	222,313		—	222,313
Total	226,001	247,601,447		12,523	247,839,971
Liabilities
Forward foreign currency contracts	—	(49,395	)	—	(49,395	)

At April 30, 2020, securities were transferred from Level 3 to Level 1 as the valuation is based on unadjusted quoted prices in active markets for identical investments.

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

Portfolio footnotes
†	Amount represents less than 0.05%
*	Non-income producing security.
1	In US dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $104,496,353, represented 42.5% of the Fund's net assets at period end.
3	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.
4	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.
5	Security, or portion thereof, was on loan at the period end.
6	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
7	Perpetual investment. Date shown reflects the next call date.
8	Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
9	This security is considered restricted. At period end, the value of restricted security was $882,507, represented 0.3% of the Fund's net assets. The table below provides further information.

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 04/30/20		Value as a percentage of net assets
Aleris International	7/30/10	$	13,981		0.0	%	$	13,913		0.0	%
Appvion, Inc., 9.000%, due 06/01/20	3/9/16-10/17/16		504,542		0.2			6,500		0.0
Appvion Holding Corp.	8/23/18		—		—			238		0.0
Chaparral Energy, Inc.	6/7/16		278,414		0.1			1,765		0.0
Cloud Peak Energy 3.000%, due 03/15/24	7/30/15-12/17/19		179,344		0.1			5,500		0.0
Cloud Peak Energy 12.000%, due 11/21/21	12/17/19		—		—			—		—
IHeartMedia Inc. expires 05/01/39	7/31/19		22,593		0.1			8,250		0.0
Rue21 Inc.	12/26/18		992		0.0			160		0.0
Sandridge Energy, Inc., 7.500%, due 03/15/21	10/04/16		—		—			—		—
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		—		—			5,625		0.0

10	Bond interest in default.
11	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
12	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
13	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
14	Position is unsettled. Contract rate was not determined at April 30, 2020 and does not take effect until settlement.
15	Includes $7,089,251 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,657,024 and non-cash collateral of $582,782.

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—112.6%
Aerospace & defense—1.2%
Curtiss-Wright Corp.		16,030		1,661,509
Hexcel Corp.		27,260		942,923
Huntington Ingalls Industries, Inc.		10,677		2,043,685
Northrop Grumman Corp.		5,794		1,915,902
Raytheon Technologies Corp.		44,417		2,878,666
				9,442,685
Air freight & logistics—1.1%
United Parcel Service, Inc., Class B		94,777		8,971,591
Airlines—0.0%†
United Airlines Holdings, Inc.*		10,720		317,098
Auto components—1.1%
Aptiv PLC		5,110		355,401
Gentex Corp.		37,913		919,011
Lear Corp.		77,443		7,562,309
Magna International, Inc.		6,204		242,142
				9,078,863
Automobiles—0.6%
Ford Motor Co.		958,472		4,878,623
Banks—10.8%
Bank of America Corp.1		687,901		16,544,019
BankUnited, Inc.		15,170		300,518
Citigroup, Inc.1		206,165		10,011,372
Fifth Third Bancorp		53,123		992,869
First Hawaiian, Inc.		45,950		808,260
First Horizon National Corp.1		96,374		875,076
Huntington Bancshares, Inc.		143,803		1,328,740
JPMorgan Chase & Co.1		161,665		15,481,040
KeyCorp		102,113		1,189,616
Pinnacle Financial Partners, Inc.		10,980		441,945
PNC Financial Services Group, Inc./The		59,015		6,295,130
Popular, Inc.		30,220		1,166,190
Prosperity Bancshares, Inc.2		9,830		589,112
Truist Financial Corp.		306,432		11,436,042
Umpqua Holdings Corp.		42,350		530,434
US Bancorp1		219,362		8,006,713
Wells Fargo & Co.1		370,998		10,777,492

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Banks—(concluded)
Western Alliance Bancorp		28,970		1,039,444
				87,814,012
Beverages—1.5%
Coca-Cola Co./The		36,130		1,658,006
Coca-Cola European Partners PLC		35,203		1,395,447
Keurig Dr Pepper, Inc.1		59,430		1,572,518
PepsiCo, Inc.		53,708		7,105,031
				11,731,002
Biotechnology—2.3%
AbbVie, Inc.		76,320		6,273,504
Alkermes PLC *		16,500		226,215
Amgen, Inc.		37,927		9,072,897
Biogen, Inc.*		4,350		1,291,210
Gilead Sciences, Inc.		7,940		666,960
Regeneron Pharmaceuticals, Inc.*		1,910		1,004,431
				18,535,217
Building products—0.5%
Carrier Global Corp.*		67,553		1,196,364
Johnson Controls International PLC1		15,240		443,636
Owens Corning		56,178		2,435,878
				4,075,878
Capital markets—3.4%
Bank of New York Mellon Corp./The		11,800		442,972
BlackRock, Inc.		4,990		2,505,180
Cboe Global Markets, Inc.		3,860		383,607
Charles Schwab Corp./The		36,862		1,390,435
CME Group, Inc.		2,420		431,268
Eaton Vance Corp.1		36,840		1,352,028
Goldman Sachs Group, Inc./The		45,224		8,294,986
KKR & Co., Inc., Class A		67,060		1,690,583
Lazard Ltd., Class A		76,437		2,102,017
Morgan Stanley		153,933		6,069,578
State Street Corp.		27,331		1,722,946

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Capital markets—(concluded)
T. Rowe Price Group, Inc.		7,880		911,164
				27,296,764
Chemicals—3.6%
Air Products and Chemicals, Inc.1		4,059		915,629
Celanese Corp.		5,186		430,801
CF Industries Holdings, Inc.		12,260		337,150
Corteva, Inc.*		86,621		2,268,604
Dow, Inc.*		135,965		4,988,556
DuPont de Nemours, Inc.		108,607		5,106,701
FMC Corp.		19,658		1,806,570
Linde PLC1		7,030		1,293,450
LyondellBasell Industries N.V., Class A		84,025		4,869,249
PPG Industries, Inc.		4,326		392,931
RPM International, Inc.		29,752		1,975,830
Sensient Technologies Corp.		66,631		3,184,295
Valvoline, Inc.		86,163		1,481,142
				29,050,908
Commercial services & supplies—0.2%
Clean Harbors, Inc.*		13,451		718,687
Republic Services, Inc.		12,210		956,531
				1,675,218
Communications equipment—1.5%
Ciena Corp.*		18,880		873,200
Cisco Systems, Inc.		255,427		10,824,996
Motorola Solutions, Inc.		4,560		655,774
				12,353,970
Construction & engineering—0.3%
AECOM*		15,240		552,602
MasTec, Inc.*		21,375		767,363
Quanta Services, Inc.		34,290		1,246,784
				2,566,749
Construction materials—0.5%
CRH PLC, ADR		80,497		2,424,570
Martin Marietta Materials, Inc.		5,050		960,661

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Construction materials—(concluded)
Vulcan Materials Co.		3,530		398,784
				3,784,015
Consumer finance—1.1%
Ally Financial, Inc.		10,660		174,718
Capital One Financial Corp.		101,561		6,577,090
OneMain Holdings, Inc.		21,630		523,662
Synchrony Financial1		75,419		1,492,542
				8,768,012
Containers & packaging—0.3%
Amcor PLC*		63,470		569,326
Sealed Air Corp.		19,820		566,654
Sonoco Products Co.2		21,647		1,057,239
WestRock Co.		17,791		572,692
				2,765,911
Distributors—0.4%
Genuine Parts Co.		41,495		3,289,724
Diversified consumer services—0.1%
Grand Canyon Education, Inc.*,1		3,590		308,812
H&R Block, Inc.2		47,380		788,877
				1,097,689
Diversified financial services—3.1%
Berkshire Hathaway, Inc., Class B*,1		85,045		15,934,031
Equitable Holdings, Inc.		285,283		5,226,385
Voya Financial, Inc.		91,954		4,153,562
				25,313,978
Diversified telecommunication services—3.1%
AT&T, Inc.1		115,187		3,509,748
CenturyLink, Inc.		27,104		287,844
Verizon Communications, Inc.1		367,715		21,125,227
				24,922,819
Electric utilities—1.4%
Duke Energy Corp.		6,810		576,535
Edison International1		96,741		5,679,664

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electric utilities—(concluded)
FirstEnergy Corp.		16,850		695,399
IDACORP, Inc.		13,390		1,228,934
NextEra Energy, Inc.		4,830		1,116,309
NRG Energy, Inc.1		32,620		1,093,749
Southern Co./The		13,331		756,268
				11,146,858
Electrical equipment—0.9%
AMETEK, Inc.		34,331		2,879,341
Eaton Corp. PLC		45,883		3,831,230
nVent Electric PLC		50,500		941,825
				7,652,396
Electronic equipment, instruments & components—1.5%
Arrow Electronics, Inc.*		9,739		612,778
Corning, Inc.		366,362		8,063,628
Dolby Laboratories, Inc., Class A1		14,630		878,239
Jabil, Inc.		30,258		860,537
SYNNEX Corp.		15,377		1,346,410
				11,761,592
Energy equipment & services—2.0%
Baker Hughes Co.		342,239		4,774,234
Halliburton Co.		559,170		5,871,285
National Oilwell Varco, Inc.		413,550		5,227,272
Schlumberger Ltd.		30,610		514,860
				16,387,651
Entertainment—0.2%
Activision Blizzard, Inc.		2,226		141,863
Electronic Arts, Inc.*		8,101		925,620
Live Nation Entertainment, Inc.*		9,850		441,969
Walt Disney Co./The		3,990		431,519
				1,940,971
Equity real estate investment trusts—2.4%
Apple Hospitality REIT, Inc.		37,370		361,742
Brandywine Realty Trust		21,630		241,391
Columbia Property Trust, Inc.		36,160		516,726
Essex Property Trust, Inc.		3,523		859,964

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Equity real estate investment trusts—(concluded)
Gaming and Leisure Properties, Inc.		11,500		324,760
Highwoods Properties, Inc.		34,580		1,342,050
Iron Mountain, Inc.2		265,184		6,412,149
Kimco Realty Corp.		51,260		559,247
Life Storage, Inc.		13,310		1,165,823
Paramount Group, Inc.		66,190		638,733
Piedmont Office Realty Trust, Inc., Class A		52,147		904,750
Prologis, Inc.		8,620		769,163
Public Storage		2,760		511,842
Ventas, Inc.		149,728		4,843,701
				19,452,041
Food & staples retailing—1.0%
Kroger Co./The		44,456		1,405,254
Sprouts Farmers Market, Inc.*		19,950		414,561
Walgreens Boots Alliance, Inc.		68,711		2,974,499
Walmart, Inc.1		26,622		3,235,904
				8,030,218
Food products—0.2%
ConAgra Foods, Inc.		9,390		314,002
Flowers Foods, Inc.		16,770		373,636
Mondelez International, Inc., Class A		12,866		661,827
Nomad Foods Ltd.*		18,107		373,185
Pilgrim’s Pride Corp.*		11,410		251,020
				1,973,670
Health care equipment & supplies—2.0%
Abbott Laboratories1		32,384		2,982,243
Dentsply Sirona, Inc.		11,130		472,357
Medtronic PLC1		91,780		8,960,481
Steris PLC		6,550		933,375
West Pharmaceutical Services, Inc.		4,845		916,965
Zimmer Holdings, Inc.		15,491		1,854,273
				16,119,694
Health care providers & services—4.6%
AmerisourceBergen Corp.		28,919		2,592,878
Anthem, Inc.		25,407		7,132,507
Cardinal Health, Inc.		56,126		2,777,114
Cigna Corp.*,1		39,951		7,821,607

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care providers & services—(concluded)
CVS Health Corp.1		29,220		1,798,491
HCA Healthcare, Inc.		6,790		746,085
McKesson Corp.		50,858		7,183,693
Premier, Inc., Class A*		12,200		404,552
Quest Diagnostics, Inc.		31,511		3,469,676
UnitedHealth Group, Inc.		12,204		3,569,304
				37,495,907
Health care technology—0.1%
Change Healthcare, Inc.*		59,519		692,801
Hotels, restaurants & leisure—0.6%
Carnival Corp.2		29,503		469,098
Darden Restaurants, Inc.		2,945		217,311
McDonald’s Corp.1		6,880		1,290,413
Royal Caribbean Cruises Ltd.2		8,026		375,376
Wyndham Destinations, Inc.		538		13,757
Wyndham Hotels & Resorts, Inc.		14,898		561,803
Yum China Holdings, Inc.		13,350		646,941
Yum! Brands, Inc.		10,230		884,179
				4,458,878
Household durables—1.8%
Garmin Ltd.		21,570		1,750,621
Lennar Corp., Class A		21,189		1,060,933
Mohawk Industries, Inc.*		65,621		5,756,274
Newell Brands, Inc.		370,212		5,138,543
PulteGroup, Inc.		31,060		878,066
				14,584,437
Household products—2.7%
Colgate-Palmolive Co.		28,530		2,004,803
Kimberly-Clark Corp.		105,109		14,555,494
Procter & Gamble Co./The1		47,359		5,582,206
				22,142,503
Independent power and renewable electricity producers—2.0%
AES Corp.		595,880		7,895,410
Atlantica Yield PLC		188,712		4,517,765

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Independent power and renewable electricity producers—(concluded)
Vistra Energy Corp.1		203,140		3,969,356
				16,382,531
Industrial conglomerates—2.2%
3M Co.		34,004		5,165,888
General Electric Co.		1,165,802		7,927,454
Honeywell International, Inc.1		22,240		3,155,856
Roper Technologies, Inc.1		3,780		1,289,093
				17,538,291
Insurance—7.3%
Aflac, Inc.		46,582		1,734,714
American Financial Group, Inc.		4,574		302,982
American International Group, Inc.		406,536		10,338,210
Arthur J. Gallagher & Co.		5,160		405,060
Assured Guaranty Ltd.		21,955		652,722
Axis Capital Holdings Ltd.		183,139		6,702,887
Brighthouse Financial, Inc.*		11,450		294,380
Brown & Brown, Inc.		41,500		1,490,265
Chubb Ltd.1		61,690		6,663,137
Cincinnati Financial Corp.		19,690		1,295,602
CNA Financial Corp.		79,371		2,506,536
Everest Re Group Ltd.		12,143		2,102,318
Fidelity National Financial, Inc.		212,393		5,745,231
First American Financial Corp.		34,530		1,592,524
Hanover Insurance Group, Inc./The		6,332		635,606
Hartford Financial Services Group, Inc./The		7,530		286,065
Kemper Corp.		14,011		941,819
Markel Corp.*		1,360		1,177,542
Marsh & McLennan Cos., Inc.		14,083		1,370,698
MetLife, Inc.		158,517		5,719,293
Primerica, Inc.		3,890		404,210
Progressive Corp./The		48,219		3,727,329
Reinsurance Group of America, Inc.		16,957		1,775,059
Travelers Cos., Inc./The		9,364		947,730
W.R. Berkley Corp.		5,110		275,940
				59,087,859
Interactive media & services—0.8%
Alphabet, Inc., Class A*,1		2,918		3,929,671
Facebook, Inc., Class A*		7,810		1,598,785

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Interactive media & services—(concluded)
Yelp, Inc.*		41,064		917,780
				6,446,236
Internet & direct marketing retail—0.1%
Booking Holdings, Inc.*		150		222,086
eBay, Inc.		19,903		792,736
				1,014,822
IT services—1.6%
Akamai Technologies, Inc.*		8,020		783,634
Cognizant Technology Solutions Corp., Class A		98,299		5,703,308
CSG Systems International, Inc.		35,292		1,714,485
Fidelity National Information Services, Inc.1		2,550		336,320
International Business Machines Corp.1		6,110		767,172
Science Applications International Corp.		28,852		2,356,054
VeriSign, Inc.*		6,705		1,404,630
				13,065,603
Life sciences tools & services—0.4%
Avantor, Inc.*		36,633		615,801
Bruker Corp.		18,580		730,565
IQVIA Holdings, Inc.*		3,570		509,046
Thermo Fisher Scientific, Inc.1		3,604		1,206,187
				3,061,599
Machinery—3.3%
Caterpillar, Inc.		13,804		1,606,509
Cummins, Inc.		12,600		2,060,100
Deere & Co.		13,853		2,009,516
Dover Corp.		26,618		2,492,776
Fortive Corp.		7,600		486,400
Illinois Tool Works, Inc.		25,852		4,200,950
Ingersoll Rand, Inc.*		14,833		431,344
ITT, Inc.		19,130		1,008,534
Oshkosh Corp.		8,450		570,628
Otis Worldwide Corp.*		33,776		1,719,536
Stanley Black & Decker, Inc.		34,558		3,808,292
Timken Co./The		20,670		776,779
Westinghouse Air Brake Technologies Corp.		98,201		5,540,500

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Machinery—(concluded)
Woodward, Inc.		3,930		238,001
				26,949,865
Media—3.9%
Charter Communications, Inc., Class A*		1,860		921,128
Comcast Corp., Class A1		386,962		14,561,380
Discovery, Inc., Class A*,2		33,380		748,380
Discovery, Inc., Class C*		49,446		1,009,193
DISH Network Corp., Class A*		25,980		649,890
Interpublic Group of Cos., Inc./The		502,793		8,537,425
Nexstar Media Group, Inc., Class A		5,031		352,371
Omnicom Group, Inc.		84,204		4,802,154
ViacomCBS, Inc., Class B		5,523		95,327
				31,677,248
Metals & mining—1.8%
Barrick Gold Corp.1		404,402		10,401,219
Newmont Corp.		25,320		1,506,034
Reliance Steel & Aluminum Co.		4,835		433,119
Yamana Gold, Inc.2		398,709		1,865,958
				14,206,330
Mortgage real estate investment trusts—0.1%
AGNC Investment Corp.		32,570		404,519
Two Harbors Investment Corp.		29,619		135,359
				539,878
Multi-utilities—1.7%
CenterPoint Energy, Inc.		19,355		329,616
Dominion Energy, Inc.		151,707		11,701,161
MDU Resources Group, Inc.		63,481		1,425,783
				13,456,560
Multiline retail—1.7%
Dollar General Corp.		1,730		303,269
Target Corp.		119,018		13,061,035
				13,364,304
Oil, gas & consumable fuels—6.8%
Canadian Natural Resources Ltd.		24,882		417,022

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
Cenovus Energy, Inc. 2	480,632		1,749,500
Chevron Corp. 1	25,606		2,355,752
ConocoPhillips 1	87,752		3,694,359
Enterprise Products Partners LP	363,661		6,385,887
EOG Resources, Inc.	17,870		849,004
Exxon Mobil Corp. 1,2	74,850		3,478,280
Kinder Morgan, Inc.	562,620		8,568,703
Magellan Midstream Partners LP	118,710		4,882,542
Marathon Petroleum Corp. 1	197,244		6,327,588
Occidental Petroleum Corp.	20,760		344,616
Pioneer Natural Resources Co.	2,865		255,873
Royal Dutch Shell PLC, Class A, ADR 2	73,303		2,428,528
Total SA, ADR	38,291		1,345,929
Valero Energy Corp.	94,112		5,961,995
Williams Cos., Inc./The	291,415		5,644,709
			54,690,287
Personal products—1.1%
Coty, Inc., Class A	38,970		212,387
Herbalife Nutrition Ltd. *	14,630		546,430
Unilever PLC, ADR 2	157,298		8,159,047
			8,917,864
Pharmaceuticals—6.7%
Bristol-Myers Squibb Co.	212,897		12,946,267
GlaxoSmithKline PLC, ADR 2	73,420		3,088,779
Johnson & Johnson 1	101,583		15,241,513
Merck & Co., Inc. 1	61,699		4,895,199
Novartis AG, ADR	16,113		1,365,255
Pfizer, Inc. 1	443,129		16,998,428
			54,535,441
Professional services—0.2%
Nielsen Holdings PLC	49,690		731,934
Robert Half International, Inc.	10,060		475,536
			1,207,470
Real estate investment trusts — 0.0%†
Host Hotels & Resorts, Inc.	30,460		374,963

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Real estate management & development — 0.0%†
CBRE Group, Inc., Class A *		8,390		360,183
Road & rail—0.6%
Kansas City Southern		14,775		1,928,876
Norfolk Southern Corp.		3,190		545,809
Union Pacific Corp. 1		16,235		2,594,191
				5,068,876
Semiconductors & semiconductor equipment—4.4%
Analog Devices, Inc.		16,110		1,765,656
Applied Materials, Inc.		47,369		2,353,292
First Solar, Inc. *		14,195		624,722
Intel Corp. 1		83,504		5,008,570
KLA Corp.		15,444		2,534,206
Lam Research Corp.		16,861		4,304,276
Microchip Technology, Inc. 2		11,260		987,840
Micron Technology, Inc. *,1		86,231		4,129,602
NXP Semiconductors N.V.		37,335		3,717,446
ON Semiconductor Corp. *		14,792		237,338
Qorvo, Inc. *		33,557		3,289,593
QUALCOMM, Inc.		70,190		5,521,847
Skyworks Solutions, Inc.		6,690		694,957
Teradyne, Inc.		12,690		793,633
				35,962,978
Software—1.9%
Autodesk, Inc. *		2,640		494,023
CDK Global, Inc.		16,793		659,629
Microsoft Corp.		17,398		3,117,896
Nuance Communications, Inc. *		34,020		687,204
Oracle Corp.		156,043		8,265,598
SS&C Technologies Holdings, Inc.		26,513		1,462,457
VMware, Inc., Class A *,2		8,287		1,089,906
				15,776,713
Specialty retail—2.5%
Advance Auto Parts, Inc.		3,730		450,994
AutoZone, Inc. *		7,862		8,021,756
Best Buy Co., Inc.		51,608		3,959,882
Foot Locker, Inc.		32,823		841,253
Home Depot, Inc./The 1		22,896		5,033,228

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Specialty retail— (concluded)
Williams-Sonoma, Inc. 2		27,008		1,670,175
				19,977,288
Technology hardware, storage & peripherals—0.8%
Hewlett Packard Enterprise Co.		408,315		4,107,649
HP, Inc.		30,160		467,782
Western Digital Corp.		33,240		1,531,699
				6,107,130
Textiles, apparel & luxury goods—1.2%
Gildan Activewear, Inc.		247,445		3,449,383
PVH Corp.		84,836		4,176,476
Ralph Lauren Corp.		7,180		529,740
Skechers USA, Inc., Class A *		20,670		582,481
Tapestry, Inc.		39,294		584,695
				9,322,775
Thrifts & mortgage finance—0.1%
MGIC Investment Corp.		107,963		789,210
Tobacco—0.4%
Philip Morris International, Inc. 1		44,504		3,319,998
Trading companies & distributors—0.9%
Fastenal Co.		149,008		5,397,070
MSC Industrial Direct Co., Inc., Class A		11,630		693,613
United Rentals, Inc. *		7,727		992,920
				7,083,603
Total common stocks (cost—$990,063,978)				911,856,248
Short-term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund (cost—$7,102,900)		7,102,900		7,102,900

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investment of cash collateral from securities loaned—1.6%
Money market funds—1.6%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$13,420,648)		13,420,648			13,420,648
Total investments before investments sold short (cost — $1,010,587,526)3— 115.1%					932,379,796
Investments sold short—(14.0)%
Common stocks—(14.0)%
Aerospace & defense—(0.0)%†
Virgin Galactic Holdings, Inc.		(19,141	)		(337,264	)
Air freight & logistics—(0.2)%
CH Robinson Worldwide, Inc.		(6,780	)		(480,702	)
FedEx Corp.		(6,715	)		(851,261	)
					(1,331,963	)
Banks—(1.3)%
Commerce Bancshares Inc.		(12,558	)		(768,424	)
Community Bank System, Inc.		(19,482	)		(1,217,430	)
CVB Financial Corp.		(41,072	)		(853,682	)
First Financial Bankshares, Inc.		(32,163	)		(895,740	)
First Republic Bank		(11,654	)		(1,215,396	)
Glacier Bancorp, Inc.		(13,019	)		(495,763	)
People's United Financial, Inc.		(23,610	)		(299,611	)
Prosperity Bancshares, Inc.		(16,591	)		(994,299	)
Signature Bank		(3,130	)		(335,473	)
TCF Financial Corp.		(21,860	)		(649,023	)
Trustmark Corp.		(27,082	)		(720,652	)
United Bankshares, Inc.		(22,695	)		(679,942	)
Westamerica Bancorp		(16,263	)		(1,024,569	)
					(10,150,004	)
Beverages—(0.1)%
National Beverage Corp.		(16,087	)		(808,050	)
Biotechnology—(0.0)%†
Agios Pharmaceuticals, Inc.		(920	)		(37,849	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Biotechnology—(concluded)
Alnylam Pharmaceuticals, Inc.		(720	)		(94,824	)
					(132,673	)
Building products—(0.5)%
A.O. Smith Corp.		(23,979	)		(1,016,230	)
AAON, Inc.		(20,251	)		(964,758	)
Owens Corning		(16,350	)		(708,936	)
Trex Co., Inc.		(14,772	)		(1,406,590	)
					(4,096,514	)
Capital markets—(0.4)%
FactSet Research Systems, Inc.		(2,219	)		(610,225	)
Franklin Resources, Inc.		(33,040	)		(622,474	)
MarketAxess Holdings, Inc.		(1,139	)		(518,256	)
Raymond James Financial, Inc.		(18,360	)		(1,210,291	)
					(2,961,246	)
Chemicals—(0.7)%
Albemarle Corp.		(9,520	)		(584,814	)
Balchem Corp.		(10,616	)		(947,372	)
Ecolab, Inc.		(4,593	)		(888,745	)
Element Solutions, Inc.		(42,560	)		(436,240	)
International Flavors & Fragrances, Inc.		(11,756	)		(1,540,389	)
Quaker Chemical Corp.		(4,171	)		(634,493	)
RPM International, Inc.		(5,540	)		(367,911	)
					(5,399,964	)
Commercial services & supplies—(0.3)%
Healthcare Services Group, Inc.		(12,887	)		(328,489	)
Rollins, Inc.		(21,130	)		(845,200	)
Stericycle, Inc.		(20,571	)		(1,003,865	)
					(2,177,554	)
Communications equipment—(0.2)%
EchoStar Corp., Class A		(15,510	)		(489,340	)
Juniper Networks, Inc.		(23,960	)		(517,536	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Communications equipment—(concluded)
ViaSat, Inc.		(16,419	)		(696,166	)
					(1,703,042	)
Construction & engineering—(0.3)%
Fluor Corp.		(28,820	)		(337,194	)
Jacobs Engineering Group, Inc.		(24,094	)		(1,993,778	)
					(2,330,972	)
Consumer finance—(0.1)%
Santander Consumer USA Holdings, Inc.		(34,300	)		(534,737	)
Containers & packaging—(0.3)%
Ball Corp.		(11,550	)		(757,564	)
International Paper Co.		(12,450	)		(426,412	)
Packaging Corp. of America		(8,250	)		(797,363	)
Sonoco Products Co.		(9,853	)		(481,221	)
					(2,462,560	)
Distributors—(0.1)%
Genuine Parts Co.		(8,500	)		(673,880	)
Diversified consumer services—(0.2)%
Chegg, Inc.		(22,736	)		(971,964	)
Service Corp. International		(15,990	)		(587,473	)
ServiceMaster Global Holdings, Inc.		(10,240	)		(348,672	)
					(1,908,109	)
Diversified financial services—(0.1)%
Voya Financial, Inc.		(23,560	)		(1,064,205	)
Diversified telecommunication services— (0.2)%
Cogent Communications Holdings, Inc.		(6,256	)		(524,441	)
GCI Liberty, Inc., Class A		(14,210	)		(864,394	)
					(1,388,835	)
Electrical equipment—(0.1)%
Sensata Technologies Holding PLC		(19,260	)		(700,679	)
Electronic equipment, instruments & components —(0.5)%
Arrow Electronics, Inc.		(8,040	)		(505,877	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Electronic equipment, instruments & components— (concluded)
Cognex Corp.		(13,649	)		(753,971	)
Corning, Inc.		(33,040	)		(727,210	)
FLIR Systems, Inc.		(10,950	)		(475,230	)
IPG Photonics Corp.		(2,070	)		(267,713	)
National Instruments Corp.		(27,963	)		(1,074,339	)
					(3,804,340	)
Entertainment—(0.4)%
Cinemark Holdings, Inc.		(25,640	)		(366,139	)
Madison Square Garden Entertainment Corp.		(5,470	)		(452,369	)
Madison Square Garden Sports C		(5,370	)		(919,988	)
Roku, Inc.		(7,516	)		(911,165	)
Take-Two Interactive Software, Inc.		(4,960	)		(600,408	)
					(3,250,069	)
Equity real estate investment trusts—(0.1)%
Sun Communities, Inc.		(4,237	)		(569,453	)
Food & staples retailing—(0.2)%
BJ's Wholesale Club Holdings, Inc.		(16,989	)		(446,981	)
Casey's General Stores, Inc.		(6,635	)		(1,004,605	)
Kroger Co./The		(10,740	)		(339,491	)
					(1,791,077	)
Food products—(0.5)%
Cal-Maine Foods, Inc.		(21,870	)		(907,824	)
Hain Celestial Group, Inc./The		(15,630	)		(403,879	)
Hormel Foods Corp.		(12,690	)		(594,526	)
Kraft Heinz Co./The		(27,931	)		(847,147	)
McCormick & Co., Inc.		(5,884	)		(922,847	)
Post Holdings, Inc.		(5,080	)		(466,598	)
					(4,142,821	)
Gas utilities—(0.1)%
UGI Corp.		(22,870	)		(690,217	)
Health care equipment & supplies—(0.2)%
ABIOMED, Inc.		(2,540	)		(485,775	)
Align Technology, Inc.		(2,138	)		(459,349	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Health care equipment & supplies— (concluded)
ICU Medical, Inc.		(4,020	)		(881,626	)
					(1,826,750	)
Health care providers & services—(0.1)%
Tenet Healthcare Corp.		(40,717	)		(821,669	)
Hotels, restaurants & leisure—(0.5)%
Aramark		(14,020	)		(382,886	)
Carnival Corp.		(6,820	)		(108,438	)
Hilton Grand Vacations, Inc.		(21,940	)		(451,964	)
MGM Resorts International		(16,640	)		(280,051	)
Papa John's International, Inc.		(12,823	)		(922,230	)
Six Flags Entertainment Corp.		(21,890	)		(438,019	)
Vail Resorts, Inc.		(3,850	)		(658,350	)
Wynn Resorts Ltd.		(5,530	)		(472,981	)
					(3,714,919	)
Household durables—(0.0)%†
Leggett & Platt, Inc.		(10,437	)		(366,652	)
Household products—(0.0)%†
Energizer Holdings, Inc.		(4,190	)		(163,242	)
Insurance—(0.9)%
Athene Holding Ltd., Class A		(15,480	)		(417,960	)
Cincinnati Financial Corp.		(11,110	)		(731,038	)
Erie Indemnity Co., Class A		(3,255	)		(579,585	)
Hartford Financial Services Group, Inc./The		(700	)		(26,593	)
Loews Corp.		(29,390	)		(1,018,657	)
Old Republic International Corp.		(84,250	)		(1,343,788	)
Prudential Financial, Inc.		(8,900	)		(555,093	)
Reinsurance Group of America, Inc.		(8,210	)		(859,423	)
RLI Corp.		(6,901	)		(502,600	)
Travelers Cos. Inc/The		(11,150	)		(1,128,491	)
					(7,163,228	)
Interactive media & services—(0.1)%
Zillow Group, Inc., Class C		(22,079	)		(970,593	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Internet & direct marketing retail—(0.3)%
Expedia Group, Inc.		(5,243	)		(372,148	)
GrubHub, Inc.		(23,744	)		(1,134,726	)
Wayfair, Inc., Class A		(9,995	)		(1,239,780	)
					(2,746,654	)
IT services—(0.6)%
Fiserv, Inc.		(5,433	)		(559,925	)
Gartner, Inc.		(3,026	)		(359,519	)
Jack Henry & Associates, Inc.		(4,161	)		(680,532	)
MongoDB, Inc.		(5,598	)		(907,604	)
Shopify, Inc., Class A		(2,220	)		(1,403,684	)
Western Union Co./The		(55,691	)		(1,062,027	)
					(4,973,291	)
Leisure products—(0.1)%
Mattel, Inc.		(58,646	)		(511,393	)
Machinery—(0.3)%
Deere & Co.		(5,990	)		(868,909	)
John Bean Technologies Corp.		(6,153	)		(472,181	)
Trinity Industries, Inc.		(77,174	)		(1,488,687	)
					(2,829,777	)
Marine—(0.0)%†
Kirby Corp.		(6,240	)		(333,341	)
Media—(0.2)%
Liberty Broadband Corp., Class C		(3,390	)		(415,885	)
News Corp., Class A		(50,160	)		(497,086	)
News Corp., Class B		(31,680	)		(323,769	)
					(1,236,740	)
Metals & mining—(0.2)%
Compass Minerals International, Inc.		(16,071	)		(790,050	)
Freeport-McMoRan, Inc.		(30,950	)		(273,289	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Metals & mining—(concluded)
United States Steel Corp.		(94,650	)		(726,912	)
					(1,790,251	)
Multi-utilities—(0.2)%
Consolidated Edison, Inc.		(6,360	)		(501,168	)
Public Service Enterprise Group, Inc.		(16,740	)		(848,885	)
					(1,350,053	)
Oil, gas & consumable fuels—(1.1)%
Apache Corp.		(49,622	)		(649,056	)
Cabot Oil & Gas Corp.		(41,927	)		(906,462	)
CNX Resources Corp.		(106,528	)		(1,129,197	)
Concho Resources, Inc.		(12,372	)		(701,740	)
Delek US Holdings, Inc.		(35,197	)		(821,850	)
EQT Corp.		(28,961	)		(422,541	)
Equitrans Midstream Corp.		(38,670	)		(324,055	)
Exxon Mobil Corp.		(26,334	)		(1,223,741	)
Hess Corp.		(29,543	)		(1,436,971	)
Kinder Morgan, Inc.		(27,650	)		(421,109	)
Murphy Oil Corp.		(57,728	)		(684,654	)
PBF Energy, Inc., Class A		(22,940	)		(261,516	)
					(8,982,892	)
Personal products—(0.0)%†
Nu Skin Enterprises, Inc., Class A		(13,796	)		(402,981	)
Pharmaceuticals—(0.3)%
Catalent, Inc.		(25,584	)		(1,769,134	)
Mylan N.V.		(35,720	)		(599,024	)
Nektar Therapeutics		(19,069	)		(366,125	)
					(2,734,283	)
Real estate management & development—(0.1)%
Redfin Corp.		(27,181	)		(574,335	)
Road & rail—(0.2)%
JB Hunt Transport Services, Inc.		(8,740	)		(883,789	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Road & rail—(concluded)
Knight-Swift Transportation Holdings, Inc.		(16,840	)		(626,111	)
					(1,509,900	)
Semiconductors & semiconductor equipment—(0.4)%
Cree, Inc.		(39,478	)		(1,702,686	)
Marvell Technology Group Ltd.		(39,610	)		(1,059,171	)
ON Semiconductor Corp.		(19,990	)		(320,740	)
					(3,082,597	)
Software—(0.8)%
2U, Inc.		(11,430	)		(271,463	)
Blackline, Inc.		(12,702	)		(771,519	)
Ceridian HCM Holding, Inc.		(4,020	)		(237,059	)
FireEye, Inc.		(23,869	)		(274,732	)
Guidewire Software, Inc.		(10,797	)		(980,799	)
HubSpot, Inc.		(6,017	)		(1,014,647	)
Proofpoint, Inc.		(5,831	)		(709,808	)
PTC, Inc.		(6,455	)		(447,009	)
Workday, Inc., Class A		(3,710	)		(570,969	)
Zendesk, Inc.		(12,707	)		(976,914	)
					(6,254,919	)
Specialty retail—(0.3)%
CarMax, Inc.		(14,200	)		(1,045,830	)
Carvana Co.		(18,954	)		(1,518,405	)
Dick's Sporting Goods, Inc.		(3,589	)		(105,481	)
					(2,669,716	)
Technology hardware, storage & peripherals—(0.1)%
Dell Technologies, Class C		(9,790	)		(417,935	)
Thrifts & mortgage finance—(0.1)%
New York Community Bancorp, Inc.		(66,045	)		(717,249	)
TFS Financial Corp.		(16,140	)		(220,311	)
					(937,560	)
Trading companies & distributors — (0.0)%†
Air Lease Corp.		(11,470	)		(299,940	)

PACE Large Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Common stocks— (concluded)
Transportation infrastructure—(0.0)%†
Macquarie Infrastructure Corp.		(12,800	)		(353,152	)
Total investments sold short (proceeds—$107,800,349)					(113,428,991	)
Liabilities in excess of other assets—(1.1)%					(8,911,350	)
Net assets—100.0%				$	810,039,455

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		911,856,248			—		—		911,856,248
Short-term investments		—			7,102,900		—		7,102,900
Investment of cash collateral from securities loaned		—			13,420,648		—		13,420,648
Total		911,856,248			20,523,548		—		932,379,796
Liabilities
Investments sold short		(113,428,991	)		—		—		(113,428,991	)

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes
	†	Amount represents less than 0.05% or (0.05)%.
	*	Non-income producing security.
	1	Security, or portion thereof, pledged as collateral for investments sold short.
	2	Security, or portion thereof, was on loan at the period end.
	3	Includes $24,055,439 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $13,420,648 and non-cash collateral of $11,159,541.

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—95.7%
Aerospace & defense—1.3%
TransDigm Group, Inc.		38,831		14,098,759
Automobiles—1.9%
Tesla, Inc. *		26,270		20,539,988
Banks—1.8%
U.S. Bancorp		509,094		18,581,931
Beverages—0.5%
Monster Beverage Corp. *		88,492		5,469,691
Biotechnology—2.9%
Alnylam Pharmaceuticals, Inc. *		8,009		1,054,785
Amgen, Inc.		30,401		7,272,527
BioMarin Pharmaceutical, Inc. *		38,328		3,526,943
Exact Sciences Corp. *,1		56,333		4,449,180
Moderna, Inc. *,1		37,788		1,737,870
Regeneron Pharmaceuticals, Inc. *		11,533		6,064,974
Sarepta Therapeutics, Inc. *		17,505		2,063,490
Seattle Genetics, Inc. *		32,759		4,495,518
				30,665,287
Capital markets—4.4%
Blackstone Group, Inc./The, Class A		44,066		2,302,008
Charles Schwab Corp./The		267,000		10,071,240
CME Group, Inc.		51,926		9,253,733
KKR & Co., Inc., Class A		263,208		6,635,474
MarketAxess Holdings, Inc.		21,028		9,567,950
Morgan Stanley		31,784		1,253,243
MSCI, Inc.		6,717		2,196,459
S&P Global, Inc.		18,763		5,495,307
				46,775,414
Chemicals—1.0%
Air Products and Chemicals, Inc.		25,049		5,650,554
Sherwin-Williams Co./The		8,347		4,477,080
				10,127,634
Commercial services & supplies—0.6%
Waste Management, Inc.		58,362		5,837,367

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Communications equipment—0.4%
Arista Networks, Inc. *		18,921		4,149,375
Containers & packaging—0.9%
Ball Corp.		143,729		9,427,185
Diversified financial services—3.6%
Berkshire Hathaway, Inc., Class B *		202,135		37,872,014
Electrical equipment—0.7%
Rockwell Automation, Inc.		37,390		7,084,657
Electronic equipment, instruments & components—0.1%
Amphenol Corp., Class A		17,933		1,582,767
Entertainment—1.6%
Netflix, Inc. *		32,166		13,504,895
Take-Two Interactive Software, Inc. *		25,859		3,130,232
				16,635,127
Equity real estate investment trusts—2.2%
American Tower Corp.		77,441		18,430,958
Equinix, Inc.		7,039		4,752,733
				23,183,691
Food & staples retailing—0.2%
Costco Wholesale Corp.		5,680		1,721,040
Health care equipment & supplies—2.1%
Abbott Laboratories		8,425		775,858
ABIOMED, Inc. *		5,270		1,007,888
DexCom, Inc. *		32,582		10,921,486
Intuitive Surgical, Inc. *		19,451		9,937,127
				22,642,359
Health care providers & services—1.0%
McKesson Corp.		7,259		1,025,334
UnitedHealth Group, Inc.		31,799		9,300,253
				10,325,587
Health care technology—0.3%
Veeva Systems, Inc., Class A *		14,754		2,815,063

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Hotels, restaurants & leisure—1.8%
Chipotle Mexican Grill, Inc. *		10,096		8,869,841
Domino's Pizza, Inc.		9,346		3,382,598
Las Vegas Sands Corp.		39,350		1,889,587
Starbucks Corp.		60,398		4,634,338
				18,776,364
Industrial conglomerates—5.0%
Honeywell International, Inc.		148,769		21,110,321
Roper Technologies, Inc.		90,837		30,978,142
				52,088,463
Insurance—1.8%
Markel Corp. *		21,651		18,746,302
Interactive media & services—7.7%
Alphabet, Inc., Class A *		7,450		10,032,915
Alphabet, Inc., Class C *		30,481		41,108,505
Facebook, Inc., Class A *		116,483		23,845,235
Match Group, Inc. *,1		49,358		3,798,592
Snap, Inc., Class A *		125,903		2,217,152
Twitter, Inc. *		8,071		231,476
				81,233,875
Internet & direct marketing retail—7.3%
Alibaba Group Holding Ltd., ADR *		21,306		4,318,087
Amazon.com, Inc. *		24,898		61,597,652
Booking Holdings, Inc. *		3,131		4,635,665
MercadoLibre, Inc. *		9,253		5,399,218
Wayfair, Inc., Class A *,1		8,829		1,095,149
				77,045,771
IT services—6.0%
Fidelity National Information Services, Inc.		15,553		2,051,285
MasterCard, Inc., Class A		78,842		21,679,185
PayPal Holdings, Inc. *		149,490		18,387,270
Shopify, Inc., Class A *		3,690		2,333,150
Square, Inc., Class A *		15,510		1,010,321
Twilio, Inc., Class A *,1		46,357		5,205,891

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
IT services—(concluded)
Visa, Inc., Class A		68,265		12,200,321
				62,867,423
Life sciences tools & services—3.7%
Illumina, Inc. *		29,544		9,425,422
IQVIA Holdings, Inc. *		83,507		11,907,263
Mettler-Toledo International, Inc. *		17,571		12,650,066
Thermo Fisher Scientific, Inc.		15,210		5,090,483
				39,073,234
Media—1.0%
Charter Communications, Inc., Class A *		21,707		10,749,958
Personal products—1.3%
Estee Lauder Cos., Inc./The, Class A		10,708		1,888,891
Unilever N.V. NY Registered Shares		240,849		11,902,758
				13,791,649
Professional services—0.3%
CoStar Group, Inc. *		4,621		2,995,609
Road & rail—1.2%
Lyft, Inc., Class A *		40,365		1,325,183
Norfolk Southern Corp.		27,647		4,730,402
Uber Technologies, Inc. *		211,859		6,412,972
				12,468,557
Semiconductors & semiconductor equipment—5.0%
Advanced Micro Devices, Inc. *		190,176		9,963,320
ASML Holding N.V. NY Registered Shares		21,160		6,103,179
Lam Research Corp.		11,203		2,859,902
Microchip Technology, Inc. 1		167,512		14,695,828
NVIDIA Corp.		34,406		10,056,185
QUALCOMM, Inc.		30,407		2,392,119
Texas Instruments, Inc.		58,940		6,841,166
				52,911,699
Software—17.7%
Adobe, Inc. *		81,240		28,729,714
Atlassian Corp. PLC, Class A *		18,520		2,879,675
Autodesk, Inc. *		38,633		7,229,393

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Software— (concluded)
Coupa Software, Inc. *		29,860		5,258,047
Intuit, Inc.		77,836		21,000,931
Microsoft Corp.		429,847		77,032,881
Salesforce.com, Inc. *		10,449		1,692,215
SAP SE, ADR		142,582		16,901,670
ServiceNow, Inc. *		39,779		13,983,910
SS&C Technologies Holdings, Inc.		34,711		1,914,659
Synopsys, Inc. *		40,068		6,295,484
Trade Desk, Inc./The, Class A *,1		10,627		3,109,248
				186,027,827
Specialty retail—0.8%
Home Depot, Inc./The		31,323		6,885,735
Ross Stores, Inc.		17,933		1,638,359
				8,524,094
Technology hardware, storage & peripherals—5.3%
Apple, Inc.		188,459		55,369,254
Textiles, apparel & luxury goods—2.3%
Lululemon Athletica, Inc. *		19,787		4,421,999
Nike, Inc., Class B		221,909		19,346,026
				23,768,025
Total Common stocks (cost—$764,696,905)				1,005,973,040
Short-term investments—4.2%
Investment companies—4.2%
State Street Institutional U.S. Government Money Market Fund   (cost—$43,921,449)		43,921,449		43,921,449
Investment of cash collateral from securities loaned—0.4%
Money market funds—0.4%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$3,683,533)		3,683,533		3,683,533

PACE Large Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

Total investments (cost—$812,301,887) 2—100.3%		1,053,578,022
Liabilities in excess of other assets—(0.3)%		(2,707,507	)
Net assets—100.0%	$	1,050,870,515

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		1,005,973,040		—		—		1,005,973,040
Short-term investments		—		43,921,449		—		43,921,449
Investment of cash collateral from securities loaned		—		3,683,533		—		3,683,533
Total		1,005,973,040		47,604,982		—		1,053,578,022

At April 30, 2020, 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	Includes $20,420,853 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $3,683,533 and non-cash collateral of $17,171,448.

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—96.7%
Auto components—0.3%
Adient PLC*		72,450		1,085,301
Automobiles—2.2%
Thor Industries, Inc.1		102,000		6,752,400
Banks—8.1%
Ameris Bancorp		61,100		1,553,773
Atlantic Capital Bancshares, Inc.*		46,313		581,228
Bank of Hawaii Corp.		62,816		4,282,795
Bank of NT Butterfield & Son Ltd./The		113,330		2,494,393
Bank OZK		53,080		1,200,670
Banner Corp.		39,650		1,523,750
Cathay General Bancorp		77,640		2,167,709
First Citizens BancShares, Inc., Class A		3,200		1,222,400
First Hawaiian, Inc.		15,033		264,430
First Horizon National Corp.		218,302		1,982,182
Glacier Bancorp, Inc.		69,700		2,654,176
Popular, Inc.		41,730		1,610,361
Sterling Bancorp		140,500		1,732,365
Webster Financial Corp.		68,400		1,932,300
				25,202,532
Beverages—1.9%
National Beverage Corp.*,1		117,317		5,892,833
Biotechnology—0.9%
Anika Therapeutics, Inc.*		83,600		2,778,028
Building products—1.2%
Lennox International, Inc.		13,275		2,478,177
Resideo Technologies, Inc.*		248,500		1,274,805
				3,752,982
Capital markets—4.6%
Artisan Partners Asset Management, Inc., Class A		64,250		1,891,520
Brightsphere Investment Group, Inc.*		25,300		187,473
MSCI, Inc.		30,150		9,859,050
Uranium Participation Corp.*		524,700		1,847,675

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Capital markets—(concluded)
Virtus Investment Partners, Inc.		8,174		664,301
				14,450,019
Chemicals—5.0%
Axalta Coating Systems Ltd.*		185,300		3,657,822
Scotts Miracle-Gro Co./The		82,390		10,218,832
Valvoline, Inc.		105,595		1,815,178
				15,691,832
Commercial services & supplies—2.5%
IAA, Inc.*		53,060		2,048,116
KAR Auction Services, Inc.1		225,630		3,379,937
Stericycle, Inc.*		50,310		2,455,128
				7,883,181
Communications equipment—2.0%
Comtech Telecommunications Corp.		178,011		3,294,984
Plantronics, Inc.1		216,375		3,055,215
				6,350,199
Consumer finance—1.6%
Enova International, Inc.*		39,427		632,409
EZCORP, Inc., Class A*		140,995		789,572
Navient Corp.		126,050		960,501
Nelnet, Inc., Class A		6,100		293,715
SLM Corp.1		285,425		2,380,445
				5,056,642
Containers & packaging—0.4%
Sealed Air Corp.		46,800		1,338,012
Diversified financial services—0.5%
FGL Holdings1		118,700		1,232,106
Voya Financial, Inc.		5,100		230,367
				1,462,473
Electric utilities—3.3%
Entergy Corp.		14,400		1,375,344
Evergy, Inc.		33,094		1,933,682
FirstEnergy Corp.		52,700		2,174,929

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electric utilities—(concluded)
IDACORP, Inc.		20,955		1,923,250
Portland General Electric Co.		60,650		2,837,814
				10,245,019
Electrical equipment—0.7%
EnerSys		36,750		2,145,832
Electronic equipment, instruments & components—3.7%
CDW Corp.		55,350		6,132,780
Zebra Technologies Corp., Class A*		23,400		5,374,044
				11,506,824
Entertainment—0.6%
Cinemark Holdings, Inc.		125,300		1,789,284
Equity real estate investment trusts—7.3%
American Campus Communities, Inc.		58,700		2,071,523
CatchMark Timber Trust, Inc., Class A		65,309		513,329
Granite Real Estate Investment Trust		50,600		2,307,360
Lamar Advertising Co., Class A		99,650		5,744,823
MGM Growth Properties LLC, Class A		209,063		5,262,116
Office Properties Income Trust		45,275		1,240,535
Outfront Media, Inc.		119,310		1,871,974
Physicians Realty Trust		176,770		2,725,793
QTS Realty Trust, Inc., Class A		18,714		1,170,186
				22,907,639
Food & staples retailing—0.6%
US Foods Holding Corp.*		90,450		1,944,675
Food products—2.4%
Campbell Soup Co.		24,600		1,229,508
Conagra Brands, Inc.		17,600		588,544
Lamb Weston Holdings, Inc.		12,900		791,544
Post Holdings, Inc.*		15,790		1,450,312
TreeHouse Foods, Inc.*		58,970		3,050,518
Tyson Foods, Inc., Class A		8,800		547,272
				7,657,698
Health care equipment & supplies—1.7%
CONMED Corp.		7,800		576,498

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Envista Holdings Corp.*		89,500		1,742,565
Hill-Rom Holdings, Inc.		4,300		483,707
Integra LifeSciences Holdings Corp.*		50,360		2,570,878
				5,373,648
Health care providers & services—2.0%
Acadia Healthcare Co., Inc.*		111,440		2,675,674
Hanger, Inc.*		163,950		3,010,122
Tenet Healthcare Corp.*		24,300		490,374
				6,176,170
Hotels, restaurants & leisure—3.4%
Cheesecake Factory, Inc./The1		178,200		3,972,078
Dave & Buster's Entertainment, Inc.1		156,830		2,295,991
Dunkin' Brands Group, Inc.		23,800		1,495,592
El Pollo Loco Holdings, Inc.*,1		128,569		1,572,399
Wyndham Hotels & Resorts, Inc.		34,900		1,316,079
				10,652,139
Household durables—0.2%
Lennar Corp., Class B		13,608		519,145
Household products—1.1%
WD-40 Co.		19,100		3,328,748
Insurance—3.4%
Argo Group International Holdings Ltd.		45,580		1,611,709
Assured Guaranty Ltd.		47,710		1,418,418
CNO Financial Group, Inc.		98,537		1,385,430
W.R. Berkley Corp.		114,175		6,165,450
				10,581,007
Internet & direct marketing retail—0.4%
Despegar.com Corp.*,1		187,170		1,291,473
IT services—6.4%
Broadridge Financial Solutions, Inc.		51,350		5,956,600
DXC Technology Co.		95,350		1,728,696
Jack Henry & Associates, Inc.		33,850		5,536,167
KBR, Inc.		201,500		4,082,390
Sabre Corp.		259,850		1,889,109

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
Science Applications International Corp.		9,600		783,936
				19,976,898
Life sciences tools & services—0.9%
Syneos Health, Inc.*		50,440		2,814,048
Machinery—6.4%
Altra Industrial Motion Corp.		68,145		1,901,927
EnPro Industries, Inc.		32,740		1,484,759
Gates Industrial Corp. PLC*,1		194,660		1,672,129
Graco, Inc.		96,900		4,327,554
Lincoln Electric Holdings, Inc.		12,006		966,603
RBC Bearings, Inc.*		37,676		4,772,796
Toro Co./The		47,500		3,030,975
Watts Water Technologies, Inc., Class A		23,100		1,903,440
				20,060,183
Media—0.4%
Liberty Latin America Ltd., Class A*		97,350		1,041,645
ViacomCBS, Inc., Class B		12,000		207,120
				1,248,765
Metals & mining—0.5%
Allegheny Technologies, Inc.*		189,650		1,424,272
Carpenter Technology Corp.		2,600		57,642
Kaiser Aluminum Corp.		1,500		108,345
				1,590,259
Mortgage real estate investment trust—0.4%
Redwood Trust, Inc.		275,400		1,129,140
Oil, gas & consumable fuels—4.5%
Diamondback Energy, Inc.		54,550		2,375,107
Euronav N.V.*		152,400		1,629,156
Golar LNG Ltd.		249,543		1,769,260
Golar LNG Partners LP		618,766		1,800,609
Hoegh LNG Partners LP		78,596		899,138
Noble Energy, Inc.		174,521		1,712,051
Parsley Energy, Inc., Class A		208,670		1,971,932
Teekay Tankers Ltd., Class A*		19,345		392,897

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
WPX Energy, Inc.*		224,000		1,373,120
				13,923,270
Personal products—1.0%
elf Beauty, Inc.*		245,640		3,210,515
Professional services—2.0%
TransUnion		81,300		6,405,627
Road & rail—1.4%
Landstar System, Inc.		43,200		4,462,992
Semiconductors & semiconductor equipment—1.5%
Teradyne, Inc.		74,200		4,640,468
Software—4.0%
American Software, Inc., Class A		298,880		4,925,542
CDK Global, Inc.		95,000		3,731,600
New Relic, Inc.*		33,050		1,774,455
SailPoint Technologies Holding, Inc.*		108,950		2,025,380
				12,456,977
Specialty retail—0.4%
Michaels Cos., Inc./The*,1		370,760		1,127,110
Rent-A-Center, Inc.		12,000		238,860
				1,365,970
Technology hardware, storage & peripherals—1.0%
Diebold Nixdorf, Inc.*,1		548,170		2,702,478
Hewlett Packard Enterprise Co.		39,100		393,346
				3,095,824
Textiles, apparel & luxury goods—1.5%
Capri Holdings Ltd.*		149,700		2,282,925
Samsonite International SA, ADR		595,055		2,433,775
				4,716,700
Thrifts & mortgage finance—0.5%
Essent Group Ltd.		51,490		1,406,707

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Trading companies & distributors—1.9%
Air Lease Corp.		52,790		1,380,458
Beacon Roofing Supply, Inc.*		144,680		3,182,960
MSC Industrial Direct Co., Inc., Class A		23,050		1,374,702
				5,938,120
Total Common stocks (cost—$311,930,961)				302,258,198
Short-term investments—4.3%
Investment companies—4.3%
State Street Institutional U.S. Government Money Market Fund (cost—$13,479,436)		13,479,436		13,479,436
Investment of cash collateral from securities loaned—4.3%
Money market funds—4.3%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$13,437,529)		13,437,529		13,437,529
Total investments (cost—$338,847,926)2—105.3%				329,175,163
Liabilities in excess of other assets—(5.3)%				(16,490,822	)
Net assets—100.0%			$	312,684,341

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		302,258,198		—		—		302,258,198
Short-term investments		—		13,479,436		—		13,479,436
Investment of cash collateral from securities loaned		—		13,437,529		—		13,437,529
Total		302,258,198		26,916,965		—		329,175,163

PACE Small/Medium Co Value Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

At April 30, 2020, 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 Includes $29,919,482 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $13,437,529 and non-cash collateral of $17,358,247.

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—98.9%
Aerospace & defense—0.7%
Astronics Corp.*		38,600		346,628
Axon Enterprise, Inc.*		7,158		520,458
Mercury Systems, Inc.*		12,374		1,103,266
Triumph Group, Inc.		67,275		473,616
				2,443,968
Air freight & logistics—0.7%
Air Transport Services Group, Inc.*		7,854		158,965
Radiant Logistics, Inc.*		17,400		74,472
XPO Logistics, Inc.*,1		34,320		2,290,517
				2,523,954
Auto components—0.9%
Dorman Products, Inc.*		16,209		1,022,464
Gentex Corp.		84,758		2,054,534
				3,076,998
Banks—0.5%
Atlantic Capital Bancshares, Inc.*		17,498		219,600
Baycom Corp.*		2,613		32,218
First Financial Corp.		7,052		250,487
Hanmi Financial Corp.		25,982		313,603
Heritage Commerce Corp.		19,799		175,815
Northeast Bank*		444		7,437
Preferred Bank		12,610		481,072
Red River Bancshares, Inc.		807		30,900
TriState Capital Holdings, Inc.*		14,559		207,029
				1,718,161
Beverages—0.9%
Boston Beer Co., Inc./The, Class A*		5,167		2,410,457
Coca-Cola Consolidated, Inc.		4,028		948,473
				3,358,930
Biotechnology—5.8%
ACADIA Pharmaceuticals, Inc.*,1		18,212		879,822
Aduro Biotech, Inc.*		46,946		129,806
Adverum Biotechnologies, Inc.*		16,100		190,785
Agenus, Inc.*		43,168		115,043
Akero Therapeutics, Inc.*		9,141		186,476

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Biotechnology—(continued)
Aldeyra Therapeutics, Inc.*		2,922		9,204
AnaptysBio, Inc.*		4,579		71,524
Apellis Pharmaceuticals, Inc.*		8,684		297,601
Atara Biotherapeutics, Inc.*		15,522		128,677
Beyondspring, Inc.*		8,115		116,450
BioCryst Pharmaceuticals, Inc.*		106,054		414,671
Calithera Biosciences, Inc.*		13,782		84,484
Castle Biosciences, Inc.*		12,774		395,100
Catalyst Pharmaceuticals, Inc.*,1		26,100		123,714
Coherus Biosciences, Inc.*		22,120		367,192
Cytokinetics, Inc.*,1		58,889		889,813
CytomX Therapeutics, Inc.*		23,012		237,484
Eagle Pharmaceuticals, Inc.*,1		5,187		264,433
Editas Medicine, Inc.*,1		25,225		583,202
Eiger BioPharmaceuticals, Inc.*		23,341		173,657
Emergent Biosolutions, Inc.*		2,793		206,542
Enanta Pharmaceuticals, Inc.*		17,724		821,862
Esperion Therapeutics, Inc.*,1		6,500		257,400
Flexion Therapeutics, Inc.*,1		23,162		246,444
Frequency Therapeutics, Inc.*		1,859		29,577
G1 Therapeutics, Inc.*		9,136		119,956
Global Blood Therapeutics, Inc.*		8,158		624,250
GlycoMimetics, Inc.*		26,108		72,841
Gossamer Bio, Inc.*,1		19,789		257,653
Harpoon Therapeutics, Inc.*		2,060		25,956
Homology Medicines, Inc.*,1		16,935		204,405
ImmunoGen, Inc.*		47,900		195,432
Immunomedics, Inc.*		18,316		556,440
Intellia Therapeutics, Inc.*,1		27,775		374,129
Intercept Pharmaceuticals, Inc.*,1		13,034		1,067,745
Ionis Pharmaceuticals, Inc.*		29,240		1,623,697
Kiniksa Pharmaceuticals Ltd., Class A*		9,262		184,777
La Jolla Pharmaceutical Co.*,1		11,115		80,695
Lexicon Pharmaceuticals, Inc.*,1		5,291		10,000
MacroGenics, Inc.*		25,593		184,270
Magenta Therapeutics, Inc.*		6,541		53,309
Millendo Therapeutics, Inc.*		4,208		7,027
Minerva Neurosciences, Inc.*		34,918		313,214
Neurocrine Biosciences, Inc.*		15,670		1,537,854
Pfenex, Inc.*		55,112		316,894
Pieris Pharmaceuticals, Inc.*		9,434		25,000

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Biotechnology—(concluded)
Portola Pharmaceuticals, Inc.*		56,671		401,231
Precision BioSciences, Inc.*		4,837		33,279
Protagonist Therapeutics, Inc.*		2,300		15,525
PTC Therapeutics, Inc.*		8,121		413,521
Puma Biotechnology, Inc.*,1		11,883		119,424
Radius Health, Inc.*,1		46,995		737,352
Retrophin, Inc.*		62,219		946,973
Rigel Pharmaceuticals, Inc.*		104,084		186,310
Rubius Therapeutics, Inc.*,1		39,156		236,894
Sage Therapeutics, Inc.*		8,584		334,604
Seres Therapeutics, Inc.*,1		42,514		156,452
Spectrum Pharmaceuticals, Inc.*		94,477		273,983
Spero Therapeutics, Inc.*		6,443		80,087
Stemline Therapeutics, Inc.*		34,822		182,119
Sutro Biopharma, Inc.*,1		2,707		26,664
Syndax Pharmaceuticals, Inc.*		11,052		198,936
Syros Pharmaceuticals, Inc.*		11,400		96,102
Ultragenyx Pharmaceutical, Inc.*		10,315		623,335
UNITY Biotechnology, Inc.*,1		41,467		269,121
Vericel Corp.*		12,811		185,760
Voyager Therapeutics, Inc.*		6,547		70,773
				20,644,952
Building products—1.3%
Advanced Drainage Systems, Inc.		22,391		907,731
Apogee Enterprises, Inc.		38,857		794,237
Builders FirstSource, Inc.*		71,100		1,304,685
Masonite International Corp.*		18,884		1,115,667
Trex Co., Inc.*		7,180		683,680
				4,806,000
Capital markets—1.3%
Assetmark Financial Holdings, Inc.*		23,088		553,881
Cowen, Inc., Class A		36,710		401,975
Evercore, Inc., Class A		3,900		201,240
Lazard Ltd., Class A		19,190		527,725
LPL Financial Holdings, Inc.		51,588		3,106,629
				4,791,450
Chemicals—1.1%
Element Solutions, Inc.*		97,996		1,004,459

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Chemicals—(concluded)
Kraton Corp.*		7,004		109,333
PolyOne Corp.		43,808		1,020,288
W. R. Grace & Co.		39,400		1,860,862
				3,994,942
Commercial services & supplies—3.0%
Casella Waste Systems, Inc., Class A*		12,870		596,911
Healthcare Services Group, Inc.		116,207		2,962,116
Interface, Inc.		30,694		283,612
Mobile Mini, Inc.		91,405		2,611,441
Pitney Bowes, Inc.		199,419		703,949
Ritchie Bros Auctioneers, Inc.		82,354		3,548,634
				10,706,663
Communications equipment—1.0%
AudioCodes Ltd.		34,232		1,047,842
Calix, Inc.*		26,665		306,647
Casa Systems, Inc.*		25,837		132,544
DASAN Zhone Solutions, Inc.*		8,331		53,402
Extreme Networks, Inc.*		207,900		706,860
F5 Networks, Inc.*		10,540		1,467,800
				3,715,095
Construction & engineering—1.1%
Argan, Inc.		11,657		437,604
EMCOR Group, Inc.		24,900		1,581,897
MYR Group, Inc.*		16,300		489,000
Primoris Services Corp.		5,154		80,454
Quanta Services, Inc.		32,150		1,168,974
				3,757,929
Consumer finance—1.1%
Elevate Credit, Inc.*		21,655		40,495
Enova International, Inc.*		28,072		450,275
Green Dot Corp., Class A*		58,801		1,793,430
PRA Group, Inc.*,1		54,697		1,517,295
				3,801,495
Distributors—0.1%
Core-Mark Holding Co., Inc.		18,261		524,821

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Diversified consumer services—2.4%
Chegg, Inc.*		68,843		2,943,038
Grand Canyon Education, Inc.*		39,473		3,395,468
K12, Inc.*		12,278		278,833
ServiceMaster Global Holdings, Inc.*		54,147		1,843,705
				8,461,044
Diversified financial services—0.3%
Marlin Business Services Corp.		1,600		17,024
Voya Financial, Inc.		21,200		957,604
				974,628
Diversified telecommunication services—1.0%
Bandwidth, Inc., Class A*		8,133		663,328
Cogent Communications Holdings, Inc.		31,964		2,679,542
Ooma, Inc.*		17,300		201,718
ORBCOMM, Inc.*		66,785		176,312
				3,720,900
Electric utilities—0.1%
Genie Energy Ltd., Class B		15,862		124,993
Spark Energy, Inc., Class A1		13,742		99,217
				224,210
Electrical equipment—0.7%
Allied Motion Technologies, Inc.		7,891		227,419
Atkore International Group, Inc.*		40,535		986,622
Generac Holdings, Inc.*		7,187		700,301
TPI Composites, Inc.*,1		42,754		749,477
				2,663,819
Electronic equipment, instruments & components—1.6%
Jabil, Inc.		46,327		1,317,540
Luna Innovations, Inc.*		56,816		433,506
National Instruments Corp.		63,196		2,427,990
Rogers Corp.*		12,255		1,360,795
				5,539,831
Entertainment—0.7%
DraftKings, Inc., Class A*,1		12,566		244,534
Glu Mobile, Inc.*		85,400		666,120

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Entertainment—(concluded)
IMAX Corp. *		23,592		271,308
Madison Square Garden Entertainment Corp. *		4,790		396,133
Madison Square Garden Sports C *		5,290		906,283
				2,484,378
Food & staples retailing—0.1%
Grocery Outlet Holding Corp. *		8,758		291,379
Food products—2.3%
Calavo Growers, Inc.		21,187		1,228,846
Freshpet, Inc. *		43,507		3,280,863
Post Holdings, Inc. *		13,500		1,239,975
Sanderson Farms, Inc.		16,976		2,311,112
				8,060,796
Health care equipment & supplies—7.0%
Accuray, Inc. *		204,800		457,728
Axonics Modulation Technologies, Inc. *,1		14,404		463,953
Cardiovascular Systems, Inc. *		39,100		1,642,200
Cutera, Inc. *		18,280		245,866
DexCom, Inc. *		14,623		4,901,630
GenMark Diagnostics, Inc. *		55,608		695,656
Heska Corp. *		18,427		1,304,632
ICU Medical, Inc. *		5,834		1,279,454
Inogen, Inc. *		17,279		863,950
Insulet Corp. *		1,593		318,154
Itamar Medical Ltd., ADR *		42,879		632,465
Lantheus Holdings, Inc. *		10,868		141,827
LivaNova PLC *		33,962		1,804,061
Natus Medical, Inc. *		7,817		195,347
Neogen Corp. *		33,762		2,113,164
Novocure Ltd. *		16,309		1,073,132
Orthofix Medical, Inc. *		14,800		524,660
OrthoPediatrics Corp. *,1		32,332		1,579,418
Penumbra, Inc. *		2,171		384,962
Staar Surgical Co. *		11,655		446,620
Surmodics, Inc. *		18,600		708,660
Tactile Systems Technology, Inc. *		10,003		516,355
Tandem Diabetes Care, Inc. *		7,091		565,720
Varex Imaging Corp. *		38,061		994,534

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Zynex, Inc. *		52,681		930,346
				24,784,494
Health care providers & services—5.7%
Addus HomeCare Corp. *		3,668		297,181
Amedisys, Inc. *		23,290		4,289,086
AMN Healthcare Services, Inc. *		34,309		1,611,837
Chemed Corp.		7,333		3,054,708
Cross Country Healthcare, Inc. *		20,476		128,794
Ensign Group, Inc./The		48,228		1,804,209
Exagen, Inc. *		27,385		427,206
LHC Group, Inc. *		6,520		847,535
Magellan Health, Inc. *		19,816		1,203,426
Molina Healthcare, Inc. *		18,912		3,101,001
PetIQ, Inc. *		12,799		366,051
Providence Service Corp./The *		9,490		550,515
Tenet Healthcare Corp. *		44,866		905,396
US Physical Therapy, Inc.		23,612		1,782,706
				20,369,651
Health care technology—1.9%
Castlight Health, Inc., Class B *		71,599		52,482
HealthStream, Inc. *		11,047		252,148
Icad, Inc. *		18,390		210,014
Inovalon Holdings, Inc., Class A *		99,095		1,734,162
Inspire Medical Systems, Inc. *		25,460		1,824,464
NextGen Healthcare, Inc. *		51,771		546,184
Phreesia, Inc. *		22,540		572,291
Schrodinger, Inc. *		5,179		240,306
Simulations Plus, Inc.		8,610		327,610
Teladoc Health, Inc. *		3,838		631,696
Vocera Communications, Inc. *		24,624		466,871
				6,858,228
Hotels, restaurants & leisure—3.0%
Domino's Pizza, Inc.		10,213		3,696,391
Everi Holdings, Inc. *		77,606		384,150
Golden Entertainment, Inc. *		16,913		159,659
Marriott Vacations Worldwide Corp.		7,043		584,569
Noodles & Co. *,1		45,909		286,931
Penn National Gaming, Inc. *		17,721		315,788

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Planet Fitness, Inc., Class A *		7,632		460,439
PlayAGS, Inc. *		81,910		359,585
Scientific Games Corp., Class A *		63,281		797,973
Texas Roadhouse, Inc.		9,677		455,690
Wendy's Co./The		16,079		319,329
Wingstop, Inc.		24,330		2,853,179
				10,673,683
Household durables—2.4%
GoPro, Inc., Class A *,1		237,600		836,352
Hamilton Beach Brands Holding Co., Class A		9,165		120,886
iRobot Corp. *,1		19,551		1,191,829
LGI Homes, Inc. *,1		4,972		301,204
NVR, Inc. *		974		3,019,400
Sonos, Inc. *		93,904		959,699
Tempur-Pedic International, Inc. *		18,860		1,013,725
TopBuild Corp. *		11,351		1,057,800
ZAGG, Inc. *		31,110		102,663
				8,603,558
Insurance—2.6%
Axis Capital Holdings Ltd.		31,905		1,167,723
eHealth, Inc. *		12,737		1,359,038
Enstar Group Ltd. *		3,341		483,175
Goosehead Insurance, Inc., Class A *		25,259		1,418,040
James River Group Holdings Ltd.		22,444		796,313
Palomar Holdings, Inc. *		17,798		1,041,183
RenaissanceRe Holdings Ltd.		13,768		2,010,266
Trupanion, Inc. *,1		24,850		743,263
Universal Insurance Holdings, Inc.		17,020		310,275
				9,329,276
Interactive media & services—0.7%
EverQuote, Inc., Class A *		16,493		642,732
Travelzoo *		3,462		19,283
TrueCar, Inc. *		160,390		410,599
Yelp, Inc. *		61,585		1,376,425
				2,449,039
Internet & direct marketing retail—0.2%
1-800-Flowers.com, Inc., Class A *		15,226		292,187

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Internet & direct marketing retail—(concluded)
Groupon, Inc. *		2,049		2,500
Quotient Technology, Inc. *		26,800		192,424
Rubicon Project, Inc./The *		53,104		380,755
				867,866
IT services—2.2%
Brightcove, Inc. *		51,025		397,995
Cass Information Systems, Inc.		21,526		863,408
Endurance International Group Holdings, Inc. *		92,787		237,999
ExlService Holdings, Inc. *		22,862		1,411,271
Fastly, Inc., Class A *		13,270		287,296
GDS Holdings Ltd., ADR *		8,684		497,767
Limelight Networks, Inc. *		144,951		734,902
MAXIMUS, Inc.		29,770		2,004,116
Tucows, Inc., Class A *,1		8,995		475,925
Unisys Corp. *		32,363		407,450
WNS Holdings Ltd., ADR *		14,285		697,822
				8,015,951
Leisure products—0.3%
Sturm Ruger & Co., Inc.		13,874		738,097
YETI Holdings, Inc. *		14,071		388,500
				1,126,597
Life sciences tools & services—1.0%
Bio-Techne Corp.		12,769		2,873,025
Fluidigm Corp. *		54,000		120,960
Personalis, Inc. *		10,175		105,515
PRA Health Sciences, Inc. *		2,024		195,316
Repligen Corp. *		3,030		351,934
				3,646,750
Machinery—3.1%
Allison Transmission Holdings, Inc.		76,300		2,772,742
Energy Recovery, Inc. *,1		23,268		189,401
Federal Signal Corp.		10,314		277,756
Kornit Digital Ltd. *		47,436		1,573,689
LB Foster Co., Class A *		6,767		97,377
Proto Labs, Inc. *		36,540		3,712,099
REV Group, Inc.		25,753		137,006
Spartan Motors, Inc.		34,054		479,821

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Machinery—(concluded)
SPX Corp. *		19,800		754,974
Terex Corp.		64,545		980,439
				10,975,304
Media—1.2%
Cable One, Inc.		1,942		3,714,774
Cardlytics, Inc. *,1		10,292		462,626
				4,177,400
Metals & mining — 0.0%†
Ryerson Holding Corp. *		15,477		71,504
Multiline retail—0.6%
Ollie's Bargain Outlet Holdings, Inc. *		34,027		2,310,774
Oil, gas & consumable fuels—0.1%
Dorian LPG Ltd. *		30,717		291,504
Paper & forest products—0.4%
Boise Cascade Co.		31,000		969,370
Louisiana-Pacific Corp.		23,466		469,320
Verso Corp., Class A *		6,107		84,826
				1,523,516
Personal products—0.7%
Herbalife Nutrition Ltd. *		16,710		624,118
Lifevantage Corp. *		25,085		388,818
Revlon, Inc., Class A *,1		7,613		101,405
USANA Health Sciences, Inc. *		13,977		1,247,028
				2,361,369
Pharmaceuticals—2.7%
Amphastar Pharmaceuticals, Inc. *		29,164		494,330
Chiasma, Inc. *		12,105		62,583
Corcept Therapeutics, Inc. *,1		69,519		880,110
Endo International PLC *		57,800		265,880
Fulcrum Therapeutics, Inc. *		3,080		38,870
Intersect ENT, Inc. *		28,974		332,621
Jazz Pharmaceuticals PLC *		16,898		1,863,004
Marinus Pharmaceuticals, Inc. *,1		14,401		29,378
MyoKardia, Inc. *,1		6,661		418,444

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Pharmaceuticals— (concluded)
NGM Biopharmaceuticals, Inc. *,1		22,506		410,960
Odonate Therapeutics, Inc. *		6,434		181,117
Pacira BioSciences, Inc. *		36,100		1,490,569
Recro Pharma, Inc. *		28,369		240,002
Supernus Pharmaceuticals, Inc. *		39,415		922,311
Theravance Biopharma, Inc. *,1		62,100		1,810,836
Zogenix, Inc. *		7,964		224,824
				9,665,839
Professional services—3.4%
Barrett Business Services, Inc.		14,500		709,340
CRA International, Inc.		3,202		134,900
Exponent, Inc.		67,670		4,759,231
FTI Consulting, Inc. *		8,284		1,055,050
Heidrick & Struggles International, Inc.		19,279		432,621
Insperity, Inc.		33,851		1,615,031
Kforce, Inc.		22,293		667,675
Korn Ferry		42,642		1,229,369
TriNet Group, Inc. *		28,910		1,415,723
				12,018,940
Real estate management & development—0.2%
Altisource Portfolio Solutions SA *,1		3,241		27,063
Cushman & Wakefield PLC *		22,931		279,070
Redfin Corp. *		14,448		305,286
				611,419
Road & rail—1.1%
Knight-Swift Transportation Holdings, Inc. 1		18,598		691,474
Landstar System, Inc.		25,989		2,684,923
Saia, Inc. *		4,186		387,289
				3,763,686
Semiconductors & semiconductor equipment—4.4%
ACM Research, Inc., Class A *		17,879		713,909
Advanced Energy Industries, Inc. *		13,522		751,823
Ambarella, Inc. *		14,500		762,410
Cabot Microelectronics Corp.		11,581		1,419,136
Diodes, Inc. *		17,990		915,511
DSP Group, Inc. *		22,752		392,472
Enphase Energy, Inc. *		7,091		332,072

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Semiconductors & semiconductor equipment—(concluded)
Impinj, Inc. *,1		7,103		159,533
Inphi Corp. *		33,326		3,217,292
Kulicke & Soffa Industries, Inc.		15,586		373,596
Lattice Semiconductor Corp. *		37,929		853,782
Nova Measuring Instruments Ltd. *		4,120		157,837
PDF Solutions, Inc. *		18,907		301,945
Pixelworks, Inc. *		5,532		25,392
Power Integrations, Inc.		20,432		2,091,215
Silicon Laboratories, Inc. *		16,932		1,646,129
Silicon Motion Technology Corp., ADR		11,455		503,333
SiTime Corp. *		13,137		284,547
SolarEdge Technologies, Inc. *		3,371		376,170
Xperi Corp.		18,011		275,208
				15,553,312
Software —20.0%
2U, Inc. *,1		38,848		922,640
A10 Networks, Inc. *		64,817		442,700
Agilysys, Inc. *		27,682		542,290
Alarm.com Holdings, Inc. *		53,410		2,389,029
American Software, Inc.		3,850		63,448
Asure Software, Inc. *		6,862		42,270
Blackline, Inc. *		44,444		2,699,528
Box, Inc., Class A *		145,605		2,350,065
Ceridian HCM Holding, Inc. *		42,870		2,528,044
ChannelAdvisor Corp. *		25,800		266,514
Cloudera, Inc. *,1		22,600		187,128
CommVault Systems, Inc. *		53,800		2,296,722
Cornerstone OnDemand, Inc. *		53,412		1,792,507
Descartes Systems Group, Inc./The *		34,404		1,447,720
Digital Turbine, Inc. *		47,290		277,119
Domo, Inc., Class B *		9,400		182,830
Dropbox, Inc., Class A *		38,981		819,381
Dynatrace, Inc. *		12,455		371,782
eGain Corp. *		8,202		68,077
Everbridge, Inc. *,1		5,527		615,597
FireEye, Inc. *		158,600		1,825,486
Five9, Inc. *		36,537		3,385,884
Globant SA *		32,653		3,776,972
HubSpot, Inc. *		19,420		3,274,795
Manhattan Associates, Inc. *		18,253		1,294,868

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Software— (concluded)
MicroStrategy, Inc., Class A *		15,730		1,987,171
Mitek Systems, Inc. *		30,991		289,146
MobileIron, Inc. *		206,745		1,052,332
Model N, Inc. *		24,129		696,363
New Relic, Inc. *		32,301		1,734,241
Nice Ltd., ADR *		3,594		590,494
Nutanix, Inc., Class A *		50,438		1,033,475
Paylocity Holding Corp. *		19,516		2,235,167
Pegasystems, Inc.		41,351		3,457,771
Ping Identity Holding Corp. *		12,055		300,411
Pluralsight, Inc., Class A *,1		86,664		1,424,756
Progress Software Corp.		23,327		954,308
PROS Holdings, Inc. *		37,452		1,287,974
QAD, Inc., Class A		14,500		613,640
Rapid7, Inc. *		20,771		946,119
RingCentral, Inc., Class A *		6,417		1,466,477
Rosetta Stone, Inc. *		7,761		132,558
Sapiens International Corp. N.V.		13,715		339,309
Seachange International, Inc. *		45,500		135,135
ShotSpotter, Inc. *,1		21,473		738,027
Sprout Social, Inc., Class A *		34,632		582,510
SPS Commerce, Inc. *		83,118		4,613,880
Telenav, Inc. *		53,200		248,444
Tenable Holdings, Inc. *		33,157		864,071
Teradata Corp. *		87,578		2,153,543
Varonis Systems, Inc. *,1		36,539		2,449,940
Verint Systems, Inc. *		20,866		891,813
Workiva, Inc. *		104,592		4,011,103
				71,093,574
Specialty retail—3.0%
Five Below, Inc. *		49,786		4,488,706
Floor & Decor Holdings, Inc., Class A *		48,111		2,039,906
Hibbett Sports, Inc. *		8,813		135,985
Lithia Motors, Inc., Class A		10,403		1,150,156
National Vision Holdings, Inc. *		62,773		1,663,484
Rent-A-Center, Inc.		55,182		1,098,398
				10,576,635
Technology hardware, storage & peripherals—0.8%
Avid Technology, Inc. *		80,282		563,580

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Technology hardware, storage & peripherals—(concluded)
Diebold Nixdorf, Inc. *		13,100		64,583
Pure Storage, Inc., Class A *		133,500		1,922,400
Super Micro Computer, Inc. *		20,140		461,206
				3,011,769
Textiles, apparel & luxury goods—0.7%
Deckers Outdoor Corp. *		16,214		2,411,995
Thrifts & mortgage finance—0.2%
Axos Financial, Inc. *		25,795		594,575
PCSB Financial Corp.		5,036		68,741
				663,316
Trading companies & distributors—0.4%
Foundation Building Materials, Inc. *		32,331		378,273
GMS, Inc. *		16,489		303,068
Herc Holdings, Inc. *		13,504		381,218
Lawson Products, Inc. *		603		20,267
MRC Global, Inc. *		39,248		210,369
				1,293,195
Wireless telecommunication services—0.2%
Boingo Wireless, Inc. *		35,809		499,177
Gogo, Inc. *,1		117,800		192,014
				691,191
Total Common stocks (cost—$337,203,750)				352,077,678
Short-term investments—1.4%
Investment companies—1.4%
State Street Institutional U.S. Government Money Market Fund   (cost—$4,762,815)		4,762,815		4,762,815
Investment of cash collateral from securities loaned—3.4%
Money market funds—3.4%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$12,121,590)		12,121,590		12,121,590

PACE Small/Medium Co Growth Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

Total investments (cost — $354,088,155) 2— 103.7%		368,962,083
Liabilities in excess of other assets — (3.7)%		(13,072,477	)
Net assets — 100.0%	$	355,889,606

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:  

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		352,077,678		—		—		352,077,678
Short-term investments		—		4,762,815		—		4,762,815
Investment of cash collateral from securities loaned		—		12,121,590		—		12,121,590
Total		352,077,678		16,884,405		—		368,962,083

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes 

†	Amount represents less than 0.05%
*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Includes $22,688,429 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $12,121,590 and non-cash collateral of $11,192,410.

PACE International Equity Investments

Industry diversification – (unaudited)

As a percentage of net assets as of April 30, 2020

Common stocks
Aerospace & defense	0.4	%
Air freight & logistics	0.3
Auto components	1.4
Automobiles	2.3
Banks	8.7
Beverages	1.6
Biotechnology	2.7
Building products	2.1
Capital markets	2.3
Chemicals	2.8
Commercial services & supplies	1.3
Construction & engineering	0.6
Construction materials	0.1
Diversified consumer services	1.0
Diversified financial services	0.1
Diversified telecommunication services	3.2
Electric utilities	3.1
Electrical equipment	1.9
Electronic equipment, instruments & components	3.8
Energy equipment & services	0.1
Entertainment	0.6
Equity real estate investment trusts	0.5
Food & staples retailing	2.8
Food products	2.4
Gas utilities	0.2
Health care equipment & supplies	1.8
Health care providers & services	0.3
Health care technology	0.1
Hotels, restaurants & leisure	1.3
Household durables	1.0
Independent power and renewable electricity producers	0.1
Industrial conglomerates	1.9
Insurance	5.2
Interactive media & services	0.1
Internet & direct marketing retail	1.9
IT services	4.7
Leisure products	0.8
Life sciences tools & services	0.5
Machinery	3.9
Media	0.7
Metals & mining	1.9
Multi-utilities	0.2
Multiline retail	0.3
Oil, gas & consumable fuels	3.2
Paper & forest products	0.0	†
Personal products	1.3
Pharmaceuticals	13.0
Professional services	2.5
Real estate management & development	1.0
Road & rail	0.6
Semiconductors & semiconductor equipment	5.4
Software	3.3
Specialty retail	2.3
Technology hardware, storage & peripherals	1.0
Textiles, apparel & luxury goods	1.6
Tobacco	0.6
Trading companies & distributors	1.0
Transportation infrastructure	0.1
Wireless telecommunication services	1.9
Total common stocks	111.8
Preferred stocks
Automobiles	0.1
Chemicals	0.0	†
Health care equipment & supplies	0.1
Total preferred stocks	0.2

PACE International Equity Investments

Industry diversification – (unaudited)

As a percentage of net assets as of April 30, 2020

Short-term investments	0.5	%
Investment of cash collateral from securities loaned	0.2
Total investments before investments sold short	112.7
Investments sold short
Air freight & logistics	(0.0	)†
Airlines	(0.1	)
Auto components	(0.4	)
Automobiles	(0.1	)
Banks	(0.2	)
Beverages	(0.4	)
Capital markets	(0.2	)
Chemicals	(0.6	)
Commercial services & supplies	(0.1	)
Communications equipment	(0.1	)
Construction & engineering	(0.6	)
Construction materials	(0.2	)
Consumer finance	(0.1	)
Diversified financial services	(0.1	)
Diversified telecommunication services	(0.2	)
Electric utilities	(0.9	)
Electrical equipment	(0.0	)†
Electronic equipment, instruments & components	(0.1	)
Energy equipment & services	(0.1	)
Entertainment	(0.0	)†
Equity real estate investment trusts	(0.3	)
Food & staples retailing	(0.1	)
Food products	(0.5	)
Gas utilities	(0.0	)†
Health care equipment & supplies	(0.0	)†
Health care providers & services	(0.1	)
Hotels, restaurants & leisure	(0.6	)
Household durables	(0.1	)
Independent power and renewable electricity producers	(0.1	)
Industrial conglomerates	(0.2	)
Insurance	(0.4	)
Internet & direct marketing retail	(0.6	)
IT services	(0.5	)
Life sciences tools & services	(0.1	)
Machinery	(0.9	)
Marine	(0.1	)
Media	(0.3	)
Metals & mining	(1.3	)
Multi-utilities	(0.1	)
Multiline retail	(0.3	)
Oil, gas & consumable fuels	(0.1	)
Paper & forest products	(0.0	)†
Personal products	(0.3	)
Pharmaceuticals	(0.1	)
Professional services	(0.0	)†
Real estate management & development	(0.7	)
Road & rail	(0.2	)
Semiconductors & semiconductor equipment	(0.0	)†
Software	(0.1	)
Specialty retail	(0.2	)
Technology hardware, storage & peripherals	(0.3	)
Textiles, apparel & luxury goods	(0.0	)†
Transportation infrastructure	(0.3	)
Total investments sold short	(13.4	)
Other assets in excess of liabilities	0.7
Net assets	100.0	%

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

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—111.8%
Australia—5.2%
AGL Energy Ltd.	80,438	889,000
Alumina Ltd.	1,091,430	1,233,985
AMP Ltd.*,1	539,768	502,988
Aristocrat Leisure Ltd.	98,010	1,628,001
Aurizon Holdings Ltd.	935,248	2,858,341
BHP Group Ltd.	283,683	5,980,287
BHP Group PLC	111,603	1,878,216
CIMIC Group Ltd.	40,233	646,007
Commonwealth Bank of Australia	22,163	905,402
CSL Ltd.	14,606	2,945,250
Fortescue Metals Group Ltd.	4,849	37,792
Goodman Group	191,067	1,637,291
Insurance Australia Group Ltd.1	578,812	2,180,117
Macquarie Group Ltd.	39,805	2,662,891
Magellan Financial Group Ltd.	1,261	41,925
Medibank Pvt Ltd.1	679,440	1,195,444
Newcrest Mining Ltd.	44,176	792,802
QBE Insurance Group Ltd.2	470,661	2,591,668
Rio Tinto PLC	57,155	2,652,350
Santos Ltd.	151,636	488,139
Sonic Healthcare Ltd.	90,777	1,608,420
Sydney Airport1	111,707	458,601
Telstra Corp. Ltd.	506,749	1,007,180
TPG Telecom Ltd.1	55,984	268,507
Wesfarmers Ltd.	48,280	1,185,790
Woolworths Group Ltd.	93,492	2,178,035
		40,454,429
Austria—0.5%
ams AG*,2	228,048	2,969,763
Raiffeisen Bank International AG	23,147	399,001
Verbund AG	13,097	593,613
		3,962,377
Belgium—1.1%
Anheuser-Busch InBev SA/N.V.	20,051	920,224
KBC Group N.V.	82,864	4,474,943
Telenet Group Holding N.V.1	26,338	1,099,084
UCB SA	20,652	1,890,634
		8,384,885

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Canada—0.6%
Constellation Software, Inc.2	5,059	4,864,847
China—4.9%
Alibaba Group Holding Ltd., ADR*,2	30,491	6,179,611
BeiGene Ltd.*,1,2	10,775	1,646,743
BOC Hong Kong Holdings Ltd.	212,500	653,741
BYD Co. Ltd., Class H1,2	286,303	1,802,204
China Mobile Ltd.2	852,500	6,867,285
Prosus N.V.*,2	114,484	8,679,132
Sinopharm Group Co., Class H2	156,948	425,141
TAL Education Group, ADR*,2	131,411	7,121,162
Wuxi Biologics Cayman, Inc.*,2,3	246,678	3,850,118
Yangzijiang Shipbuilding Holdings Ltd.	1,263,000	882,215
		38,107,352
Denmark—6.0%
Carlsberg A/S, Class B	20,109	2,535,608
Coloplast A/S, Class B	5,129	811,239
DSV Panalpina A/S	12,427	1,282,257
Genmab A/S*,2	66,188	15,917,003
ISS A/S*,1,2	220,638	3,292,113
Novo Nordisk A/S, ADR2	179,372	11,359,629
Novo Nordisk A/S, Class B	119,675	7,632,977
Tryg A/S	28,914	765,605
Vestas Wind Systems A/S	36,495	3,141,810
		46,738,241
Finland—1.6%
Fortum Oyj	1,847	30,664
Kone Oyj, Class B	89,752	5,440,982
Metso Oyj	40,449	1,122,778
Neste Oyj	35,227	1,248,051
Sampo Oyj, A Shares	136,553	4,525,160
UPM-Kymmene OYJ	1,319	36,511
		12,404,146

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
France—6.9%
Air Liquide SA	4,192	533,340
Airbus SE *	1,601	101,548
Bureau Veritas SA	131,028	2,719,537
Capgemini SE	3,520	330,733
Cie de Saint-Gobain1,2	280,703	7,447,196
CNP Assurances*	28,535	294,720
Dassault Systemes SE	22,570	3,303,136
Eiffage SA	14,767	1,208,826
Hermes International	2,976	2,177,862
Ipsen SA	2,701	200,532
Kering SA	1,793	904,228
Klepierre SA	24,033	486,041
L’Oreal SA	16,420	4,773,768
Legrand SA	9,331	629,065
LVMH Moet Hennessy Louis Vuitton SE	19,085	7,371,241
Pernod Ricard SA	5,359	816,887
Peugeot SA	53,085	760,614
Safran SA	18,314	1,690,244
Sanofi2	119,754	11,704,615
Sartorius Stedim Biotech	1,481	355,427
Societe Generale SA2	199,434	3,116,518
TOTAL SA	34,913	1,256,821
Ubisoft Entertainment SA*	6,700	498,682
Vinci SA	12,478	1,021,449
Wendel SE	1,717	146,763
		53,849,793
Germany—7.0%
Allianz SE2	49,941	9,242,435
Bayer AG	38,688	2,549,709
Brenntag AG	30,323	1,368,721
Carl Zeiss Meditec AG	6,497	640,420
Continental AG2	84,736	7,168,631
Daimler AG2	67,520	2,333,330
Deutsche Boerse AG	379	58,873
Deutsche Post AG	23,628	702,988
Deutsche Telekom AG2	378,482	5,526,668

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Germany—(concluded)
Evonik Industries AG2	208,485	5,131,396
GEA Group AG	23,238	534,263
Hannover Rueck SE	4,580	730,263
HeidelbergCement AG	6,212	295,306
Infineon Technologies AG	44,495	826,479
KION Group AG	9,987	495,884
Merck KGaA	2,294	266,722
MTU Aero Engines AG	4,077	555,345
SAP SE	41,598	4,966,046
Symrise AG	11,397	1,153,021
Telefonica Deutschland Holding AG	428,540	1,218,652
Wirecard AG2	91,310	9,045,607
		54,810,759
Hong Kong—2.6%
AIA Group Ltd.	94,400	876,115
CK Asset Holdings Ltd.	653,500	4,130,474
CK Infrastructure Holdings Ltd.	25,500	151,964
CLP Holdings Ltd.	97,000	1,036,001
Hang Seng Bank Ltd.	110,723	1,949,525
Henderson Land Development Co. Ltd.	199,100	814,121
Hong Kong Exchanges & Clearing Ltd.	44,000	1,430,248
Hongkong Land Holdings Ltd.	85,600	360,376
Jardine Matheson Holdings Ltd.2	60,800	2,672,768
Sun Hung Kai Properties Ltd.	11,000	150,971
Techtronic Industries Co. Ltd.	31,000	236,124
WH Group Ltd.2,3	6,808,500	6,569,181
		20,377,868
India—1.1%
HDFC Bank Ltd., ADR2	121,416	5,263,384
Tata Consultancy Services Ltd.2	132,645	3,558,249
		8,821,633
Indonesia—0.2%
Bank Rakyat Indonesia Persero Tbk PT2	8,633,552	1,584,511
Israel—0.1%
Nice Ltd.*	3,690	614,259
Teva Pharmaceutical Industries Ltd., ADR*	16,202	174,010
		788,269

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Italy—3.1%
Atlantia SpA1	29,911	486,917
Enel SpA2	1,304,931	8,917,530
Eni SpA2	553,173	5,282,378
Ferrari N.V.	13,642	2,143,770
FinecoBank Banca Fineco SpA	50,486	560,996
Intesa Sanpaolo SpA	1,053,180	1,642,323
Mediobanca Banca di Credito Finanziario SpA	117,358	680,072
Moncler SpA	51,933	1,952,039
Snam SpA	302,659	1,355,862
Terna Rete Elettrica Nazionale SpA	147,932	927,276
		23,949,163
Japan—29.7%
ABC-Mart, Inc.	5,700	292,662
Advantest Corp.	25,100	1,232,605
Alps Electric Co. Ltd.	39,500	413,349
Aozora Bank Ltd.	65,900	1,187,017
Asahi Group Holdings Ltd.	15,200	529,730
Asahi Kasei Corp.	35,700	254,489
Astellas Pharma, Inc.	320,500	5,335,445
Bandai Namco Holdings, Inc.	30,200	1,528,362
Bank of Kyoto Ltd./The	3,800	131,370
Benesse Holdings, Inc.	16,800	480,604
Calbee, Inc.	10,300	313,372
Casio Computer Co. Ltd.	51,400	819,028
Central Japan Railway Co.	5,600	887,369
Chugai Pharmaceutical Co. Ltd.	300	35,810
Coca-Cola Bottlers Japan Holdings, Inc.2	257,000	4,657,923
Dai-ichi Life Holdings, Inc.	48,700	617,628
Daikin Industries Ltd.	27,100	3,536,649
Daito Trust Construction Co. Ltd.	22,800	2,191,511
East Japan Railway Co.	14,800	1,085,779
Eisai Co. Ltd.	12,900	905,158
FamilyMart Co. Ltd.	135,800	2,319,540
FANUC Corp.2	46,253	7,684,769
Fast Retailing Co. Ltd.	8,300	3,983,134
FUJIFILM Holdings Corp.2	170,400	8,159,955

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—(continued)
Fujitsu Ltd.2	53,600	5,261,855
Fukuoka Financial Group, Inc.	89,100	1,286,912
Hamamatsu Photonics KK	31,600	1,392,797
Hikari Tsushin, Inc.	12,900	2,523,142
Honda Motor Co. Ltd.2	337,500	8,209,884
Hoshizaki Corp.	6,800	522,126
Hoya Corp.	35,400	3,254,498
Isuzu Motors Ltd.2	241,200	1,854,036
ITOCHU Corp.	31,400	621,768
Itochu Techno-Solutions Corp.	62,600	1,924,987
Japan Post Holdings Co. Ltd.	99,100	798,599
Japan Post Insurance Co. Ltd.	23,700	305,208
Japan Retail Fund Investment Corp.	707	780,029
JFE Holdings, Inc.	73,500	495,867
JGC Holdings Corp.	79,000	775,903
JXTG Holdings, Inc.	25,000	89,153
Kakaku.com, Inc.	30,100	617,062
Kao Corp.	15,100	1,170,122
Keyence Corp.2	38,633	13,957,055
Koito Manufacturing Co. Ltd.	32,800	1,250,077
Kubota Corp.	99,500	1,248,907
Kyocera Corp.2	140,000	7,539,114
LIXIL Group Corp.	23,400	285,209
M3, Inc.	31,000	1,123,701
Marubeni Corp.	108,400	529,298
McDonald’s Holdings Co. Japan Ltd.	41,800	2,056,600
Mebuki Financial Group, Inc.	221,600	468,743
Mitsubishi Electric Corp.2	415,500	5,190,120
Mitsubishi UFJ Financial Group, Inc.	201,300	814,654
Mitsui & Co. Ltd.	87,900	1,240,093
MonotaRO Co. Ltd.	23,200	750,165
Murata Manufacturing Co. Ltd.	100	5,609
Nintendo Co. Ltd.	10,100	4,202,255
Nippon Building Fund, Inc.	91	545,245
Nippon Paint Holdings Ltd.	3,000	173,601
Nippon Telegraph & Telephone Corp.2	170,300	3,876,838
Nissan Chemical Corp.	49,400	1,905,754
Nitto Denko Corp.	57,500	2,898,709
Nomura Research Institute Ltd.	134,600	3,303,698
NTT DOCOMO, Inc.	88,700	2,601,944
Obayashi Corp.	79,300	703,477

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—(continued)
Obic Co. Ltd.	26,000	3,929,740
Olympus Corp.	72,400	1,164,108
Omron Corp.	3,400	201,500
Ono Pharmaceutical Co. Ltd.	20,700	499,778
Oracle Corp. Japan	3,400	352,309
Osaka Gas Co. Ltd.	9,800	182,549
Otsuka Corp.	66,100	2,984,247
Otsuka Holdings Co. Ltd.2	220,400	8,738,778
Recruit Holdings Co. Ltd.2	259,825	7,704,078
Renesas Electronics Corp.*	150,100	811,238
Resona Holdings, Inc.	287,400	902,519
Rinnai Corp.	2,000	152,262
Sankyo Co. Ltd.	29,200	808,126
Secom Co. Ltd.	25,200	2,114,579
Sekisui Chemical Co. Ltd.2	364,300	4,650,711
Sekisui House Ltd.	2,100	36,368
Seven & I Holdings Co. Ltd.	20,700	685,338
Seven Bank Ltd.	266,000	723,776
Shimano, Inc.	26,700	3,940,996
Shin-Etsu Chemical Co. Ltd.	39,700	4,444,817
Shinsei Bank Ltd.*	81,700	993,510
Shionogi & Co. Ltd.	52,700	2,911,599
Showa Denko K.K.	6,400	141,639
SMC Corp.	3,300	1,506,779
Softbank Corp.	137,200	1,871,694
SoftBank Group Corp.	72,400	3,125,651
Sohgo Security Services Co. Ltd.	5,400	260,150
Sompo Holdings, Inc.	6,500	211,993
Sony Financial Holdings, Inc.	3,000	57,755
Sumitomo Electric Industries Ltd.2	19,600	203,370
Sumitomo Mitsui Financial Group, Inc.	184,600	4,892,162
Sumitomo Mitsui Trust Holdings, Inc.	75,400	2,220,933
Sundrug Co. Ltd.	30,100	1,036,384
Sysmex Corp.	20,700	1,435,102
T&D Holdings, Inc.	33,500	293,123
Taisei Corp.	16,500	520,454
Takeda Pharmaceutical Co. Ltd.2	254,200	9,197,769
Tokio Marine Holdings, Inc.2	158,900	7,530,778
Tokyo Electron Ltd.	16,500	3,527,093
Toray Industries, Inc.	101,600	472,521
Toyota Industries Corp.2	51,900	2,626,073

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—(concluded)
Trend Micro, Inc.	7,400	377,189
Tsuruha Holdings, Inc.1	200	26,800
USS Co. Ltd.	104,900	1,671,518
Welcia Holdings Co. Ltd.	13,100	947,267
West Japan Railway Co.	1,100	68,338
Yakult Honsha Co. Ltd.	14,900	870,549
Yamaha Corp.	8,100	330,597
Yokogawa Electric Corp.	41,000	565,438
Z Holdings Corp.	44,000	171,793
		232,231,910
Macau—0.3%
Sands China Ltd.	564,000	2,320,748
Wynn Macau Ltd.	85,600	150,166
		2,470,914
Netherlands—6.2%
Adyen N.V.*,2,3	5,804	5,731,912
Akzo Nobel N.V.1	8,373	634,948
ASML Holding N.V.	30,642	9,088,162
ASML Holding N.V., NY Registered Shares2	32,912	9,492,808
ING Groep N.V.	174,467	957,477
Koninklijke Ahold Delhaize N.V.2	139,929	3,398,040
Koninklijke DSM N.V.	21,249	2,602,178
Koninklijke KPN N.V.	341,112	789,481
Koninklijke Philips N.V.	93,249	4,058,352
NN Group N.V.	26,842	776,845
NXP Semiconductors N.V.	10,729	1,068,287
Randstad N.V.	1,022	41,024
Royal Dutch Shell PLC, A Shares4	149,966	2,502,688
Royal Dutch Shell PLC, B Shares2	403,371	6,535,500
Wolters Kluwer N.V.1	14,195	1,044,091
		48,721,793
New Zealand—0.3%
a2 Milk Co. Ltd.*	4,825	58,103
Fisher & Paykel Healthcare Corp. Ltd.	10,420	175,081
Fletcher Building Ltd.	61,597	139,811
Meridian Energy Ltd.	391,798	1,079,164
Spark New Zealand Ltd.	219,482	597,807
		2,049,966

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Norway—0.4%
Aker BP ASA	19,042	316,157
DNB ASA	117,537	1,424,893
Telenor ASA1	71,610	1,099,133
		2,840,183
Portugal—0.1%
Galp Energia, SGPS SA	18,439	212,470
Jeronimo Martins, SGPS SA	44,358	749,318
		961,788
Russia—0.1%
Evraz PLC	317,811	1,061,550
Singapore—3.4%
Ascendas Real Estate Investment Trust	243,100	512,007
DBS Group Holdings Ltd.2	687,019	9,724,426
Genting Singapore Ltd.	2,458,700	1,368,705
Oversea-Chinese Banking Corp. Ltd.	65,200	417,976
Singapore Exchange Ltd.	499,400	3,417,516
Singapore Technologies Engineering Ltd.	88,100	214,291
Singapore Telecommunications Ltd.2	1,768,400	3,548,964
United Overseas Bank Ltd.2	530,698	7,654,787
Venture Corp. Ltd.	3,100	34,844
		26,893,516
Spain—1.6%
ACS Actividades de Contruccion y Servicios SA	4,515	112,660
Amadeus IT Group SA	8,013	385,663
Banco Bilbao Vizcaya Argentaria SA	141,478	463,100
Banco Santander SA2	2,408,735	5,378,208
Enagas SA	2,752	64,206
Endesa SA	21,637	480,146
Grifols SA	6,016	204,767
Iberdrola SA	231,502	2,318,739
Industria de Diseno Textil SA	83,909	2,137,876
Naturgy Energy Group SA	10,773	190,188
Red Electrica Corp. SA	67,606	1,189,451
		12,925,004

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Sweden—4.2%
Assa Abloy AB, B Shares1	148,004	2,670,860
Atlas Copco AB, A Shares1	133,175	4,631,782
Epiroc AB, Class A	33,367	335,596
Hennes & Mauritz AB, B Shares	245,055	3,421,230
Hexagon AB, B Shares	81,980	4,093,244
ICA Gruppen AB	759	33,159
Lundin Energy AB	11,293	293,678
Sandvik AB*	259,725	4,028,044
Swedbank AB, A Shares	14,401	170,290
Swedish Match AB	69,911	4,339,832
Telia Co. AB2	1,971,382	6,820,027
Volvo AB, B Shares	145,961	1,887,407
		32,725,149
Switzerland—8.7%
ABB Ltd.2	314,758	5,975,592
Coca-Cola HBC AG	58,320	1,480,099
EMS-Chemie Holding AG	2,009	1,301,869
Geberit AG	6,371	2,858,617
Givaudan SA	13	43,542
Glencore PLC	176,892	327,732
Julius Baer Group Ltd.2	124,799	4,892,405
Nestle SA	98,500	10,398,498
Novartis AG2	137,780	11,741,811
Partners Group Holding AG	1,992	1,568,010
Roche Holding AG	35,162	12,219,728
SGS SA	1,558	3,526,786
Sonova Holding AG	8,610	1,554,751
Swiss Life Holding AG	86	30,462
Swisscom AG	599	311,399
Temenos AG2	59,277	7,713,226
Zurich Insurance Group AG2	6,437	2,049,303
		67,993,830
Taiwan—1.1%
Taiwan Semiconductor Manufacturing Co. Ltd.2	563,000	5,765,087
Taiwan Semiconductor Manufacturing Co. Ltd., ADR2	59,715	3,172,658
		8,937,745

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
United Kingdom—13.3%
3i Group PLC	301,910	2,981,204
Admiral Group PLC	72,183	2,118,307
Associated British Foods PLC	27,124	646,529
AstraZeneca PLC	38,737	4,060,241
BAE Systems PLC	100,532	643,736
Barclays PLC	127,767	170,417
Barratt Developments PLC	82,055	536,377
Berkeley Group Holdings PLC	9,848	518,841
BP PLC2	1,758,883	6,936,144
British American Tobacco PLC	9,062	351,596
BT Group PLC	63,308	92,534
Bunzl PLC	5,323	115,817
Centrica PLC	1,825,970	917,624
CK Hutchison Holdings Ltd.2	1,408,500	10,428,623
Compass Group PLC	100,642	1,693,495
Croda International PLC	7,630	469,159
DCC PLC	20,063	1,429,739
Diageo PLC	39,666	1,373,881
Direct Line Insurance Group PLC	797,351	2,736,618
Experian PLC	46,185	1,382,119
Fiat Chrysler Automobiles N.V.	80,693	708,834
G4S PLC1,2	1,549,763	2,131,503
GlaxoSmithKline PLC2	487,219	10,192,763
Halma PLC	69,578	1,831,540
Hargreaves Lansdown PLC	62,918	1,141,527
HSBC Holdings PLC	138,249	713,911
Imperial Brands PLC	8,708	184,148
InterContinental Hotels Group PLC	26,781	1,217,002
Intertek Group PLC	21,954	1,313,425
John Wood Group PLC2	349,460	891,733
Kingfisher PLC2	2,179,283	4,317,581
Legal & General Group PLC	308,245	794,328
Lloyds Banking Group PLC2	14,670,915	5,957,312
Melrose Industries PLC	31,739	39,887
Next PLC	13,370	795,835
Persimmon PLC	26,440	734,291
Prudential PLC	18,363	261,002

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
United Kingdom—(concluded)
RELX PLC	68,374	1,547,093
Smith & Nephew PLC	56,209	1,102,990
SSE PLC2	529,759	8,340,392
Tesco PLC2	3,522,767	10,431,209
Travis Perkins PLC2	123,967	1,623,038
Unilever N.V.1	80,164	4,004,097
Vodafone Group PLC	12,030	16,991
WPP PLC2	555,692	4,347,741
		104,243,174
United States—1.5%
Atlassian Corp. PLC, Class A*,2	25,279	3,930,632
Ferguson PLC	18,058	1,304,598
SolarEdge Technologies, Inc.*,2	35,948	4,011,437
Waste Connections, Inc.2	28,827	2,476,528
		11,723,195
Total common stocks (cost—$943,441,472)		874,877,990
Preferred stocks—0.2%
Germany—0.2%
Bayerische Motoren Werke AG2	7,036	333,243
FUCHS PETROLUB SE	6,237	242,363
Sartorius AG	1,465	412,272
Volkswagen AG	2,653	372,773
Total preferred stocks (cost—$1,539,670)		1,360,651
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund (cost—$4,174,728)	4,174,728	4,174,728
Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$1,772,748)	1,772,748	1,772,748
Total investments before investments sold short (cost—$950,928,618)5—112.7%		882,186,117

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investments sold short—(13.4)%
Common stocks—(13.4)%
Australia—(1.1)%
AusNet Services	(367,428	)	(448,940	)
Bendigo & Adelaide Bank Ltd.	(271,521	)	(1,157,166	)
Computershare Ltd.	(199,829	)	(1,586,062	)
Crown Resorts Ltd.	(5,140	)	(33,126	)
Oil Search Ltd.	(214,078	)	(425,487	)
Suncorp Group Ltd.	(478,039	)	(2,862,815	)
Tabcorp Holdings Ltd.	(292,789	)	(614,363	)
WiseTech Global Ltd.	(84,153	)	(1,019,444	)
Worley Ltd.	(56,661	)	(332,308	)
			(8,479,711	)
Austria—(0.2)%
voestalpine AG	(66,961	)	(1,386,500	)
Belgium—(0.3)%
Umicore SA	(51,495	)	(2,223,937	)
Denmark—(0.1)%
Demant A/S	(7,808	)	(186,621	)
ISS A/S	(18,584	)	(277,290	)
			(463,911	)
Finland—(0.4)%
Nokia Oyj	(121,542	)	(442,729	)
Nokian Renkaat Oyj	(75,119	)	(1,608,104	)
Nordea Bank Abp	(60,475	)	(392,021	)
Stora Enso Oyj, R Shares	(20,673	)	(244,669	)
Wartsila Oyj Abp	(30,174	)	(221,676	)
			(2,909,199	)
France—(1.0)%
Atos SE	(7,650	)	(545,414	)
Bollore SA	(69,756	)	(185,143	)
Cie Generale des Etablissements Michelin SCA	(3,821	)	(373,083	)
Covivio	(5,119	)	(320,592	)
Getlink SE	(41,350	)	(526,995	)
ICADE	(2,697	)	(207,329	)

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
France—(concluded)
Iliad SA	(7,040	)	(1,049,210	)
Ingenico Group SA	(3,763	)	(472,986	)
JCDecaux SA	(48,463	)	(1,004,806	)
Remy Cointreau SA	(13,559	)	(1,512,608	)
Sodexo SA	(14,947	)	(1,187,526	)
Suez	(24,966	)	(282,208	)
			(7,667,900	)
Germany—(0.4)%
E.ON SE	(38,079	)	(381,652	)
Fraport AG Frankfurt Airport Services Worldwide	(8,047	)	(353,085	)
Fresenius SE & Co. KGaA	(15,833	)	(687,604	)
LANXESS AG	(19,338	)	(952,771	)
thyssenkrupp AG	(181,861	)	(1,211,697	)
			(3,586,809	)
Hong Kong—(0.3)%
Bank of East Asia Ltd./The	(30,475	)	(64,626	)
Jardine Matheson Holdings Ltd.	(24,465	)	(1,075,481	)
Link REIT	(47,100	)	(422,852	)
NWS Holdings Ltd.	(126,000	)	(131,323	)
PCCW Ltd.	(553,000	)	(338,826	)
Vitasoy International Holdings Ltd.	(52,000	)	(187,140	)
Yue Yuen Industrial Holdings Ltd.	(230,500	)	(370,465	)
			(2,590,713	)
Ireland—(0.1)%
Flutter Entertainment PLC	(2,656	)	(325,112	)
Kerry Group PLC, Class A	(6,304	)	(723,292	)
			(1,048,404	)
Japan—(5.7)%
Aeon Co. Ltd.	(23,600	)	(477,542	)
Aeon Mall Co. Ltd.	(48,500	)	(617,351	)
Aisin Seiki Co. Ltd.	(23,900	)	(693,738	)
Alfresa Holdings Corp.	(1,900	)	(38,207	)
Chubu Electric Power Co., Inc.	(25,900	)	(352,002	)
Chugoku Electric Power Co., Inc./The	(184,500	)	(2,486,018	)
Coca-Cola Bottlers Japan Holdings, Inc.	(93,100	)	(1,687,364	)

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(continued)
Credit Saison Co. Ltd.	(85,600	)	(985,100	)
CyberAgent, Inc.	(10,000	)	(423,054	)
Daicel Corp.	(12,800	)	(104,485	)
Daifuku Co. Ltd.	(13,700	)	(961,291	)
Electric Power Development Co. Ltd.	(48,100	)	(968,140	)
GMO Payment Gateway, Inc.	(21,100	)	(1,897,358	)
Hakuhodo DY Holdings, Inc.	(6,100	)	(68,324	)
Hitachi Chemical Co. Ltd.	(4,363	)	(187,221	)
Hitachi Metals Ltd.	(134,500	)	(1,323,506	)
Hulic Co. Ltd.	(62,700	)	(626,328	)
IHI Corp.	(66,000	)	(830,881	)
Iida Group Holdings Co. Ltd.	(8,100	)	(108,614	)
Isetan Mitsukoshi Holdings Ltd.	(2,500	)	(15,329	)
J Front Retailing Co. Ltd.	(108,800	)	(901,302	)
Japan Airport Terminal Co. Ltd.	(29,700	)	(1,224,642	)
JSR Corp.	(65,600	)	(1,247,020	)
JTEKT Corp.	(21,100	)	(156,507	)
Kajima Corp.	(63,700	)	(670,745	)
Kawasaki Heavy Industries Ltd.	(36,200	)	(554,562	)
Kikkoman Corp.	(2,400	)	(111,373	)
Kintetsu Group Holdings Co. Ltd.	(26,900	)	(1,293,426	)
Konica Minolta, Inc.	(69,200	)	(271,474	)
Kyushu Electric Power Co., Inc.	(214,400	)	(1,704,172	)
Marui Group Co. Ltd.	(12,100	)	(199,797	)
Maruichi Steel Tube Ltd.	(35,500	)	(804,841	)
MISUMI Group, Inc.	(90,100	)	(2,171,165	)
Mitsubishi Materials Corp.	(29,200	)	(602,965	)
Mitsui OSK Lines Ltd.	(21,800	)	(384,545	)
NGK Insulators Ltd.	(12,800	)	(169,848	)
NH Foods Ltd.	(5,600	)	(201,165	)
Nikon Corp.	(25,100	)	(235,528	)
Nissan Motor Co. Ltd.	(39,400	)	(135,770	)
Nomura Real Estate Holdings, Inc.	(36,200	)	(597,739	)
Odakyu Electric Railway Co. Ltd.	(15,800	)	(349,377	)
Pan Pacific International Holdings Corp.	(74,200	)	(1,439,542	)
Panasonic Corp.	(46,000	)	(354,403	)
Park24 Co. Ltd.	(3,200	)	(51,527	)
Persol Holdings Co. Ltd.	(4,800	)	(56,402	)
Rakuten, Inc.	(255,900	)	(2,184,265	)
Ricoh Co. Ltd.	(154,900	)	(1,068,127	)

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
Rohm Co. Ltd.	(1,300	)	(83,101	)
Ryohin Keikaku Co. Ltd.	(10,500	)	(126,413	)
SBI Holdings, Inc.	(7,500	)	(141,942	)
Seiko Epson Corp.	(86,500	)	(989,009	)
Shiseido Co. Ltd.	(37,200	)	(2,210,889	)
SUMCO Corp.	(11,600	)	(167,544	)
Taisho Pharmaceutical Holdings Co. Ltd.	(10,700	)	(671,025	)
THK Co. Ltd.	(24,800	)	(602,466	)
Toho Gas Co. Ltd.	(1,700	)	(83,325	)
Tohoku Electric Power Co., Inc.	(48,400	)	(456,872	)
Tokyu Fudosan Holdings Corp.	(365,600	)	(1,822,634	)
Toppan Printing Co. Ltd.	(32,100	)	(482,180	)
Toyoda Gosei Co. Ltd.	(2,800	)	(52,548	)
Yamada Denki Co. Ltd.	(154,100	)	(735,211	)
Yamaha Motor Co. Ltd.	(40,800	)	(533,405	)
Yamato Holdings Co. Ltd.	(7,800	)	(137,226	)
Yamazaki Baking Co. Ltd.	(56,900	)	(1,006,878	)
Yaskawa Electric Corp.	(2,500	)	(83,050	)
			(44,379,800	)
Luxembourg—(0.1)%
Tenaris SA	(83,838	)	(587,441	)
Macau—(0.1)%
SJM Holdings Ltd.	(1,255,000	)	(1,243,263	)
Netherlands—(0.1)%
Koninklijke Vopak N.V.	(9,287	)	(535,522	)
New Zealand—(0.0)%†
Ryman Healthcare Ltd.	(38,973	)	(289,526	)
Norway—(0.2)%
Mowi ASA	(30,168	)	(516,784	)
Norsk Hydro ASA	(519,179	)	(1,326,193	)
Yara International ASA	(3,203	)	(109,205	)
			(1,952,182	)

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Singapore—(0.4)%
City Developments Ltd.	(204,000	)	(1,151,537		)
Sembcorp Industries Ltd.	(425,900	)	(489,280		)
Singapore Airlines Ltd.	(98,300	)	(425,922		)
Suntec Real Estate Investment Trust	(160,300	)	(159,146		)
UOL Group Ltd.	(143,300	)	(694,067		)
			(2,919,952		)
Spain—(0.5)%
CaixaBank SA	(41,491	)	(74,613		)
Ferrovial SA	(149,319	)	(3,730,791		)
Siemens Gamesa Renewable Energy SA	(2,633	)	(39,154		)
			(3,844,558		)
Sweden—(0.6)%
Boliden AB	(164,327	)	(3,373,894		)
Electrolux AB, Series B	(33,290	)	(460,157		)
Kinnevik AB, Class B	(26,500	)	(548,705		)
			(4,382,756		)
Switzerland—(0.2)%
Barry Callebaut AG	(476	)	(933,014		)
Pargesa Holding SA	(6,904	)	(491,023		)
			(1,424,037		)
United Kingdom—(1.4)%
British Land Co. PLC/The	(7,068	)	(36,018		)
CNH Industrial N.V.	(139,254	)	(871,659		)
Kingfisher PLC	(371,670	)	(736,350		)
Land Securities Group PLC	(166,456	)	(1,387,892		)
Ocado Group PLC	(124,845	)	(2,522,952		)
Pearson PLC	(125,271	)	(725,467		)
SSE PLC	(93,318	)	(1,469,175		)
St James’s Place PLC	(38,469	)	(412,518		)
Standard Life Aberdeen PLC	(349,192	)	(972,414		)
Weir Group PLC/The	(38,356	)	(461,161		)
Whitbread PLC	(37,709	)	(1,415,335		)
			(11,010,941		)
United States—(0.2)%
James Hardie Industries PLC	(92,329	)	(1,348,926		)
QIAGEN N.V.	(11,293	)	(470,266		)
			(1,819,192		)
Total investments sold short (proceeds—$124,213,765)			(104,746,254		)
Other assets in excess of liabilities—0.7%			5,393,331
Net assets—100.0%			$	782,833,194

PACE International Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the last page of the Portfolio.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Common stocks	874,877,990		—	—	874,877,990
Preferred stocks	1,360,651		—	—	1,360,651
Short-term investments	—		4,174,728	—	4,174,728
Investment of cash collateral from securities loaned	—		1,772,748	—	1,772,748
Total	876,238,641		5,947,476	—	882,186,117
Liabilities
Investments sold short	(104,746,254	)	—	—	(104,746,254	)

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, was on loan at the period end.
2	Security, or portion thereof, pledged as collateral for investments sold short.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $16,151,211, represented 2.0% of the Fund’s net assets at period end.
4	Security is traded on the Amsterdam Exchange.
5	Includes $13,228,002 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $5,491,627 and cash collateral of $1,772,748.

PACE International Emerging Markets Equity Investments

Industry diversification—(unaudited)

As a percentage of net assets as of April 30, 2020

Common stocks
Air freight & logistics	0.1	%
Airlines	0.4
Auto components	0.7
Automobiles	1.1
Banks	9.1
Beverages	1.0
Capital markets	0.9
Chemicals	1.8
Communications equipment	0.1
Construction & engineering	0.9
Construction materials	0.8
Consumer finance	0.3
Diversified consumer services	0.6
Diversified financial services	0.5
Diversified telecommunication services	1.5
Electrical equipment	0.2
Electronic equipment, instruments & components	1.8
Energy equipment & services	0.3
Entertainment	2.4
Equity real estate investment trusts	0.4
Food & staples retailing	1.9
Food products	2.9
Gas utilities	0.3
Health care equipment & supplies	0.3
Health care providers & services	1.1
Hotels, restaurants & leisure	1.1
Household durables	1.9
Household products	0.5
Industrial conglomerates	1.2
Insurance	4.4
Interactive media & services	8.8
Internet & direct marketing retail	8.4
IT services	3.3
Machinery	0.9
Media	0.5
Metals & mining	3.3
Multi-utilities	0.00	†
Multiline retail	0.2
Oil, gas & consumable fuels	4.6
Paper & forest products	0.4
Personal products	1.4

PACE International Emerging Markets Equity Investments

Industry diversification—(unaudited)

As a percentage of net assets as of April 30, 2020

Common stocks—(concluded)
Pharmaceuticals	3.0
Real estate management & development	1.4
Real estate management & development	0.2
Road & rail	0.6
Semiconductors & semiconductor equipment	9.0
Software	1.3
Specialty retail	1.3
Technology hardware, storage & peripherals	2.5
Textiles, apparel & luxury goods	0.9
Thrifts & mortgage finance	1.4
Trading companies & distributors	0.1
Transportation infrastructure	1.2
Wireless telecommunication services	0.9
Total common stocks	96.1
Preferred stocks
Banks	0.4
Diversified telecommunication services	0.2
Multiline retail	0.2
Technology hardware, storage & peripherals	0.7
Total preferred stocks	1.5
Short-term investments	2.7
Investment of cash collateral from securities loaned	0.1
Total investments	100.4
Liabilities in excess of other assets	(0.4	)
Net assets	100.0	%

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

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—96.1%
Argentina—1.2%
Globant SA*		9,509		1,099,906
MercadoLibre, Inc.*		4,689		2,736,078
				3,835,984
Brazil—4.2%
B3 SA - Brasil Bolsa Balcao		229,000		1,617,937
Banco Bradesco SA		127,490		411,689
BRF SA*		182,033		649,078
Hypera SA		103,100		551,343
IRB Brasil Resseguros S/A		264,600		497,290
Itau Unibanco Holdings SA, PRF ADR		22,708		95,601
MRV Engenharia e Participacoes SA		191,500		533,519
Odontoprev SA		314,100		866,419
Pagseguro Digital Ltd., Class A*		27,266		690,648
Petrobras Distribuidora SA		116,121		417,044
Petroleo Brasileiro SA, ADR		229,095		1,583,046
Porto Seguro SA		41,600		346,469
Raia Drogasil SA		53,800		1,036,644
Rumo SA*		488,934		1,779,364
Suzano SA*		54,400		394,252
TOTVS SA		64,800		704,853
WEG SA		92,100		676,451
				12,851,647
Cayman Islands—0.2%
Kingboard Laminates Holdings Ltd.		572,500		560,500
Chile—0.1%
Liberty Latin America Ltd., Class C*		38,690		400,055
China—37.5%
Agile Group Holdings Ltd.		476,000		536,632
Alibaba Group Holding Ltd.*		46,300		1,176,537
Alibaba Group Holding Ltd., ADR*		79,250		16,061,597
Anhui Conch Cement Co. Ltd., Class H		143,500		1,129,120
Bank of China Ltd., Class H		3,258,000		1,248,147
Beijing Sinnet Technology Co. Ltd.		367,173		1,418,792
Brilliance China Automotive Holdings Ltd.		328,000		305,047
China Aoyuan Group Ltd.		549,000		643,008
China CITIC Bank Corp. Ltd., Class H		1,564,000		764,600
China Communications Services Corp. Ltd., Class H		1,106,000		786,077

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(continued)
China Construction Bank Corp., Class H		2,385,000		1,944,302
China Galaxy Securities Co. Ltd., Class H		1,077,000		550,135
China International Travel Service Corp. Ltd., Class A		169,835		2,198,768
China Life Insurance Co. Ltd., Class H		414,000		883,271
China Medical System Holdings Ltd.		628,000		748,497
China Merchants Bank Co. Ltd., Class H		375,000		1,797,001
China Minsheng Banking Corp. Ltd., Class H		1,028,500		769,468
China Mobile Ltd.		118,500		954,573
China National Building Material Co. Ltd., Class H		966,000		1,214,898
China Overseas Land & Investment Ltd.		240,000		880,748
China Petroleum & Chemical Corp., Class H		1,404,000		709,923
China Railway Group Ltd., Class H		1,173,000		705,086
China Traditional Chinese Medicine Holdings Co. Ltd.		1,262,000		559,984
China Unicom Hong Kong Ltd.		1,196,000		772,907
CITIC Ltd.		587,000		611,040
CRRC Corp. Ltd., Class H		1,429,000		757,587
CSPC Pharmaceutical Group Ltd.		500,000		993,228
Dongyue Group Ltd.		916,000		405,273
Focus Media Information Technology Co. Ltd., Class A		1,604,980		1,096,979
Fosun International Ltd.		631,000		799,280
Geely Automobile Holdings Ltd.		395,000		617,530
Great Wall Motor Co. Ltd., Class H		1,084,500		724,632
Guangzhou R&F Properties Co. Ltd., Class H		470,000		592,918
Haitong Securities Co. Ltd., Class H		713,600		650,777
Han's Laser Technology Industry Group Co. Ltd., Class A		136,500		586,485
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		126,000		572,817
Hangzhou Robam Appliances Co. Ltd., Class A		279,615		1,264,038
Hengan International Group Co. Ltd.		88,000		784,934
Industrial & Commercial Bank of China Ltd., Class H		1,028,000		698,815
JD.com, Inc., ADR*		67,788		2,921,663
Jiangsu Expressway Co. Ltd., Class H		38,000		45,340
Jiangsu Hengrui Medicine Co. Ltd., Class A		63,064		831,660
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		56,900		794,265
Jiangxi Copper Co. Ltd., Class H		508,000		496,697
JOYY, Inc., ADR*,1		19,214		1,171,285
Kunlun Energy Co. Ltd.		1,222,000		796,014
Kweichow Moutai Co. Ltd., Class A		9,900		1,776,837
Lenovo Group Ltd.		1,250,000		680,426
Meituan Dianping, Class B*		37,445		501,360
Midea Group Co. Ltd., Class A		409,000		3,117,334
NetEase, Inc., ADR		13,990		4,825,990

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(concluded)
Offshore Oil Engineering Co. Ltd., Class A		1,304,677		915,777
People's Insurance Co. Group of China Ltd./The, Class H		2,080,000		681,483
PICC Property & Casualty Co. Ltd., Class H		744,000		713,050
Ping An Insurance Group Co. of China Ltd., Class H		602,500		6,194,034
Prosus N.V.*		845		64,060
Sangfor Technologies, Inc., Class A		40,997		1,113,391
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		664,000		1,012,380
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		372,200		655,821
Shenzhen International Holdings Ltd.		309,000		592,291
Shenzhen Sunway Communication Co. Ltd., Class A*		56,198		329,119
Shenzhou International Group Holdings Ltd.		163,000		1,899,652
Shimao Property Holdings Ltd.		191,000		771,145
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,194,000		602,802
Sinopharm Group Co. Ltd., Class H		474,384		1,285,013
TAL Education Group, ADR*		34,190		1,852,756
Tencent Holdings Ltd.		338,546		18,210,085
Tencent Music Entertainment Group, ADR*		173,058		1,974,592
Tingyi Cayman Islands Holding Corp.		1,032,000		1,826,384
Travelsky Technology Ltd., Class H		666,000		1,176,936
Wens Foodstuffs Group Co. Ltd., Class A		305,556		1,309,817
Yanzhou Coal Mining Co. Ltd., Class H		844,000		640,144
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H2		156,000		590,597
Yum China Holdings, Inc.		11,499		557,242
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		72,900		1,449,813
Zhejiang NHU Co. Ltd., Class A		378,421		1,464,402
				115,757,108
Czech Republic—0.1%
Komercni banka A.S.*		15,410		326,669
Egypt—0.1%
Commercial International Bank Egypt S.A.E. (CIB)		86,668		351,900
Germany—0.5%
Delivery Hero SE*,2		18,993		1,602,637
Ghana—0.1%
Tullow Oil PLC1		934,175		305,091

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Greece—0.5%
Eurobank Ergasias Services and Holdings SA*		786,165		317,211
Hellenic Telecommunications Organization SA		49,142		651,612
National Bank of Greece SA*		70,750		96,061
OPAP SA		51,956		466,875
				1,531,759
Hong Kong—0.3%
WH Group Ltd.2		1,028,500		992,348
Hungary—0.3%
MOL Hungarian Oil & Gas PLC		82,081		521,071
OTP Bank Nyrt		18,133		537,794
				1,058,865
India—10.9%
Apollo Hospitals Enterprise Ltd.		26,811		497,822
Asian Paints Ltd.		56,008		1,311,689
Bajaj Auto Ltd.		12,155		424,612
Bajaj Finance Ltd.		18,764		579,224
Britannia Industries Ltd.		18,861		795,116
Cipla Ltd.		80,150		629,289
Coal India Ltd.		203,259		401,944
Dr Reddy's Laboratories Ltd.		27,567		1,444,996
Federal Bank Ltd.		514,631		334,430
HCL Technologies Ltd.		138,534		1,002,732
HDFC Bank Ltd.		156,389		2,086,297
HDFC Life Insurance Co. Ltd.*,2		32,148		214,498
Hindalco Industries Ltd.		315,525		547,058
Hindustan Unilever Ltd.		32,721		956,423
Housing Development Finance Corp. Ltd.		151,100		3,855,218
ICICI Bank Ltd.		268,445		1,358,937
ICICI Lombard General Insurance Co. Ltd.2		52,655		904,941
Indiabulls Housing Finance Ltd.		197,022		348,157
IndusInd Bank Ltd.		22,502		140,280
Infosys Ltd.		313,446		2,986,492
Infosys Ltd., ADR		91,357		843,225
Maruti Suzuki India Ltd.		11,188		798,379
Max India Ltd.*		70,679		442,173
Motherson Sumi Systems Ltd.		870,323		1,014,672
REC Ltd.		426,666		542,885
Reliance Industries Ltd.		225,945		4,410,884

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
India—(concluded)
SBI Cards & Payment Services Ltd.*		34,423		274,646
Tata Consultancy Services Ltd.		54,447		1,460,560
Tata Steel Ltd.		169,575		673,603
Tech Mahindra Ltd.		104,568		760,640
United Spirits Ltd.*		89,939		642,729
UPL Ltd.		190,340		1,064,682
				33,749,233
Indonesia—1.4%
PT Bank Rakyat Indonesia Persero Tbk		8,201,600		1,505,235
PT Telekomunikasi Indonesia Persero Tbk		11,456,500		2,695,647
				4,200,882
Kazakhstan—0.3%
Halyk Savings Bank of Kazakhstan JSC		25,985		233,865
Kazakhmys PLC		130,122		679,482
				913,347
Macau—0.2%
Galaxy Entertainment Group Ltd.		40,200		261,605
Sands China Ltd.		104,800		431,231
				692,836
Malaysia—0.3%
AMMB Holdings Berhad		278,400		192,938
Genting Malaysia Berhad		1,072,300		591,012
				783,950
Mexico—1.5%
Fibra Uno Administracion SA de C.V.		670,138		549,713
Grupo Aeroportuario del Centro Norte SAB de C.V.		98,853		360,122
Grupo Aeroportuario del Pacifico SAB de C.V., Class B		140,800		879,817
Grupo Aeroportuario del Sureste SA de C.V., ADR1		1,580		157,542
Grupo Bimbo SAB de C.V.		366,722		541,539
Grupo Financiero Banorte SAB de C.V., Class O		95,685		261,674
Kimberly-Clark de Mexico SAB de C.V., Class A		347,626		490,983

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Mexico—(concluded)
Wal-Mart de Mexico SAB de C.V.		510,200		1,227,181
				4,468,571
Panama—0.2%
Copa Holdings SA, Class A		15,991		706,962
Peru—0.6%
Credicorp Ltd.		12,016		1,790,624
Philippines—0.2%
SM Prime Holdings, Inc.		970,800		597,001
Poland—0.8%
KGHM Polska Miedz SA*		32,349		600,228
Polski Koncern Naftowy Orlen SA		51,316		771,323
Powszechna Kasa Oszczednosci Bank Polski SA		76,488		405,780
Powszechny Zaklad Ubezpieczen SA		71,885		524,653
				2,301,984
Qatar—0.0%†
Qatar Electricity & Water Co. QSC		10,089		41,841
Romania—0.0%†
Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR		16,940		110,110
Russia—4.0%
Gazprom PJSC, ADR		197,685		998,309
Gazprom PJSC, ADR3,4		256,047		1,299,695
Lukoil PJSC, ADR3,4		16,359		1,071,514
Lukoil PJSC, ADR3		13,117		846,965
MMC Norilsk Nickel PJSC, ADR		28,419		789,480
Mobile TeleSystems PJSC, ADR		105,644		905,369
Sberbank of Russia PJSC, ADR		142,481		1,518,135
Severstal PAO, GDR		42,502		507,474
Yandex N.V., Class A*		113,359		4,282,703
				12,219,644
Singapore—0.2%
IGG, Inc.		934,000		592,748

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
South Africa—3.4%
AngloGold Ashanti Ltd., ADR		70,200		1,712,178
Barloworld Ltd.		78,258		286,931
Bid Corp. Ltd.		55,756		726,899
Bidvest Group Ltd./The		112,126		910,716
Capitec Bank Holdings Ltd.		21,139		1,028,695
Clicks Group Ltd.		74,054		921,745
Exxaro Resources Ltd.		72,115		419,450
FirstRand Ltd.		149,741		326,941
Growthpoint Properties Ltd.		871,064		654,631
Impala Platinum Holdings Ltd.		120,507		729,459
Naspers Ltd., Class N		6,484		1,014,065
Old Mutual Ltd.		1,039,899		752,904
Shoprite Holdings Ltd.		87,512		505,795
Truworths International Ltd.		285,369		454,022
				10,444,431
South Korea—10.0%
AMOREPACIFIC Group		13,911		663,326
CJ Corp.		9,876		656,536
Coway Co. Ltd.		8,725		439,669
Daelim Industrial Co. Ltd.		11,897		860,212
Douzone Bizon Co. Ltd.		13,841		998,501
Fila Holdings Corp.		31,286		893,556
Hana Financial Group, Inc.		31,002		702,249
Hotel Shilla Co. Ltd.		12,036		841,616
Hyundai Glovis Co. Ltd.		4,980		414,847
Hyundai Mobis Co. Ltd.		5,024		709,203
Hyundai Motor Co.		8,825		677,927
Hyundai Wia Corp.		17,094		460,863
KB Financial Group, Inc.		25,347		722,892
Korea Zinc Co. Ltd.		862		273,078
LG Chem Ltd.		4,277		1,321,589
LG Household & Health Care Ltd.		2,201		2,503,661
LG Uplus Corp.		56,959		624,074
Lotte Shopping Co. Ltd.		9,363		766,898
NAVER Corp.		22,042		3,572,814
Paradise Co. Ltd.		41,659		538,495
Samsung Electro-Mechanics Co. Ltd.		12,106		1,127,688
Samsung Electronics Co. Ltd.		148,972		6,113,177
Samsung Fire & Marine Insurance Co. Ltd.		3,216		502,809
SFA Engineering Corp.		20,159		578,240

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
South Korea—(concluded)
Shinhan Financial Group Co. Ltd.		58,831		1,475,060
SK Hynix, Inc.		25,341		1,740,770
Soulbrain Co. Ltd.		13,782		825,710
				31,005,460
Taiwan—12.2%
ASE Technology Holding Co. Ltd.		396,000		893,569
Chailease Holding Co. Ltd.		175,000		673,835
China Life Insurance Co. Ltd.*		1,134,487		782,102
Chinatrust Financial Holding Co. Ltd.		657,934		442,509
Compeq Manufacturing Co. Ltd.		561,000		753,685
E.Sun Financial Holding Co. Ltd.		1,368,438		1,256,313
Globalwafers Co. Ltd.		80,281		1,039,402
Hiwin Technologies Corp.		97,000		939,452
MediaTek, Inc.		268,169		3,742,543
Mega Financial Holding Co. Ltd.		161,118		163,088
Pixart Imaging, Inc.		92,000		546,063
Powertech Technology, Inc.		207,000		703,075
President Chain Store Corp.		18,000		186,438
SinoPac Financial Holdings Co. Ltd.		1,655,000		678,997
Synnex Technology International Corp.		508,000		681,627
Taiwan Semiconductor Manufacturing Co. Ltd.		1,049,831		10,750,207
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		131,343		6,978,254
Tripod Technology Corp.		231,000		827,317
Uni-President Enterprises Corp.		1,004,000		2,346,544
Unimicron Technology Corp.		693,000		998,606
Win Semiconductors Corp.		150,000		1,356,918
Wistron Corp.		1,088,755		1,034,329
				37,774,873
Thailand—1.8%
Advanced Info Service PCL, NVDR		149,500		914,882
Airports of Thailand PCL		843,700		1,623,252
Charoen Pokphand Foods PCL		759,000		633,380
CP ALL PCL		601,500		1,319,935
Kasikornbank PCL		14,900		39,720
Minor International PCL, NVDR		991,519		646,609

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Thailand—(concluded)
Thanachart Capital PCL, NVDR		392,000		445,248
				5,623,026
Turkey—1.2%
Arcelik A.S.*		181,868		426,731
Tekfen Holding A.S.		155,901		317,847
Turk Hava Yollari AO*		421,432		644,554
Turkiye Garanti Bankasi A.S.*		778,266		928,641
Turkiye Is Bankasi A.S., Class C*		816,948		578,567
Turkiye Sise ve Cam Fabrikalari A.S.		1,015,134		704,399
				3,600,739
United Arab Emirates—0.3%
Emaar Properties PJSC		742,558		551,892
First Abu Dhabi Bank PJSC		130,127		410,948
				962,840
United Kingdom—0.4%
Mondi PLC		50,439		895,744
Unilever PLC		8,370		432,433
				1,328,177
Vietnam—0.3%
Hoa Phat Group JSC*		722,700		663,197
Vincom Retail JSC		238,000		234,658
				897,855
Zambia—0.8%
First Quantum Minerals Ltd.		413,990		2,528,047
Total Common stocks (cost—$298,442,166)				296,909,744
Preferred stocks—1.5%
Brazil—0.8%
Banco do Estado do Rio Grande do Sul SA, Class B		160,500		370,119
Itausa - Investimentos Itau SA		631,430		1,045,049
Lojas Americanas SA		128,200		586,553

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Preferred stocks—(concluded)
Brazil—(concluded)
Telefonica Brasil SA		74,800		627,930
				2,629,651
South Korea—0.7%
Samsung Electronics Co. Ltd.		61,842		2,144,384
Total preferred stocks (cost—$6,412,873)				4,774,035
Short-term investments—2.7%
Investment companies—2.7%
State Street Institutional U.S. Government Money Market Fund (cost—$8,223,139)		8,223,139		8,223,139
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$174,215)		174,215		174,215
Total investments (cost—$313,252,393)5—100.4%				310,081,133
Liabilities in excess of other assets—(0.4)%				(1,171,604	)
Net assets—100.0%			$	308,909,529

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of the last Portfolio.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

PACE International Emerging Markets Equity Investments

Schedule of investments – April 30, 2020 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		296,909,744		—		—		296,909,744
Preferred stocks		4,774,035		—		—		4,774,035
Short-term investments		—		8,223,139		—		8,223,139
Investment of cash collateral from securities loaned		—		174,215		—		174,215
Total		301,683,779		8,397,354		—		310,081,133

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes  

*	Non-income producing security.
†	Amount represents less than 0.05%.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,305,021, represented 1.4% of the Fund’s net assets at period end.
3	Security is traded on the Turquoise Exchange.
4	Security is traded on the over-the-counter (“OTC”) market.
5	Includes $164,359 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $174,215.

PACE Global Real Estate Securities Investments

Industry diversification—(unaudited)

As a percentage of net assets as of April 30, 2020

Common stocks
Apartments	11.6	%
Diversified	20.2
Health care	8.3
Hotels	2.2
Hotels & motels	4.4
Manufactured homes	1.2
Office property	12.0
Real estate management/service	6.2
Real estate operations/development	10.0
Regional malls	0.9
Shopping centers	2.6
Single tenant	2.6
Storage	2.5
Warehouse/industrial	14.9
Total common stocks	99.6
Short-term investments	0.5
Investment of cash collateral from securities loaned	0.1
Total investments	100.2
Liabilities in excess of other assets	(0.2)
Net assets	100.0	%

PACE Global Real Estate Securities Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—99.6%
Australia—4.4%
Dexus		507,731		3,030,705
Mirvac Group		561,493		819,609
				3,850,314
Canada—3.5%
Allied Properties Real Estate Investment Trust		38,900		1,245,292
Boardwalk Real Estate Investment Trust		59,608		1,138,673
Granite Real Estate Investment Trust		14,986		684,730
				3,068,695
France—2.0%
Gecina SA		6,963		908,781
Unibail-Rodamco-Westfield		14,300		841,827
				1,750,608
Germany—5.9%
Alstria office REIT-AG		42,071		630,235
Deutsche Wohnen SE		44,835		1,817,899
Vonovia SE		54,898		2,710,206
				5,158,340
Hong Kong—6.2%
CK Asset Holdings Ltd.		219,222		1,385,602
Hang Lung Properties Ltd.		439,766		942,781
Sun Hung Kai Properties Ltd.		136,965		1,879,791
Swire Properties Ltd.		404,128		1,133,800
				5,341,974
Japan—11.1%
Daiwa Office Investment Corp.		117		650,878
GLP J-Reit		1,173		1,516,052
Invesco Office J-Reit, Inc. 1		8,775		1,172,562
LaSalle Logiport REIT		777		1,098,364
MCUBS MidCity Investment Corp.		2,169		1,517,885
Mitsui Fudosan Co. Ltd.		144,991		2,699,455
Mitsui Fudosan Logistics Park, Inc.		246		974,235
				9,629,431
Singapore—4.5%
CapitaLand Ltd.		293,959		627,463

PACE Global Real Estate Securities Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Singapore—(concluded)
City Developments Ltd.		264,504		1,493,069
Keppel DC REIT		464,550		774,168
Keppel REIT		1,341,737		1,008,574
				3,903,274
Sweden—1.0%
Hufvudstaden AB, Class A		65,328		839,728
United Kingdom—5.9%
Capital & Counties Properties PLC		369,447		773,824
Derwent London PLC		41,458		1,621,840
Segro PLC		85,288		891,158
Tritax Big Box REIT PLC		1,145,285		1,739,638
Tritax EuroBox PLC 2		129,731		137,253
				5,163,713
United States—55.1%
Americold Realty Trust		23,446		717,213
AvalonBay Communities, Inc.		15,093		2,459,404
Boston Properties, Inc.		17,800		1,729,804
Camden Property Trust		5,381		473,905
CareTrust REIT, Inc.		56,524		931,516
Cousins Properties, Inc.		27,279		823,007
CyrusOne, Inc.		25,426		1,783,634
Digital Realty Trust, Inc.		14,400		2,152,656
Douglas Emmett, Inc.		48,288		1,472,301
Duke Realty Corp.		32,379		1,123,551
Equinix, Inc.		1,059		715,037
Equity Residential		39,798		2,589,258
Essex Property Trust, Inc.		6,542		1,596,902
Federal Realty Investment Trust		10,599		882,579
Four Corners Property Trust, Inc.		40,563		908,206
Healthpeak Properties, Inc.		42,739		1,117,197
Host Hotels & Resorts, Inc.		139,192		1,713,454
Kilroy Realty Corp.		21,907		1,363,930
MGM Growth Properties LLC, Class A		69,444		1,747,905
Mid-America Apartment Communities, Inc.		16,288		1,822,953
National Retail Properties, Inc.		41,682		1,360,500
Park Hotels & Resorts, Inc.		13,818		131,409
Pebblebrook Hotel Trust		54,512		645,422
Physicians Realty Trust		92,174		1,421,323

PACE Global Real Estate Securities Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Prologis, Inc.		67,946		6,062,822
Public Storage		11,564		2,144,544
Regency Centers Corp.		11,959		525,120
Rexford Industrial Realty, Inc.		10,535		428,985
Simon Property Group, Inc.		12,400		827,948
Sun Communities, Inc.		8,152		1,095,629
Ventas, Inc.		25,100		811,985
VICI Properties, Inc.1		77,498		1,350,015
Welltower, Inc.		57,212		2,930,971
				47,861,085
Total common stocks (cost—$96,863,605)				86,567,162
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund (cost—$405,344)		405,344		405,344
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$84,420)		84,420		84,420
Total investments (cost—$97,353,369)3—100.2%				87,056,926
Liabilities in excess of other assets—(0.2)%				(145,502	)
Net assets—100.0%			$	86,911,424

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

PACE Global Real Estate Securities Investments

Schedule of investments – April 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		85,725,335		841,827		—		86,567,162
Short-term investments	—		405,344		—		405,344
Investment of cash collateral from securities loaned	—		84,420		—		84,420
Total	85,725,335		1,331,591		—		87,056,926

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $137,253, represented 0.2% of the Fund's net assets at period end.
3	Includes $1,014,129 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $997,147 and cash collateral of $84,420.

PACE Alternative Strategies Investments

Industry diversification—(unaudited)

As a percentage of net assets as of April 30, 2020

Common stocks
Aerospace & defense	0.9	%
Air freight & logistics	0.3
Airlines	0.1
Auto components	0.2
Automobiles	0.0	†
Banks	1.0
Beverages	0.3
Biotechnology	0.8
Building products	1.2
Capital markets	1.7
Chemicals	0.3
Commercial services & supplies	1.2
Communications equipment	0.2
Construction & engineering	0.0	†
Construction materials	0.1
Consumer finance	0.3
Containers & packaging	0.3
Distributors	0.0	†
Diversified consumer services	0.1
Diversified financial services	1.2
Diversified telecommunication services	0.2
Electric utilities	1.8
Electrical equipment	0.2
Electronic equipment, instruments & components	0.6
Energy equipment & services	0.0	†
Entertainment	1.0
Equity real estate investment trusts	0.9
Food & staples retailing	1.4
Food products	0.4
Gas utilities	0.0	†
Health care equipment & supplies	2.6
Health care providers & services	1.3
Health care technology	0.1
Hotels, restaurants & leisure	0.7
Household durables	1.2
Household products	0.6
Independent power and renewable electricity producers	0.3
Industrial conglomerates	0.2
Insurance	0.5
Interactive media & services	1.5
Internet & direct marketing retail	0.8

PACE Alternative Strategies Investments
Industry diversification—April 30, 2020 (unaudited) (continued)
As a percentage of net assets as of April 30, 2020

IT services	2.6
Leisure products	0.2
Life sciences tools & services	0.6
Machinery	0.5
Media	0.6
Metals & mining	0.7
Multi-utilities	0.1
Multiline retail	0.3
Oil, gas & consumable fuels	0.8
Paper & forest products	0.2
Personal products	0.0	†
Pharmaceuticals	0.9
Professional services	0.7
Real estate management & development	0.2
Road & rail	0.3
Semiconductors & semiconductor equipment	2.5
Software	4.0
Specialty retail	1.1
Technology hardware, storage & peripherals	0.9
Textiles, apparel & luxury goods	0.4
Thrifts & mortgage finance	0.3
Trading companies & distributors	0.1
Transportation infrastructure	0.0	†
Wireless telecommunication services	0.7
Total Common stocks	45.2
Preferred stocks
Aerospace & defense	0.0	†
Automobiles	0.0	†
Chemicals	0.1
Health care equipment & supplies	0.0	†
Total preferred stocks	0.1

PACE Alternative Strategies Investments

Industry diversification—(unaudited) (continued)

As a percentage of net assets as of April 30, 2020

Investment companies	5.4
Corporate bonds
Advertising	0.0	†
Auto manufacturers	0.3
Auto parts & equipment	0.0	†
Banks	1.4
Beverages	0.0	†
Biotechnology	1.6
Building materials	0.0	†
Chemicals	0.0	†
Commercial services	0.2
Computers	0.0	†
Distribution & wholesale	0.0	†
Diversified financial services	0.1
Electric	0.1
Electrical components & equipment	0.0	†
Engineering & construction	0.5
Entertainment	0.0	†
Environmental control	0.0	†
Food	0.0	†
Food Service	0.0	†
Healthcare-products	0.3
Healthcare-services	0.6
Home builders	0.0	†
Household products/wares	0.0	†
Housewares	0.0	†
Insurance	0.0	†
Internet	0.2
Investment companies	0.0	†
Iron & steel	0.5
Leisure Time	0.4
Lodging	0.7
Media	1.7
Mining	0.0	†
Oil & gas	0.1
Oil & gas services	0.0	†
Packaging & containers	0.1
Pharmaceuticals	0.4
Pipelines	0.1
Real estate	0.0	†
Real estate investment trusts	0.0	†
Retail	0.0	†
Semiconductors	0.5
Software	0.7
Telecommunications	0.2

PACE Alternative Strategies Investments
Industry diversification—(unaudited) (continued)
As a percentage of net assets as of April 30, 2020

Toys/Games/Hobbies	0.0	†
Total corporate bonds	10.7
Short-term investments	29.8
Short-term U.S. Treasury obligations	4.6
Foreign exchange options purchased
Call options	0.0	†
Put options	0.0	†
Total foreign exchange options purchased	0.0	†
Options purchased
Put options	0.1
Total options purchased	0.1

PACE Alternative Strategies Investments

Industry diversification—(unaudited) (continued)

As a percentage of net assets as of April 30, 2020

Investments sold short
Common stocks
Aerospace & defense	(0.2	)%
Air freight & logistics	(0.3	)
Airlines	(0.1	)
Auto components	(0.2	)
Automobiles	(0.3	)
Banks	(0.2	)
Biotechnology	(1.2	)
Building products	(0.1	)
Capital markets	(0.3	)
Chemicals	(0.3	)
Commercial services & supplies	(0.1	)
Communications equipment	(0.1	)
Containers & packaging	(0.1	)
Electric utilities	(0.1	)
Electrical equipment	(0.1	)
Energy equipment & services	(0.4	)
Entertainment	(1.3	)
Equity real estate investment trusts	(0.5	)
Food & staples retailing	(0.3	)
Food products	(0.2	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.3	)
Health care providers & services	(0.5	)
Hotels, restaurants & leisure	(1.5	)
Interactive media & services	(0.2	)
Internet & direct marketing retail	(0.1	)
IT services	(1.2	)
Leisure products	(0.1	)
Machinery	(0.3	)
Media	(0.5	)
Metals & mining	(1.5	)
Multiline retail	(0.3	)
Oil, gas & consumable fuels	(0.4	)
Paper & forest products	(0.2	)
Pharmaceuticals	(0.2	)
Professional services	(0.0	)†
Semiconductors & semiconductor equipment	(0.6	)
Software	(0.4	)
Specialty retail	(0.1	)
Textiles, apparel & luxury goods	(0.0	)†
Transportation infrastructure	(0.1	)
Total Common stocks	(15.0	)

PACE Alternative Strategies Investments

Industry diversification—(unaudited)

As a percentage of net assets as of April 30, 2020

Corporate bonds
Iron & steel	(0.2	)
Total corporate bonds	(0.2	)
Investment companies	(3.9	)
Other assets in excess of liabilities	23.2
Net assets	100.0	%

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

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—45.2%
Australia—0.5%
AGL Energy Ltd.		39,695		438,708
BHP Group PLC		4,501		75,749
Coles Group Ltd.		118,938		1,202,117
Fortescue Metals Group Ltd.		59,668		465,037
Rio Tinto PLC		1,496		69,424
				2,251,035
Austria—0.0%†
OMV AG		186		6,094
Belgium—0.2%
Ageas		24,204		871,312
Galapagos N.V.*		56		12,366
Groupe Bruxelles Lambert SA		105		8,386
Proximus SADP		204		4,353
Solvay SA		95		7,416
Umicore SA		264		11,401
				915,234
Canada—4.9%
Advantage Oil & Gas Ltd.*,1		187,720		304,786
Alimentation Couche-Tard, Inc., Class B1		39,520		1,102,738
AltaGas Ltd.		3,100		37,059
ARC Resources Ltd.1		78,670		331,760
Barrick Gold Corp.		15,200		391,261
Barrick Gold Corp.1		28,000		720,160
Boyd Group Services, Inc.1		14,070		1,979,676
Brookfield Asset Management, Inc., Class A1		55,000		1,860,100
Cameco Corp.		10,500		104,400
Canadian Apartment Properties REIT1		39,410		1,356,183
Canadian Pacific Railway Ltd.1		2,640		600,015
Canadian Utilities Ltd., Class A		8,100		197,619
Cargojet, Inc.1		5,760		581,731
CGI, Inc.*		15,720		1,002,525
Colliers International Group, Inc.1		3,130		171,774
Constellation Software, Inc.		1,279		1,229,915
Descartes Systems Group, Inc./The*,1		4,000		168,320
Element Fleet Management Corp.1		100,730		743,200
European Residential Real Estate Investment Trust1		362,650		1,029,108
FirstService Corp.1		7,280		629,439
GDI Integrated Facility Services, Inc.*		10,480		218,567
H&R Real Estate Investment Trust		65,500		463,975

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Canada—(concluded)
Hydro One Ltd.2		39,900		723,500
InterRent Real Estate Investment Trust1		14,060		146,767
Keyera Corp.		19,800		293,739
Kinaxis, Inc.*,1		1,570		157,818
Kirkland Lake Gold Ltd.		18,900		781,282
Kirkland Lake Gold Ltd.1		7,500		310,650
Lightspeed POS, Inc.*,1		10,530		199,487
Methanex Corp.		20,980		333,552
Minto Apartment Real Estate Investment Trust1		47,110		698,214
Norbord, Inc.1		20,949		339,164
Northland Power, Inc.1		16,760		359,655
Novagold Resources, Inc.*		5,499		61,534
Onex Corp.		16,700		769,763
Open Text Corp.		2,039		77,051
Parkland Fuel Corp.		21,200		501,538
People Corp.*,1		69,800		451,309
Profound Medical Corp.*,1		11,390		153,836
RioCan Real Estate Investment Trust		14,500		165,631
Summit Industrial Income REIT1		33,990		253,469
Troilus Gold Corp.*,1		157,530		107,514
Well Health Technologies Corp.*,1		144,400		217,853
				22,327,637
China—0.0%†
Yum China Holdings, Inc.		1,038		50,301
Denmark—0.3%
Coloplast A/S, Class B		7,757		1,226,903
Finland—0.2%
Elisa Oyj		196		11,908
Fortum Oyj		1,198		19,889
Kone Oyj, Class B		4,539		275,165
Metso Oyj		166		4,608
Nokia Oyj, ADR		200,195		716,698
Stora Enso Oyj, R Shares		796		9,421
Wartsila Oyj Abp		633		4,650
				1,042,339
France—0.7%
Accor SA		252		6,992
Aeroports de Paris		36		3,527

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
France—(concluded)
Airbus SE*		13,932		883,676
Alstom SA		248		10,153
Arkema SA		93		7,715
Atos SE		126		8,983
Bouygues SA		2,491		76,734
Bureau Veritas SA		378		7,846
Carrefour SA		4,556		67,376
Cie de Saint-Gobain		8,613		228,507
Cie Generale des Etablissements Michelin SCA		752		73,425
CNP Assurances*		2,049		21,163
Covivio		69		4,321
Eiffage SA		127		10,396
Electricite de France SA		36,279		289,188
Gecina SA		62		8,092
Getlink SE		568		7,239
Ingenico Group SA		78		9,804
Klepierre SA		312		6,310
Natixis SA		1,204		2,851
Orpea		68		7,564
Peugeot SA		5,526		79,178
Publicis Groupe SA		291		8,652
Renault SA		269		5,337
Rubis SCA		123		5,521
Safran SA		6,038		557,262
Sartorius Stedim Biotech		2,727		654,456
Schneider Electric SE		2,618		239,441
SCOR SE		222		6,252
Sodexho SA		111		8,819
Suez		510		5,765
Ubisoft Entertainment SA*		131		9,750
Valeo SA		291		6,751
Worldline SA*,2		174		11,818
				3,340,864
Germany—0.3%
Aroundtown SA		1,567		8,431
Brenntag AG		201		9,073
Carl Zeiss Meditec AG		2,280		224,743
Commerzbank AG		1,293		4,781
Continental AG		914		77,324
Covestro AG2		207		6,959

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Germany—(concluded)
Delivery Hero SE*,2		183		15,442
Evonik Industries AG		249		6,129
GEA Group AG		192		4,414
Hannover Rueck SE		78		12,437
Knorr-Bremse AG		63		5,859
LANXESS AG		102		5,025
LEG Immobilien AG		90		10,340
Puma SE		109		6,854
Rheinmetall AG		57		3,862
Scout24 AG2		140		9,159
Siemens AG		840		77,949
Siemens Healthineers AG2		195		8,590
thyssenKrupp AG*		529		3,525
Uniper SE		29,146		782,521
Zalando SE*,2		211		10,287
				1,293,704
Hong Kong—0.3%
CLP Holdings Ltd.		94,000		1,003,960
HK Electric Investments & HK Electric Investments Ltd.		313,000		322,993
Power Assets Holdings Ltd.		18,000		120,387
				1,447,340
Ireland—0.1%
Bank of Ireland Group PLC		1,403		2,833
Flutter Entertainment PLC*		105		12,853
Kingspan Group PLC		4,915		250,454
Smurfit Kappa Group PLC		289		9,064
				275,204
Israel—0.2%
Check Point Software Technologies Ltd.*,1		7,904		835,769
Italy—0.1%
Davide Campari-Milano SpA		628		4,865
FinecoBank Banca Fineco SpA		792		8,801
Intesa Sanpaolo SpA		57,282		89,325
Leonardo SpA		525		3,621
Mediobanca Banca di Credito Finanziario SpA		816		4,729
Moncler SpA		260		9,773
Nexi SpA*,2		388		5,878
Poste Italiane SpA2		607		5,156

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Italy—(concluded)
Prysmian SpA		349		6,567
Telecom Italia SpA*		194,720		77,160
Terna Rete Elettrica Nazionale SpA		1,833		11,490
UniCredit SpA*		11,469		88,342
				315,707
Japan—2.2%
Advantest Corp.		11,700		574,561
Chugai Pharmaceutical Co. Ltd.		300		35,810
Daikin Industries Ltd.		3,300		430,662
Hitachi Metals Ltd.		4,100		40,345
Kakaku.com, Inc.		30,600		627,312
KDDI Corp.		35,200		1,019,772
Murata Manufacturing Co. Ltd.		3,000		168,262
Nintendo Co. Ltd.		1,600		665,704
Nomura Research Institute Ltd.		32,100		787,880
Otsuka Corp.		19,750		891,662
Softbank Corp.		116,756		1,592,795
Sundrug Co. Ltd.		27,400		943,419
Suzuken Co. Ltd.		14,100		546,578
Tokyo Electron Ltd.		3,600		769,548
Toppan Printing Co. Ltd.		20,800		312,441
Welcia Holdings Co. Ltd.		10,600		766,491
				10,173,242
Luxembourg—0.0%†
ArcelorMittal SA		7,741		84,847
Eurofins Scientific SE		15		8,301
SES SA		499		3,333
Tenaris SA		607		4,253
				100,734
Netherlands—0.2%
ABN AMRO Group N.V.2		612		4,695
Aegon N.V.		2,374		6,114
Argenx SE*		56		8,438
ASM International N.V.		63		6,935
ASR Nederland N.V.		183		4,923
EXOR N.V.		147		8,037
Heineken Holding N.V.		130		10,129
Just Eat Takeaway.com N.V.*,2		151		15,392
Koninklijke KPN N.V.		4,585		10,612

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Netherlands—(concluded)
Koninklijke Vopak N.V.		777		44,805
Randstad N.V.		8,303		333,290
Royal Dutch Shell PLC, ADR, Class A		5,265		174,429
Signify N.V.2		8,020		163,602
				791,401
New Zealand—0.2%
a2 Milk Co. Ltd.*		72,778		876,394
Portugal—0.0%†
Galp Energia, SGPS SA		638		7,352
Singapore—0.2%
Singapore Exchange Ltd.		141,300		966,950
South Korea—0.1%
Samsung Electronics Co. Ltd.		6,983		286,553
SK Hynix, Inc.		4,101		281,713
				568,266
Spain—0.2%
ACS, Actividades de Contruccion y Servicios SA		357		8,908
Banco de Sabadell SA		7,315		3,031
Banco Santander SA		40,164		89,678
Bankinter SA		839		3,461
CaixaBank SA		4,666		8,391
Enagas SA		307		7,162
Endesa SA		412		9,142
Grifols SA		383		13,036
Merlin Properties Socimi SA		475		4,404
Naturgy Energy Group SA		446		7,874
Red Electrica Corp. SA		39,948		702,840
				857,927
Sweden—0.1%
Assa Abloy AB, Class B		18,332		330,817
Switzerland—0.9%
Alcon, Inc.*		39,137		2,066,825
Geberit AG		1,550		695,473
Schindler Holding AG		3,180		706,666

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Switzerland—(concluded)
STMicroelectronics N.V.		31,500		818,452
				4,287,416
Taiwan—0.1%
MediaTek, Inc.		13,000		181,427
Win Semiconductors Corp.		17,000		153,784
				335,211
United Kingdom—0.9%
Barratt Developments PLC		111,639		729,762
BP PLC		18,928		74,642
BP PLC, ADR		8,012		190,686
Experian PLC		13,267		397,025
Intertek Group PLC		5,026		300,687
Johnson Matthey PLC		2,922		73,329
London Stock Exchange Group PLC		2,723		255,712
Melrose Industries PLC		92,530		116,285
Persimmon PLC		25,509		708,435
Taylor Wimpey PLC		415,488		769,523
TechnipFMC PLC		576		5,040
Vodafone Group PLC		488,929		690,565
				4,311,691
United States—32.3%
A.O. Smith Corp.		1,151		48,779
AAON, Inc.		935		44,543
Abbott Laboratories		20,056		1,846,957
ABIOMED, Inc.*		300		57,375
Acacia Communications, Inc.*		645		43,660
Acceleron Pharma, Inc.*		508		45,989
Accenture PLC, Class A1		5,773		1,069,102
Acuity Brands, Inc.		961		83,213
Adobe, Inc.*,1		4,869		1,721,873
Advanced Disposal Services, Inc.*		1,338		43,151
AeroVironment, Inc.*		815		49,112
Agilent Technologies, Inc.		609		46,686
Akamai Technologies, Inc.*		471		46,021
Alarm.com Holdings, Inc.*		1,089		48,711
Albireo Pharma, Inc.*		2,200		49,412
Allegion PLC1		14,140		1,421,636
Alliant Energy Corp.1		11,336		550,363
Allogene Therapeutics, Inc.*		2,180		63,002

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Alnylam Pharmaceuticals, Inc.*		411		54,129
Alphabet, Inc., Class A*,1		2,143		2,885,978
Alphabet, Inc., Class C*,1		81		109,241
Altice USA, Inc., Class A*		4,669		121,254
Amazon.com, Inc.*,1		1,480		3,661,520
Ambarella, Inc.*		903		47,480
Amdocs Ltd.		807		52,003
Amedisys, Inc.*		247		45,488
American Axle & Manufacturing Holdings, Inc.*		38,615		166,817
American Eagle Outfitters, Inc.		2,554		20,304
AMETEK, Inc.		606		50,825
Amphenol Corp., Class A		587		51,809
ANSYS, Inc.*		192		50,271
Anterix, Inc.*		1,028		53,970
Aon PLC		1,502		259,350
Appfolio, Inc., Class A*		409		44,933
Apple, Inc.1		9,160		2,691,208
Applied Materials, Inc.1		10,750		534,060
AptarGroup, Inc.		450		48,186
Arena Pharmaceuticals, Inc.*		1,029		50,390
Arista Networks, Inc.*		325		71,272
Arthur J. Gallagher & Co.		3,277		257,244
Aspen Technology, Inc.*		450		46,013
Atlas Air Worldwide Holdings, Inc.*		14,715		483,388
Atlassian Corp. PLC, Class A*		302		46,958
Atmos Energy Corp.		440		44,867
AtriCure, Inc.*		1,418		61,144
Atrion Corp.		68		42,964
Autodesk, Inc.*		3,005		562,326
Automatic Data Processing, Inc.		489		71,731
Avalara, Inc.*		548		48,975
Badger Meter, Inc.		861		50,825
Balchem Corp.		451		40,247
Ball Corp.		7,639		501,042
Bandwidth, Inc., Class A*		644		52,525
Berkshire Hathaway, Inc., Class B*,1		21,637		4,053,908
Bio-Rad Laboratories, Inc., Class A*,1		2,501		1,100,690
Bio-Techne Corp.		236		53,100
BioMarin Pharmaceutical, Inc.*		537		49,415
BJ’s Wholesale Club Holdings, Inc.*		10,241		269,441
Black Knight, Inc.*		757		53,421

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Booz Allen Hamilton Holding Corp.1		12,979		953,178
BorgWarner, Inc.		12,571		359,153
Boston Beer Co., Inc./The, Class A*		124		57,847
Boston Scientific Corp.*		18,430		690,756
Brady Corp., Class A		970		42,234
Broadcom, Inc.		609		165,417
Broadridge Financial Solutions, Inc.1		6,257		725,812
Brown & Brown, Inc.		2,412		86,615
Brown-Forman Corp., Class B		778		48,392
Cable One, Inc.		113		216,153
Cadence Design Systems, Inc.*,1		4,950		401,593
Cal-Maine Foods, Inc.		1,075		44,623
Calavo Growers, Inc.		787		45,646
Callaway Golf Co.		10,228		146,465
Capital One Financial Corp.		20,956		1,357,111
Cardiovascular Systems, Inc.*		1,251		52,542
Cargurus, Inc.*		2,309		52,830
Carlisle Cos., Inc.		355		42,941
Carnival Corp.		70,761		1,125,100
Carnival PLC		6,420		88,582
Carrier Global Corp.*,1		10,609		187,885
CBOE Holdings, Inc.1		7,589		754,195
CDW Corp.1		6,693		741,584
Centene Corp.*		3,749		249,608
Cerner Corp.		691		47,948
Change Healthcare, Inc.*		4,310		50,168
Charter Communications, Inc., Class A*		1,059		524,449
Chegg, Inc.*		1,183		50,573
Chemed Corp.		104		43,323
Chevron Corp.		1,719		158,148
Chipotle Mexican Grill, Inc.*		69		60,620
Choice Hotels International, Inc.		701		52,610
Church & Dwight Co., Inc.		684		47,873
Cintas Corp.1		6,943		1,540,166
Citrix Systems, Inc.		302		43,793
Clean Harbors, Inc.*,1		2,100		112,203
Clorox Co./The1		4,428		825,556
Codexis, Inc.*		4,278		49,668
Cognex Corp.		971		53,638
Colgate-Palmolive Co.1		12,353		868,045
Columbia Sportswear Co.		642		46,795

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Comcast Corp., Class A		11,805		444,222
Constellation Brands, Inc., Class A		5,643		929,346
Cooper Cos., Inc./The		158		45,299
Copart, Inc.*,1		8,884		711,697
Corcept Therapeutics, Inc.*		3,793		48,019
CorVel Corp.*		828		43,627
CoStar Group, Inc.*		74		47,971
Costco Wholesale Corp.1		3,726		1,128,978
Coty, Inc., Class A		22,644		123,410
CryoPort, Inc.*		2,884		54,335
CSW Industrials, Inc.		810		53,654
D.R. Horton, Inc.1		19,653		928,015
Danaher Corp.		5,384		880,069
Deckers Outdoor Corp.*		328		48,793
DENTSPLY SIRONA, Inc.1		13,778		584,738
DexCom, Inc.*		163		54,638
DISH Network Corp., Class A*		11,296		282,569
DocuSign, Inc.*		504		52,794
Dolby Laboratories, Inc., Class A		810		48,624
Dollar General Corp.1		6,024		1,056,007
Domino’s Pizza, Inc.1		2,343		848,002
Donaldson Co., Inc.		1,170		51,281
Dorman Products, Inc.*		828		52,230
Dropbox, Inc., Class A*		31,977		672,157
Eagle Pharmaceuticals, Inc.*		1,078		54,956
Ecolab, Inc.1		2,360		456,660
Eidos Therapeutics, Inc.*		1,161		53,917
El Paso Electric Co.		651		44,268
Elanco Animal Health, Inc.*		62,982		1,556,285
Electronic Arts, Inc.*		5,053		577,356
Enanta Pharmaceuticals, Inc.*		898		41,640
Encore Wire Corp.		1,020		46,696
EPAM Systems, Inc.*		237		52,351
Equifax, Inc.		3,482		483,650
ESCO Technologies, Inc.		595		45,399
Essent Group Ltd.		25,697		702,042
Evercore, Inc., Class A		14,216		733,546
Exelixis, Inc.*		2,524		62,330
Exelon Corp.		66,034		2,448,541
Expeditors International of Washington, Inc.		674		48,262
Exponent, Inc.		619		43,534

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
F5 Networks, Inc.*		401		55,843
Facebook, Inc., Class A*,1		13,059		2,673,308
Fair Isaac Corp.*		144		50,823
Fastenal Co.		1,371		49,658
Fidelity National Information Services, Inc.1		9,160		1,208,112
Five9, Inc.*		561		51,988
Flowers Foods, Inc.		2,145		47,791
Fortinet, Inc.*,1		5,570		600,112
Forward Air Corp.		852		43,963
Fox Corp., Class B*,1		15,733		402,135
Fox Factory Holding Corp.*		1,155		58,917
Freshpet, Inc.*		702		52,938
Garmin Ltd.1		13,742		1,115,301
General Dynamics Corp.		3,721		486,037
General Mills, Inc.		4,265		255,431
Gentex Corp.		1,965		47,632
Global Blood Therapeutics, Inc.*		850		65,042
Global Payments, Inc.		429		71,223
Globus Medical, Inc., Class A*		1,041		49,406
Graco, Inc.		929		41,489
Grand Canyon Education, Inc.*		600		51,612
Graphic Packaging Holding Co.		10,713		143,019
Guardant Health, Inc.*		632		48,639
Guidewire Software, Inc.*		526		47,782
Haemonetics Corp.*		424		48,243
Halozyme Therapeutics, Inc.*		2,424		54,916
Hartford Financial Services Group, Inc./The1		2,685		102,003
Hasbro, Inc.		8,525		615,590
HCA Holdings, Inc.		14,502		1,593,480
HealthStream, Inc.*		1,988		45,376
Heartland Express, Inc.		2,391		46,840
HEICO Corp.		569		49,844
HEICO Corp., Class A		3,235		233,988
Henry Schein, Inc.*,1		13,577		740,761
Hershey Co./The		322		42,642
Hormel Foods Corp.		931		43,617
Humana, Inc.1		5,240		2,000,737
IDEX Corp.		325		49,930
IDEXX Laboratories, Inc.*,1		3,057		848,623
IHS Markit Ltd.		724		48,725
Incyte Corp.*,1		10,471		1,022,598

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Ingersoll Rand, Inc.*		1		29
Inspire Medical Systems, Inc.*		755		54,103
Insulet Corp.*		250		49,930
Intel Corp.		15,417		924,712
Intelligent Systems Corp.*		1,665		55,844
Intuit, Inc.1		4,088		1,102,983
Ionis Pharmaceuticals, Inc.*		907		50,366
IPG Photonics Corp.*		398		51,473
IQVIA Holdings, Inc.*		2,359		336,370
iRhythm Technologies, Inc.*		536		56,623
J&J Snack Foods Corp.		367		46,620
J.M. Smucker Co./The		2,036		233,957
Jack Henry & Associates, Inc.		287		46,939
John B Sanfilippo & Son, Inc.		544		44,679
Johnson Controls International PLC		5,338		155,389
JPMorgan Chase & Co.1		19,290		1,847,210
Keysight Technologies, Inc.*		16,741		1,620,027
Kimberly-Clark Corp.1		7,171		993,040
Kinder Morgan, Inc.		63,823		972,024
KLA Corp.		439		72,036
Krystal Biotech, Inc.*		1,113		52,522
Kura Oncology, Inc.*		4,845		70,495
L3harris Technologies, Inc.		239		46,294
Lam Research Corp.1		2,832		722,953
Lancaster Colony Corp.		325		43,755
Landstar System, Inc.		455		47,006
Las Vegas Sands Corp.		9,570		459,551
Leidos Holdings, Inc.1		7,407		731,886
LeMaitre Vascular, Inc.		2,237		63,732
Lennar Corp., Class A		2,630		131,684
Lennox International, Inc.1		5,043		941,427
LHC Group, Inc.*		331		43,027
Liberty Broadband Corp., Class A*		401		48,128
Liberty Broadband Corp., Class C*		389		47,723
Lincoln Electric Holdings, Inc.		628		50,560
LiveRamp Holdings, Inc.*		1,319		49,937
LogMeIn, Inc.		522		44,610
Louisiana-Pacific Corp.1		23,630		472,600
Lowe’s Cos., Inc.		10,385		1,087,829
Lululemon Athletica, Inc.*,1		5,441		1,215,955
Lumentum Holdings, Inc.*		2,061		166,756

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Luminex Corp.		1,657		59,735
Madison Square Garden Sports C*		191		32,722
Madrigal Pharmaceuticals, Inc.*		621		51,965
Manhattan Associates, Inc.*		819		58,100
ManTech International Corp., Class A		591		44,065
MarketAxess Holdings, Inc.1		1,628		740,756
Marsh & McLennan Cos., Inc.		2,692		262,012
Masimo Corp.*		242		51,766
MasterCard, Inc., Class A1		9,719		2,672,433
Match Group, Inc.*,1		8,187		630,072
Maxim Integrated Products, Inc.		883		48,547
MAXIMUS, Inc.		772		51,971
McCormick & Co, Inc.		315		49,405
Medtronic PLC		4,976		485,807
Mercury Systems, Inc.*		618		55,101
Mesa Laboratories, Inc.		210		49,980
Mettler-Toledo International, Inc.*		66		47,516
Micron Technology, Inc.*		16,374		784,151
Microsoft Corp.1		23,681		4,243,872
Mirati Therapeutics, Inc.*		559		47,537
Mitek Systems, Inc.*		6,682		62,343
Monolithic Power Systems, Inc.		267		53,376
Morgan Stanley		37,278		1,469,872
MSA Safety, Inc.		448		50,413
MSC Industrial Direct Co., Inc., Class A		822		49,024
Mylan N.V.*		29,001		486,347
MyoKardia, Inc.*		837		52,580
National Beverage Corp.*		1,051		52,792
National HealthCare Corp.		718		49,090
National Instruments Corp.		1,356		52,098
National Oilwell Varco, Inc.		11,298		142,807
National Presto Industries, Inc.		711		57,811
Neogen Corp.*		685		42,874
Netflix, Inc.*		2,331		978,670
Neurocrine Biosciences, Inc.*		483		47,402
New York Times Co./The, Class A		1,386		45,073
NewMarket Corp.		112		46,081
Newmont Corp.		916		54,484
NIC, Inc.		1,980		47,975
Nielsen Holdings PLC		33,548		494,162
NIKE, Inc., Class B		2,919		254,478

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
NMI Holdings, Inc., Class A*		27,919		377,465
Nordson Corp.		317		51,008
Novocure Ltd.*		647		42,573
NRG Energy, Inc.1		21,204		710,970
NVR, Inc.*,1		170		527,000
O-I Glass, Inc.		85,635		705,632
OGE Energy Corp.1		17,718		558,471
Okta, Inc.*		351		53,106
Old Dominion Freight Line, Inc.		1,605		233,190
ONEOK, Inc.1		14,393		430,782
OrthoPediatrics Corp.*		1,313		64,140
Otis Worldwide Corp.*		1,105		56,256
Paycom Software, Inc.*,1		2,951		770,270
Pegasystems, Inc.		594		49,670
PennyMac Financial Services, Inc.1		13,120		395,830
Penumbra, Inc.*		280		49,650
Pfizer, Inc.		47,364		1,816,883
Phillips 66		2,403		175,828
Pool Corp.		224		47,412
Power Integrations, Inc.		481		49,230
PRA Health Sciences, Inc.*		3,243		312,949
Principia Biopharma, Inc.*		823		51,174
Proto Labs, Inc.*		581		59,024
PTC, Inc.*		15,792		1,093,596
PulteGroup, Inc.1		15,715		444,263
QIAGEN N.V.*		300		12,493
Qorvo, Inc.*		11,711		1,148,029
QUALCOMM, Inc.		17,074		1,343,212
Qualys, Inc.*		495		52,193
Quest Diagnostics, Inc.		525		57,808
Quidel Corp.*		457		63,523
Raven Industries, Inc.		2,288		50,954
Raymond James Financial, Inc.		7,446		490,840
Raytheon Technologies Corp.		23,395		1,516,230
Repligen Corp.*		458		53,197
Republic Services, Inc.		573		44,889
ResMed, Inc.		285		44,266
RH*		19,734		2,837,355
Rhythm Pharmaceuticals, Inc.*		4,150		78,186
RingCentral, Inc., Class A*		178		40,678
RMR Group, Inc./The, Class A		1,923		57,036

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Robert Half International, Inc.		1,077		50,910
Rollins, Inc.1		3,826		153,040
Roper Technologies, Inc.		2,386		813,698
Royal Gold, Inc.		467		57,222
Sanderson Farms, Inc.		364		49,555
SBA Communications Corp.		159		46,097
Seagate Technology PLC1		14,888		743,656
Seattle Genetics, Inc.*		382		52,422
Sensient Technologies Corp.		1,012		48,363
ServiceMaster Global Holdings, Inc.*,1		10,480		356,844
Sherwin-Williams Co./The		741		397,450
Shockwave Medical, Inc.*		1,284		51,514
Simply Good Foods Co./The*		2,548		48,030
Simpson Manufacturing Co., Inc.		725		52,272
Simulations Plus, Inc.		1,324		50,378
Sirius XM Holdings, Inc.		9,100		53,781
Skyworks Solutions, Inc.		16,523		1,716,409
Smartsheet, Inc., Class A*		995		52,456
Snap-on, Inc.		402		52,377
Southern Co./The1		13,108		743,617
Southwest Airlines Co.1		10,500		328,125
Spotify Technology SA*		354		53,656
SPS Commerce, Inc.*		970		53,845
SS&C Technologies Holdings, Inc.		40,972		2,260,016
Staar Surgical Co.*		1,411		54,070
STERIS PLC		325		46,313
Strategic Education, Inc.		333		53,047
Sturm Ruger & Co., Inc.		878		46,710
Synopsys, Inc.*		347		54,521
Tactile Systems Technology, Inc.*		1,094		56,472
Take-Two Interactive Software, Inc.*,1		6,514		788,520
Tandem Diabetes Care, Inc.*		643		51,299
Target Corp.1		4,304		472,321
TechTarget, Inc.*		2,281		53,193
Teladoc Health, Inc.*		258		42,464
Teledyne Technologies, Inc.*		153		49,828
Teleflex, Inc.		154		51,652
Teradyne, Inc.1		12,985		812,082
Terex Corp.		24,961		379,158
TJX Cos., Inc./The		9,209		451,701
Tootsie Roll Industries, Inc.		1,186		41,664

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Toro Co./The		6,216		396,643
Tractor Supply Co.		517		52,439
Tradeweb Markets, Inc., Class A		9,499		495,468
Trane Technologies PLC		5,661		494,885
TransUnion		5,053		398,126
Trex Co., Inc. *		500		47,610
Turning Point Therapeutics, Inc. *		1,000		51,510
Twilio, Inc., Class A *		449		50,423
Tyler Technologies, Inc. *		149		47,783
UniFirst Corp.		305		51,286
Union Pacific Corp.		3,911		624,939
UnitedHealth Group, Inc. 1		1,050		307,093
Universal Display Corp.		319		47,888
Urban Outfitters, Inc. *		26,481		459,181
Varian Medical Systems, Inc. *		432		49,412
Varonis Systems, Inc. *		10,039		673,115
Veeva Systems, Inc., Class A *		290		55,332
Veracyte, Inc. *		1,917		51,701
VeriSign, Inc. *,1		4,462		934,744
Verisk Analytics, Inc.		309		47,224
Vertex Pharmaceuticals, Inc. *,1		4,583		1,151,250
ViacomCBS, Inc., Class B 1		23,495		405,524
Vicor Corp. *		1,105		58,753
Viking Therapeutics, Inc. *		9,663		55,659
Vonage Holdings Corp. *		62,176		519,791
Vulcan Materials Co.		4,887		552,084
WABCO Holdings, Inc. *		324		43,539
Walmart, Inc. 1		5,784		703,045
Waters Corp. *		237		44,319
Watsco, Inc.		1,502		241,807
Watts Water Technologies, Inc., Class A		539		44,414
WD-40 Co.		222		38,690
West Pharmaceutical Services, Inc. 1		7,555		1,429,859
Willis Towers Watson PLC		1,528		272,427
Wingstop, Inc.		541		63,443
World Wrestling Entertainment, Inc., Class A		24,099		1,071,683
Wynn Resorts Ltd.		5,570		476,402
Xerox Holdings Corp. *,1		21,603		395,119
Xilinx, Inc.		561		49,031
Xylem, Inc.		659		47,382
Y-mAbs Therapeutics, Inc. *		2,256		75,756

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Zions Bancorp NA		77,350		2,445,033
Zscaler, Inc. *		738		49,505
Zynga, Inc., Class A *		70,782		533,696
				146,623,228
Total Common stocks (cost—$200,755,656)				205,558,760
Preferred stocks—0.1%
France—0.0%†
Safran SA		461		42,547
Germany—0.1%
Bayerische Motoren Werke AG		1,106		52,383
FUCHS PETROLUB SE		7,589		294,899
Porsche Automobil Holding SE		199		10,038
Sartorius AG		44		12,382
				369,702
Total preferred stocks (cost—$430,600)				412,249
Investment companies—5.4%
ASG Managed Futures Strategy Fund, Class Y		591,860		5,924,515
Carillon Reams Unconstrained Bond Fund, Class I		1,425,474		17,419,297
iShares JPMorgan USD Emerging Markets Bond ETF		11,358		1,141,479
Total investment companies (cost—$23,827,324)				24,485,291

	Face amount($)		Value($)
Corporate bonds—10.7%
Australia—0.0%†
FMG Resources August 2006 Pty Ltd.
4.500%, due 09/15/272		55,000		53,735
5.125%, due 03/15/232		70,000		70,658
				124,393
Austria—0.0%†
Erste Group Bank AG
(fixed, converts to FRN on 04/15/24),
6.500%, due 04/15/243,4	EUR	200,000		219,718

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Belgium—0.2%
Belfius Bank SA
(fixed, converts to FRN on 04/16/25),
3.625%, due 04/16/253,4	EUR	400,000		359,438
KBC Group N.V.
(fixed, converts to FRN on 10/24/25),
4.250%, due 10/24/253,4	EUR	200,000		198,883
KBC Group N.V. EMTN
(fixed, converts to FRN on 12/03/24),
0.500%, due 12/03/293	EUR	200,000		206,695
				765,016
Canada—0.1%
Baytex Energy Corp.
8.750%, due 04/01/272		55,000		20,900
Cott Holdings, Inc.
5.500%, due 04/01/252		25,000		25,125
Garda World Security Corp.
4.625%, due 02/15/272		25,000		24,063
9.500%, due 11/01/272		25,000		25,000
goeasy Ltd.
5.375%, due 12/01/242		30,000		26,925
IAMGOLD Corp.
7.000%, due 04/15/252		20,000		20,158
MEG Energy Corp.
7.125%, due 02/01/272		65,000		44,850
Norbord, Inc.
5.750%, due 07/15/272		55,000		50,050
Open Text Corp.
3.875%, due 02/15/282		35,000		34,125
Open Text Holdings, Inc.
4.125%, due 02/15/302		25,000		24,317
Videotron Ltd.
5.375%, due 06/15/242		25,000		26,500
				322,013
Cayman Islands—0.3%
Avadel Finance Cayman Ltd.
4.500%, due 02/01/232		1,500,000		1,623,270
China—0.3%
NIO, Inc.
4.500%, due 02/01/24		2,559,000		1,362,302

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Denmark—0.1%
Danske Bank A/S EMTN
(fixed, converts to FRN on 02/12/25),
1.375%, due 02/12/30 3	EUR	200,000		209,914
(fixed, converts to FRN on 04/06/22),
5.875%, due 04/06/22 3,4	EUR	284,000		314,723
Nykredit Realkredit A/S
(fixed, converts to FRN on 10/26/20),
6.250%, due 10/26/203,4	EUR	98,000		107,393
				632,030
Finland—0.1%
Nordea Bank Abp GMTN
(fixed, converts to FRN on 03/12/25),
3.500%, due 03/12/253,4	EUR	400,000		407,656
France—0.2%
BNP Paribas SA
(fixed, converts to FRN on 06/17/22),
6.125%, due 06/17/223,4	EUR	160,000		178,404
Credit Agricole SA
(fixed, converts to FRN on 06/23/21),
6.500%, due 06/23/213,4	EUR	284,000		311,104
Credit Agricole SA EMTN
2.000%, due 03/25/293	EUR	100,000		114,630
Elis SA EMTN
1.000%, due 04/03/253	EUR	100,000		97,038
Societe Generale SA
(fixed, converts to FRN on 04/07/21),
6.750%, due 04/07/213,4	EUR	286,000		313,530
				1,014,706
Germany—0.0%†
DEMIRE Deutsche Mittelstand Real Estate AG
1.875%, due 10/15/243	EUR	100,000		100,366
Italy—0.1%
Assicurazioni Generali SpA EMTN
2.124%, due 10/01/303	EUR	100,000		103,010

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Italy—(concluded)
Nexi SpA
1.750%, due 10/31/243	EUR	125,000		128,077
				231,087
Netherlands—0.2%
ABN AMRO Bank N.V.
(fixed, converts to FRN on 09/22/20),
5.750%, due 09/22/203,4	EUR	200,000		209,425
Cooperatieve Rabobank UA
(fixed, converts to FRN on 06/29/21),
6.625%, due 06/29/213,4	EUR	200,000		222,905
Koninklijke KPN N.V.
(fixed, converts to FRN on 11/08/24),
2.000%, due 11/08/243,4	EUR	200,000		208,899
LeasePlan Corp. N.V.
(fixed, converts to FRN on 05/29/24),
7.375%, due 05/29/243,4	EUR	200,000		170,091
				811,320
Spain—0.5%
Banco Bilbao Vizcaya Argentaria SA
(fixed, converts to FRN on 05/24/22),
5.875%, due 05/24/223,4	EUR	200,000		206,020
Banco Bilbao Vizcaya Argentaria SA GMTN
3.500%, due 02/10/273	EUR	200,000		241,416
Banco de Sabadell SA
(fixed, converts to FRN on 11/23/22),
6.125%, due 11/23/223,4	EUR	200,000		157,966
Banco Santander SA
(fixed, converts to FRN on 03/19/25),
4.750%, due 03/19/253,4	EUR	400,000		373,746
Banco Santander SA EMTN
2.125%, due 02/08/283	EUR	200,000		222,449
Bankia SA
(fixed, converts to FRN on 09/19/23),
6.375%, due 09/19/233,4	EUR	400,000		366,123
Bankia SA EMTN
(fixed, converts to FRN on 02/15/24),
3.750%, due 02/15/293	EUR	200,000		210,549
Bankinter SA
(fixed, converts to FRN on 05/10/21),
8.625%, due 05/10/213,4	EUR	200,000		219,411

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Spain—(concluded)
CaixaBank SA
(fixed, converts to FRN on 06/13/24),
6.750%, due 06/13/243,4	EUR	200,000		206,020
				2,203,700
Switzerland—0.1%
UBS Group AG
(fixed, converts to FRN on 02/19/22),
5.750%, due 02/19/223,4	EUR	278,000		314,547
Taiwan—0.6%
Sea Ltd.
2.250%, due 07/01/23		1,000,000		2,820,850
United Kingdom—0.1%
Barclays PLC EMTN
(fixed, converts to FRN on 02/07/23),
2.000%, due 02/07/283	EUR	100,000		106,911
HSBC Holdings PLC
(fixed, converts to FRN on 09/16/22),
5.250%, due 09/16/223,4	EUR	200,000		216,156
				323,067
United States—7.8%
Acadia Healthcare Co., Inc.
5.625%, due 02/15/23		55,000		52,228
Acorda Therapeutics, Inc.
6.000%, due 12/01/242		922,000		729,679
Adient US LLC
9.000%, due 04/15/252		3,000		3,128
AES Corp./The
5.125%, due 09/01/27		25,000		26,062
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.750%, due 03/15/25		25,000		25,625
5.875%, due 02/15/282		25,000		26,117
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.750%, due 10/15/272		25,000		24,940
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.625%, due 07/15/262		25,000		25,702
9.750%, due 07/15/272		25,000		25,250
Allison Transmission, Inc.
5.875%, due 06/01/292		20,000		19,391
Ally Financial, Inc.
5.750%, due 11/20/25		60,000		61,500

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
American Axle & Manufacturing, Inc.
6.250%, due 03/15/26		40,000		29,800
Anixter, Inc.
6.000%, due 12/01/25		25,000		25,250
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.750%, due 03/01/272		70,000		51,800
Anthem, Inc.
2.750%, due 10/15/42		500,000		1,979,940
Apellis Pharmaceuticals, Inc.
3.500%, due 09/15/262		1,900,000		2,250,949
Aramark Services, Inc.
6.375%, due 05/01/252		30,000		31,200
Archrock Partners LP/Archrock Partners Finance Corp.
6.875%, due 04/01/272		25,000		18,750
Arconic Corp.
6.000%, due 05/15/252,5		10,000		10,113
Asbury Automotive Group, Inc.
4.500%, due 03/01/282		14,000		11,756
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/262		25,000		14,500
ASGN, Inc.
4.625%, due 05/15/282		40,000		36,888
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.750%, due 07/15/272		50,000		29,062
Bausch Health Americas, Inc.
8.500%, due 01/31/272		15,000		16,536
Bausch Health Cos., Inc.
5.000%, due 01/30/282		30,000		28,719
5.250%, due 01/30/302		55,000		54,450
Berry Global, Inc.
4.875%, due 07/15/262		25,000		25,536
Boyd Gaming Corp.
4.750%, due 12/01/272		25,000		21,538
Brink's Co./The
4.625%, due 10/15/272		55,000		51,425
Bruin E&P Partners LLC
8.875%, due 08/01/232		65,000		1,625
Burlington Coat Factory Warehouse Corp.
6.250%, due 04/15/252		5,000		5,088
Caesars Entertainment Corp.
5.000%, due 10/01/24		2,000,000		2,841,860

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Calpine Corp.
4.500%, due 02/15/282		25,000		24,240
Carnival Corp.
5.750%, due 04/01/232		1,000,000		1,694,240
11.500%, due 04/01/232		15,000		15,670
Catalent Pharma Solutions, Inc.
5.000%, due 07/15/272		60,000		61,200
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/302		70,000		70,350
5.125%, due 05/01/232		25,000		25,320
5.500%, due 05/01/262		55,000		57,206
Centene Corp.
4.625%, due 12/15/292		60,000		65,700
5.375%, due 08/15/262		60,000		63,906
Century Communities, Inc.
5.875%, due 07/15/25		25,000		23,125
Charles River Laboratories International, Inc.
4.250%, due 05/01/282		55,000		55,481
Cheniere Energy Partners LP
4.500%, due 10/01/292		25,000		23,063
CHS/Community Health Systems, Inc.
6.250%, due 03/31/23		25,000		23,250
CIT Group, Inc.
5.250%, due 03/07/25		55,000		54,329
CommScope, Inc.
6.000%, due 03/01/262		25,000		24,999
8.250%, due 03/01/272		25,000		24,000
Consolidated Communications, Inc.
6.500%, due 10/01/22		60,000		53,850
Continental Resources, Inc.
5.000%, due 09/15/22		15,000		14,100
CVR Partners LP/CVR Nitrogen Finance Corp.
9.250%, due 06/15/232		25,000		21,974
DaVita, Inc.
5.000%, due 05/01/25		60,000		60,900
DCP Midstream Operating LP
5.375%, due 07/15/25		25,000		20,250
Dell International LLC/EMC Corp.
7.125%, due 06/15/242		25,000		25,905
DISH DBS Corp.
6.750%, due 06/01/21		25,000		24,900
7.750%, due 07/01/26		25,000		24,625

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Eldorado Resorts, Inc.
6.000%, due 04/01/25		25,000		24,000
Encompass Health Corp.
4.750%, due 02/01/30		25,000		25,003
Energizer Holdings, Inc.
7.750%, due 01/15/272		60,000		63,690
Enterprise Development Authority/The
12.000%, due 07/15/242		30,000		27,075
Expedia Group, Inc.
6.250%, due 05/01/252,5		10,000		10,193
7.000%, due 05/01/252,5		5,000		5,085
Flex Acquisition Co., Inc.
6.875%, due 01/15/252		65,000		62,949
Ford Motor Co.
8.500%, due 04/21/23		20,000		19,800
9.000%, due 04/22/25		25,000		24,313
Genesis Energy LP/Genesis Energy Finance Corp.
6.500%, due 10/01/25		55,000		46,200
Golden Nugget, Inc.
6.750%, due 10/15/242		60,000		46,800
8.750%, due 10/01/252		10,000		5,600
Graham Holdings Co.
5.750%, due 06/01/262		25,000		25,250
Gray Television, Inc.
7.000%, due 05/15/272		25,000		25,180
Greif, Inc.
6.500%, due 03/01/272		60,000		60,000
HCA, Inc.
3.500%, due 09/01/30		50,000		47,719
5.375%, due 02/01/25		25,000		26,878
5.625%, due 09/01/28		55,000		60,944
Hecla Mining Co.
7.250%, due 02/15/28		20,000		19,550
Hilton Domestic Operating Co., Inc.
5.375%, due 05/01/252		5,000		5,013
5.750%, due 05/01/282		5,000		5,063
HUB International Ltd.
7.000%, due 05/01/262		25,000		24,661
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250%, due 05/15/26		60,000		58,957
Infor U.S., Inc.
6.500%, due 05/15/22		25,000		25,022

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Intercept Pharmaceuticals, Inc.
2.000%, due 05/15/26		1,930,000		1,951,963
Iron Mountain, Inc.
4.875%, due 09/15/272		70,000		68,250
KBR, Inc.
2.500%, due 11/01/23		2,000,000		2,075,940
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.000%, due 06/01/242		25,000		25,759
Kraft Heinz Foods Co.
5.000%, due 07/15/35		50,000		53,575
Lamar Media Corp.
3.750%, due 02/15/282		25,000		23,016
Lennar Corp.
8.375%, due 01/15/21		25,000		25,625
Level 3 Financing, Inc.
4.625%, due 09/15/272		55,000		54,494
Liberty Media Corp.
1.375%, due 10/15/23		2,158,000		2,254,419
2.250%, due 12/01/482		3,020,000		3,007,398
M/I Homes, Inc.
4.950%, due 02/01/282		35,000		30,625
MasTec, Inc.
4.875%, due 03/15/23		55,000		54,175
Match Group, Inc.
4.125%, due 08/01/302		60,000		58,200
Mattel, Inc.
5.875%, due 12/15/272		20,000		19,550
6.750%, due 12/31/252		25,000		25,375
Meredith Corp.
6.875%, due 02/01/26		60,000		51,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.625%, due 05/01/24		25,000		25,380
MGM Resorts International
5.500%, due 04/15/27		46,000		42,262
6.750%, due 05/01/255		15,000		14,702
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/262		55,000		18,425
MPT Operating Partnership LP/MPT Finance Corp.
4.625%, due 08/01/29		25,000		24,859
MSCI, Inc.
5.750%, due 08/15/252		25,000		26,115

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Murphy Oil USA, Inc.
4.750%, due 09/15/29		25,000		25,742
NCL Corp. Ltd.
3.625%, due 12/15/242		25,000		16,063
NCR Corp.
6.125%, due 09/01/292		25,000		24,813
Netflix, Inc.
5.375%, due 11/15/292		20,000		21,966
5.750%, due 03/01/24		25,000		27,185
Newell Brands, Inc.
4.700%, due 04/01/26		70,000		70,831
Nexstar Broadcasting, Inc.
5.625%, due 07/15/272		60,000		57,300
NGL Energy Partners LP/NGL Energy Finance Corp.
7.500%, due 11/01/23		60,000		40,650
Nine Energy Service, Inc.
8.750%, due 11/01/232		25,000		4,781
NRG Energy, Inc.
5.750%, due 01/15/28		70,000		75,250
Nuance Communications, Inc.
5.625%, due 12/15/26		60,000		62,892
Occidental Petroleum Corp.
2.600%, due 08/13/21		10,000		9,350
2.700%, due 08/15/22		10,000		8,700
2.900%, due 08/15/24		10,000		7,597
3.200%, due 08/15/26		20,000		14,400
3.500%, due 08/15/29		10,000		7,002
4.100%, due 02/15/47		15,000		9,000
Oceaneering International, Inc.
6.000%, due 02/01/28		45,000		23,119
ON Semiconductor Corp.
1.000%, due 12/01/20		2,000,000		2,120,940
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.625%, due 03/15/302		25,000		22,813
Owens-Brockway Glass Container, Inc.
5.875%, due 08/15/232		65,000		65,650
Pandora Media LLC
1.750%, due 12/01/23		828,000		925,530
Parsley Energy LLC/Parsley Finance Corp.
5.625%, due 10/15/272		60,000		51,300
PBF Holding Co. LLC/PBF Finance Corp.
7.250%, due 06/15/25		25,000		19,188

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
PDC Energy, Inc.
6.125%, due 09/15/24		55,000		43,175
Penske Automotive Group, Inc.
5.500%, due 05/15/26		25,000		23,104
Plantronics, Inc.
5.500%, due 05/31/232		15,000		11,885
Plastipak Holdings, Inc.
6.250%, due 10/15/252		55,000		49,104
Presidio Holdings, Inc.
4.875%, due 02/01/272		55,000		53,795
8.250%, due 02/01/282		35,000		34,538
PTC, Inc.
4.000%, due 02/15/282		55,000		53,900
Radiology Partners, Inc.
9.250%, due 02/01/282		35,000		33,337
Retrophin, Inc.
2.500%, due 09/15/25		2,950,000		2,240,121
Scientific Games International, Inc.
7.000%, due 05/15/282		70,000		50,400
Scotts Miracle-Gro Co./The
4.500%, due 10/15/29		40,000		39,000
Select Medical Corp.
6.250%, due 08/15/262		50,000		47,750
Service Corp. International
5.125%, due 06/01/29		55,000		57,200
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/282		25,000		21,594
Sirius XM Radio, Inc.
5.500%, due 07/01/292		55,000		58,003
SM Energy Co.
1.500%, due 07/01/211		448,500		210,315
Spectrum Brands, Inc.
5.750%, due 07/15/25		55,000		54,862
Springleaf Finance Corp.
6.125%, due 03/15/24		60,000		56,257
6.625%, due 01/15/28		60,000		52,950
Sprint Corp.
7.875%, due 09/15/23		110,000		123,728
Stericycle, Inc.
5.375%, due 07/15/242		70,000		70,201
Summit Materials LLC/Summit Materials Finance Corp.
5.125%, due 06/01/252		20,000		19,350

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
6.500%, due 03/15/272		25,000		24,750
T-Mobile USA, Inc.
6.500%, due 01/15/26		70,000		73,850
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.875%, due 01/15/29		70,000		64,197
Teleflex, Inc.
4.625%, due 11/15/27		25,000		25,625
Tenet Healthcare Corp.
5.125%, due 05/01/25		60,000		56,100
5.125%, due 11/01/272		25,000		24,688
6.250%, due 02/01/272		25,000		24,615
7.500%, due 04/01/252		5,000		5,378
8.125%, due 04/01/22		20,000		20,156
Twitter, Inc.
3.875%, due 12/15/272		35,000		34,856
United Rentals North America, Inc.
6.500%, due 12/15/26		60,000		62,250
United States Steel Corp.
5.000%, due 11/01/262		3,000,000		2,265,543
6.250%, due 03/15/26		40,000		25,432
US Foods, Inc.
6.250%, due 04/15/252		20,000		20,450
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 09/01/27		60,000		49,200
Verscend Escrow Corp.
9.750%, due 08/15/262		60,000		62,550
ViaSat, Inc.
5.625%, due 04/15/272		25,000		24,625
VICI Properties LP/VICI Note Co., Inc.
4.125%, due 08/15/302		55,000		50,050
Vistra Operations Co. LLC
5.625%, due 02/15/272		60,000		63,150
WESCO Distribution, Inc.
5.375%, due 06/15/24		25,000		23,125
Western Digital Corp.
4.750%, due 02/15/26		30,000		30,628
World Wrestling Entertainment, Inc.
3.375%, due 12/15/23		978,000		1,860,293
WPX Energy, Inc.
5.250%, due 10/15/27		60,000		52,200
Wright Medical Group N.V.
2.250%, due 11/15/21		1,000,000		1,398,820

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Yum! Brands, Inc.
7.750%, due 04/01/252		5,000		5,451
Zayo Group Holdings, Inc.
4.000%, due 03/01/272		25,000		24,245
6.125%, due 03/01/282		10,000		9,425
				35,283,325
Total corporate bonds (cost—$51,061,185)				48,559,366

	Number of shares
Short-term investments—29.8%
Investment companies—29.8%
State Street Institutional U.S. Government Money Market Fund (cost—$135,351,559)		135,351,559	135,351,559

	Face amount($)
Short-term U.S. Treasury obligations—4.6%6
U.S. Treasury Bills
0.051%, due 07/16/201		10,000,000	9,998,945
0.711%, due 06/18/201		2,000,000	1,998,133
1.514%, due 05/21/201		9,000,000	8,992,560
Total Short-term U.S. Treasury obligations (cost—$20,989,638)			20,989,638

	Number of contracts		Notional amount
Foreign exchange options purchased—0.0%†
Call options—0.0%†
Call Swiss Market Index, strike @ 9500.00, expires 06/19/20 (Counterparty: JPM) (cost—$181,633)		38		CHF	38	161,842
Put options—0.0%†
USD Put/TRY Call, strike @ 4.00, expires 05/04/20 (Counterparty: SG)		500,000		USD	500,000	1

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited) 

	Number of contracts		Notional amount			Value($)
Foreign exchange options purchased—(concluded)
Put options—(concluded)
USD Put/TRY Call, strike @ 4.00, expires 06/04/20 (Counterparty: CITI)		1,005,000		USD	1,005,000		1
Total foreign exchange options purchased (cost—$62,410)							2
Options purchased—0.1%
Put options—0.1%
Acorda Therapeutics, Inc.		360		72,000			32,400
Apellis Pharmaceuticals, Inc.		58		145,000			3,480
Avadel Pharmaceuticals PLC		565		282,500			11,300
Caesars Entertainment Corp.		100		70,000			2,800
Carnival Corp.		100		50,000			7,600
IAC/Interactivecorp.		10		100,000			100
Intercept Pharmaceuticals, Inc.		100		250,000			2,500
NIO, Inc.		925		245,000			44,475
NIO, Inc.		1,675		335,000			63,650
Retrophin, Inc.		490		392,000			29,400
United States Steel Corp.		1,215		574,500			162,810
Total options purchased (cost—$509,111)							360,515
Total investments before investments sold short (cost—$433,169,116)—95.9%							435,879,222

	Number of shares
Investments sold short—(19.1)%
Common stocks—(15.0)%
Australia—(0.1)%
Transurban Group		(35,710	)	(321,132	)
Canada—(2.1)%
BlackBerry Ltd.		(142,900	)	(609,811	)
Cameco Corp.		(10,500	)	(104,400	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Canaccord Genuity Group, Inc.		(81,630	)		(316,093	)
Cascades, Inc.		(47,120	)		(471,555	)
Chartwell Retirement Residences		(28,730	)		(184,523	)
Choice Properties Real Estate Investment Trust		(52,520	)		(476,168	)
CI Financial Corp.		(9,450	)		(100,410	)
H&R Real Estate Investment Trust		(46,760	)		(331,229	)
Husky Energy, Inc.		(20,600	)		(66,153	)
Hydro One Ltd.		(26,260	)		(476,168	)
IGM Financial, Inc.		(10,480	)		(221,955	)
International Petroleum Corp.		(1	)		(2	)
MAG Silver Corp.		(55,780	)		(634,360	)
Methanex Corp.		(45,200	)		(718,615	)
Metro, Inc.		(18,370	)		(755,810	)
Morguard Real Estate Investment Trust		(59,010	)		(245,460	)
National Bank of Canada		(9,230	)		(372,263	)
Novagold Resources, Inc.		(7,839	)		(87,967	)
People Corp.		(33,400	)		(215,956	)
RioCan Real Estate Investment Trust		(36,880	)		(421,274	)
Shopify, Inc., Class A		(1,500	)		(951,306	)
Teck Resources Ltd., Class B		(59,800	)		(527,135	)
Transcontinental, Inc., Class A		(34,060	)		(308,557	)
West Fraser Timber Co. Ltd.		(34,700	)		(965,752	)
					(9,562,922	)
China—(0.2)%
NIO, Inc., ADR		(242,000	)		(825,220	)
Germany—(0.2)%
Continental AG		(8,380	)		(708,945	)
Ireland—(0.2)%
Avadel Pharmaceuticals PLC, ADR		(99,875	)		(1,036,702	)
Israel—(0.3)%
Wix.com Ltd.		(9,195	)		(1,202,798	)
Japan—(0.9)%
Dentsu Group, Inc.		(11,600	)		(246,236	)
Hitachi Metals Ltd.		(52,000	)		(511,690	)
JFE Holdings, Inc.		(127,300	)		(858,829	)
Nippon Steel Corp.		(109,300	)		(928,767	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
THK Co. Ltd.		(34,500	)		(838,107	)
Yamato Holdings Co. Ltd.		(43,000	)		(756,502	)
					(4,140,131	)
Luxembourg—(0.1)%
ArcelorMittal SA		(51,932	)		(569,210	)
Netherlands—(0.1)%
Altice N.V., Class A		(102,339	)		(407,658	)
Norway—(0.1)%
Norsk Hydro ASA		(222,311	)		(567,872	)
Taiwan—(0.6)%
Sea Ltd. ADR		(47,150	)		(2,620,597	)
United Kingdom—(0.1)%
Rolls-Royce Holdings PLC		(141,617	)		(588,610	)
United States—(9.9)%
Acorda Therapeutics, Inc.		(164,701	)		(158,525	)
AGCO Corp.		(4,638	)		(245,072	)
Align Technology, Inc.		(1,132	)		(243,210	)
American Airlines Group, Inc.		(56,797	)		(682,132	)
Anthem, Inc.		(6,975	)		(1,958,092	)
Apache Corp.		(59,904	)		(783,544	)
Apellis Pharmaceuticals, Inc.		(36,657	)		(1,256,235	)
Axcelis Technologies, Inc.		(4,768	)		(111,380	)
BioTelemetry, Inc.		(2,489	)		(116,261	)
Boeing Co./The		(3,853	)		(543,350	)
Brinker International, Inc.		(15,690	)		(365,263	)
Caesars Entertainment Corp.		(208,500	)		(2,014,110	)
Campbell Soup Co.		(9,500	)		(474,810	)
Carnival Corp.		(102,000	)		(1,621,800	)
Caterpillar, Inc.		(4,205	)		(489,378	)
Cheesecake Factory, Inc./The		(5,230	)		(116,577	)
Children's Place, Inc./The		(1,340	)		(39,610	)
Chipotle Mexican Grill, Inc.		(672	)		(590,386	)
Cisco Systems, Inc.		(13,632	)		(577,724	)
Cracker Barrel Old Country Store, Inc.		(520	)		(50,648	)
Dave & Buster's Entertainment, Inc.		(15,690	)		(229,702	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Devon Energy Corp.		(60,108	)		(749,547	)
Domtar Corp.		(6,558	)		(153,195	)
Etsy, Inc.		(3,766	)		(244,300	)
Exact Sciences Corp.		(10,150	)		(801,647	)
FedEx Corp.		(3,867	)		(490,220	)
Freeport-McMoRan, Inc.		(65,166	)		(575,416	)
Generac Holdings, Inc.		(2,431	)		(236,877	)
General Mills, Inc.		(7,977	)		(477,743	)
Goldman Sachs Group, Inc./The		(2,641	)		(484,412	)
Halliburton Co.		(51,064	)		(536,172	)
Helmerich & Payne, Inc.		(25,165	)		(497,512	)
Inphi Corp.		(2,463	)		(237,778	)
Intercept Pharmaceuticals, Inc.		(13,237	)		(1,084,375	)
International Flavors & Fragrances, Inc.		(2,765	)		(362,298	)
iRhythm Technologies, Inc.		(2,439	)		(257,656	)
Iron Mountain, Inc.		(39,430	)		(953,417	)
KBR, Inc.		(47,533	)		(963,019	)
Kohl's Corp.		(7,850	)		(144,911	)
Kroger Co./The		(12,550	)		(396,706	)
Lam Research Corp.		(2,744	)		(700,488	)
Liberty Media Corp-Liberty Braves, Class A		(3,611	)		(74,531	)
Liberty Media Corp-Liberty SiriusXM, Class A		(33,218	)		(1,119,779	)
Liberty Media Corp.-Liberty Formula One, Class A		(8,304	)		(251,196	)
Live Nation Entertainment, Inc.		(18,292	)		(820,762	)
Macy's, Inc.		(80,894	)		(474,039	)
Marvell Technology Group Ltd.		(17,922	)		(479,234	)
Microchip Technology, Inc.		(3,949	)		(346,446	)
MongoDB, Inc.		(4,743	)		(768,983	)
Mosaic Co./The		(38,235	)		(440,085	)
Nasdaq, Inc.		(1,260	)		(138,184	)
National Oilwell Varco, Inc.		(16,449	)		(207,915	)
Nordstrom, Inc.		(39,143	)		(735,106	)
NVIDIA Corp.		(1,657	)		(484,308	)
Occidental Petroleum Corp.		(20,592	)		(341,827	)
ON Semiconductor Corp.		(12,000	)		(192,540	)
Pinterest, Inc., Class A		(40,117	)		(828,817	)
Polaris, Inc.		(3,450	)		(244,708	)
Ralph Lauren Corp.		(3,009	)		(222,004	)
Retrophin, Inc.		(38,000	)		(578,360	)
Roku, Inc.		(6,314	)		(765,446	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
Royal Caribbean Cruises Ltd.		(10,530	)		(492,488	)
Sarepta Therapeutics, Inc.		(6,667	)		(785,906	)
Schlumberger Ltd.		(27,798	)		(467,562	)
Seattle Genetics, Inc.		(4,220	)		(579,111	)
Sirius XM Holdings, Inc.		(52,320	)		(309,211	)
Splunk, Inc.		(6,316	)		(886,514	)
Square, Inc., Class A		(5,996	)		(390,579	)
Tesla, Inc.		(773	)		(604,393	)
Trex Co., Inc.		(5,089	)		(484,575	)
Twilio, Inc., Class A		(9,293	)		(1,043,604	)
UGI Corp.		(19,427	)		(586,307	)
United States Steel Corp.		(134,700	)		(1,034,496	)
Urban Outfitters, Inc.		(11,610	)		(201,317	)
Wells Fargo & Co.		(16,736	)		(486,181	)
Wendy's Co./The		(24,368	)		(483,948	)
World Wrestling Entertainment, Inc., Class A		(34,150	)		(1,518,651	)
Wright Medical Group N.V.		(32,800	)		(955,136	)
Wynn Resorts Ltd.		(8,536	)		(730,084	)
Zoom Video Communications, Inc., Class A		(1,840	)		(248,713	)
					(44,818,544	)
Zambia—(0.1)%
First Quantum Minerals Ltd.		(103,100	)		(629,585	)
Total common stocks (cost—$(68,649,220))					(67,999,926	)
	Face amount($)
Corporate bonds—(0.2)%
United States—(0.2)%
United States Steel Corp.
6.250%, due 03/15/26
(cost—$(1,093,674))		(1,500,000	)		(953,700	)

	Number of shares
Investment companies—(3.9)%
Horizon S&P/TSX 60 Index ETF		(123,310	)	(2,969,468	)
Invesco QQQ Trust, Series 1		(3,950	)	(864,695	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Investment companies—(concluded)
iShares Edge MSCI USA Momentum Factor ETF		(7,870	)		(936,058	)
iShares Russell 2000 ETF		(23,602	)		(3,170,192	)
iShares S&P/TSX 60 Index ETF		(280,577	)		(4,549,462	)
SPDR Bloomberg Barclays High Yield Bond ETF		(1,176	)		(116,459	)
SPDR S&P 500 ETF Trust		(16,788	)		(4,876,578	)
Vanguard Information Technology ETF		(1,310	)		(317,020	)
Total investment companies (cost—$(17,462,236))					(17,799,932	)
Total investments sold short (proceeds—$87,205,130)					(86,753,558	)
Other assets in excess of liabilities—23.2%					105,318,544
Net assets—100.0%				$	454,444,208

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

Equity options written

Notional amount

Number of contracts

Put options

Expiration date

Premiums received

Current value

Unrealized appreciation (depreciation)

CHF

38

38

Call Swiss Market Index, strike @ 9,500.00

06/19/20

189,271

(90,940

)

98,331

Options written

Notional amount		Number of contracts		Put options	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	6,800		34	Acorda Therapeutics, Inc., strike @ 2.00	07/17/20		4,372		(3,060	)		1,312
USD	100,000		10	IAC/Interactivecorp., strike @ 100.00	10/16/20		786		(100	)		686
Total options written							5,158		(3,160	)		1,998

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)	Value($)	Unrealized appreciation (depreciation)($)
Index futures buy contracts:
29	EUR	EURO STOXX 50 Index Futures	June 2020	916,337	917,478	1,141
70	USD	Mini MSCI Emerging Markets (EM) Index Futures	June 2020	3,052,275	3,170,650	118,375
41	USD	S&P 500 E-Mini Consumer Staples Sector Futures	June 2020	2,469,650	2,392,350	(77,300	)
32	USD	S&P 500 E-Mini Index Futures	June 2020	4,514,555	4,643,840	129,285
U.S. Treasury futures buy contracts:
182	USD	U.S. Treasury Note 5 Year Futures	June 2020	22,766,827	22,838,156	71,329
87	USD	U.S. Ultra Bond Futures	June 2020	18,629,414	19,555,969	926,555
Total				52,349,058	53,518,443	1,169,385

Index futures sell contracts:

71	EUR	EURO STOXX 600 Index Futures	June 2020	(1,181,320	)	(1,312,187	)	(130,867	)
14	JPY	TOPIX Index Futures	June 2020	(1,848,293	)	(1,896,846	)	(48,553	)
61	USD	MSCI Industrials Index Futures	June 2020	(1,787,111	)	(1,905,042	)	(117,931	)
61	USD	MSCI World Index Futures	June 2020	(3,347,220	)	(3,689,280	)	(342,060	)
190	USD	Russell 2000 Mini Index Futures	June 2020	(10,638,954	)	(12,413,650	)	(1,774,696	)
Total				(18,802,898	)	(21,217,005	)	(2,414,107	)
Net unrealized appreciation (depreciation)								(1,244,722	)

Centrally cleared credit default swap agreements on credit indices—sell protection⁸

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio(%)7	Upfront payments received (made)($)		Value($)	Unrealized appreciation (depreciation)($)
CDX North American High Yield 33 Index	USD	—	12/20/24	Quarterly	5.000	(147	)	921	774

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)7	Payments received by the Portfolio(%)7	Value($)		Unrealized appreciation (depreciation)($)
USD	3,282	01/14/25	Annual	1.808	12 Month US CPI	(164,554	)	(164,554	)
USD	9,679	01/15/25	Annual	1.821	12 Month US CPI	(492,424	)	(492,424	)
GBP	4,284	05/15/29	Annual	12 Month GBP LIBOR	3.591	300,463		300,463
GBP	2,667	12/15/29	Annual	12 Month GBP LIBOR	3.513	140,672		140,672
GBP	1,100	12/15/29	Annual	12 Month GBP LIBOR	3.538	72,472		72,472
CNY	12,700	03/18/25	Quarterly	6 Month GBP LIBOR	2.998	104,536		104,536
CNY	25,500	03/18/25	Quarterly	6 Month GBP LIBOR	2.975	206,163		206,163
CNY	8,800	03/18/25	Quarterly	6 Month GBP LIBOR	2.300	29,723		29,723
Total						197,051		197,051

OTC Total return swap agreements

Counterparty	Notional amount(000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)7	Payments received by the Portfolio(%)7	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
CITI	USD	2,033	09/08/20	Monthly	MSCI World Net Total Return USD Index	1 Month USD LIBOR minus 30 bps	—	(84,560	)	(84,560	)
MSCI	USD	33	12/19/22	At Maturity	1 Day Federal Fund Rate plus 55 bps	Cellnex Telecom N.A., Common Stock	—	371,266		371,266
MSCI	USD	848	10/27/22	At Maturity	Walmart, Inc., common stocks	1 Day Federal Fund Rate minus 30 bps	—	(11,507	)	(11,507	)
MSCI	USD	1,708	10/27/22	At Maturity	Technology Select Sector Index	1 Day Federal Fund Rate minus 10 bps	—	(245,924	)	(245,924	)
MSCI	USD	3,324	10/27/22	At Maturity	Industrial Select Sector Index	1 Day Federal Fund Rate minus 35 bps	—	153,666		153,666

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaps—(continued)

OTC Total return swaps—(continued)

MSCI	USD	1,542	10/27/22	At Maturity	Consumer Discretionary Select Sector Index	1 Day Federal Fund Rate minus 25 bps	—	8,639		8,639
MSCI	USD	7,249	10/27/22	At Maturity	S&P 500 Index	1 Day Federal Fund Rate minus 25 bps	—	(854,499	)	(854,499	)
MSCI	USD	234	10/27/22	At Maturity	Dow Jones U.S. Real Estate Index	1 Day Federal Fund Rate minus 20 bps	—	44,533		44,533
MSCI	USD	1,082	10/27/22	At Maturity	Financial Select Sector Index	1 Day Federal Fund Rate minus 35 bps	—	210,003		210,003
MSCI	USD	4,296	10/27/22	At Maturity	Health Care Select Sector Index	1 Day Federal Fund Rate minus 25 bps	—	(415,634	)	(415,634	)
MSCI	USD	239	10/27/22	At Maturity	Gilead Sciences, Inc., Common Stock	1 Day Federal Fund Rate minus 30 bps	—	(27,075	)	(27,075	)
MSCI	USD	11	02/03/23	At Maturity	1 Day Federal Fund Rate plus 50 bps	Becton Dickinson and Co., Common Stock	—	121,086		121,086
MSCI	USD	77	10/27/22	At Maturity	Caterpillar Group, Inc., common stocks	1 Day Federal Fund Rate minus 30 bps	—	13,590		13,590
SG	USD	262	01/15/21	Monthly	USTN.S Index	1 Month USD LIBOR	—	52,864		52,864

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

Swaps—(concluded)

OTC Total return swaps—(concluded)

SG	USD	266	01/15/21	Monthly	USVZ Index		1 Month USD LIBOR		—	7,327		7,327
SG	USD	133	01/15/21	Monthly	USDISN.S		1 Month USD LIBOR plus 15 bps		—	33,211		33,211
SG	USD	133	01/15/21	Monthly	CenturyLink, Inc., Common Stock		1 Month USD LIBOR plus 15 bps		—	24,722		24,722
SG	USD	134	01/15/21	Monthly	Netflix, Inc., Common Stock		1 Month USD LIBOR plus 15 bps		—	(32,976	)	(32,976	)
SG	USD	133	01/15/21	Monthly	Fox, Corp. Class B, Common Stock		1 Month USD LIBOR plus 15 bps		—	39,158		39,158
SG	USD	132	01/15/21	Monthly	USDISCA Index		1 Month USD LIBOR plus 5 bps		—	38,683		38,683
SG	USD	134	01/15/21	Monthly	ViacomCBS, Inc., Common Stock		1 Month USD LIBOR plus 15 bps		—	77,024		77,024
JPM	USD	13	02/22/21	Monthly	Abbvie Inc.		0.25	%		(1,082,081	)	165,292
JPM	USD	36	02/22/21	Monthly	1.13	%	Acacia Communications Inc.			2,427,973		(35,714	)
JPM	USD	59	02/22/21	Monthly	1.13		Advanced Disposal Services I			1,899,622		(46,561	)
JPM	USD	15	02/22/21	Monthly	1.13		Allergan PLC			2,843,072		(181,758	)
JPM	USD	21	04/01/21	Monthly	Aon PLC		0.25			(3,609,148	)	(2,829,317	)
JPM	USD	20	02/22/21	Monthly	Borgwarner Inc.		0.25			(565,515	)	34,979
JPM	USD	8	03/19/21	Monthly	Brookfield Renewable Partner		4.27			(377,793	)	(72,017	)
JPM	USD	7	02/26/21	Monthly	1.13		Caesars Entertainment Corp.			70,228		(26,522	)
JPM	CAD	27	02/22/21	Monthly	0.93		Cineplex Inc.			447,150		(331,337	)
JPM	USD	65	02/22/21	Monthly	1.13		Delphi Technologies PLC			645,584		(246,664	)
JPM	USD	75	02/24/21	Monthly	1.13		E*TRADE Financial Corp.			3,057,446		(599,388	)
JPM	USD	1	02/26/21	Monthly	ElDorado Resorts Inc.		0.26			(12,414	)	16,048
JPM	USD	244	02/22/21	Monthly	1.13		Fitbit Inc.			1,631,209		63,399
JPM	GBP	7	02/22/21	Monthly	Flutter Entertainment PLC		0.11			(684,548	)	(99,880	)
JPM	EUR	25	02/22/21	Monthly	0.04		Ingenico Group			2,929,667		(528,092	)
JPM	USD	58	02/22/21	Monthly	1.13		KEMET Corp.			1,577,438		50,200
JPM	USD	76	02/24/21	Monthly	Morgan Stanley		0.25			(3,011,387	)	641,942
JPM	EUR	33	02/22/21	Monthly	0.1		OsRam Licht AG			1,319,445		(16,367	)
JPM	EUR	41	03/05/21	Monthly	0.08		Qiagen N.V.			1,545,764		68,409
JPM	USD	78	02/22/21	Monthly	Schwab (Charles) Corp.		0.25			(2,944,687	)	691,500
JPM	USD	32	02/22/21	Monthly	1.13		Stars Group Inc./The			904,143		114,983
JPM	USD	4	02/22/21	Monthly	1.13		TD Ameritrade Holding Corp.			2,915,091		(721,961	)
JPM	USD	22	03/19/21	Monthly	1.13		Terraform Power Inc. - A			386,669		70,777
JPM	USD	15	02/22/21	Monthly	1.13		Tiffany & Co			1,855,502		(113,359	)
JPM	USD	3	02/26/21	Monthly	1.13		Tivo Corp.			18,313		(4,573	)
JPM	USD	19	02/22/21	Monthly	1.13		Wabco Holdings Inc.			2,525,941		(28,794	)
JPM	USD	21	03/11/21	Monthly	1.13		Willis Towers Watson PLC			3,712,533		170,397
JPM	EUR	38	02/22/21	Monthly	Worldline SA		0.75			(2,366,148	)	406,837
JPM	USD	89	02/22/21	Monthly	1.13		Wright Medical Group NV			2,594,330		(114,284	)
JPM	USD	1	02/26/21	Monthly	Xperi Corp.		0.25			(18,061	)	5,279
Total									—	20,158,935		(3,972,949	)

Forward foreign currency contracts

						Unrealized
						appreciation
					Settlement	(depreciation)
Counterparty	Sell		Purchase		date	($)
BB	AUD	12,267,369	USD	8,101,585	06/17/20		106,496
BB	AUD	17,460,473	USD	10,768,884	06/17/20		(610,739	)
BB	CAD	19,340,134	USD	14,163,604	06/17/20		268,059
BB	CAD	7,724,418	USD	5,379,797	06/17/20		(170,062	)
BB	EUR	2,662,950	USD	2,948,490	06/17/20		27,805
BB	EUR	12,007,686	USD	12,963,515	06/17/20		(206,346	)
BB	GBP	3,234,468	USD	4,202,465	06/17/20		127,918
BB	GBP	6,034,472	USD	7,129,627	06/17/20		(472,160	)
BB	IDR	1,120,000,000	USD	77,875	05/13/20		2,659
BB	JPY	538,322,949	USD	5,134,895	06/17/20		115,692
BB	JPY	887,099,926	USD	8,238,195	06/17/20		(32,927	)
BB	NOK	193,809,313	USD	18,166,975	06/17/20		(754,834	)
BB	NZD	27,458,830	USD	16,603,232	06/17/20		(236,476	)
BB	NZD	905,382	USD	555,573	06/17/20		329
BB	SEK	61,334,738	USD	6,498,782	06/17/20		209,190
BB	SEK	80,135,758	USD	7,944,426	06/17/20		(273,121	)
BB	SGD	10,482,213	USD	7,554,142	06/17/20		119,415
BB	SGD	592,766	USD	415,881	06/17/20		(4,552	)
BB	USD	583,992	AUD	895,777	06/17/20		(182	)
BB	USD	30,372,300	AUD	49,535,087	06/17/20		1,911,513
BB	USD	3,544,879	CAD	4,895,610	06/17/20		(27,468	)
BB	USD	14,893,976	CAD	20,790,985	06/17/20		43,981
BB	USD	46,938,798	EUR	40,930,690	06/17/20		(2,046,594	)
BB	USD	4,181,664	EUR	3,846,118	06/17/20		36,705
BB	USD	4,902,141	GBP	3,793,612	06/17/20		(123,227	)
BB	USD	8,963,410	GBP	7,276,990	06/17/20		203,610
BB	USD	81,151	IDR	1,120,000,000	05/13/20		(5,935	)
BB	USD	13,990,787	JPY	1,440,363,754	06/17/20		(561,156	)
BB	USD	506,514	JPY	54,484,677	06/17/20		1,489
BB	USD	890,699	NOK	9,428,568	06/17/20		29,822
BB	USD	6,140,752	NZD	9,742,123	06/17/20		(166,189	)
BB	USD	4,825,246	NZD	8,303,046	06/17/20		266,773
BB	USD	9,063,515	SEK	85,596,303	06/17/20		(286,013	)
BB	USD	5,353,710	SEK	54,551,693	06/17/20		240,311
BB	USD	577,325	SGD	796,235	06/17/20		(12,579	)
BB	USD	4,493,891	SGD	6,388,545	06/17/20		37,316
BNP	CZK	12,210,417	USD	492,700	05/18/20		(1,226	)
BNP	IDR	4,949,000,000	USD	343,779	05/13/20		11,419
BNP	JPY	567,152,863	USD	5,325,000	06/19/20		36,797
BNP	USD	358,322	IDR	4,949,000,000	05/13/20		(25,962	)
BNP	USD	2,156,130	KRW	2,593,000,000	07/15/20		(25,060	)
BOA	AUD	5,118,070	USD	3,219,000	05/18/20		(116,331	)
BOA	CLP	506,869,646	USD	627,477	05/05/20		20,375
BOA	CLP	423,144,340	USD	492,200	06/19/20		(15,206	)
BOA	EUR	3,462,064	USD	3,774,709	05/18/20		(20,092	)
BOA	GBP	675,097	USD	844,000	05/18/20		(6,323	)
BOA	JPY	188,941,117	USD	1,775,000	06/19/20		13,290
BOA	JPY	18,748,008	USD	170,000	06/19/20		(4,809	)
BOA	KRW	595,304,775	USD	492,700	06/19/20		3,782
BOA	USD	520,200	CLP	447,192,200	05/05/20		15,424

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited )

						Unrealized
						appreciation
					Settlement	(depreciation)
Counterparty	Sell		Purchase		date	($)
BOA	USD	158,497	EUR	146,000	07/21/20		1,752
BOA	USD	523,745	GBP	420,000	05/18/20		5,269
BOA	USD	492,700	IDR	7,804,368,000	05/18/20		31,070
BOA	USD	492,700	INR	38,080,783	05/18/20		13,714
BOA	USD	470,000	JPY	51,036,877	06/19/20		5,874
CITI	AUD	580,000	JPY	39,293,607	06/19/20		(11,630	)
CITI	CNY	1,100,000	USD	157,240	05/20/20		1,277
CITI	CNY	20,470,000	USD	2,883,598	10/15/20		(13,384	)
CITI	CNY	18,380,000	USD	2,613,441	10/15/20		12,243
CITI	IDR	18,909,000,000	USD	1,370,704	05/13/20		100,832
CITI	IDR	36,319,000,000	USD	2,602,655	07/24/20		186,141
CITI	JPY	56,239,624	USD	510,000	06/19/20		(14,386	)
CITI	USD	421,000	AUD	641,060	05/18/20		(3,235	)
CITI	USD	157,145	CNY	1,100,000	05/20/20		(1,181	)
CITI	USD	2,123,793	CNY	14,900,000	10/15/20		(15,096	)
CITI	USD	1,364,758	IDR	18,909,000,000	05/13/20		(94,887	)
CITI	USD	2,613,893	IDR	36,319,000,000	07/24/20		(197,379	)
CITI	USD	492,700	MXN	11,964,871	05/18/20		2,658
DB	IDR	12,840,000,000	USD	895,143	05/13/20		32,847
DB	IDR	13,950,000,000	USD	999,752	07/24/20		71,577
DB	USD	929,727	IDR	12,840,000,000	05/13/20		(67,431	)
DB	USD	1,002,731	IDR	13,950,000,000	07/24/20		(74,557	)
GS	CLP	1,067,441,337	USD	1,322,723	05/05/20		44,197
GS	USD	1,430,000	CLP	1,184,040,000	05/05/20		(11,818	)
GS	USD	1,835,899	CNY	13,000,000	10/15/20		3,904
GSI	AUD	9,580,000	JPY	637,084,561	06/19/20		(303,403	)
GSI	EUR	626,186	USD	682,943	07/15/20		(4,268	)
GSI	GBP	354,400	USD	436,957	06/19/20		(9,494	)
GSI	USD	6,250,000	JPY	644,509,062	06/19/20		(240,518	)
JPMCB	AUD	9,580,000	JPY	631,827,680	06/19/20		(352,419	)
JPMCB	EUR	44,313	USD	48,338	07/15/20		(294	)
JPMCB	EUR	9,385,500	USD	10,226,118	07/21/20		(75,403	)
JPMCB	EUR	337,641	USD	368,202	09/30/20		(2,983	)
JPMCB	GBP	259,746	USD	337,904	08/28/20		10,609
JPMCB	HUF	158,811,055	USD	492,700	05/18/20		(906	)
JPMCB	JPY	31,804,000	USD	295,288	05/18/20		(1,115	)
JPMCB	JPY	17,151,000	USD	159,903	06/19/20		(15	)
JPMCB	KRW	5,200,732,000	USD	4,254,352	07/15/20		(19,896	)
JPMCB	SEK	4,950,074	USD	492,700	05/18/20		(14,761	)
JPMCB	TWD	9,150,300	USD	307,542	06/19/20		(498	)
JPMCB	USD	842,000	AUD	1,282,640	05/18/20		(6,133	)
JPMCB	USD	492,700	BRL	2,507,942	06/19/20		(33,081	)
JPMCB	USD	373,025	CAD	521,824	06/30/20		1,914
JPMCB	USD	1,739,794	EUR	1,600,000	05/18/20		13,981
JPMCB	USD	102,087	EUR	94,000	07/21/20		1,088
JPMCB	USD	410,371	EUR	377,665	09/30/20		4,814
JPMCB	USD	12,900,000	JPY	1,378,158,628	06/19/20		(49,878	)
JPMCB	USD	470,000	JPY	51,028,872	06/19/20		5,799
JPMCB	USD	492,700	RUB	37,026,898	05/18/20		5,338
JPMCB	USD	1,386,000	SGD	1,953,918	05/18/20		(334	)
MSCI	AUD	69,073,799	USD	42,279,841	06/17/20		(2,738,061	)
MSCI	AUD	718,433	USD	468,446	06/17/20		217
MSCI	CAD	11,769,588	USD	8,478,717	06/17/20		22,475
MSCI	CAD	14,117,300	USD	10,044,739	06/17/20		(98,292	)
MSCI	EUR	25,400,820	USD	28,555,544	06/17/20		696,282
MSCI	EUR	1,390,570	USD	1,511,461	06/17/20		(13,696	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited )

						Unrealized
						appreciation
					Settlement	(depreciation)
Counterparty	Sell		Purchase		date	($)
MSCI	GBP	227,871	USD	287,266	06/17/20		210
MSCI	GBP	19,019,930	USD	23,572,595	06/17/20		(387,323	)
MSCI	GBP	354,752	USD	463,395	08/28/20		16,387
MSCI	JPY	825,862,655	USD	7,730,848	06/17/20		30,688
MSCI	JPY	1,010,940,837	USD	9,297,620	06/17/20		(128,165	)
MSCI	NOK	78,227,729	USD	7,321,337	06/17/20		(316,120	)
MSCI	NZD	17,055,528	USD	10,133,380	06/17/20		(326,281	)
MSCI	SEK	69,549,949	USD	6,952,865	06/17/20		(179,159	)
MSCI	SGD	18,543,552	USD	13,393,908	06/17/20		241,508
MSCI	SGD	6,492,785	USD	4,513,665	06/17/20		(91,478	)
MSCI	USD	17,576,371	AUD	28,766,466	06/17/20		1,171,778
MSCI	USD	15,523,377	CAD	21,776,280	06/17/20		122,495
MSCI	USD	1,053,891	EUR	949,755	06/17/20		(12,213	)
MSCI	USD	7,650,946	EUR	7,037,711	06/17/20		67,916
MSCI	USD	17,401,570	GBP	14,291,898	06/17/20		602,319
MSCI	USD	14,793,158	JPY	1,521,284,123	06/17/20		(609,045	)
MSCI	USD	2,650,732	JPY	293,239,881	06/17/20		83,371
MSCI	USD	6,221,095	NOK	61,689,637	06/17/20		(198,270	)
MSCI	USD	17,248,100	NOK	189,241,940	06/17/20		1,227,792
MSCI	USD	995,745	NZD	1,558,652	06/17/20		(39,869	)
MSCI	USD	11,634,320	NZD	19,609,324	06/17/20		391,515
MSCI	USD	14,834,890	SEK	141,151,103	06/17/20		(360,501	)
MSCI	USD	6,200,045	SEK	62,303,543	06/17/20		188,894
MSCI	USD	18,631,603	SGD	26,751,526	06/17/20		342,472
SG	SGD	4,825,367	USD	3,383,000	05/18/20		(39,022	)
SG	USD	421,000	AUD	641,370	05/18/20		(3,033	)
SG	USD	462,000	SGD	651,323	05/18/20		(99	)
Net unrealized appreciation (depreciation)							(3,753,192	)

PACE Alternative Strategies Investments

Schedule of investments – April 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2020 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 Schedule of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		205,556,128			2,632			—		205,558,760
Preferred stocks		369,702			42,547			—		412,249
Investment companies		24,485,291			—			—		24,485,291
Corporate bonds		—			48,559,366			—		48,559,366
Short-term investments		—			135,351,559			—		135,351,559
Short-term U.S. Treasury obligations		—			20,989,638			—		20,989,638
Equity and foreign exchange options purchased		161,842			—			—		161,842
Foreign exchange options purchased		—			2			—		2
Options purchased		360,515			—			—		360,515
Futures contracts		1,246,685			—			—		1,246,685
Swap agreements		—			37,357,842			—		37,357,842
Forward foreign currency contracts		—			9,613,387			—		9,613,387
Total		232,180,163			251,916,973			—		484,097,136
Liabilities
Investments sold short		(85,799,858	)		(953,700	)		—		(86,753,558	)
Equity options written		(90,940	)		—			—		(90,940	)
Options written		(3,160	)		—			—		(3,160	)
Futures contracts		(2,491,407	)		—			—		(2,491,407	)
Swap agreements		—			(17,000,935	)		—		(17,000,935	)
Forward foreign currency contracts		—			(13,366,579	)		—		(13,366,579	)
Total		(88,385,365	)		(31,321,214	)		—		(119,706,579	)

At April 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes  

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $15,949,635, represented 3.5% of the Fund’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	Perpetual investment. Date shown reflects the next call date.
5	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
6	Rate shown is the discount rate at the date of purchase unless otherwise noted.
7	Payments made or received are based on the notional amount.
8	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

Portfolio acronyms:
ABS	Asset-backed Security
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal
AMT	Alternative Minimum Tax
ARM	Adjustable Rate Mortgage
BAM	Build Americal Mutual
BOBL	Bundesobligationen
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
COFI	Cost of Funds Index
CPI	Consumer Price Index
DAC	Designated Activity Company
EMTN	Euro Medium Term Note
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
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
GSAMP	Goldman Sachs Asset Mortgage Passthrough
GTD	Guaranteed
IO	Interest Only
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MGIC	Mortgage Guaranty Insurance Corporation
MTA	Monthly Treasury Average Index
MTN	Medium Term Note
NVDR	Non-Voting Depository Receipt
OTC	Over The Counter
PJSC	Private Joint Stock Company
PO	Principal Only
PSF	Permanent School Fund
RASC	Retirement Administration Service Center
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RPI	Retail Price Index
SBA	Small Business Administration
SIFMA	Municipal Swap Index Yield
SOFR	Secured Overnight Financing Rate
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:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Great Britain Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar

Counterparty acronyms:
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CITI	Citibank NA
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
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland PLC
SCB	Standard Chartered Bank
SG	Societe Generale
SSC	State Street Bank and Trust Co.
TD	Toronto-Dominion Bank

See accompanying notes to financial statements

PACE Select Advisors Trust

Valuation of investments

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

Each Portfolio calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

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

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

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

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

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

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

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

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (“VC”) (formerly UBS AM Global Valuation Committee or GVC) the responsibility for making fair value determinations with respect to the Portfolios’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

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

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

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

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

For more information regarding the Portfolios’ other significant accounting policies, please refer to the Portfolio’s semiannual report to shareholders dated January 31, 2020.