PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—14.1%
Ameriquest Mortgage Securities, Inc.,
Series 2005-R1, Class M4,
1 mo. USD LIBOR + 1.110%,
1.199%, due 03/25/351		200,000		200,489
AMMC CLO 16 Ltd.,
Series 2015-16A, Class AR2,
3 mo. USD LIBOR + 0.980%,
1.107%, due 04/14/291,2		2,182,715		2,182,851
Amortizing Residential Collateral Trust,
Series 2004-1, Class A5,
1 mo. USD LIBOR + 1.000%,
1.089%, due 10/25/341		93,742		93,767
Anchorage Capital CLO Ltd.,
Series 2015-6A, Class ARR,
3 mo. USD LIBOR + 1.050%,
1.174%, due 07/15/301,2		900,000		900,282
Bear Stearns Asset-Backed Securities Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 1.200%,
1.289%, due 08/25/341		3,437,907		3,444,038
Chase Funding Trust,
Series 2002-3, Class 2A1,
1 mo. USD LIBOR + 0.640%,
0.729%, due 08/25/321		125,924		122,678
Series 2002-4, Class 2A1,
1 mo. USD LIBOR + 0.740%,
0.829%, due 10/25/321		7,958		7,941
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A,
1 mo. USD LIBOR + 1.350%,
1.439%, due 10/25/371,2		541,609		546,029
Colombia Cent CLO Ltd.,
Series 2018-27A, Class A1,
3 mo. USD LIBOR + 1.150%,
1.274%, due 10/25/281,2		1,646,528		1,646,928
Countrywide Asset-Backed Certificates,
Series 2004-2, Class 3A4,
1 mo. USD LIBOR + 0.500%,
0.589%, due 07/25/341		73,872		72,905
CWABS, Inc. Asset-Backed Certificates Trust,
Series 2004-4, Class M1,
1 mo. USD LIBOR + 0.720%,
0.809%, due 07/25/341		77,519		77,165
Series 2004-6, Class M1,
1 mo. USD LIBOR + 0.900%,
0.989%, due 10/25/341		94,238		93,460

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
Dryden Senior Loan Fund,
Series 2017-47A, Class A1R,
3 mo. USD LIBOR + 0.980%,
1.104%, due 04/15/281,2		1,800,000		1,800,482
EMC Mortgage Loan Trust,
Series 2003-A, Class A2,
1 mo. USD LIBOR + 1.500%,
1.589%, due 08/25/401,2		57,142		57,443
Equifirst Loan Securitization Trust,
Series 2007-1, Class A1,
1 mo. USD LIBOR + 0.170%,
0.259%, due 04/25/371,2		1,571,010		1,499,358
First Franklin Mortgage Loan Trust,
Series 2005-FFH1, Class M1,
1 mo. USD LIBOR + 0.675%,
0.764%, due 06/25/361		4,702		4,702
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A,
3 mo. USD LIBOR + 1.300%,
1.424%, due 07/15/271,2		1,373,950		1,374,934
JP Morgan Mortgage Acquisition Trust,
Series 2006-ACC1, Class M1,
1 mo. USD LIBOR + 0.405%,
0.494%, due 05/25/361		75,948		76,201
JPMorgan Mortgage Trust
0.660%, due 11/25/513,4		4,500,000		4,585,777
KGS Alpha SBA COOF Trust,
Series 2012-5, Class A,
0.771%, due 04/25/382,3,4,5		11,278,026		285,509
KVK CLO Ltd.,
Series 2013-1A, Class AR,
3 mo. USD LIBOR + 0.900%,
1.027%, due 01/14/281,2		546,680		546,796
LCM XV LP,
Series 15A, Class AR2,
3 mo. USD LIBOR + 1.000%,
1.132%, due 07/20/301,2		4,900,000		4,901,009
LCM XX LP,
Series 20A, Class AR,
3 mo. USD LIBOR + 1.040%,
1.172%, due 10/20/271,2		129,118		129,281
Legacy Mortgage Asset Trust,
Series 2019-GS4, Class A1,
3.438%, due 05/25/592,6		277,115		277,317

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(continued)
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2,
1 mo. USD LIBOR + 0.180%,
0.269%, due 04/25/371		54,462		37,881
OZLM XIII Ltd.,
Series 2015-13A, Class A1R,
3 mo. USD LIBOR + 1.080%,
1.209%, due 07/30/271,2		185,800		185,776
Palmer Square Loan Funding Ltd.,
Series 2018-4A, Class A1,
3 mo. USD LIBOR + 0.900%,
1.025%, due 11/15/261,2		124,667		124,680
Park Place Securities, Inc. Asset-Backed Pass Through Certificate,
Series 2005-WHQ3, Class M4,
1 mo. USD LIBOR + 0.945%,
1.034%, due 06/25/351		118,035		118,589
PRET LLC,
Series 2021-RN2, Class A1,
1.744%, due 07/25/512,6		6,978,333		6,950,292
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
0.719%, due 12/25/351		238,546		238,780
Renaissance Home Equity Loan Trust,
Series 2003-2, Class A,
1 mo. USD LIBOR + 0.880%,
0.969%, due 08/25/331		126,532		125,522
Saxon Asset Securities Trust,
Series 2005-3, Class M3,
1 mo. USD LIBOR + 0.750%,
0.839%, due 11/25/351		1,969,118		1,960,676
Sound Point CLO XII Ltd.,
Series 2016-2A, Class AR2,
3 mo. USD LIBOR + 1.050%,
1.182%, due 10/20/281,2		1,127,352		1,127,481
Sound Point CLO XIV Ltd.,
Series 2016-3A, Class AR2,
3 mo. USD LIBOR + 0.990%,
1.114%, due 01/23/291,2		845,441		845,318
Soundview Home Loan Trust,
Series 2007-OPT1, Class 1A1,
1 mo. USD LIBOR + 0.200%,
0.289%, due 06/25/371		667,309		575,345
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A1,
1 mo. USD LIBOR + 0.135%,
0.224%, due 07/25/361,2		102,753		101,839

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(concluded)
Structured Asset Securities Corp. Trust,
Series 2005-AR1, Class M2,
1 mo. USD LIBOR + 0.690%,
0.779%, due 09/25/351		1,291,603		1,279,276
Symphony CLO XIV Ltd.,
Series 2014-14A, Class AR,
3 mo. USD LIBOR + 0.950%,
1.077%, due 07/14/261,2		282,232		282,359
Symphony CLO XVII Ltd.,
Series 2016-17A, Class AR,
3 mo. USD LIBOR + 0.880%,
1.004%, due 04/15/281,2		324,640		324,720
Telos CLO Ltd.,
Series 2014-5A, Class A1R,
3 mo. USD LIBOR + 0.950%,
1.072%, due 04/17/281,2		744,553		744,602
Venture 33 CLO Ltd.,
Series 2018-33A, Class A1LR,
3 mo. USD LIBOR + 1.060%,
1.184%, due 07/15/311,2		500,000		499,377
Venture 36 CLO Ltd.,
Series 2019-36A, Class A1AR,
3 mo. USD LIBOR + 1.130%,
1.262%, due 04/20/321,2		800,000		800,152
Venture XXI CLO Ltd.,
Series 2015-21A, Class AR,
3 mo. USD LIBOR + 0.880%,
1.004%, due 07/15/271,2		309,758		309,827
Vibrant CLO VI Ltd.,
Series 2017-6A, Class AR,
3 mo. USD LIBOR + 0.950%,
1.072%, due 06/20/291,2		2,100,000		2,100,176
Total asset-backed securities (cost—$42,974,311)				43,660,010
Mortgage-backed securities—17.5%
Adjustable Rate Mortgage Trust,
Series 2005-8, Class 3A21,
2.608%, due 11/25/355		341,644		299,546
BCAP LLC Trust,
Series 2010-RR1, Class 1A4,
3.110%, due 03/26/372,5		64,101		56,011
Series 2011-R11, Class 8A5,
0.483%, due 07/26/362,5		4,082		4,079
Series 2013-RR1, Class 3A4,
6.000%, due 10/26/372,5		181,225		166,894

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2013-RR5, Class 5A1,
12 mo. MTA + 0.840%,
0.933%, due 11/26/461,2		9,086		9,108
Bear Stearns ARM Trust,
Series 2002-11, Class 1A2,
2.833%, due 02/25/335		2,401		2,247
Series 2004-2, Class 12A2,
2.480%, due 05/25/345		25,263		24,412
Bear Stearns Asset Backed Securities I Trust,
Series 2004-AC3, Class A2,
5.500%, due 06/25/346		423,381		439,421
Bear Stearns Asset Backed Securities Trust,
Series 2003-AC5, Class A1,
5.750%, due 10/25/336		271,740		284,145
Chevy Chase Funding LLC Mortgage-Backed Certificates,
Series 2004-1A, Class A1,
1 mo. USD LIBOR + 0.280%,
0.369%, due 01/25/351,2		24,880		25,513
CHL Mortgage Pass-Through Trust,
Series 2003-HYB1, Class 1A1,
2.943%, due 05/19/335		3,254		3,171
Series 2007-15, Class 2A2,
6.500%, due 09/25/37		25,351		14,120
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class A,
4.149%, due 01/10/362		3,200,000		3,393,886
Citigroup Mortgage Loan Trust,
Series 2021-INV2, Class A3A,
2.500%, due 05/25/512,5		391,940		396,084
Series 2021-INV3, Class A3A,
2.500%, due 05/25/512,5		3,447,095		3,482,507
CSMC Trust,
Series 2013-MH1, Class A,
4.787%, due 05/27/532,5		988,689		1,071,038
Series 2021-INV1, Class A3,
2.500%, due 07/25/562,5		294,202		298,144
FHLMC GNMA,
Series 13, Class B,
7.000%, due 06/25/23		5,127		169
Series 23, Class KZ,
6.500%, due 11/25/23		2,701		2,812
FHLMC Multifamily Structured Pass-Through Certificates,
Series K027, Class X1,
0.719%, due 01/25/235		6,034,276		41,490

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited) 

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series KP05, Class AH,
3.077%, due 04/25/235		118,058		119,493
FHLMC REMIC,
Series 1349, Class PS,
7.500%, due 08/15/22		39		40
Series 1502, Class PX,
7.000%, due 04/15/23		16,721		17,278
Series 1534, Class Z,
5.000%, due 06/15/23		6,403		6,537
Series 1573, Class PZ,
7.000%, due 09/15/23		2,460		2,572
Series 1658, Class GZ,
7.000%, due 01/15/24		1,604		1,685
Series 1694, Class Z,
6.500%, due 03/15/24		17,303		18,285
Series 1775, Class Z,
8.500%, due 03/15/25		850		941
Series 2136, Class GD,
7.000%, due 03/15/29		1,439		202
Series 2178, Class PI,
7.500%, due 08/15/29		7,084		1,209
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
0.590%, due 01/15/321		54,622		54,829
Series 2411, Class FJ,
1 mo. USD LIBOR + 0.350%,
0.440%, due 12/15/291		9,107		9,119
Series 2513, Class AS,
1 mo. USD LIBOR + 8.000%,
7.910%, due 02/15/321		182,635		35,345
Series 2614, Class WO,
0.010%, due 05/15/33		525,445		474,588
Series 3096, Class FL,
1 mo. USD LIBOR + 0.400%,
0.490%, due 01/15/361		90,067		90,354
Series 3114, Class PF,
1 mo. USD LIBOR + 0.400%,
0.490%, due 02/15/361		464,031		468,362
Series 3153, Class UF,
1 mo. USD LIBOR + 0.430%,
0.520%, due 05/15/361		110,641		112,295
Series 3339, Class LI,
1 mo. USD LIBOR + 6.480%,
6.390%, due 07/15/371		526,156		87,015

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited) 

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 3442, Class MT,
1 mo. USD LIBOR,
0.090%, due 07/15/341		44,763		42,750
Series 3598, Class JI,
1.384%, due 10/15/375		22,421		904
Series 3609, Class LI,
4.500%, due 12/15/24		46		—
Series 3621, Class WI,
1.607%, due 05/15/375		45,472		2,075
Series 3635, Class IB,
1.269%, due 10/15/375		86,380		3,464
Series 3667, Class FW,
1 mo. USD LIBOR + 0.550%,
0.640%, due 02/15/381		21,852		21,568
Series 3671, Class FQ,
1 mo. USD LIBOR + 0.850%,
0.940%, due 12/15/361		705,418		714,539
Series 3684, Class JI,
1.973%, due 11/15/365		196,663		11,901
Series 3838, Class LI,
4.500%, due 04/15/22		647		3
Series 3864, Class NT,
1 mo. USD LIBOR + 60.500%,
5.500%, due 03/15/391		328,562		361,217
Series 3962, Class KS,
2.038%, due 06/15/385		151,679		9,592
Series 4037, Class PI,
3.000%, due 04/15/27		1,003,710		40,209
Series 4068, Class UF,
1 mo. USD LIBOR + 0.500%,
0.590%, due 06/15/421		620,096		629,019
Series 4076, Class SW,
1 mo. USD LIBOR + 6.050%,
5.960%, due 07/15/421		1,354,750		283,945
Series 4100, Class HI,
3.000%, due 08/15/27		200,706		11,590
Series 4131, Class AI,
2.500%, due 10/15/22		87,544		622
Series 4156, Class SA,
1 mo. USD LIBOR + 6.200%,
6.110%, due 01/15/331		1,052,568		161,981
Series 4165, Class TI,
3.000%, due 12/15/42		796,919		56,035
Series 4182, Class QI,
3.000%, due 02/15/33		99,333		7,430

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 4182, Class YI,
2.500%, due 03/15/28		2,040,894		115,761
Series 4255, Class SN,
1 mo. USD LIBOR + 12.267%,
12.036%, due 05/15/351		331,621		394,925
Series 4263, Class SD,
1 mo. USD LIBOR + 12.267%,
12.026%, due 11/15/431		381,272		461,832
Series 4265, Class ES,
1 mo. USD LIBOR + 13.760%,
13.484%, due 11/15/431		828,981		1,023,526
Series 4324, Class IO,
1.848%, due 08/15/365		100,641		4,790
Series 4338, Class SB,
1.681%, due 10/15/415		104,782		4,775
Series 4367, Class GS,
1.796%, due 03/15/375		65,333		3,712
Series 4394, Class WI,
1.789%, due 08/15/415		56,107		2,587
Series 4438, Class WI,
1.870%, due 11/15/385		179,813		8,710
Series 4457, Class DI,
4.000%, due 08/15/24		238,386		8,574
Series 4463, Class IO,
1.873%, due 02/15/385		117,226		5,340
Series 4544, Class IP,
4.000%, due 01/15/46		1,469,015		190,866
Series 4832, Class FW,
1 mo. USD LIBOR + 0.350%,
0.432%, due 04/15/381		1,272,779		1,273,969
Series 4836, Class PO,
0.010%, due 10/15/58		960,215		832,367
Series 4839, Class UO,
0.010%, due 08/15/56		579,743		524,660
Series 4940, Class FE,
1 mo. USD LIBOR + 0.550%,
0.639%, due 01/25/501		393,635		397,425
Series 4945, Class F,
1 mo. USD LIBOR + 0.500%,
0.582%, due 12/15/461		192,194		194,055
FHLMC STRIPs,
Series 303, Class C19,
3.500%, due 01/15/43		560,413		73,716
Series 326, Class F2,
1 mo. USD LIBOR + 0.550%,
0.640%, due 03/15/441		379,444		385,118

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 330, Class F4,
1 mo. USD LIBOR + 0.350%,
0.432%, due 10/15/371		288,545		290,357
Series 345, Class C13,
3.500%, due 08/15/45		793,383		95,319
FHLMC Whole Loan Securities Trust,
Series 2015-SC02, Class 1A,
3.000%, due 09/25/45		304,437		305,652
Series 2017-SC01, Class 1A,
3.000%, due 12/25/46		467,826		467,002
Series 2017-SC01, Class 2A,
3.500%, due 12/25/46		662,289		673,527
FNMA Aces,
Series 2013-M5, Class X2,
2.780%, due 01/25/225		6,387		—
Series 2016-M11, Class AL,
2.944%, due 07/25/39		909,180		922,190
Series 2020-M33, Class X2,
2.251%, due 01/25/315		600,000		82,290
FNMA REMIC,
Series 1992-129, Class L,
6.000%, due 07/25/22		51		51
Series 1993-37, Class PX,
7.000%, due 03/25/23		12,291		12,609
Series 1997-22, Class F,
0.646%, due 03/25/275		4,077		4,080
Series 2002-60, Class F1,
1 mo. USD LIBOR + 0.400%,
0.489%, due 06/25/321		43,346		42,530
Series 2003-70, Class SH,
1 mo. USD LIBOR + 14.000%,
13.822%, due 07/25/231		45,288		47,852
Series 2007-67, Class FB,
1 mo. USD LIBOR + 0.320%,
0.409%, due 07/25/371		51,342		50,299
Series 2009-33, Class FB,
1 mo. USD LIBOR + 0.820%,
0.909%, due 03/25/371		410,768		420,621
Series 2010-141, Class FA,
1 mo. USD LIBOR + 0.500%,
0.589%, due 12/25/401		180,983		183,447
Series 2010-76, Class SA,
1 mo. USD LIBOR + 6.500%,
6.411%, due 07/25/401		646,054		112,796
Series 2012-111, Class HS,
1 mo. USD LIBOR + 3.667%,
3.592%, due 10/25/421		54,538		55,462

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2012-122, Class LI,
4.500%, due 07/25/41		507,880		48,844
Series 2012-128, Class FK,
1 mo. USD LIBOR + 0.350%,
0.439%, due 11/25/421		184,838		185,745
Series 2012-32, Class AI,
3.000%, due 04/25/22		5,844		14
Series 2012-77, Class IO,
1.540%, due 07/25/525		180,863		8,111
Series 2012-90, Class FB,
1 mo. USD LIBOR + 0.440%,
0.529%, due 08/25/421		66,913		67,444
Series 2013-116, Class IY,
3.000%, due 09/25/43		235,545		16,187
Series 2013-28, Class YS,
1 mo. USD LIBOR + 6.150%,
6.061%, due 07/25/421		509,796		69,791
Series 2013-30, Class GI,
3.000%, due 01/25/43		853,238		66,769
Series 2013-30, Class JI,
3.000%, due 04/25/43		361,431		42,631
Series 2013-34, Class PS,
1 mo. USD LIBOR + 6.150%,
6.061%, due 08/25/421		482,500		65,551
Series 2013-45, Class IK,
3.000%, due 02/25/43		609,163		58,441
Series 2014-42, Class SA,
1.692%, due 07/25/445		193,817		9,365
Series 2014-43, Class BS,
1.508%, due 07/25/445		309,522		15,579
Series 2014-45, Class SA,
1.789%, due 08/25/445		149,451		9,153
Series 2014-47, Class BI,
1.741%, due 08/25/545		301,825		20,116
Series 2014-84, Class AI,
1 mo. USD LIBOR + 6.150%,
0.200%, due 02/25/431		344,485		3,333
Series 2014-92, Class SB,
1.572%, due 01/25/455		185,837		9,445
Series 2015-10, Class SA,
1.564%, due 03/25/455		377,633		18,403
Series 2015-19, Class AI,
1.707%, due 04/25/555		300,282		15,887
Series 2015-47, Class GI,
4.000%, due 06/25/44		78,778		6,503

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities— (continued)
Series 2015-50, Class SB,
1.897%, due 07/25/455		945,344		57,755
Series 2015-58, Class AI,
1.679%, due 08/25/555		173,820		8,604
Series 2015-64, Class  KS,
1.889%, due 09/25/455		249,710		12,849
Series 2015-73, Class ES,
1 mo. USD LIBOR + 9.333%,
9.132%, due 10/25/451		176,805		179,843
Series 2016-14, Class  IO,
3.000%, due 03/25/46		504,163		50,829
Series 2016-17, Class CS,
1.443%, due 04/25/465		149,904		8,924
Series 2016-52, Class  PI,
3.000%, due 04/25/46		564,555		47,488
Series 2016-63, Class YI,
3.500%, due 04/25/46		100,334		4,967
Series 2016-64, Class IA,
3.000%, due 05/25/46		409,487		52,979
Series 2016-76, Class CS,
1.453%, due 10/25/465		64,769		3,203
Series 2018-28, Class CA,
3.000%, due 05/25/48		441,296		456,450
Series 2018-85, Class FE,
1 mo. USD LIBOR + 0.300%,
0.389%, due 12/25/481		2,186,869		2,197,543
Series 2019-62, Class SN,
1 mo. USD LIBOR + 6.000%,
5.911%, due 11/25/491		260,822		50,196
Series 2020-54, Class WF,
1 mo. USD LIBOR + 0.450%,
0.532%, due 08/25/501		837,348		841,264
Series 2020-70, Class IO,
1.692%, due 10/25/505		16,912,995		693,988
Series G92-40, Class ZC,
7.000%, due 07/25/22		211		213
Series G94-6, Class PJ,
8.000%, due 05/17/24		1,203		1,261
FNMA STRIPs,
Series 386, Class 14,
6.500%, due 04/25/38		44,328		10,369
Series 413, Class 111,
4.000%, due 07/25/425		615,888		84,034
Series 419, Class C3,
3.000%, due 11/25/43		117,897		15,233

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
Fremont Home Loan Trust,
Series 2004-A, Class M1,
1 mo. USD LIBOR + 0.825%,
0.914%, due 01/25/341		397,561		393,408
GNMA,
Series 2007-18, Class CO,
0.010%, due 03/20/35		22,966		22,145
Series 2010-H01, Class FA,
1 mo. USD LIBOR + 0.820%,
0.905%, due 01/20/601		1,319,958		1,331,259
Series 2013-23, Class IP,
3.500%, due 08/20/42		701,641		80,798
Series 2013-77, Class GI,
3.000%, due 02/20/43		1,057,758		79,330
Series 2013-H19, Class DF,
1 mo. USD LIBOR + 0.650%,
0.733%, due 05/20/631		653,080		656,318
Series 2013-H20, Class FB,
1 mo. USD LIBOR + 1.000%,
1.083%, due 08/20/631		1,191,545		1,200,926
Series 2013-H23, Class TA,
1 mo. USD LIBOR + 0.720%,
0.803%, due 09/20/631		560,566		563,675
Series 2014-158, Class IA,
3.500%, due 10/20/29		513,744		43,950
Series 2015-126, Class GS,
1 mo. USD LIBOR + 9.333%,
9.141%, due 09/20/451		323,052		340,127
Series 2015-127, Class AS,
1.687%, due 06/20/435		225,932		9,658
Series 2015-165, Class IB,
3.500%, due 11/20/42		271,044		25,494
Series 2015-166, Class SA,
1.489%, due 06/20/425		230,551		9,143
Series 2015-180, Class SA,
1.439%, due 06/20/425		248,985		11,381
Series 2015-42, Class AI,
3.000%, due 05/20/39		24,520		70
Series 2015-H27, Class FA,
1 mo. USD LIBOR + 0.750%,
0.833%, due 09/20/651		1,996,741		2,019,361
Series 2015-H29, Class FA,
1 mo. USD LIBOR + 0.700%,
0.783%, due 10/20/651		4,251		4,278

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2015-H29, Class FJ,
1 mo. USD LIBOR + 0.680%,
0.763%, due 11/20/651		1,611,405		1,625,688
Series 2015-H30, Class FA,
1 mo. USD LIBOR + 0.680%,
0.763%, due 08/20/611		9,254		9,346
Series 2016-118, Class IE,
3.500%, due 09/20/46		44,036		6,662
Series 2016-138, Class WI,
1.601%, due 08/20/455		208,265		6,411
Series 2016-180, Class WI,
1.502%, due 09/20/455		377,109		10,580
Series 2016-H14, Class FA,
1 mo. USD LIBOR + 0.800%,
0.883%, due 06/20/661		445,367		451,272
Series 2017-15, Class WI,
1.457%, due 11/20/455		245,980		10,498
Series 2017-57, Class WI,
1.545%, due 12/20/455		104,526		3,649
Series 2017-H23, Class MA,
3.000%, due 11/20/67		867,593		903,714
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3,
3.119%, due 05/10/50		4,850,661		5,068,997
GS Mortgage-Backed Securities Trust,
Series 2021-GR2, Class A2,
2.500%, due 02/25/522,5		886,667		897,439
Series 2021-INV1, Class A2,
2.500%, due 12/25/512,5		392,879		395,698
GSR Mortgage Loan Trust,
Series 2004-14, Class 2A1,
1 mo. USD LIBOR + 0.330%,
0.419%, due 12/25/341		4,353		4,314
Indymac Index Mortgage Loan Trust,
Series 2005-AR2, Class 2A1A,
1 mo. USD LIBOR + 0.640%,
0.729%, due 02/25/351		228,229		222,642
JP Morgan Mortgage Trust,
Series 2019-6, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 12/25/491,2		1,011,310		1,015,520
Series 2021-INV4, Class A2,
3.000%, due 01/25/522,5		1,476,212		1,516,336
Series 2021-INV6, Class A2,
3.000%, due 04/25/522,3,4,5		1,500,000		1,513,076

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
JPMorgan Alternative Loan Trust,
Series 2008-R4, Class 2A1,
1 mo. USD LIBOR + 0.500%,
0.586%, due 06/27/371,2		593,802		460,843
LUXE Trust,
Series 2021-MLBH, Class A,
1 mo. USD LIBOR + 0.980%,
1.070%, due 11/15/261,2,7		200,000		200,000
Merrill Lynch Mortgage Investors Trust,
Series 2004-1, Class 2A2,
2.052%, due 12/25/345		106,263		108,773
Series 2004-A, Class A1,
1 mo. USD LIBOR + 0.460%,
0.549%, due 04/25/291		19,997		19,639
Morgan Stanley Mortgage Loan Trust,
Series 2004-11AR, Class 1A1,
1 mo. USD LIBOR + 0.320%,
0.409%, due 01/25/351		22,522		22,721
Morgan Stanley Re-REMIC Trust,
Series 2010-R4, Class 4B,
1 mo. USD LIBOR + 0.230%,
0.648%, due 02/26/371,2		132,429		127,753
Mortgage Equity Conversion Asset Trust,
Series 2007-FF3, Class A,
1 year CMT + 0.500%,
0.620%, due 05/25/421,2		2,431,062		2,333,776
Pepper Residential Securities Trust,
Series 22A, Class A1U,
1 mo. USD LIBOR + 1.000%,
1.086%, due 06/20/601,2		742,121		742,519
Residential Asset Securitization Trust,
Series 2006-A7CB, Class 1A1,
1 mo. USD LIBOR + 0.500%,
0.589%, due 07/25/361		234,141		183,497
Sequoia Mortgage Trust,
Series 11, Class A,
1 mo. USD LIBOR + 0.900%,
0.986%, due 12/20/321		141,684		141,659
Series 5, Class A,
1 mo. USD LIBOR + 0.700%,
0.780%, due 10/19/261		48,669		48,403
Structured ARM Loan Trust,
Series 2007-4, Class 1A2,
1 mo. USD LIBOR + 0.440%,
0.529%, due 05/25/371		111,702		109,779

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
0.509%, due 04/25/361		260,583		249,716
Thornburg Mortgage Securities Trust,
Series 2005-1, Class A3,
2.059%, due 04/25/455		28,596		29,271
Washington Mutual Mortgage Pass-Through Certificates,
Series 2003-AR9, Class 2A,
2.368%, due 09/25/335		65,011		64,973
Total mortgage-backed securities  (cost—$55,261,111)				54,358,371
U.S. government agency obligations—134.4%
FHLMC
2.000%, due 04/01/36		940,048		968,755
2.500%, due 01/01/31		168,132		175,589
2.500%, due 11/01/31		38,265		40,006
2.500%, due 07/01/32		79,719		83,019
2.500%, due 08/01/32		333,124		346,914
2.500%, due 09/01/32		432,929		450,851
2.500%, due 11/01/32		14,174		14,761
2.500%, due 12/01/32		402,041		418,684
2.500%, due 01/01/33		102,252		106,485
2.500%, due 12/01/50		1,335,468		1,377,088
2.500%, due 08/01/51		5,952,241		6,171,862
2.500%, due 09/01/51		993,195		1,028,820
3.000%, due 01/01/33		1,156,817		1,215,103
3.000%, due 02/01/40		1,491,185		1,572,994
3.000%, due 04/01/43		160,312		170,389
3.000%, due 05/01/43		83,684		88,945
3.000%, due 12/01/44		140,978		149,369
3.000%, due 04/01/45		800,607		849,430
3.000%, due 08/01/46		217,763		226,725
3.000%, due 12/01/46		767,342		808,762
3.000%, due 06/01/50		726,534		767,799
3.000%, due 04/01/51		1,905,801		2,009,678
3.000%, due 06/01/51		974,334		1,027,818
3.000%, due 07/01/51		4,870,177		5,180,507
3.500%, due 09/01/32		299,875		323,470
3.500%, due 12/01/33		207,653		220,688
3.500%, due 06/01/34		123,418		131,004
3.500%, due 07/01/34		52,596		55,829
3.500%, due 03/01/35		665,306		706,201

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 04/01/35		378,669		402,357
3.500%, due 05/01/48		933,886		998,889
3.500%, due 02/01/50		401,984		425,954
4.000%, due 01/01/37		196,850		215,735
4.000%, due 07/01/43		135,449		149,582
4.000%, due 08/01/44		1,679,328		1,858,120
4.000%, due 11/01/47		209,232		225,511
4.000%, due 01/01/48		556,676		599,953
4.000%, due 02/01/48		27,479		29,616
4.000%, due 03/01/48		21,782		23,340
4.000%, due 04/01/48		31,498		33,754
4.000%, due 06/01/48		178,588		193,250
4.000%, due 10/01/48		2,519,356		2,723,661
4.000%, due 12/01/48		252,952		274,564
4.000%, due 04/01/49		983,740		1,063,954
4.500%, due 09/01/34		779,062		853,661
4.500%, due 01/01/36		13,942		15,411
4.500%, due 05/01/37		2,501		2,754
4.500%, due 05/01/38		31,111		34,157
4.500%, due 02/01/49		100,105		108,200
4.500%, due 06/01/50		579,563		630,781
5.000%, due 10/01/25		16,565		18,190
5.000%, due 11/01/27		3,860		4,288
5.000%, due 09/01/33		133,342		149,841
5.000%, due 06/01/34		5,035		5,694
5.000%, due 04/01/35		29,418		33,267
5.000%, due 05/01/35		48,061		54,333
5.000%, due 07/01/35		88,480		100,030
5.000%, due 08/01/35		13,552		15,320
5.000%, due 10/01/35		11,744		13,276
5.000%, due 12/01/35		358		405
5.000%, due 07/01/38		196,813		222,900
5.000%, due 11/01/38		114,420		129,654
5.000%, due 06/01/39		25,743		29,130
5.000%, due 03/01/40		3,043		3,442
5.000%, due 07/01/40		153,679		173,816
5.000%, due 09/01/40		101,392		114,758
5.000%, due 11/01/40		34,967		39,549
5.000%, due 02/01/41		186,115		210,418
5.000%, due 03/01/41		20,136		22,323
5.000%, due 04/01/41		51,485		58,210
5.000%, due 05/01/41		55,824		63,113
5.000%, due 07/01/41		24,846		28,091

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
5.000%, due 08/01/44		32,904		37,211
5.000%, due 03/01/49		1,009,180		1,136,163
5.500%, due 06/01/28		801		878
5.500%, due 02/01/32		900		1,019
5.500%, due 12/01/32		1,791		2,026
5.500%, due 02/01/33		32,840		35,277
5.500%, due 05/01/33		386		439
5.500%, due 06/01/33		131,305		150,123
5.500%, due 12/01/33		27,518		31,262
5.500%, due 12/01/34		23,203		26,425
5.500%, due 06/01/35		375,288		427,483
5.500%, due 07/01/35		2,958		3,365
5.500%, due 10/01/35		103,079		116,690
5.500%, due 12/01/35		51,834		59,001
5.500%, due 06/01/36		209,195		238,904
5.500%, due 07/01/36		6,827		7,336
5.500%, due 12/01/36		321,007		365,020
5.500%, due 03/01/37		45,577		51,862
5.500%, due 07/01/37		52,917		58,328
5.500%, due 10/01/37		1,729		1,973
5.500%, due 04/01/38		58,694		66,830
5.500%, due 05/01/38		7,300		8,348
5.500%, due 12/01/38		1,212		1,385
5.500%, due 01/01/39		29,931		34,213
5.500%, due 09/01/39		86,757		99,198
5.500%, due 02/01/40		3,790		4,342
5.500%, due 03/01/40		3,843		4,405
5.500%, due 05/01/40		54,085		61,900
5.500%, due 03/01/41		57,645		65,914
6.000%, due 11/01/37		578,320		671,366
7.000%, due 08/01/25		60		64
FHLMC ARM
12 mo. USD LIBOR + 1.764%,
2.024%, due 11/01/361		263,180		274,905
12 mo. USD LIBOR+ 1.776%,
2.094%, due 10/01/391		754,974		787,911
12 mo. USD LIBOR + 1.865%,
2.117%, due 11/01/411		647,135		682,321
1 year CMT + 2.133%,
2.258%, due 11/01/271		36,939		37,633
1 year CMT + 2.137%,
2.262%, due 01/01/281		8,006		8,185
1 year CMT + 2.250%,
2.279%, due 09/01/341		440,681		461,165

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited) 

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 2.192%,
2.283%, due 04/01/291		13,084		13,160
1 year CMT + 2.289%,
2.317%, due 10/01/231		1,691		1,700
1 year CMT + 2.227%,
2.331%, due 07/01/241		16,098		16,211
1 year CMT + 2.249%,
2.333%, due 11/01/291		72,956		74,606
1 year CMT + 2.282%,
2.361%, due 06/01/281		49,689		50,691
1 year CMT + 2.282%,
2.407%, due 07/01/281		42,261		43,176
1 year CMT + 2.397%,
2.523%, due 12/01/291		9,814		10,082
1 year CMT + 2.452%,
2.524%, due 10/01/271		45,322		45,888
1 year CMT + 2.467%,
2.526%, due 10/01/271		51,321		52,251
1 year CMT + 2.415%,
2.540%, due 11/01/251		32,335		32,804
1 year CMT + 2.415%,
2.540%, due 01/01/291		46,166		47,095
1 year CMT + 2.625%,
2.750%, due 01/01/301		18,549		19,138
FNMA
2.000%, due 05/01/28		123,822		127,333
2.000%, due 09/01/31		98,298		101,044
2.000%, due 11/01/31		332,458		341,744
2.000%, due 01/01/32		64,518		66,320
2.500%, due 06/01/28		106,629		111,113
2.500%, due 07/01/28		887,294		924,232
2.500%, due 08/01/28		231,546		241,318
2.500%, due 09/01/30		19,907		20,773
2.500%, due 11/01/30		30,609		31,932
2.500%, due 01/01/33		292,670		301,260
2.500%, due 11/01/50		520,519		536,624
2.500%, due 01/01/51		1,359,055		1,401,721
2.500%, due 09/01/51		1,993,765		2,064,728
3.000%, due 11/01/26		227,652		238,952
3.000%, due 05/01/28		103,557		108,975
3.000%, due 02/01/30		135,760		142,790
3.000%, due 04/01/30		45,864		48,260
3.000%, due 05/01/30		58,432		61,485
3.000%, due 10/01/30		18,167		19,117
3.000%, due 04/01/31		1,292,776		1,366,113

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited) 

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
3.000%, due 07/01/35		785,683		824,007
3.000%, due 12/01/35		5,449,455		5,715,265
3.000%, due 01/01/38		388,800		409,020
3.000%, due 04/01/38		371,263		389,290
3.000%, due 10/01/42		330,297		350,626
3.000%, due 01/01/43		1,273,101		1,351,457
3.000%, due 04/01/43		404,314		429,537
3.000%, due 05/01/43		436,217		463,430
3.000%, due 06/01/43		56,703		60,241
3.000%, due 09/01/43		742,123		792,060
3.000%, due 11/01/46		35,866		37,787
3.000%, due 12/01/46		3,602,115		3,817,102
3.000%, due 09/01/49		1,028,035		1,088,791
3.000%, due 02/01/50		1,991,804		2,113,369
3.000%, due 03/01/50		4,963,653		5,207,887
3.000%, due 07/01/50		775,370		814,389
3.000%, due 04/01/51		4,078,414		4,298,957
3.000%, due 05/01/51		4,359,833		4,597,472
3.000%, due 07/01/51		7,678,443		8,099,603
3.000%, due 02/01/57		735,680		784,994
3.000%, due 05/01/58		888,062		947,543
3.500%, due 11/01/25		132,883		141,169
3.500%, due 06/01/28		190,296		203,179
3.500%, due 08/01/29		23,788		25,404
3.500%, due 11/01/33		56,771		60,353
3.500%, due 02/01/34		125,814		133,697
3.500%, due 01/01/35		240,852		255,609
3.500%, due 02/01/35		234,387		248,747
3.500%, due 04/01/35		227,220		241,295
3.500%, due 05/01/35		1,511,989		1,614,288
3.500%, due 03/01/42		251,610		272,260
3.500%, due 04/01/42		17,584		19,027
3.500%, due 12/01/42		942,718		1,023,093
3.500%, due 03/01/43		622,966		676,083
3.500%, due 07/01/43		235,946		255,683
3.500%, due 06/01/45		1,649,628		1,769,547
3.500%, due 08/01/45		33,892		36,356
3.500%, due 09/01/46		843,625		911,193
3.500%, due 08/01/47		201,214		215,891
3.500%, due 09/01/47		305,477		329,818
3.500%, due 11/01/47		375,197		402,150
3.500%, due 12/01/47		384,591		412,646
3.500%, due 02/01/48		269,524		290,984

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 03/01/48		1,118,481		1,207,539
3.500%, due 02/01/50		149,838		158,755
3.500%, due 03/01/50		6,236,265		6,614,882
3.500%, due 04/01/50		507,680		538,663
3.500%, due 06/01/56		1,026,645		1,118,634
3.500%, due 01/01/57		929,922		1,013,119
3.500%, due 01/01/59		1,524,383		1,659,646
3.575%, due 02/01/26		500,000		526,869
4.000%, due 07/01/25		3,369		3,580
4.000%, due 09/01/25		1,686		1,792
4.000%, due 10/01/25		2,547		2,707
4.000%, due 11/01/25		4,509		4,792
4.000%, due 01/01/26		100,199		106,490
4.000%, due 02/01/26		265,405		282,092
4.000%, due 03/01/26		24,389		25,938
4.000%, due 04/01/26		538,176		572,370
4.000%, due 08/01/32		2,770		3,023
4.000%, due 06/01/33		82,517		90,168
4.000%, due 07/01/33		300,573		328,443
4.000%, due 08/01/33		1,339,454		1,451,680
4.000%, due 07/01/34		414,333		452,330
4.000%, due 07/01/35		1,071,248		1,177,363
4.000%, due 04/01/37		884,944		968,226
4.000%, due 03/01/38		604,740		667,033
4.000%, due 07/01/38		846,018		908,977
4.000%, due 08/01/38		333,385		363,356
4.000%, due 09/01/38		445,290		478,427
4.000%, due 05/01/39		70,797		77,837
4.000%, due 09/01/39		192,061		211,684
4.000%, due 09/01/40		1,336,733		1,464,434
4.000%, due 12/01/40		1,085,357		1,198,347
4.000%, due 11/01/41		359,345		397,567
4.000%, due 12/01/41		515,836		570,705
4.000%, due 07/01/42		2,354,055		2,612,344
4.000%, due 09/01/42		3,236,512		3,581,692
4.000%, due 10/01/42		2,584,408		2,860,040
4.000%, due 08/01/44		141,976		158,220
4.000%, due 12/01/44		17,753		19,416
4.000%, due 06/01/45		15,190		16,507
4.000%, due 08/01/45		977,778		1,062,638
4.000%, due 02/01/47		170,391		184,916
4.000%, due 03/01/47		45,819		49,409
4.000%, due 04/01/47		264,561		286,629

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
4.000%, due 05/01/47	431,735	467,594
4.000%, due 06/01/47	7,993	8,675
4.000%, due 10/01/47	6,683	7,240
4.000%, due 11/01/47	32,506	35,025
4.000%, due 01/01/48	148,587	160,106
4.000%, due 02/01/48	325,913	352,452
4.000%, due 03/01/48	211,505	227,768
4.000%, due 04/01/48	99,457	106,395
4.000%, due 08/01/48	67,333	72,030
4.000%, due 12/01/48	533,304	577,040
4.000%, due 03/01/49	630,600	674,587
4.000%, due 06/01/49	1,126,280	1,219,701
4.500%, due 06/01/298	9,414	10,391
4.500%, due 06/01/358	14,477	15,993
4.500%, due 12/01/388	222,156	245,268
4.500%, due 01/01/398	1,089	1,209
4.500%, due 02/01/398	91,694	99,741
4.500%, due 03/01/398	4,991	5,539
4.500%, due 06/01/398	31,571	35,036
4.500%, due 07/01/398	2,579	2,866
4.500%, due 08/01/398	71,235	79,416
4.500%, due 10/01/398	2,489	2,762
4.500%, due 12/01/398	221,427	246,139
4.500%, due 01/01/408	2,229	2,492
4.500%, due 02/01/408	2,143	2,382
4.500%, due 03/01/408	44,093	48,931
4.500%, due 08/01/408	37,462	41,572
4.500%, due 11/01/408	322,502	359,177
4.500%, due 07/01/41	231,478	257,087
4.500%, due 08/01/41	449,708	501,962
4.500%, due 09/01/41	839	932
4.500%, due 01/01/42	1,144,334	1,269,884
4.500%, due 08/01/42	2,113	2,348
4.500%, due 09/01/43	196,270	220,355
4.500%, due 11/01/43	39,324	43,919
4.500%, due 07/01/44	170,080	190,240
4.500%, due 12/01/44	1,297	1,444
4.500%, due 09/01/48	283,823	308,875
4.500%, due 01/01/49	249,504	271,464
4.500%, due 04/01/59	1,066,232	1,201,606
5.000%, due 03/01/25	6,253	6,866
5.000%, due 03/01/33	8,807	9,650
5.000%, due 05/01/37	3,756	4,189

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
5.000%, due 09/01/37	9,287	10,247
5.000%, due 06/01/38	43,959	48,472
5.000%, due 06/01/48	152,304	169,779
5.000%, due 07/01/48	160,111	178,316
5.000%, due 10/01/48	300,449	334,610
5.000%, due 01/01/49	28,434	31,287
5.000%, due 03/01/49	42,943	47,235
5.500%, due 11/01/32	23,451	25,510
5.500%, due 12/01/33	902	1,023
5.500%, due 04/01/34	13,279	14,698
5.500%, due 01/01/35	69,831	77,162
5.500%, due 04/01/36	75,831	81,930
5.500%, due 05/01/37	101,438	115,656
5.500%, due 07/01/37	54,209	61,826
5.500%, due 06/01/38	78,762	90,161
5.500%, due 11/01/39	195,099	223,411
5.500%, due 07/01/40	252,552	289,593
5.500%, due 02/01/42	136,988	156,096
6.000%, due 11/01/21	157	157
6.000%, due 01/01/23	18,008	18,114
6.000%, due 03/01/23	7,481	7,598
6.000%, due 11/01/26	9,674	10,584
6.000%, due 12/01/32	6,616	7,606
6.000%, due 02/01/33	10,851	12,121
6.000%, due 09/01/34	59,642	68,718
6.000%, due 05/01/35	14,852	16,472
6.000%, due 06/01/35	9,561	11,021
6.000%, due 07/01/35	28,340	31,462
6.000%, due 09/01/35	905	1,050
6.000%, due 01/01/36	14,892	17,255
6.000%, due 06/01/36	208	232
6.000%, due 09/01/36	25,917	29,992
6.000%, due 10/01/36	1,871	2,076
6.000%, due 12/01/36	74,026	85,602
6.000%, due 03/01/37	9,929	11,535
6.000%, due 10/01/37	23,689	27,231
6.000%, due 11/01/38	197,972	229,546
6.000%, due 05/01/39	25,602	29,667
6.000%, due 11/01/40	291,102	337,468
6.500%, due 10/01/36	205,453	233,605
6.500%, due 02/01/37	2,917	3,329
6.500%, due 07/01/37	29,178	33,145
6.500%, due 08/01/37	25,558	28,905

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
6.500%, due 09/01/37	28,999	33,965
6.500%, due 12/01/37	44,073	49,895
6.500%, due 05/01/40	538,647	645,097
7.500%, due 11/01/26	5,957	6,001
8.000%, due 11/01/26	1,767	1,772
FNMA ARM
12 mo. MTA + 1.200%,
1.284%, due 03/01/441	100,458	100,699
12 mo. USD LIBOR + 1.730%,
2.024%, due 05/01/381	696,731	725,674
1 year CMT + 2.095%,
2.095%, due 09/01/261	8	8
12 mo. USD LIBOR + 1.790%,
2.165%, due 02/01/421	138,625	146,471
1 year CMT + 2.086%,
2.206%, due 09/01/411	230,984	241,823
1 year CMT + 2.225%,
2.291%, due 10/01/371	1,141,347	1,194,673
1 year CMT + 2.236%,
2.329%, due 01/01/361	238,051	248,840
1 year CMT + 2.281%,
2.403%, due 05/01/351	105,749	110,584
1 year CMT + 2.506%,
2.631%, due 12/01/271	11,846	12,143
1 year CMT + 2.103%,
2.661%, due 05/01/301	21,576	21,980
1 year CMT + 2.325%,
2.825%, due 03/01/251	8,552	8,604
FNMA REMIC,
Series 2019-10, Class FA,
1 mo. USD LIBOR + 0.400%,
0.489%, due 03/25/491	3,636,910	3,667,849
GNMA
3.000%, due 11/15/42	42,824	45,245
3.000%, due 02/15/43	439,393	468,589
3.000%, due 05/15/43	551,878	582,980
3.000%, due 06/15/43	171,221	180,870
3.000%, due 07/15/43	42,597	44,998
3.000%, due 01/15/45	330,418	353,658
3.000%, due 02/15/45	27,357	29,275
3.000%, due 07/15/45	455,398	487,330
3.000%, due 10/15/45	739,726	789,857
3.500%, due 11/15/42	381,212	412,315
3.500%, due 03/15/45	192,210	207,535
3.500%, due 04/15/45	306,819	329,028
4.000%, due 12/15/41	921,206	1,010,268

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
4.000%, due 01/15/47	48,201	52,196
4.000%, due 02/15/47	272,909	295,527
4.000%, due 04/15/47	483,674	521,927
4.000%, due 05/15/47	69,833	75,355
4.000%, due 06/15/47	50,677	54,685
4.000%, due 07/15/47	114,575	123,637
4.000%, due 08/15/47	127,908	138,024
4.000%, due 12/15/47	34,112	36,810
4.000%, due 07/15/49	230,619	248,581
4.500%, due 09/15/39	310,056	350,462
4.500%, due 06/15/40	152,070	171,918
4.500%, due 12/15/45	11,486	13,011
4.500%, due 07/15/46	2,364	2,692
4.500%, due 08/15/46	8,284	9,379
4.500%, due 09/15/46	185,733	210,351
4.500%, due 10/15/46	308,528	349,314
4.500%, due 01/15/47	380,293	430,566
5.000%, due 12/15/34	16,728	17,299
5.000%, due 04/15/38	53,011	58,132
5.000%, due 12/15/39	4,147	4,641
5.000%, due 05/15/40	132,622	149,233
5.000%, due 05/15/41	33,760	36,316
5.500%, due 08/15/35	16,357	18,670
5.500%, due 02/15/38	1,260	1,448
5.500%, due 04/15/38	125,276	142,898
5.500%, due 05/15/38	133,397	152,654
5.500%, due 06/15/38	56,391	64,616
5.500%, due 10/15/38	324,416	371,719
5.500%, due 11/15/38	17,044	19,496
5.500%, due 12/15/38	3,822	4,379
5.500%, due 03/15/39	29,708	31,656
5.500%, due 05/15/39	29,010	33,188
5.500%, due 09/15/39	147,476	168,763
5.500%, due 01/15/40	4,450	4,993
5.500%, due 03/15/40	185,216	210,343
6.500%, due 02/15/29	297	328
6.500%, due 01/15/36	9,264	10,031
6.500%, due 09/15/36	97,443	110,987
6.500%, due 02/15/37	8,391	9,536
6.500%, due 04/15/37	4,845	5,637
6.500%, due 01/15/38	5,669	6,448
6.500%, due 06/15/38	19,204	22,122
6.500%, due 07/15/38	1,722	1,892

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
6.500%, due 11/15/38	3,269	4,054
8.000%, due 02/15/23	37	37
GNMA II
3.000%, due 09/20/47	707,637	739,067
3.500%, due 04/20/45	5,306	5,725
3.500%, due 11/20/45	493,453	528,183
3.500%, due 04/20/46	505,545	546,053
3.500%, due 05/20/46	497,948	528,868
3.500%, due 04/20/47	378,600	412,306
3.500%, due 07/20/47	3,243,560	3,510,242
3.500%, due 08/20/47	322,388	351,091
3.500%, due 09/20/47	125,955	137,169
3.500%, due 11/20/47	426,417	462,893
3.500%, due 12/20/47	104,563	112,354
3.500%, due 01/20/48	1,890,377	2,037,297
3.500%, due 02/20/48	1,649,844	1,788,424
3.500%, due 03/20/48	2,520,280	2,725,795
3.500%, due 09/20/48	812,039	855,831
3.750%, due 05/20/30	428,524	457,551
4.000%, due 12/20/40	175,017	191,474
4.000%, due 07/20/41	46,345	50,882
4.000%, due 03/20/47	447,136	483,310
4.000%, due 12/20/47	59,252	64,834
4.000%, due 01/20/48	156,035	170,735
4.000%, due 03/20/48	305,164	334,131
4.000%, due 04/20/48	626,708	677,618
4.000%, due 05/20/48	180,999	196,043
4.000%, due 06/20/48	200,361	218,450
4.000%, due 07/20/48	50,399	55,070
4.000%, due 05/20/49	746,661	790,985
4.500%, due 10/20/44	115,942	124,636
4.500%, due 08/20/45	111,303	123,410
4.500%, due 04/20/48	36,705	39,449
4.500%, due 05/20/48	104,057	111,635
4.500%, due 06/20/48	257,695	276,146
4.500%, due 10/20/48	175,369	181,107
4.500%, due 01/20/49	251,263	267,919
4.500%, due 02/20/49	442,631	471,972
5.000%, due 12/20/33	113,700	125,592
5.000%, due 01/20/34	57,172	63,152
5.000%, due 02/20/38	66,324	75,895
5.000%, due 04/20/38	81,006	92,591
5.000%, due 08/20/41	10,879	12,431

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
5.000%, due 12/20/42		14,911	17,044
5.000%, due 08/20/43		1,230,762	1,406,725
5.000%, due 09/20/48		172,246	187,511
5.000%, due 10/20/48		170,886	187,168
5.000%, due 11/20/48		405,446	437,178
5.000%, due 12/20/48		349,251	376,762
5.500%, due 09/20/48		75,391	79,034
6.000%, due 10/20/38		2,149	2,491
6.500%, due 09/20/32		704	755
6.500%, due 12/20/38		4,904	5,597
7.000%, due 03/20/28		28,955	29,936
9.000%, due 04/20/25		3,158	3,360
9.000%, due 12/20/26		1,381	1,448
9.000%, due 01/20/27		6,335	6,647
9.000%, due 09/20/30		876	927
9.000%, due 10/20/30		2,814	3,176
9.000%, due 11/20/30		3,496	3,736
GNMA II ARM
1 year CMT + 1.500%,
1.625%, due 08/20/251		5,013	5,065
1 year CMT + 1.500%,
1.625%, due 09/20/251		7,184	7,278
1 year CMT + 1.500%,
1.625%, due 08/20/261		8,122	8,245
1 year CMT + 1.500%,
1.625%, due 07/20/271		3,311	3,378
1 year CMT + 1.500%,
1.625%, due 07/20/301		16,674	17,128
1 year CMT + 1.500%,
1.875%, due 06/20/221		1,963	1,968
1 year CMT + 1.500%,
1.875%, due 04/20/241		7,558	7,617
1 year CMT + 1.500%,
1.875%, due 04/20/261		36,251	36,699
1 year CMT + 1.500%,
1.875%, due 06/20/261		14,407	14,614
1 year CMT + 1.500%,
1.875%, due 04/20/271		8,620	8,759
1 year CMT + 1.500%,
1.875%, due 04/20/301		2,948	3,032
1 year CMT + 1.500%,
1.875%, due 05/20/301		34,436	35,425
1 year CMT + 1.500%,
2.000%, due 01/20/231		3,791	3,806
1 year CMT + 1.500%,
2.000%, due 03/20/231		1,921	1,929

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 1.500%,
2.000%, due 01/20/241		8,591		8,650
1 year CMT + 1.500%,
2.000%, due 01/20/251		1,217		1,238
1 year CMT + 1.500%,
2.000%, due 02/20/251		2,140		2,161
1 year CMT + 1.500%,
2.000%, due 05/20/251		1,779		1,810
1 year CMT + 1.500%,
2.000%, due 03/20/261		4,362		4,415
1 year CMT + 1.500%,
2.000%, due 09/20/261		1,214		1,238
1 year CMT + 1.500%,
2.000%, due 01/20/271		43,723		44,341
1 year CMT + 1.500%,
2.000%, due 02/20/271		3,003		3,063
1 year CMT + 1.500%,
2.000%, due 04/20/271		1,349		1,377
1 year CMT + 1.500%,
2.000%, due 08/20/271		11,448		11,692
1 year CMT + 1.500%,
2.000%, due 01/20/281		4,256		4,344
1 year CMT + 1.500%,
2.000%, due 02/20/281		3,346		3,399
1 year CMT + 1.500%,
2.000%, due 04/20/301		2,737		2,833
1 year CMT + 1.500%,
2.000%, due 05/20/301		133,972		139,039
1 year CMT + 1.500%,
2.000%, due 07/20/301		6,579		6,831
1 year CMT + 1.500%,
2.000%, due 08/20/301		34,380		35,701
1 year CMT + 1.500%,
2.500%, due 03/20/251		4,686		4,774
1 year CMT + 1.500%,
2.500%, due 07/20/301		8,625		8,974
1 year CMT + 1.500%,
2.500%, due 08/20/301		1,380		1,436
1 year CMT + 1.500%,
2.500%, due 10/20/301		9,580		9,973
3.000%, due 02/20/48		440,170		459,720
1 year CMT + 1.500%,
3.000%, due 05/20/251		7,946		8,151
1 year CMT + 1.500%,
3.000%, due 06/20/251		6,809		6,988
GNMA II TBA
2.000%		8,400,000		8,488,620

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(concluded)
2.500%		29,900,000		30,672,317
3.000%		17,650,000		18,297,351
4.000%		12,950,000		13,730,077
4.500%		12,910,000		13,763,609
GNMA TBA
4.000%		2,000,000		2,138,594
UMBS TBA
1.500%		9,000,000		8,953,448
2.000%8		34,350,000		34,454,247
2.500%8		36,025,000		37,043,465
3.000%		10,250,000		10,694,963
3.500%		18,100,000		19,120,272
4.000%8		21,675,000		23,209,613
6.000%		1,000,000		1,122,812
Total U.S. government agency obligations    (cost—$412,653,696)				416,612,999
U.S. Treasury obligations—1.0%
U.S. Treasury Notes
1.250%, due 09/30/28    (cost—$3,077,157)		3,100,000		3,056,891

	Number of shares
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 0.030%9    (cost — $2,427,937)		2,427,937	2,427,937

	Face amount($)
Short-term U.S. Treasury obligations—4.5%10
U.S. Cash Management Bills
0.046%, due 01/04/22		337,000	336,973
0.051%, due 02/15/22		1,600,000	1,599,762
U.S. Treasury Bills
0.051%, due 03/31/22		5,700,000	5,698,813

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Short-term U.S. Treasury obligations—(concluded)
0.056%, due 04/21/22		6,300,000		6,298,354
Total short-term U.S. Treasury obligations (cost—$13,933,902)				13,933,902

		Number of contracts		Notional amount
Swaptions purchased—0.1%
Put swaptions—0.1%
3 Month USD LIBOR Interest Rate Swap, strike @ 1.350%, expires 03/01/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 03/03/25	27,000,000		USD		27,000,000	87,966
3 Month USD LIBOR Interest Rate Swap, strike @ 1.400%, expires 04/01/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 04/04/25	27,000,000		USD		27,000,000	104,909
3 Month USD LIBOR Interest Rate Swap, strike @ 1.470%, expires 11/01/21 (Counterparty BOA; receive fixed rate); underlying swap terminates 11/03/26	13,200,000		USD		13,200,000	1
3 Month USD LIBOR Interest Rate Swap, strike @ 1.470%, expires 11/01/21 (Counterparty DB; receive fixed rate); underlying swap terminates 11/03/26	13,200,000		USD		13,200,000	1
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500%, expires 05/02/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 05/04/25	27,000,000		USD		27,000,000	106,234
3 Month USD LIBOR Interest Rate Swap, strike @ 1.520%, expires 11/01/21 (Counterparty DB; receive fixed rate); underlying swap terminates 11/03/26	14,000,000		USD		14,000,000	2
Total swaptions purchased (cost—$118,295)						299,113
Total investments before investments sold short (cost—$530,446,409)—172.4%						534,349,223

	Face amount ($)
Investments sold short—(24.1)%
UMBS TBA
2.000%		(8,300,000	)	(8,300,249	)
2.500%		(18,250,000	)	(18,735,242	)
4.000%		(43,450,000	)	(46,557,006	)
4.500%		(1,100,000	)	(1,189,551	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Investments sold short—(concluded)
Total investments sold short (proceeds—$74,925,482)			(74,782,048	)
Liabilities in excess of other assets —(48.3)%			(149,674,881	)
Net assets—100.0%		$	309,892,294

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

Options written 

Notional amount		Number of contracts	Call options	Counterparty	Expiration date		Premiums received ($)		Current value ($)			Unrealized appreciation (depreciation) ($)
USD	150,330,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.22	JPMCB		11/03/21		5,508		(1,806	)		3,702
USD	152,265,000	1,500,000	UMBS TBA, 2.000%, strike @ 101.51	JPMCB		11/03/21		6,094		(1	)		6,093
USD	152,010,000	1,500,000	UMBS TBA, 2.000%, strike @ 101.34	JPMCB		11/03/21		5,625		(3	)		5,622
USD	101,160,000	1,000,000	UMBS TBA, 2.000%, strike @ 101.16	CITI		11/03/21		3,594		(10	)		3,584
USD	202,000,000	2,000,000	UMBS TBA, 2.000%, strike @ 101.00	CITI		11/03/21		9,375		(62	)		9,313
USD	50,685,000	500,000	UMBS TBA, 2.000%, strike @ 101.37	CITI		11/03/21		1,289		(1	)		1,288
USD	152,415,000	1,500,000	UMBS TBA, 2.000%, strike @ 101.61	GSI		11/03/21		4,219		—			4,219
USD	251,025,000	2,500,000	UMBS TBA, 2.000%, strike @ 100.41	CITI		11/03/21		6,445		(1,551	)		4,894
USD	100,220,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.22	CITI		12/06/21		3,750		(3,655	)		95
USD	100,160,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.16	CITI		12/06/21		3,750		(3,936	)		(186	)
USD	100,190,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.19	CITI		12/06/21		3,555		(3,794	)		(239	)
USD	150,825,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.55	GSI		12/06/21		3,281		(3,534	)		(253	)
USD	101,160,000	1,000,000	UMBS TBA, 2.000%, strike @ 101.16	CITI		12/06/21		1,992		(876	)		1,116
USD	171,139,000	1,700,000	UMBS TBA, 2.000%, strike @ 100.67	JPMCB		12/06/21		5,777		(3,376	)		2,401
USD	252,300,000	2,500,000	UMBS TBA, 2.000%, strike @ 100.92	CITI		12/06/21		5,078		(3,333	)		1,745
USD	150,690,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.46	JPMCB		12/06/21		5,391		(4,003	)		1,388
USD	101,200,000	1,000,000	UMBS TBA, 2.000%, strike @ 101.20	CITI		12/06/21		3,125		(800	)		2,325

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Options written—(continued)
Call options—(concluded)
USD	100,450,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.45	CITI	12/06/21	3,516	(2,711	)	805
USD	150,315,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.21	JPMCB	12/06/21	5,508	(5,560	)	(52	)
USD	100,890,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.89	CITI	12/06/21	2,265	(1,405	)	860
USD	151,095,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.73	JPMCB	01/06/22	3,984	(5,129	)	(1,145	)
USD	100,050,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.05	CITI	01/06/22	4,531	(6,448	)	(1,917	)
USD	199,680,000	2,000,000	UMBS TBA, 2.000%, strike @ 99.84	CITI	01/06/22	7,500	(15,214	)	(7,714	)
USD	149,790,000	1,500,000	UMBS TBA, 2.000%, strike @ 99.86	GSI	01/06/22	5,625	(11,277	)	(5,652	)
USD	100,380,000	1,000,000	UMBS TBA, 2.000%, strike @ 100.38	CITI	01/06/22	2,812	(4,882	)	(2,070	)
USD	200,340,000	2,000,000	UMBS TBA, 2.000%, strike @ 100.17	GSI	01/06/22	6,250	(11,695	)	(5,445	)
USD	50,150,000	500,000	UMBS TBA, 2.000%, strike @ 100.30	CITI	01/06/22	1,484	(2,621	)	(1,137	)
USD	149,850,000	1,500,000	UMBS TBA, 2.000%, strike @ 99.90	GSI	01/06/22	5,625	(10,946	)	(5,321	)
USD	150,120,000	1,500,000	UMBS TBA, 2.000%, strike @ 100.08	JPMCB	01/06/22	6,680	(9,488	)	(2,808	)
USD	258,450,000	2,500,000	UMBS TBA, 2.500%, strike @ 103.38	JPMCB	11/03/21	11,719	(103	)	11,616
USD	51,655,000	500,000	UMBS TBA, 2.500%, strike @ 103.31	CITI	12/06/21	1,094	(512	)	582
USD	154,695,000	1,500,000	UMBS TBA, 2.500%, strike @ 103.13	JPMCB	12/06/21	2,930	(2,406	)	524
USD	51,540,000	500,000	UMBS TBA, 2.500%, strike @ 103.08	CITI	12/06/21	1,250	(887	)	363
USD	103,000,000	1,000,000	UMBS TBA, 2.500%, strike @ 103.00	CITI	01/06/22	1,797	(2,255	)	(458	)
USD	150,870,000	1,500,000	UMBS, 2.000%, strike @ 100.58	BOA	01/06/22	4,219	(4,219	)	—
USD	102,940,000	1,000,000	UMBS, 2.500%, strike @ 102.94	CITI	01/06/22	1,562	(1,562	)	—
Total						158,199	(130,061	)	28,138
			Put options
USD	151,425,000	1,500,000	GNMA, 2.000%, strike @ 100.95	CITI	11/12/21	3,164	(3,712	)	(548	)
USD	30,786,000	300,000	GNMA, 2.500%, strike @ 102.62	CITI	11/12/21	562	(556	)	6

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Options written—(concluded)
Put options—(concluded)
USD	154,605,000	1,500,000	GNMA, 2.500%, strike @ 103.07	CITI	11/12/21	2,930	(5,932	)	(3,002	)
USD	249,650,000	2,500,000	UMBS TBA, 2.000%, strike @ 99.86	CITI	11/03/21	6,641	(3,868	)	2,773
USD	99,660,000	1,000,000	UMBS TBA, 2.000%, strike @ 99.66	CITI	11/03/21	3,594	(932	)	2,662
USD	147,825,000	1,500,000	UMBS TBA, 2.000%, strike @ 98.55	GSI	12/06/21	5,859	(3,303	)	2,556
USD	98,890,000	1,000,000	UMBS TBA, 2.000%, strike @ 98.89	CITI	12/06/21	4,141	(2,838	)	1,303
USD	247,300,000	2,500,000	UMBS TBA, 2.000%, strike @ 98.92	CITI	12/06/21	9,180	(7,268	)	1,912
USD	99,700,000	1,000,000	UMBS TBA, 2.000%, strike @ 99.70	CITI	12/06/21	3,437	(5,303	)	(1,866	)
USD	99,160,000	1,000,000	UMBS TBA, 2.000%, strike @ 99.16	CITI	12/06/21	3,633	(3,481	)	152
USD	146,850,000	1,500,000	UMBS TBA, 2.000%, strike @ 97.90	GSI	01/06/22	8,437	(6,850	)	1,587
USD	146,790,000	1,500,000	UMBS TBA, 2.000%, strike @ 97.86	GSI	01/06/22	8,438	(6,754	)	1,684
USD	98,380,000	1,000,000	UMBS TBA, 2.000%, strike @ 98.38	CITI	01/06/22	4,687	(5,446	)	(759	)
USD	195,680,000	2,000,000	UMBS TBA, 2.000%, strike @ 97.84	CITI	01/06/22	10,000	(8,955	)	1,045
USD	196,340,000	2,000,000	UMBS TBA, 2.000%, strike @ 98.17	GSI	01/06/22	9,531	(10,095	)	(564	)
USD	102,310,000	1,000,000	UMBS TBA, 2.500%, strike @ 102.31	CITI	12/06/21	3,203	(4,220	)	(1,017	)
USD	101,000,000	1,000,000	UMBS TBA, 2.500%, strike @ 101.00	CITI	01/06/22	3,126	(3,147	)	(21	)
USD	100,780,000	1,000,000	UMBS TBA, 2.500%, strike @ 100.78	CITI	01/06/22	2,500	(2,841	)	(341	)
USD	177,174,000	1,700,000	UMBS TBA, 3.000%, strike @ 104.22	JPMCB	12/06/21	2,258	(2,597	)	(339	)
USD	103,990,000	1,000,000	UMBS TBA, 3.000%, strike @ 103.99	JPMCB	12/06/21	1,719	(781	)	938
USD	156,090,000	1,500,000	UMBS TBA, 3.000%, strike @ 104.06	JPMCB	01/06/22	2,578	(3,216	)	(638	)
USD	147,870,000	1,500,000	UMBS, 2.000%, strike @ 98.58	BOA	01/06/22	7,500	(7,500	)	—
USD	100,940,000	1,000,000	UMBS, 2.500%, strike @ 100.94	CITI	01/06/22	3,047	(3,047	)	—
Total						110,165	(102,642	)	7,523
Total options written						268,364	(232,703	)	35,661

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty		Pay/ receive floating rate	Expiration date	Premiums received($)	Current value($)			Unrealized appreciation (depreciation)($)
USD	3,000		3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.406%, terminating 01/21/32		GSI	Pay	01/19/22	15,900		(17,812	)		(1,912	)
USD	3,000		3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.408%, terminating 01/21/32		BOA	Pay	01/19/22	15,900		(17,931	)		(2,031	)
USD	6,000		6,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.418%, terminating 12/22/31		GSI	Pay	12/20/21	19,200		(26,263	)		(7,063	)
Total									51,000		(62,006	)		(11,006	)
				Put swaptions
USD	27,700		27,700,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.720%, terminating 11/03/26		MSCI	Pay	11/01/21	104,394		(3	)		104,391
Total swaptions written									155,394		(62,009	)		93,385

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
U.S. Treasury futures sell contracts:
34	USD	U.S. Treasury Note 10 Year Futures	December 2021		(4,540,812	)		(4,443,906	)		96,906

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)11		Payments received by the Portfolio(%)11		Value($)		Unrealized appreciation (depreciation)($)
USD	36,100	06/16/23	Quarterly		0.250		3 Month USD LIBOR	142,633		121,364
USD	29,000	06/16/24	Quarterly		0.250		3 Month USD LIBOR	447,881		265,212
USD	10,800	04/29/23	Maturity		0.200		US Federal Funds Effective Rate	31,322		30,984
USD	1,000	07/21/31	Quarterly		1.410		3 Month USD LIBOR	11,308		11,308
USD	10,200	06/16/28	Semi-Annual		3 Month USD LIBOR		0.500	(567,461	)	(57,182	)
USD	1,200	09/22/31	Semi-Annual		3 Month USD LIBOR		1.850	35,279		35,279
USD	19,100	12/15/28	Semi-Annual		3 Month USD LIBOR		1.500	55,164		(73,097	)
Total								156,126		333,868

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—		38,788,724			4,871,286		43,660,010
Mortgage-backed securities		—		52,845,295			1,513,076		54,358,371
U.S. government agency obligations		—		416,612,999			—		416,612,999
U.S. Treasury obligations		—		3,056,891			—		3,056,891
Short-term investments		—		2,427,937			—		2,427,937
Short-term U.S. Treasury obligations		—		13,933,902			—		13,933,902
Swaptions purchased		—		299,113			—		299,113
Futures contracts		96,906		—			—		96,906
Swap agreements		—		723,587			—		723,587
Total		96,906		528,688,448			6,384,362		535,169,716
Liabilities
Investments sold short		—		(74,782,048	)		—		(74,782,048	)
Options written		—		(232,703	)		—		(232,703	)
Swaptions written		—		(62,009	)		—		(62,009	)
Swap agreements		—		(567,461	)		—		(567,461	)
Total		—		(75,644,221	)		—		(75,644,221	)

Level 3 rollforward disclosure 

The following is a rollforward of the Portfolio’s investment that was valued using unobservable inputs for the period ended October 31, 2021:

	Mortgage-backed securities			Asset-backed securities			Total
Beginning balance	$	-		$	293,852		$	293,852
Purchases		1,537,266			4,644,855			6,182,121
Sales/paydown		-			(6,293	)		(6,293	)
Accrued discounts/(premiums)		(6	)		(7,635	)		(7,641	)
Total realized gain/(loss)		-			(10,490	)		(10,490	)
Net change in unrealized appreciation/depreciation		(24,183	)		(43,003	)		(67,186	)
Transfers into Level 3		-			-			-
Transfers out of Level 3		-			-			-
Ending balance	$	1,513,076		$	4,871,286		$	6,384,362

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at October 31, 2021 was $7,912. 

Portfolio footnotes

1	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $48,651,042, represented 15.7% of the Portfolio's net assets at period end.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
5	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
6	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
7	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.

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

9	Rates shown reflect yield at October 31, 2021.
10	Rate shown is the discount rate at the date of purchase unless otherwise noted.
11	Payments made or received are based on the notional amount.

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—3.6%
American Homes 4 Rent Trust,
Series 2014-SFR3, Class A,
3.678%, due 12/17/362		441,024		463,698
Cloud Pass-Through Trust,
Series 2019-1A, Class CLOU,
3.554%, due 12/05/222,3		72,953		73,250
College Avenue Student Loans LLC,
Series 2021-A, Class A1,
1 mo. USD LIBOR + 1.100%,
1.189%, due 07/25/512,4		83,409		84,298
Series 2021-B, Class A2,
1.760%, due 06/25/522		96,174		95,279
Credit Acceptance Auto Loan Trust,
Series 2019-3A, Class A,
2.380%, due 11/15/282		630,000		637,874
Series 2020-2A, Class A,
1.370%, due 07/16/292		180,000		181,376
Series 2021-2A, Class A,
0.960%, due 02/15/302		540,000		538,627
Series 2021-3A, Class A,
1.000%, due 05/15/302		280,000		278,846
Series 2021-4, Class A,
1.260%, due 10/15/302		395,000		394,100
Credit Suisse ABS Repackaging Trust,
Series 2013-A, Class B,
2.500%, due 01/25/302		25,037		25,029
Credit Suisse Seasoned Loan Trust,
Series 2006-1, Class A,
1 mo. USD LIBOR + 0.480%,
0.569%, due 10/25/342,4		25,551		25,545
EDvestinU Private Education Loan Issue No 3 LLC,
Series 2021-A, Class A,
1.800%, due 11/25/452		87,847		86,975
Elara HGV Timeshare Issuer LLC,
Series 2016-A, Class A,
2.730%, due 04/25/282		41,320		41,889
GoodLeap Sustainable Home Solutions Trust,
Series 2021-4GS, Class A,
1.930%, due 07/20/482		223,313		219,885
Series 2021-5CS, Class A,
2.310%, due 10/20/482,5		124,000		124,270
Lehman XS Trust,
Series 2005-6, Class 1A1,
1 mo. USD LIBOR + 0.520%,
0.609%, due 11/25/354		103,296		96,125

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(continued)
Lendmark Funding Trust,
Series 2021-1A, Class A,
1.900%, due 11/20/312		210,000		209,522
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/362		180,000		179,625
Navient Private Education Loan Trust,
Series 2020-IA, Class B,
2.950%, due 04/15/692		100,000		103,863
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B,
1 mo. USD LIBOR + 1.050%,
1.140%, due 12/15/592,4		357,882		362,003
Series 2021-A, Class A,
0.840%, due 05/15/692		97,165		96,490
Series 2021-DA, Class A,
PRIME - 1.990%,
1.260%, due 04/15/602,4		471,150		471,203
Navient Student Loan Trust,
Series 2018-EA, Class A2,
4.000%, due 12/15/592		53,642		55,531
Nelnet Student Loan Trust,
Series 2021-A, Class APT2,
1.360%, due 04/20/622		664,388		658,276
Series 2021-BA, Class AFL,
1 mo. USD LIBOR + 0.780%,
0.866%, due 04/20/622,4		948,498		949,742
Series 2021-CA, Class AFL,
1 mo. USD LIBOR + 0.740%,
0.826%, due 04/20/622,4		608,297		608,648
Nissan Master Owner Trust Receivables,
Series 2019-B, Class A,
1 mo. USD LIBOR + 0.430%,
0.520%, due 11/15/234		410,000		410,058
Prodigy Finance Ltd.,
Series 2021-1A, Class A,
1 mo. USD LIBOR + 1.250%,
1.339%, due 07/25/512,4		410,974		412,396
Regional Management Issuance Trust,
Series 2021-2, Class A,
1.900%, due 08/15/332		245,000		241,341
Sesac Finance LLC,
Series 2019-1, Class A2,
5.216%, due 07/25/492		117,300		123,460

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(concluded)
SLM Private Education Loan Trust,
Series 2010-C, Class A5,
1 mo. USD LIBOR + 4.750%,
4.840%, due 10/15/412,4		475,000		531,532
SMB Private Education Loan Trust,
Series 2017-B, Class A2B,
1 mo. USD LIBOR + 0.750%,
0.840%, due 10/15/352,4		119,503		119,947
Series 2018-A, Class A2B,
1 mo. USD LIBOR + 0.800%,
0.890%, due 02/15/362,4		417,033		418,715
Series 2018-C, Class A2B,
1 mo. USD LIBOR + 0.750%,
0.840%, due 11/15/352,4		527,473		528,946
Series 2021-A, Class A2A1,
1 mo. USD LIBOR + 0.730%,
0.814%, due 01/15/532,4		640,000		642,742
Series 2021-A, Class B,
2.310%, due 01/15/532		100,000		100,398
Series 2021-C, Class APT1,
1.390%, due 01/15/532		252,728		250,023
SoFi Professional Loan Program LLC,
Series 2016-A, Class A1,
1 mo. USD LIBOR + 1.750%,
1.839%, due 08/25/362,4		28,953		29,070
Series 2016-B, Class A1,
1 mo. USD LIBOR + 1.200%,
1.289%, due 06/25/332,4		19,664		19,747
Series 2018-A, Class A2B,
2.950%, due 02/25/422		132,080		134,240
SoFi Professional Loan Program Trust,
Series 2020-C, Class AFX,
1.950%, due 02/15/462		153,301		155,669
Westlake Automobile Receivables Trust,
Series 2020-1A, Class A2,
1.440%, due 09/15/232		233,527		233,961
Total asset-backed securities (cost—$11,324,433)				11,414,214
Corporate bonds—36.2%
Aerospace & defense—1.6%
Airbus SE
2.000%, due 04/07/286	EUR	200,000		251,687
BAE Systems Holdings, Inc.
3.800%, due 10/07/242		316,000		338,636
3.850%, due 12/15/252		82,000		88,762

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
General Dynamics Corp.
3.500%, due 04/01/27		226,000		247,279
3.750%, due 05/15/28		58,000		64,870
L3Harris Technologies, Inc.
3.850%, due 12/15/26		213,000		234,658
4.400%, due 06/15/28		250,000		285,231
Lockheed Martin Corp.
3.800%, due 03/01/45		139,000		163,684
Series B,
6.150%, due 09/01/36		65,000		91,764
Northrop Grumman Corp.
2.930%, due 01/15/25		41,000		43,005
3.850%, due 04/15/45		66,000		76,681
4.030%, due 10/15/47		166,000		199,050
4.750%, due 06/01/43		27,000		34,582
Raytheon Technologies Corp.
2.150%, due 05/18/30	EUR	150,000		190,665
2.820%, due 09/01/51		10,000		9,845
3.100%, due 11/15/21		80,000		80,059
3.750%, due 11/01/46		28,000		31,665
4.125%, due 11/16/28		242,000		274,261
4.200%, due 12/15/44		75,000		86,449
4.625%, due 11/16/48		224,000		290,357
7.000%, due 11/01/28		24,000		30,984
7.200%, due 08/15/27		54,000		69,352
Thales SA
0.010%, due 05/31/226	EUR	200,000		231,675
0.750%, due 06/07/236	EUR	100,000		117,149
TransDigm, Inc.
6.250%, due 03/15/262		170,000		177,438
8.000%, due 12/15/252		1,402,000		1,491,378
				5,201,166
Agriculture—0.8%
Altria Group, Inc.
3.125%, due 06/15/31	EUR	260,000		335,899
4.800%, due 02/14/29		49,000		55,818
5.800%, due 02/14/39		606,000		737,936
6.200%, due 02/14/59		13,000		17,168
BAT Capital Corp.
3.215%, due 09/06/26		321,000		338,435
5.282%, due 04/02/50		247,000		284,789

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Agriculture—(concluded)
BAT International Finance PLC
0.875%, due 10/13/236	EUR	155,000		181,614
1.250%, due 03/13/276	EUR	100,000		117,378
Imperial Brands Finance Netherlands BV
1.750%, due 03/18/336	EUR	100,000		113,043
Philip Morris International, Inc.
1.450%, due 08/01/39	EUR	110,000		120,363
2.000%, due 05/09/36	EUR	100,000		119,484
Viterra Finance BV
0.375%, due 09/24/256	EUR	120,000		137,674
				2,559,601
Airlines—0.7%
Air Canada Pass-Through Trust
3.300%, due 01/15/302		47,398		48,334
3.700%, due 01/15/262		706		686
American Airlines Pass-Through Trust
3.000%, due 10/15/28		99,566		100,917
4.375%, due 06/15/242		77,350		75,749
4.400%, due 09/22/23		139,879		138,190
Series 2015-2, Class AA,
3.600%, due 09/22/27		41,411		42,882
Series 2016-2, Class AA,
3.200%, due 06/15/28		43,285		44,014
Series AA,
3.150%, due 02/15/32		110,246		113,039
Series AA,
3.575%, due 01/15/28		53,331		53,992
Series AA,
3.650%, due 02/15/29		32,031		33,542
Series B,
4.950%, due 02/15/25		391,476		389,975
Series B,
5.250%, due 01/15/24		38,376		37,815
Delta Airlines Pass-Through Trust,
Series AA,
2.000%, due 06/10/28		61,113		60,783
Series AA,
3.204%, due 04/25/24		101,000		104,995
United Airlines Pass-Through Trust
3.450%, due 12/01/27		35,637		37,401
4.875%, due 01/15/26		35,920		37,958
Series 16-2,
3.650%, due 10/07/25		7,231		7,222

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Series 2020-1, Class A,
5.875%, due 10/15/27		108,396		121,270
Series AA,
2.700%, due 05/01/32		48,055		48,416
Series AA,
2.875%, due 10/07/28		59,141		59,979
Series AA,
3.100%, due 07/07/28		4,734		4,937
Series AA,
3.500%, due 03/01/30		17,174		18,138
Series AA,
4.150%, due 08/25/31		61,459		67,575
Series B,
3.500%, due 05/01/28		73,454		72,533
Series B,
4.600%, due 03/01/26		50,968		52,043
Series B,
4.625%, due 09/03/22		186,765		191,171
Series B,
4.750%, due 04/11/22		115,278		116,453
				2,080,009
Apparel—0.1%
Hanesbrands, Inc.
4.875%, due 05/15/262,7		250,000		267,246
Auto manufacturers—1.2%
American Honda Finance Corp.
1.375%, due 11/10/22	EUR	120,000		141,184
BMW US Capital LLC
1.950%, due 08/12/312		35,000		34,144
4.150%, due 04/09/302		91,000		104,469
Daimler Finance North America LLC
2.125%, due 03/10/252		296,000		303,022
3.500%, due 08/03/252		150,000		161,479
Daimler International Finance BV
0.250%, due 11/06/236	EUR	60,000		69,819
General Motors Financial Co., Inc.
2.750%, due 06/20/25		358,000		371,703
4.000%, due 01/15/25		113,000		120,911
4.350%, due 04/09/25		64,000		69,640
Hyundai Capital America
2.375%, due 02/10/232		365,000		371,976

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
3.950%, due 02/01/222		290,000		292,384
Hyundai Capital Services, Inc.
3.000%, due 08/29/222		200,000		203,600
3.750%, due 03/05/232		350,000		362,425
Nissan Motor Co. Ltd.
4.810%, due 09/17/302		461,000		512,353
Stellantis NV
1.250%, due 06/20/336	EUR	140,000		157,022
Toyota Motor Credit Corp.
3.000%, due 04/01/25		319,000		337,709
Toyota Motor Finance Netherlands BV
0.250%, due 01/10/226	EUR	105,000		121,544
				3,735,384
Auto parts & equipment—0.1%
BorgWarner, Inc.
1.000%, due 05/19/31	EUR	100,000		113,563
Conti-Gummi Finance BV
1.125%, due 09/25/246	EUR	110,000		130,590
				244,153
Banks—8.5%
Banco de Sabadell SA
(fixed, converts to FRN on 03/11/26),
1.125%, due 03/11/274,6	EUR	200,000		235,484
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.125%, due 06/06/242		150,000		158,250
Banco Nacional de Panama
2.500%, due 08/11/302		200,000		188,600
Bank of America Corp.
(fixed, converts to FRN on 10/26/30),
0.654%, due 10/26/314,6	EUR	100,000		112,106
(fixed, converts to FRN on 04/22/24),
0.976%, due 04/22/254		142,000		141,384
(fixed, converts to FRN on 10/24/25),
1.197%, due 10/24/264		264,000		259,604
(fixed, converts to FRN on 06/19/25),
1.319%, due 06/19/264		849,000		842,435
(fixed, converts to FRN on 07/22/26),
1.734%, due 07/22/274		387,000		384,509
(fixed, converts to FRN on 07/23/30),
1.898%, due 07/23/314		78,000		74,521
(fixed, converts to FRN on 10/24/30),
1.922%, due 10/24/314		136,000		129,707

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 02/13/25),
2.015%, due 02/13/264		181,000		184,368
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/314		70,000		70,291
(fixed, converts to FRN on 10/20/31),
2.572%, due 10/20/324		10,000		10,020
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/314		127,000		128,465
(fixed, converts to FRN on 10/22/29),
2.884%, due 10/22/304		106,000		109,736
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/234		264,000		270,911
(fixed, converts to FRN on 07/23/29),
3.194%, due 07/23/304		836,000		886,426
(fixed, converts to FRN on 01/23/25),
3.366%, due 01/23/264		366,000		388,329
(fixed, converts to FRN on 12/20/27),
3.419%, due 12/20/284		263,000		281,210
(fixed, converts to FRN on 03/05/23),
3.550%, due 03/05/244		123,000		127,574
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/284		840,000		916,163
(fixed, converts to FRN on 03/05/28),
3.970%, due 03/05/294		144,000		159,514
4.000%, due 01/22/25		76,000		81,924
(fixed, converts to FRN on 04/23/39),
4.078%, due 04/23/404		420,000		484,141
4.450%, due 03/03/26		84,000		93,095
Series FF,
(fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/284,8		90,000		100,752
Series L,
3.950%, due 04/21/25		16,000		17,277
Bank of New York Mellon Corp.,
Series F,
(fixed, converts to FRN on 09/20/26),
4.625%, due 09/20/264,8		115,000		123,481
Banque Federative du Credit Mutuel SA
0.750%, due 06/15/236	EUR	100,000		117,542
Barclays PLC
(fixed, converts to FRN on 08/09/28),
0.577%, due 08/09/294,6	EUR	100,000		112,707
(fixed, converts to FRN on 03/10/31),
2.667%, due 03/10/324		216,000		215,107

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 04/02/24),
3.375%, due 04/02/254,6	EUR	100,000		124,358
3.684%, due 01/10/23		432,000		434,550
(fixed, converts to FRN on 03/10/41),
3.811%, due 03/10/424		200,000		212,197
BNP Paribas SA
(fixed, converts to FRN on 04/13/26),
0.250%, due 04/13/274,6	EUR	200,000		228,032
(fixed, converts to FRN on 01/19/29),
0.500%, due 01/19/304,6	EUR	200,000		224,756
BPCE SA
0.250%, due 01/15/266	EUR	100,000		115,638
0.625%, due 04/28/256	EUR	100,000		117,507
2.700%, due 10/01/292		313,000		321,719
Citigroup, Inc.
(fixed, converts to FRN on 06/03/30),
2.572%, due 06/03/314		1,198,000		1,207,880
(fixed, converts to FRN on 02/18/26),
3.875%, due 02/18/264,8		331,000		333,896
Credit Suisse AG/New York NY
1.250%, due 08/07/26		415,000		406,217
Credit Suisse Group AG
(fixed, converts to FRN on 04/02/25),
3.250%, due 04/02/264,6	EUR	200,000		252,262
Danske Bank A/S
1.226%, due 06/22/242		378,000		380,359
(fixed, converts to FRN on 09/10/26),
1.549%, due 09/10/272,4		280,000		273,518
5.000%, due 01/12/222		250,000		252,111
5.375%, due 01/12/246		218,000		237,377
Deutsche Bank AG
(fixed, converts to FRN on 04/01/24),
1.447%, due 04/01/254		204,000		204,034
1.686%, due 03/19/26		210,000		209,462
4.100%, due 01/13/26		45,000		48,598
Goldman Sachs Group, Inc.
3 mo. Euribor + 0.550%,
0.002%, due 04/21/234,6	EUR	230,000		266,353
3 mo. USD LIBOR + 1.170%,
1.295%, due 05/15/264		244,000		249,361
(fixed, converts to FRN on 10/21/31),
2.650%, due 10/21/324		33,000		33,242
3.500%, due 04/01/25		805,000		859,508
3.500%, due 11/16/26		109,000		116,788

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
3.750%, due 05/22/25		302,000		324,139
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/384		155,000		177,551
(fixed, converts to FRN on 04/23/38),
4.411%, due 04/23/394		417,000		499,917
6.250%, due 02/01/41		21,000		30,799
HSBC Holdings PLC
(fixed, converts to FRN on 05/24/26),
1.589%, due 05/24/274		200,000		196,550
(fixed, converts to FRN on 06/04/30),
2.848%, due 06/04/314		200,000		203,182
ING Groep N.V.
(fixed, converts to FRN on 09/03/24),
0.100%, due 09/03/254,6	EUR	100,000		115,357
JPMorgan Chase & Co.
(fixed, converts to FRN on 04/22/26),
1.578%, due 04/22/274,7		184,000		182,215
(fixed, converts to FRN on 03/13/25),
2.005%, due 03/13/264		502,000		511,575
(fixed, converts to FRN on 05/06/29),
3.702%, due 05/06/304		51,000		55,730
(fixed, converts to FRN on 02/01/27),
3.782%, due 02/01/284		756,000		823,998
(fixed, converts to FRN on 01/29/26),
3.960%, due 01/29/274		495,000		539,367
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/294		196,000		217,595
(fixed, converts to FRN on 07/24/47),
4.032%, due 07/24/484		314,000		372,640
(fixed, converts to FRN on 12/05/28),
4.452%, due 12/05/294		211,000		240,755
5.600%, due 07/15/41		59,000		81,410
KBC Group N.V.
1.125%, due 01/25/246	EUR	100,000		118,804
Lloyds Banking Group PLC
4.375%, due 03/22/28		214,000		241,351
Mitsubishi UFJ Financial Group, Inc.
2.048%, due 07/17/30		261,000		254,163
Mizuho Financial Group, Inc.
0.523%, due 06/10/246	EUR	100,000		117,074
(fixed, converts to FRN on 09/08/30),
1.979%, due 09/08/314		201,000		192,502

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 05/25/25),
2.226%, due 05/25/264		308,000	314,214
(fixed, converts to FRN on 09/13/24),
2.555%, due 09/13/254		200,000	207,449
(fixed, converts to FRN on 07/16/24),
2.839%, due 07/16/254		280,000	292,380
Morgan Stanley
(fixed, converts to FRN on 07/20/26),
1.512%, due 07/20/274		163,000	160,337
(fixed, converts to FRN on 05/04/26),
1.593%, due 05/04/274		621,000	615,213
(fixed, converts to FRN on 02/13/31),
1.794%, due 02/13/324		173,000	162,969
(fixed, converts to FRN on 10/20/31),
2.511%, due 10/20/324		25,000	24,939
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/314		70,000	71,550
3.625%, due 01/20/27		263,000	285,839
(fixed, converts to FRN on 01/24/28),
3.772%, due 01/24/294		984,000	1,080,769
(fixed, converts to FRN on 07/22/37),
3.971%, due 07/22/384		129,000	147,814
(fixed, converts to FRN on 01/23/29),
4.431%, due 01/23/304		894,000	1,023,547
OP Corporate Bank PLC
(fixed, converts to FRN on 06/09/25),
1.625%, due 06/09/304,6	EUR	300,000	355,276
Santander UK Group Holdings PLC
(fixed, converts to FRN on 03/15/24),
1.089%, due 03/15/254		326,000	324,436
(fixed, converts to FRN on 11/15/23),
4.796%, due 11/15/244		296,000	317,824
State Street Corp.,
Series F,
3 mo. USD LIBOR + 3.597%,
3.713%, due 12/15/214,8		44,000	44,084
Series H,
(fixed, converts to FRN on 12/15/23),
5.625%, due 12/15/234,8		125,000	130,923
Sumitomo Mitsui Financial Group, Inc.
2.784%, due 07/12/22		5,000	5,085
3.544%, due 01/17/28		135,000	147,117
3.944%, due 07/19/287		47,000	52,343
Toronto-Dominion Bank
0.375%, due 04/25/246	EUR	200,000	233,496

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
Wells Fargo & Co.
(fixed, converts to FRN on 10/30/29),
2.879%, due 10/30/304		330,000	341,929
(fixed, converts to FRN on 04/30/40),
3.068%, due 04/30/414		172,000	176,538
(fixed, converts to FRN on 05/22/27),
3.584%, due 05/22/284		223,000	240,517
4.150%, due 01/24/29		73,000	82,186
			26,850,804
Beverages—0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		1,002,000	1,212,235
Anheuser-Busch InBev Worldwide, Inc.
4.750%, due 01/23/29		111,000	130,325
Coca-Cola Co.
2.250%, due 01/05/32		167,000	168,691
3.450%, due 03/25/30		27,000	30,065
Keurig Dr. Pepper, Inc.
3.200%, due 05/01/30		128,000	135,852
Pernod Ricard SA
0.000%, due 10/24/236,9	EUR	100,000	115,937
Suntory Holdings Ltd.
2.250%, due 10/16/242		380,000	390,530
			2,183,635
Biotechnology—0.2%
Amgen, Inc.
4.400%, due 05/01/45		186,000	224,230
Biogen, Inc.
3.150%, due 05/01/50		91,000	89,379
Gilead Sciences, Inc.
4.800%, due 04/01/44		193,000	244,074
			557,683
Building materials—0.1%
Carrier Global Corp.
2.242%, due 02/15/25		80,000	82,128
Holcim Finance Luxembourg SA
0.500%, due 09/03/306	EUR	100,000	110,672

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
0.500%, due 04/23/316	EUR	100,000	109,762
			302,562
Chemicals—0.4%
Air Liquide Finance SA
0.375%, due 04/18/226	EUR	100,000	115,807
Air Products & Chemicals, Inc.
2.800%, due 05/15/50		60,000	61,625
Dow Chemical Co.
1.125%, due 03/15/32	EUR	170,000	196,505
5.550%, due 11/30/48		65,000	91,882
DuPont de Nemours, Inc.
4.493%, due 11/15/25		245,000	272,576
Ecolab, Inc.
2.750%, due 08/18/552		79,000	78,130
LYB International Finance III LLC
4.200%, due 05/01/50		80,000	93,655
MEGlobal Canada ULC
5.875%, due 05/18/302		200,000	242,875
Sherwin-Williams Co.
4.500%, due 06/01/47		37,000	46,306
Westlake Chemical Corp.
3.375%, due 08/15/61		49,000	47,481
			1,246,842
Commercial services—0.3%
ADT Security Corp.
4.125%, due 06/15/23		355,000	369,548
Amadeus IT Group SA
2.875%, due 05/20/276	EUR	100,000	128,403
Global Payments, Inc.
2.900%, due 05/15/30		58,000	59,181
3.200%, due 08/15/29		275,000	287,520
RELX Capital, Inc.
3.000%, due 05/22/30		216,000	228,015
			1,072,667
Computers—0.4%
Apple, Inc.
3.750%, due 11/13/47		50,000	58,912
4.650%, due 02/23/46		45,000	59,467
Dell International LLC/EMC Corp.
8.350%, due 07/15/46		42,000	69,794

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Computers—(concluded)
International Business Machines Corp.
2.850%, due 05/15/40		153,000	151,964
3.300%, due 05/15/26		171,000	184,474
Leidos, Inc.
4.375%, due 05/15/30		451,000	504,489
Seagate HDD Cayman
4.091%, due 06/01/29		340,000	351,550
			1,380,650
Diversified financial services—0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		150,000	152,090
Air Lease Corp.
2.875%, due 01/15/26		134,000	138,510
Capital One Financial Corp.
1.650%, due 06/12/29	EUR	200,000	241,098
3.800%, due 01/31/28		79,000	87,144
Charles Schwab Corp.,
Series E,
(fixed, converts to FRN on 03/01/22),
4.625%, due 03/01/224,8		190,000	190,532
Series I,
(fixed, converts to FRN on 06/01/26),
4.000%, due 06/01/264,8		130,000	133,789
FCA Bank SpA
0.500%, due 09/18/236	EUR	100,000	116,508
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35		200,000	243,319
Intercontinental Exchange, Inc.
2.100%, due 06/15/30		122,000	120,364
Nomura Holdings, Inc.
2.608%, due 07/14/31		200,000	197,548
PSA Banque France SA
0.010%, due 01/22/256	EUR	100,000	114,856
SURA Asset Management SA
4.875%, due 04/17/242		100,000	107,269
			1,843,027
Electric—2.8%
AEP Texas, Inc.
3.450%, due 05/15/51		96,000	101,445
Series H,
3.450%, due 01/15/50		102,000	107,253

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
AEP Transmission Co. LLC
3.150%, due 09/15/49		95,000	99,624
3.750%, due 12/01/47		64,000	73,062
4.250%, due 09/15/48		25,000	31,080
Alabama Power Co.
3.450%, due 10/01/49		42,000	46,570
4.150%, due 08/15/44		97,000	114,498
Ameren Illinois Co.
3.250%, due 03/15/50		110,000	120,887
Baltimore Gas & Electric Co.
3.500%, due 08/15/46		36,000	39,740
3.750%, due 08/15/47		204,000	234,892
CenterPoint Energy Houston Electric LLC,
Series AF,
3.350%, due 04/01/51		112,000	125,416
Consumers Energy Co.
2.650%, due 08/15/52		5,000	4,941
3.250%, due 08/15/46		73,000	78,349
3.500%, due 08/01/51		191,000	217,626
DTE Electric Co.
3.950%, due 03/01/49		160,000	192,775
Duke Energy Carolinas LLC
3.875%, due 03/15/46		162,000	187,215
Duke Energy Florida LLC
1.750%, due 06/15/30		144,000	139,083
2.500%, due 12/01/29		438,000	451,941
4.200%, due 07/15/48		38,000	46,304
Duke Energy Ohio, Inc.
3.650%, due 02/01/29		110,000	120,838
Duke Energy Progress LLC
2.900%, due 08/15/51		56,000	56,405
3.700%, due 09/01/28		15,000	16,670
4.100%, due 05/15/42		131,000	153,253
4.100%, due 03/15/43		40,000	47,239
Edison International
5.750%, due 06/15/277		83,000	95,162
Enel Finance International NV
0.875%, due 09/28/346	EUR	100,000	112,937
Entergy Arkansas LLC
3.350%, due 06/15/52		42,000	45,430
Entergy Louisiana LLC
1.600%, due 12/15/30		129,000	122,477
2.900%, due 03/15/51		35,000	35,010

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
4.200%, due 09/01/48		35,000	43,129
ESB Finance DAC
3.494%, due 01/12/246	EUR	100,000	124,477
Exelon Corp.
4.700%, due 04/15/50		70,000	90,144
5.625%, due 06/15/35		99,000	127,280
FirstEnergy Corp.
2.050%, due 03/01/25		29,000	29,087
2.650%, due 03/01/30		153,000	150,547
Series C,
3.400%, due 03/01/50		111,000	110,112
FirstEnergy Transmission LLC
4.350%, due 01/15/252		202,000	218,582
4.550%, due 04/01/492		125,000	146,107
5.450%, due 07/15/442		60,000	75,924
Florida Power & Light Co.
3.150%, due 10/01/49		225,000	245,743
3.950%, due 03/01/48		97,000	118,991
5.250%, due 02/01/41		5,000	6,803
5.650%, due 02/01/37		7,000	9,559
Iberdrola International BV,
Series NC5,
(fixed, converts to FRN on 01/28/26),
1.874%, due 01/28/264,6,8	EUR	200,000	235,371
Kallpa Generacion SA
4.125%, due 08/16/272		200,000	207,288
MidAmerican Energy Co.
3.100%, due 05/01/27		105,000	112,936
3.150%, due 04/15/50		70,000	74,751
3.650%, due 04/15/29		204,000	226,841
3.650%, due 08/01/48		34,000	38,940
NextEra Energy Operating Partners LP
4.250%, due 07/15/242		495,000	524,057
Northern States Power Co.
2.600%, due 06/01/51		121,000	117,944
2.900%, due 03/01/50		30,000	30,946
3.200%, due 04/01/52		44,000	47,800
NRG Energy, Inc.
2.450%, due 12/02/272		120,000	120,034
4.450%, due 06/15/292		74,000	81,113
Ohio Power Co.
4.000%, due 06/01/49		73,000	86,000

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Series R,
2.900%, due 10/01/51		74,000	73,677
Oncor Electric Delivery Co. LLC
3.100%, due 09/15/49		50,000	53,969
3.700%, due 11/15/28		153,000	170,745
3.800%, due 09/30/47		28,000	33,159
Pacific Gas and Electric Co.
4.950%, due 07/01/50		86,000	95,187
PECO Energy Co.
3.050%, due 03/15/51		98,000	102,262
Public Service Electric & Gas Co.
2.050%, due 08/01/50		55,000	47,934
3.650%, due 09/01/28		42,000	46,747
Southern California Edison Co.
1.845%, due 02/01/22		3,929	3,936
Series 20C,
1.200%, due 02/01/26		50,000	49,321
Series A,
4.200%, due 03/01/29		91,000	101,839
Series E,
3.700%, due 08/01/25		514,000	555,273
Southwestern Public Service Co.,
Series 8,
3.150%, due 05/01/50		91,000	96,163
Tampa Electric Co.
4.200%, due 05/15/45		42,000	48,981
4.450%, due 06/15/49		59,000	75,480
Virginia Electric and Power Co.,
Series A,
6.000%, due 05/15/37		144,000	199,053
Series B,
4.200%, due 05/15/45		62,000	74,747
Vistra Operations Co. LLC
4.300%, due 07/15/292		262,000	280,402
			8,727,503
Electrical components & equipment—0.1%
Schneider Electric SE
0.000%, due 06/12/236,9	EUR	100,000	116,153

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electrical components & equipment—(concluded)
0.250%, due 09/09/246	EUR	100,000	116,744
			232,897
Electronics—0.1%
Agilent Technologies, Inc.
2.300%, due 03/12/31		101,000	100,487
Amphenol Technologies Holding GmbH
0.750%, due 05/04/266	EUR	135,000	159,205
			259,692
Environmental control—0.0%†
Republic Services, Inc.
3.375%, due 11/15/27		88,000	94,846
Waste Management, Inc.
2.950%, due 06/01/41		19,000	19,692
			114,538
Food—0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250%, due 03/15/262		140,000	142,275
3.500%, due 02/15/232		128,000	130,240
4.625%, due 01/15/272		563,000	589,208
Grupo Bimbo SAB de CV
4.000%, due 09/06/492		200,000	220,037
Mondelez International, Inc.
2.750%, due 04/13/30		70,000	72,913
			1,154,673
Forest Products & Paper—0.2%
Celulosa Arauco y Constitucion SA
4.200%, due 01/29/302		200,000	211,940
Fibria Overseas Finance Ltd.
5.500%, due 01/17/27		43,000	48,001
Georgia-Pacific LLC
0.950%, due 05/15/262		228,000	222,901
International Paper Co.
4.800%, due 06/15/44		72,000	91,595

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Forest Products & Paper—(concluded)
Suzano Austria GmbH
3.750%, due 01/15/31		48,000	47,880
			622,317
Gas—0.2%
Atmos Energy Corp.
4.125%, due 10/15/44		29,000	33,922
CenterPoint Energy Resources Corp.
1.750%, due 10/01/30		185,000	176,960
Piedmont Natural Gas Co., Inc.
2.500%, due 03/15/31		75,000	75,341
3.500%, due 06/01/29		87,000	93,912
Redexis Gas Finance BV
1.875%, due 05/28/256	EUR	100,000	121,356
			501,491
Healthcare-products—0.3%
Abbott Ireland Financing DAC
0.100%, due 11/19/246	EUR	100,000	116,014
0.875%, due 09/27/236	EUR	100,000	117,994
Boston Scientific Corp.
2.650%, due 06/01/30		73,000	74,852
DH Europe Finance II SARL
0.200%, due 03/18/26	EUR	130,000	149,636
1.800%, due 09/18/49	EUR	100,000	124,298
Thermo Fisher Scientific, Inc.
2.000%, due 10/15/31		270,000	264,239
			847,033
Healthcare-services—0.6%
AHS Hospital Corp.,
Series 2021,
2.780%, due 07/01/51		40,000	39,782
Anthem, Inc.
4.550%, due 03/01/48		54,000	67,922
4.850%, due 08/15/54		27,000	34,776
CommonSpirit Health
2.782%, due 10/01/30		57,000	58,231
3.910%, due 10/01/50		110,000	123,749
Fresenius Finance Ireland PLC
0.875%, due 10/01/316	EUR	60,000	67,975
HCA, Inc.
5.250%, due 04/15/25		785,000	880,250
5.250%, due 06/15/26		53,000	60,100

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
5.250%, due 06/15/49		55,000	71,316
Humana, Inc.
1.350%, due 02/03/27		70,000	68,164
4.500%, due 04/01/25		116,000	127,652
Methodist Hospital,
Series 20A,
2.705%, due 12/01/50		32,000	31,614
UnitedHealth Group, Inc.
3.750%, due 10/15/47		77,000	89,352
4.250%, due 06/15/48		160,000	200,547
			1,921,430
Home builders—0.1%
D.R. Horton, Inc.
1.300%, due 10/15/26		147,000	144,178
2.600%, due 10/15/25		36,000	37,499
			181,677
Insurance—0.3%
American International Group, Inc.
4.800%, due 07/10/45		182,000	234,616
Aon Corp.
2.800%, due 05/15/30		241,000	249,747
Hartford Financial Services Group, Inc.
4.300%, due 04/15/43		30,000	35,416
Marsh & McLennan Cos., Inc.
1.979%, due 03/21/30	EUR	165,000	208,612
2.250%, due 11/15/30		53,000	52,971
4.375%, due 03/15/29		70,000	80,854
Metropolitan Life Global Funding I
0.010%, due 09/23/226	EUR	100,000	115,946
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/472		47,000	57,598
			1,035,760
Internet—0.4%
Booking Holdings, Inc.
0.100%, due 03/08/25	EUR	100,000	115,260
Netflix, Inc.
4.375%, due 11/15/26		85,000	94,563
5.750%, due 03/01/24		484,000	533,005
Tencent Holdings Ltd.
2.985%, due 01/19/232		200,000	204,162

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Internet—(concluded)
Twitter, Inc.
3.875%, due 12/15/272	200,000			210,332
				1,157,322
Investment companies—0.2%
Ares Capital Corp.
2.150%, due 07/15/26	156,000			154,489
4.250%, due 03/01/25	330,000			351,639
				506,128
Iron & steel—0.0%†
Vale Overseas Ltd.
3.750%, due 07/08/30	25,000			25,500
6.875%, due 11/10/39	35,000			46,163
				71,663
Machinery-diversified—0.1%
KION Group AG
1.625%, due 09/24/256	EUR	100,000		121,038
Nvent Finance SARL
3.950%, due 04/15/23	247,000			255,947
				376,985
Media—1.7%
AMC Networks, Inc.
5.000%, due 04/01/24	362,000			366,072
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29	32,000			31,414
3.850%, due 04/01/61	32,000			30,944
3.950%, due 06/30/62	105,000			102,805
4.400%, due 12/01/61	68,000			72,208
6.484%, due 10/23/45	570,000			786,301
Comcast Corp.
0.010%, due 09/14/26	EUR	190,000		216,631
2.650%, due 02/01/30	297,000			307,579
3.300%, due 04/01/27	197,000			212,582
3.400%, due 04/01/30	139,000			151,591
3.400%, due 07/15/46	172,000			185,390
3.969%, due 11/01/47	80,000			92,115
4.000%, due 08/15/47	72,000			83,586
4.150%, due 10/15/28	118,000			134,649
4.200%, due 08/15/34	69,000			80,682
4.250%, due 10/15/30	20,000			23,073

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
Cox Communications, Inc.
3.600%, due 06/15/512	44,000			47,128
4.800%, due 02/01/352	4,000			4,748
Discovery Communications LLC
1.900%, due 03/19/27	EUR	225,000		274,242
Dish DBS Corp.
5.875%, due 07/15/22	1,257,000			1,288,425
Informa PLC
2.125%, due 10/06/256	EUR	130,000		157,769
Sirius XM Radio, Inc.
3.125%, due 09/01/262	40,000			40,050
5.000%, due 08/01/272	671,000			700,356
ViacomCBS, Inc.
4.375%, due 03/15/43	53,000			60,599
6.875%, due 04/30/36	14,000			19,967
				5,470,906
Mining—0.4%
Anglo American Capital PLC
4.000%, due 09/11/272	227,000			246,018
4.750%, due 04/10/272	220,000			246,796
Antofagasta PLC
2.375%, due 10/14/302,7	230,000			216,243
Glencore Funding LLC
1.625%, due 04/27/262	248,000			245,255
2.500%, due 09/01/302	185,000			180,957
2.625%, due 09/23/312	80,000			77,972
2.850%, due 04/27/312	56,000			56,073
3.375%, due 09/23/512	41,000			39,722
				1,309,036
Miscellaneous manufacturers—0.1%
General Electric Co.,
Series A,
6.750%, due 03/15/32	144,000			197,921
Parker-Hannifin Corp.
3.250%, due 06/14/29	92,000			98,587
				296,508
Oil & gas—1.4%
BP Capital Markets America, Inc.
3.001%, due 03/17/52	100,000			98,551

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
BP Capital Markets BV
1.467%, due 09/21/416	EUR	100,000		115,608
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/26),
3.250%, due 03/22/264,6,8	EUR	135,000		166,048
Cenovus Energy, Inc.
3.750%, due 02/15/52	5,000			5,060
5.400%, due 06/15/47	24,000			30,014
Devon Energy Corp.
4.750%, due 05/15/42	41,000			47,688
5.000%, due 06/15/45	24,000			29,197
5.850%, due 12/15/25	122,000			140,575
Diamondback Energy, Inc.
3.125%, due 03/24/31	224,000			231,312
3.500%, due 12/01/29	140,000			149,151
4.400%, due 03/24/51	25,000			28,811
Eni SpA
3.625%, due 01/29/296	EUR	200,000		281,092
Series NC9,
(fixed, converts to FRN on 02/11/30),
2.750%, due 02/11/304,6,8	EUR	100,000		115,741
Exxon Mobil Corp.
1.408%, due 06/26/39	EUR	170,000		191,828
Marathon Oil Corp.
6.600%, due 10/01/37	79,000			106,413
Marathon Petroleum Corp.
4.500%, due 05/01/23	30,000			31,513
Pertamina Persero PT
3.100%, due 01/21/302	200,000			203,413
Petronas Capital Ltd.
3.500%, due 04/21/302	200,000			215,618
Qatar Petroleum
3.300%, due 07/12/512	200,000			204,563
Raizen Fuels Finance SA
5.300%, due 01/20/272	200,000			219,100
Repsol Europe Finance Co.
0.875%, due 07/06/336	EUR	100,000		113,219
Saudi Arabian Oil Co.
2.250%, due 11/24/302	200,000			193,413
Shell International Finance BV
4.550%, due 08/12/43	41,000			51,729

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Suncor Energy, Inc.
6.800%, due 05/15/38	24,000			34,127
TotalEnergies Capital International SA
2.125%, due 11/19/216	EUR	100,000		115,736
2.125%, due 03/15/236	EUR	100,000		119,561
TotalEnergies SE,
Series NC7,
(fixed, converts to FRN on 01/25/28),
1.625%, due 10/25/274,6,8	EUR	220,000		253,048
Viper Energy Partners LP
5.375%, due 11/01/272	955,000			995,588
				4,487,717
Packaging & containers—0.1%
Amcor Flexibles North America, Inc.
2.690%, due 05/25/31	113,000			114,730
Ball Corp.
2.875%, due 08/15/30	195,000			187,444
Packaging Corp. of America
3.050%, due 10/01/51	24,000			24,305
Sealed Air Corp.
4.000%, due 12/01/272	155,000			161,975
				488,454
Pharmaceuticals—0.9%
AbbVie, Inc.
4.300%, due 05/14/36	54,000			62,637
4.500%, due 05/14/35	594,000			702,519
4.625%, due 10/01/42	4,000			4,851
AstraZeneca PLC
1.375%, due 08/06/30	122,000			115,375
Bayer AG
1.375%, due 07/06/326	EUR	100,000		117,810
Becton Dickinson and Co.
1.401%, due 05/24/23	EUR	100,000		118,212
Cigna Corp.
3.400%, due 03/01/27	146,000			157,099
4.125%, due 11/15/25	386,000			424,565
CVS Health Corp.
3.000%, due 08/15/26	138,000			146,861
3.625%, due 04/01/27	69,000			75,297
4.300%, due 03/25/28	108,000			122,273
5.125%, due 07/20/45	227,000			298,673

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Merck KGaA
(fixed, converts to FRN on 09/18/24),
1.625%, due 06/25/794,6	EUR	100,000		119,022
Shire Acquisitions Investments Ireland DAC
3.200%, due 09/23/26	309,000			328,838
Upjohn Finance BV
1.023%, due 06/23/246	EUR	140,000		165,462
				2,959,494
Pipelines—1.3%
Cameron LNG LLC
3.402%, due 01/15/382	145,000			151,218
Cheniere Energy Partners LP
4.000%, due 03/01/312	410,000			426,407
4.500%, due 10/01/29	60,000			64,061
Energy Transfer LP
2.900%, due 05/15/25	19,000			19,830
4.950%, due 06/15/28	41,000			46,822
5.000%, due 05/15/50	28,000			32,785
5.250%, due 04/15/29	233,000			270,633
5.500%, due 06/01/27	176,000			203,684
5.875%, due 01/15/24	146,000			158,666
6.100%, due 02/15/42	15,000			18,540
8.250%, due 11/15/29	84,000			112,912
Enterprise Products Operating LLC
3.300%, due 02/15/53	48,000			48,101
4.200%, due 01/31/50	61,000			69,822
NGPL PipeCo LLC
3.250%, due 07/15/312	64,000			65,138
4.875%, due 08/15/272	100,000			112,205
7.768%, due 12/15/372	20,000			28,747
Northern Natural Gas Co.
4.300%, due 01/15/492	85,000			100,992
Northwest Pipeline LLC
4.000%, due 04/01/27	173,000			189,692
Rattler Midstream LP
5.625%, due 07/15/252	504,000			526,680
Sabine Pass Liquefaction LLC
4.200%, due 03/15/28	241,000			267,222
5.000%, due 03/15/27	50,000			56,697
Texas Eastern Transmission LP
2.800%, due 10/15/222	45,000			45,664
3.500%, due 01/15/282	69,000			74,128

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
4.150%, due 01/15/482	171,000			193,928
Transcontinental Gas Pipe Line Co. LLC
3.950%, due 05/15/50	34,000			38,591
4.000%, due 03/15/28	330,000			366,320
7.850%, due 02/01/26	284,000			350,070
				4,039,555
Real estate—0.3%
Heimstaden Bostad Treasury BV
0.250%, due 10/13/246	EUR	270,000		311,980
Northwest Florida Timber Finance LLC
4.750%, due 03/04/292	200,000			207,850
Vonovia Finance BV
0.125%, due 04/06/236	EUR	200,000		232,072
0.750%, due 01/25/226	EUR	100,000		115,911
Vonovia SE
0.625%, due 12/14/296	EUR	100,000		113,217
				981,030
Real estate investment trusts—1.1%
American Tower Corp.
0.400%, due 02/15/27	EUR	110,000		125,434
1.500%, due 01/31/28	181,000			173,781
2.100%, due 06/15/30	84,000			81,577
3.950%, due 03/15/29	55,000			60,733
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.849%, due 04/15/23	460,000			480,478
Crown Castle International Corp.
2.250%, due 01/15/31	36,000			35,019
3.100%, due 11/15/29	47,000			49,134
3.300%, due 07/01/30	55,000			58,133
3.700%, due 06/15/26	20,000			21,600
3.800%, due 02/15/28	145,000			158,997
4.150%, due 07/01/50	70,000			80,939
4.450%, due 02/15/26	3,000			3,315
Digital Dutch Finco BV
1.000%, due 01/15/326	EUR	110,000		122,747
1.500%, due 03/15/306	EUR	100,000		119,710
Duke Realty LP
1.750%, due 07/01/30	40,000			38,211
2.875%, due 11/15/29	200,000			209,562
Equinix, Inc.
1.800%, due 07/15/27	50,000			49,667

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
2.000%, due 05/15/28	184,000			181,960
3.200%, due 11/18/29	85,000			89,545
GLP Capital LP/GLP Financing II, Inc.
4.000%, due 01/15/30	323,000			342,635
Merlin Properties Socimi SA
1.875%, due 12/04/346	EUR	200,000		228,455
National Retail Properties, Inc.
3.000%, due 04/15/52	29,000			28,390
3.500%, due 04/15/51	109,000			116,179
SBA Communications Corp.
3.125%, due 02/01/292	121,000			116,160
SELP Finance Sarl
0.875%, due 05/27/296	EUR	100,000		113,777
Simon International Finance SCA
1.375%, due 11/18/226	EUR	105,000		123,040
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/262	250,000			258,957
				3,468,135
Retail—0.3%
Alimentation Couche-Tard, Inc.
3.439%, due 05/13/412	51,000			52,640
Home Depot, Inc.
2.750%, due 09/15/51	34,000			34,137
4.250%, due 04/01/46	115,000			144,759
Lowe's Cos., Inc.
2.800%, due 09/15/41	68,000			66,902
3.650%, due 04/05/29	118,000			130,291
McDonald's Corp.
2.125%, due 03/01/30	80,000			80,128
4.450%, due 09/01/48	104,000			130,470
Starbucks Corp.
2.250%, due 03/12/30	189,000			189,749
Walmart, Inc.
2.650%, due 09/22/51	98,000			100,260
				929,336
Semiconductors—0.9%
Applied Materials, Inc.
4.350%, due 04/01/47	43,000			55,086
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.875%, due 01/15/27	94,000			101,899

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Semiconductors—(concluded)
Broadcom, Inc.
3.459%, due 09/15/26		46,000		49,101
4.150%, due 11/15/30		309,000		339,716
4.700%, due 04/15/25		83,000		91,639
4.750%, due 04/15/29		306,000		348,848
5.000%, due 04/15/30		178,000		206,545
Intel Corp.
3.200%, due 08/12/61		114,000		116,995
KLA Corp.
3.300%, due 03/01/50		132,000		141,574
4.100%, due 03/15/29		105,000		119,339
4.650%, due 11/01/24		12,000		13,171
Lam Research Corp.
2.875%, due 06/15/50		89,000		90,851
3.750%, due 03/15/26		8,000		8,784
NVIDIA Corp.
1.550%, due 06/15/28		118,000		116,535
3.500%, due 04/01/50		44,000		50,373
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.500%, due 05/11/312		45,000		44,725
3.150%, due 05/01/272		58,000		61,145
3.400%, due 05/01/302		138,000		147,600
4.300%, due 06/18/292		502,000		564,530
QUALCOMM, Inc.
4.300%, due 05/20/47		67,000		84,543
				2,752,999
Shipbuilding—0.1%
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/282		44,000		43,130
3.483%, due 12/01/27		182,000		194,179
3.844%, due 05/01/25		56,000		60,218
				297,527
Software—1.6%
Activision Blizzard, Inc.
2.500%, due 09/15/50		108,000		96,901
3.400%, due 09/15/26		43,000		46,310
Autodesk, Inc.
2.850%, due 01/15/30		121,000		125,484
Citrix Systems, Inc.
3.300%, due 03/01/30		118,000		119,717

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Software—(concluded)
Electronic Arts, Inc.
1.850%, due 02/15/31	190,000			182,644
Fidelity National Information Services, Inc.
0.125%, due 12/03/22	EUR	100,000		115,983
0.750%, due 05/21/23	EUR	200,000		234,129
1.000%, due 12/03/28	EUR	170,000		199,463
3.100%, due 03/01/41	82,000			83,029
Fiserv, Inc.
3.500%, due 07/01/29	451,000			486,790
MSCI, Inc.
3.625%, due 09/01/302	256,000			262,400
3.875%, due 02/15/312	512,000			528,178
Oracle Corp.
2.300%, due 03/25/28	290,000			294,365
2.800%, due 04/01/27	495,000			517,357
3.600%, due 04/01/40	49,000			51,065
3.800%, due 11/15/37	434,000			465,653
3.850%, due 07/15/36	246,000			265,795
3.900%, due 05/15/35	240,000			260,703
5.375%, due 07/15/40	295,000			373,511
6.125%, due 07/08/39	133,000			181,205
Salesforce.Com, Inc.
3.050%, due 07/15/61	39,000			40,709
VMware, Inc.
1.800%, due 08/15/28	117,000			114,051
2.200%, due 08/15/31	94,000			91,475
3.900%, due 08/21/27	54,000			59,224
				5,196,141
Telecommunications—3.4%
AT&T, Inc.
2.300%, due 06/01/27	52,000			53,182
2.600%, due 05/19/38	EUR	100,000		131,010
3.500%, due 02/01/61	279,000			272,010
3.650%, due 06/01/51	52,000			54,086
4.300%, due 02/15/30	326,000			370,194
4.350%, due 03/01/29	173,000			196,423
4.500%, due 05/15/35	264,000			305,042
4.750%, due 05/15/46	48,000			58,411
5.150%, due 02/15/50	357,000			459,712
Bharti Airtel Ltd.
3.250%, due 06/03/312	200,000			199,030

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
Corning, Inc.
4.375%, due 11/15/57	27,000			33,020
Level 3 Financing, Inc.
3.400%, due 03/01/272	164,000			170,968
3.625%, due 01/15/292	517,000			489,191
Lumen Technologies, Inc.,
Series T,
5.800%, due 03/15/22	617,000			624,022
Motorola Solutions, Inc.
2.300%, due 11/15/30	30,000			29,288
2.750%, due 05/24/31	247,000			249,360
4.600%, due 02/23/28	125,000			143,141
4.600%, due 05/23/29	114,000			131,215
5.500%, due 09/01/44	33,000			42,881
Qwest Corp.
6.750%, due 12/01/21	472,000			473,652
SES SA
2.000%, due 07/02/286	EUR	100,000		121,705
Sprint Communications, Inc.
6.000%, due 11/15/22	1,429,000			1,498,992
T-Mobile USA, Inc.
2.250%, due 02/15/26	225,000			226,125
3.375%, due 04/15/292	322,000			330,855
3.750%, due 04/15/27	882,000			956,961
Telstra Corp. Ltd.
3.500%, due 09/21/226	EUR	265,000		316,946
Verizon Communications, Inc.
1.500%, due 09/18/30	322,000			302,204
2.875%, due 11/20/50	145,000			138,161
2.987%, due 10/30/56	99,000			93,996
3.150%, due 03/22/30	744,000			787,897
3.875%, due 02/08/297	524,000			583,928
4.125%, due 03/16/27	119,000			132,993
4.272%, due 01/15/36	347,000			405,598
4.862%, due 08/21/46	169,000			221,875
5.500%, due 03/16/47	22,000			30,884
Vodafone Group PLC
5.250%, due 05/30/48	46,000			60,618
				10,695,576
Transportation—0.9%
Burlington Northern Santa Fe LLC
4.150%, due 12/15/48	173,000			216,178

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Transportation—(concluded)
Cargo Aircraft Management, Inc.
4.750%, due 02/01/282		435,000		443,156
CSX Corp.
2.500%, due 05/15/51		5,000		4,667
2.600%, due 11/01/26		101,000		106,584
3.250%, due 06/01/27		29,000		31,206
4.750%, due 11/15/48		90,000		118,584
FedEx Corp.
0.450%, due 05/04/29	EUR	100,000		113,153
2.400%, due 05/15/31		64,000		64,121
4.250%, due 05/15/30		366,000		417,751
4.900%, due 01/15/34		70,000		85,421
Norfolk Southern Corp.
2.550%, due 11/01/29		134,000		138,684
3.050%, due 05/15/50		60,000		61,507
Ryder System, Inc.
2.500%, due 09/01/24		186,000		193,142
2.900%, due 12/01/26		102,000		107,515
4.625%, due 06/01/25		105,000		116,294
Union Pacific Corp.
2.891%, due 04/06/36		148,000		154,250
3.250%, due 02/05/50		182,000		197,381
United Parcel Service, Inc.
2.500%, due 09/01/29		44,000		46,032
3.400%, due 03/15/29		124,000		136,905
4.450%, due 04/01/30		35,000		41,524
				2,794,055
Trucking & leasing—0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
1.200%, due 11/15/252		293,000		287,603
Water—0.1%
Veolia Environnement SA
0.672%, due 03/30/226	EUR	300,000		347,387
Total corporate bonds (cost—$113,417,671)				114,037,997
Mortgage-backed securities—5.1%
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class A5,
2.756%, due 05/15/532		465,000		485,998

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
BAMLL Commercial Mortgage Securities Trust,
Series 2017-SCH, Class AL,
1 mo. USD LIBOR + 0.900%,
0.991%, due 11/15/322,4		1,150,000		1,134,066
Benchmark Mortgage Trust,
Series 2019-B15, Class B,
3.564%, due 12/15/72		210,000		224,090
Series 2019-B15, Class C,
3.722%, due 12/15/723		111,000		114,297
BF Mortgage Trust,
Series 2019-NYT, Class B,
1 mo. USD LIBOR + 1.400%,
1.490%, due 12/15/352,4		325,000		324,397
BFLD DPLO,
Series 2019-DPLO, Class A,
1 mo. USD LIBOR + 1.090%,
1.180%, due 10/15/342,4		350,000		350,109
BX Commercial Mortgage Trust,
Series 2019-XL, Class A,
1 mo. USD LIBOR + 0.920%,
1.010%, due 10/15/362,4		355,398		355,508
Series 2020-BXLP, Class A,
1 mo. USD LIBOR + 0.800%,
0.890%, due 12/15/362,4		294,490		294,313
Series 2020-VIV3, Class B,
3.544%, due 03/09/442,3		185,000		195,331
Series 2020-VIV4, Class A,
2.843%, due 03/09/442		255,000		262,677
Series 2021-XL2, Class A,
1 mo. USD LIBOR + 0.689%,
0.789%, due 10/15/362,4		315,000		313,430
BX Trust,
Series 2021-ARIA, Class A,
1 mo. USD LIBOR + 0.899%,
0.979%, due 10/15/362,4		535,000		533,827
Cantor Commercial Real Estate Lending,
Series 2019-CF3, Class B,
3.500%, due 01/15/533		101,000		107,266
CD Mortgage Trust,
Series 2017-CD3, Class A4,
3.631%, due 02/10/50		300,000		326,629
Chase Home Lending Mortgage Trust,
Series 2019-ATR2, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 07/25/492,4		64,854		65,180

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
CIM Trust,
Series 2019-INV3, Class A11,
1 mo. USD LIBOR + 1.000%,
1.036%, due 08/25/492,4		196,939		197,092
Commercial Mortgage Pass-Through Certificates,
Series 2013-GAM, Class A2,
3.367%, due 02/10/282		658,735		653,653
Series 2014-CR16, Class A4,
4.051%, due 04/10/47		145,000		154,486
Series 2015-CR25, Class A3,
3.505%, due 08/10/48		273,857		286,356
Credit Suisse Mortgage Capital Certificates,
Series 2021-980M, Class B,
2.795%, due 07/15/312		130,000		131,300
Credit Suisse Mortgage Trust,
Series 2020-NET, Class A,
2.257%, due 08/15/372		383,000		388,510
CSMC Trust,
Series 2017-CALI, Class A,
3.431%, due 11/10/322		260,000		273,234
Extended Stay America Trust,
Series 2021-ESH, Class A,
1 mo. USD LIBOR + 1.080%,
1.171%, due 07/15/382,4		407,878		408,653
FHLMC Multifamily Structured Pass-Through Certificates,
Series K038, Class X1,
1.101%, due 03/25/243		2,363,660		54,846
Series K121, Class X1,
1.028%, due 10/25/303		1,198,130		93,473
Series KC02, Class A2,
3.370%, due 07/25/25		590,000		611,370
Series KL06, Class XFX,
1.364%, due 12/25/29		720,000		62,458
FHLMC REMIC Trust,
Series 2626, Class A,
4.000%, due 06/15/33		64,956		69,381
Series 4213, Class VE,
3.500%, due 06/15/26		20,984		20,989
Series 4248, Class FL,
1 mo. USD LIBOR + 0.450%,
0.540%, due 05/15/414		129,531		131,091
Series 4316, Class XZ,
4.500%, due 03/15/44		428,771		478,261
Series 4323, Class CA,
4.000%, due 03/15/40		3,396		3,396

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 4328, Class DA,
4.000%, due 01/15/36		104,873		106,010
Series 4443, Class BA,
3.500%, due 04/15/41		29,487		30,023
Series 4447, Class PA,
3.000%, due 12/15/44		53,627		56,498
Series 4606, Class FB,
1 mo. USD LIBOR + 0.500%,
0.590%, due 08/15/464		219,238		221,577
Flagstar Mortgage Trust,
Series 2019-1INV, Class A11,
1 mo. USD LIBOR + 0.950%,
1.039%, due 10/25/492,4		157,550		157,673
Series 2020-1INV, Class A11,
1 mo. USD LIBOR + 0.850%,
0.939%, due 03/25/502,4		235,581		235,710
FNMA REMIC Trust,
Series 2011-8, Class ZA,
4.000%, due 02/25/41		755,430		799,298
Series 2013-112, Class HQ,
4.000%, due 11/25/43		38,653		42,206
Series 2014-12, Class GV,
3.500%, due 03/25/27		92,637		93,851
Series 2014-48, Class AB,
4.000%, due 10/25/40		2,755		2,755
Series 2015-20, Class EV,
3.500%, due 07/25/26		160,925		167,581
Series 2015-28, Class IO,
5.500%, due 05/25/45		734,823		133,813
Series 2015-58, Class JP,
2.500%, due 03/25/37		66,204		68,349
Series 2015-62, Class VA,
4.000%, due 10/25/26		49,253		50,962
Series 2016-48, Class UF,
1 mo. USD LIBOR + 0.400%,
0.489%, due 08/25/464		330,472		332,792
Series 2016-62, Class FC,
1 mo. USD LIBOR + 0.500%,
0.589%, due 09/25/464		171,530		173,221
Series 2016-74, Class GF,
1 mo. USD LIBOR + 0.500%,
0.589%, due 10/25/464		208,641		210,460
FRESB Mortgage Trust,
Series 2019-SB60, Class A10H,
3.500%, due 01/25/393		211,699		221,770

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
GNMA Trust,
Series 2014-131, Class BW,
1.933%, due 05/20/413		29,458		30,703
Series 2015-167, Class SA,
1 mo. USD LIBOR + 6.250%,
6.164%, due 11/20/454		247,379		47,187
GS Mortgage Securities Corp. Trust,
Series 2020-TWN3, Class B,
1 mo. USD LIBOR + 2.500%,
2.590%, due 11/15/372,4		335,000		337,064
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2021-MHC, Class A,
1 mo. USD LIBOR + 0.800%,
0.890%, due 04/15/382,4		85,041		85,091
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2019-BKWD, Class A,
1 mo. USD LIBOR + 1.000%,
1.090%, due 09/15/292,4		130,000		129,917
JP Morgan Mortgage Trust,
Series 2019-INV2, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 02/25/502,4		189,552		190,705
Series 2019-LTV3, Class A11,
1 mo. USD LIBOR + 0.850%,
0.936%, due 03/25/502,4		91,917		91,910
Morgan Stanley Capital I Trust,
Series 2015-MS1, Class A4,
3.779%, due 05/15/483		520,000		557,905
Series 2018-SUN, Class A,
1 mo. USD LIBOR + 0.900%,
0.990%, due 07/15/352,4		290,000		289,908
Series 2019-NUGS, Class A,
1 mo. USD LIBOR + 0.950%,
2.450%, due 12/15/362,4		241,000		241,976
New Residential Mortgage Loan Trust,
Series 2016-4A, Class A1,
3.750%, due 11/25/562,3		70,693		75,151
One New York Plaza Trust,
Series 2020-1NYP, Class A,
1 mo. USD LIBOR + 0.950%,
1.040%, due 01/15/262,4		240,000		240,301
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B,
4.144%, due 01/05/432,3		515,000		568,433
Shellpoint Co-Originator Trust,
Series 2016-1, Class 2A3,
3.000%, due 10/25/312,3		92,739		94,264

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
Starwood Mortgage Residential Trust,
Series 2020-2, Class A1,
2.718%, due 04/25/602,3		107,650		108,338
Tharaldson Hotel Portfolio Trust,
Series 2018-THL, Class A,
1 mo. USD LIBOR + 0.900%,
0.986%, due 11/11/342,4		81,008		80,982
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class A5,
4.212%, due 05/15/51		445,000		501,968
Series 2018-C46, Class A4,
4.152%, due 08/15/51		170,000		191,929
Total mortgage-backed securities (cost—$15,863,325)				16,073,948
Municipal bonds—0.1%
New Jersey—0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds Revenue Bonds
6.561%, due 12/15/40		105,000		156,163
New Jersey Turnpike Authority, Taxable Refunding Revenue Bonds,
Series B,
2.782%, due 01/01/40		25,000		25,160
Total municipal bonds (cost—$151,142)				181,323
Non-U.S. government agency obligations—2.1%
Argentine Republic Government International Bond
1.000%, due 07/09/29		29,232		10,582
1.750%, due 07/09/3010		266,126		91,148
5.000%, due 07/09/3510		767,563		235,642
Brazilian Government International Bond
3.875%, due 06/12/30		225,000		209,925
Chile Government International Bond
2.450%, due 01/31/31		145,000		142,626
2.550%, due 01/27/32		200,000		197,663
2.550%, due 07/27/33		275,000		265,787
3.240%, due 02/06/28		130,000		137,012
Colombia Government International Bond
3.125%, due 04/15/31		85,000		79,757
3.875%, due 04/25/27		570,000		592,016
4.500%, due 03/15/29		75,000		79,303
Egypt Government International Bond,
7.300%, due 09/30/332		205,000		191,675

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Hungary Government International Bond
7.625%, due 03/29/41		44,000		72,443
Indonesia Government International Bond
2.850%, due 02/14/30		240,000		247,020
4.100%, due 04/24/28		111,000		123,508
7.750%, due 01/17/382		108,000		161,312
Mexico Government International Bond
1.450%, due 10/25/33	EUR	545,000		582,768
3.750%, due 01/11/28		461,000		498,831
4.600%, due 02/10/48		200,000		212,162
5.750%, due 10/12/10		18,000		20,867
Panama Government International Bond
3.750%, due 03/16/25		250,000		266,609
4.500%, due 04/01/56		450,000		494,803
Peruvian Government International Bond
2.783%, due 01/23/31		41,000		40,931
3.300%, due 03/11/417		41,000		40,057
3.600%, due 01/15/72		12,000		11,508
4.125%, due 08/25/27		36,000		39,438
Philippine Government International Bond
1.648%, due 06/10/31		200,000		191,022
3.000%, due 02/01/28		600,000		637,476
Qatar Government International Bond
3.750%, due 04/16/302		200,000		223,100
Romanian Government International Bond
3.000%, due 02/14/312		42,000		42,218
4.000%, due 02/14/512		76,000		76,489
Saudi Government International Bond
5.000%, due 04/17/492		200,000		249,500
Uruguay Government International Bond
4.500%, due 08/14/24		85,000		90,647
Total non-U.S. government agency obligations (cost—$6,598,496)				6,555,845
U.S. government agency obligations—31.8%
FHLB
4.000%, due 09/01/28		680,000		792,006
FHLMC
3.000%, due 09/01/27		22,508		23,654
3.000%, due 07/01/28		13,287		13,992
3.500%, due 04/01/42		11,384		12,321
3.500%, due 08/01/42		10,503		11,368
3.500%, due 06/01/44		5,875		6,355
3.500%, due 10/01/47		55,699		60,901

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 12/01/47		47,605		52,052
3.500%, due 01/01/48		17,810		19,359
4.000%, due 09/01/40		21,162		23,218
4.000%, due 07/01/44		14,018		15,383
4.500%, due 07/01/47		228,510		253,914
4.500%, due 08/01/48		112,244		124,386
5.000%, due 02/01/42		313,522		354,593
5.000%, due 09/01/43		155,379		175,945
6.250%, due 07/15/32		302,000		435,137
6.750%, due 03/15/31		82,000		118,210
FNMA
2.000%, due 10/01/31		11,848		12,179
2.000%, due 11/01/31		151,452		155,682
2.000%, due 12/01/31		16,534		16,996
2.000%, due 03/01/32		106,562		109,539
2.500%, due 04/01/32		2,120,262		2,215,434
3.000%, due 07/01/29		305,079		321,575
3.000%, due 10/01/29		26,241		27,666
3.000%, due 01/01/30		174,396		183,605
3.000%, due 01/01/31		705,865		743,262
3.000%, due 09/01/31		26,331		27,803
3.000%, due 04/01/32		14,477		15,188
3.000%, due 09/01/32		320,910		339,813
3.000%, due 03/01/33		308,426		327,007
3.000%, due 09/01/37		11,823		12,438
3.000%, due 06/01/38		228,242		241,540
3.000%, due 03/01/47		4,084,628		4,345,928
3.000%, due 08/01/50		141,207		148,760
3.500%, due 05/01/32		460,010		495,151
3.500%, due 01/01/34		19,264		20,828
3.500%, due 05/01/35		74,596		80,337
3.500%, due 05/01/39		8,667		9,194
3.500%, due 12/01/39		33,310		35,337
3.500%, due 01/01/40		124,951		132,554
3.500%, due 02/01/40		39,558		41,965
3.500%, due 04/01/42		1,657		1,792
3.500%, due 02/01/45		13,023		14,089
3.500%, due 03/01/46		6,102,233		6,604,912
3.500%, due 09/01/46		38,598		41,408
3.500%, due 12/01/46		53,272		57,638
3.500%, due 02/01/47		256,166		277,091
3.500%, due 03/01/47		13,569		14,667
3.500%, due 05/01/47		144,366		156,044

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 06/01/47		30,211		32,655
3.500%, due 04/01/48		9,265		10,084
4.000%, due 09/01/33		13,991		14,979
4.000%, due 10/01/33		38,389		41,511
4.000%, due 01/01/42		361,511		396,224
4.000%, due 01/01/45		1,592,235		1,745,694
4.000%, due 07/01/46		745,062		810,304
4.000%, due 05/01/47		27,780		30,356
4.000%, due 07/01/47		112,298		122,213
4.000%, due 08/01/47		63,819		69,738
4.000%, due 02/01/48		12,596		13,786
4.000%, due 04/01/48		42,478		47,325
4.000%, due 01/01/49		83,308		91,075
4.000%, due 03/01/49		237,130		253,671
4.000%, due 08/01/50		904,071		965,926
4.500%, due 04/01/41		1,566,001		1,739,250
4.500%, due 11/01/45		8,578		9,651
4.500%, due 12/01/45		37,417		41,406
4.500%, due 07/01/46		96,868		109,455
4.500%, due 10/01/47		26,061		29,227
4.500%, due 12/01/47		51,987		57,543
4.500%, due 05/01/48		340,045		376,827
5.000%, due 09/01/31		209,671		233,114
5.000%, due 01/01/44		69,865		79,051
5.000%, due 03/01/44		126,733		142,785
GNMA
3.000%, due 02/15/45		63,347		66,507
4.000%, due 06/15/47		16,271		17,634
4.000%, due 09/15/47		32,693		35,431
4.000%, due 10/15/47		122,407		132,659
4.000%, due 11/15/47		25,228		27,433
4.000%, due 12/15/47		70,640		76,556
4.000%, due 01/15/48		143,925		155,979
4.500%, due 03/15/47		23,245		26,318
4.500%, due 04/15/47		51,879		58,596
4.500%, due 05/15/47		17,747		20,080
GNMA II
3.000%, due 04/20/50		117,201		121,564
3.000%, due 05/20/50		90,329		93,694
3.000%, due 08/20/50		89,337		92,679
3.000%, due 05/20/51		395,102		411,403
3.500%, due 04/20/43		39,728		42,977
3.500%, due 05/20/43		40,628		43,951
3.500%, due 05/20/45		165,221		175,614
3.500%, due 03/20/46		1,605,195		1,699,888
3.500%, due 05/20/46		197,451		209,099
3.500%, due 07/20/46		73,200		77,518
4.000%, due 04/20/39		2,220		2,438
4.000%, due 04/20/42		46,333		50,816

PACE Intermediate Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(concluded)
4.000%, due 08/20/44		354,552		385,824
4.000%, due 06/20/47		298,135		320,246
4.000%, due 05/20/50		193,478		205,186
4.500%, due 07/20/40		4,425		4,935
4.500%, due 08/20/40		4,249		4,738
4.500%, due 09/20/40		8,363		9,326
4.500%, due 10/20/40		8,185		9,127
4.500%, due 06/20/44		229,500		255,077
4.500%, due 09/20/48		79,647		86,104
4.500%, due 03/20/49		79,355		84,615
4.500%, due 04/20/50		95,563		102,271
GNMA II TBA
2.000%		4,583,000		4,641,662
2.500%		4,303,000		4,422,968
3.000%		3,029,000		3,143,860
3.500%		871,200		910,746
4.000%		120,500		127,759
4.500%		362,000		385,935
UMBS TBA
1.500%11		5,206,000		5,126,147
2.000%		18,386,000		18,448,126
2.500%11		26,007,189		26,717,421
3.000%11		2,384,148		2,487,072
3.000%		1,400,000		1,458,576
3.500%11		56,287		59,747
4.000%		44,000		47,104
4.500%11		18,000		19,457
Total U.S. government agency obligations (cost—$99,144,678)				100,286,929
U.S. Treasury obligations—23.1%
U.S. Treasury Bonds
1.125%, due 08/15/40		3,555,000		3,071,187
1.250%, due 05/15/50		730,000		617,135
1.375%, due 11/15/40		1,940,000		1,750,698

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
U.S. Treasury obligations—(continued)
1.375%, due 08/15/50		2,245,000		1,957,622
1.625%, due 11/15/50		2,057,000		1,907,867
1.750%, due 08/15/415		4,655,000		4,481,165
1.875%, due 02/15/41		840,000		825,431
1.875%, due 02/15/51		714,000		702,398
2.000%, due 02/15/50		955,000		965,893
2.250%, due 08/15/49		45,000		47,962
2.375%, due 05/15/51		615,000		675,923
2.750%, due 11/15/47		465,000		540,853
2.875%, due 11/15/46		1,070,000		1,266,487
2.875%, due 05/15/49		605,000		726,071
3.000%, due 11/15/45		660,000		790,608
3.000%, due 02/15/47		6,494,000		7,871,692
3.000%, due 02/15/48		1,030,000		1,253,945
3.000%, due 08/15/48		695,000		848,063
3.000%, due 02/15/49		275,000		336,939
3.125%, due 11/15/41		3,015,000		3,595,859
3.625%, due 08/15/43		980,000		1,265,195
3.625%, due 02/15/44		2,035,000		2,638,107
4.375%, due 02/15/38		315,000		433,162
4.750%, due 02/15/37		2,175,000		3,086,376
U.S. Treasury Notes
0.125%, due 08/15/23		590,000		586,727
0.250%, due 06/15/24		4,399,000		4,347,965
0.250%, due 05/31/25		490,000		477,961
0.250%, due 10/31/25		1,330,000		1,288,489
0.375%, due 07/15/24		1,070,000		1,060,429
0.375%, due 04/30/25		2,070,800		2,031,649
0.375%, due 11/30/25		2,980,000		2,897,352
0.375%, due 07/31/27		3,168,000		3,005,021
0.500%, due 02/28/26		2,711,000		2,641,107
0.625%, due 07/31/26		1,645,000		1,603,297
0.625%, due 05/15/30		5,560,000		5,165,805
0.750%, due 05/31/26		2,019,000		1,983,431
0.750%, due 08/31/26		2,780,000		2,724,183
0.875%, due 06/30/26		674,000		665,154

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
U.S. Treasury obligations—(concluded)
1.000%, due 07/31/28		842,000		817,595
Total U.S. Treasury obligations (cost—$71,256,753)				72,952,803

	Number of shares
Short-term investments—13.5%
Commercial paper—1.8%
Banco Santander SA		1,385,000	1,384,983
Macquarie Bank, Ltd.		925,000	924,991
Mitsubishi UFJ Trust & Banking Corp.		2,205,000	2,204,794
Swedbank AB		1,270,000	1,269,945
Total Commercial paper			5,784,713
Investment companies—11.7%
State Street Institutional U.S. Government Money Market Fund, 0.030%12		36,720,846	36,720,846
Total Short-term investments (cost—$42,505,425)			42,505,559

	Face amount1
Short-term U.S. Treasury obligations—4.8%
U.S. Treasury Bills
0.046%, due 11/04/2111,13 (cost—$15,064,944)		15,065,000	15,064,956

	Number of shares
Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%12 (cost—$739,888)		739,888	739,888

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of contracts		Notional amount		Value ($)
Option purchased—0.0%†
Put options—0.0%†
U.S. Treasury Note 10 Year Future Options, strike @ USD 133.00, expires 11/26/21 (cost—$10,673)		1,463,000	USD	11		29,047
Swaptions purchased—0.5%
Call swaptions—0.3%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.012% expires 04/28/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/02/27		3,590,000	USD	3,590,000		21,812
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 03/28/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/30/27		2,450,000	USD	2,450,000		19,590
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 07/01/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/05/27		2,880,000	USD	2,880,000		26,672
3 Month USD LIBOR Interest Rate Swap, strike @ 0.016% expires 07/29/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/31/34		790,000	USD	790,000		25,183
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 07/22/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/24/34		380,000	USD	380,000		13,921
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 08/02/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/06/34		380,000	USD	380,000		14,077
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/24/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/24/34		635,000	USD	635,000		31,645
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/28/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/02/34		635,000	USD	635,000		32,682
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		7,463
3 Month USD LIBOR Interest Rate Swap, strike @ 1.283% expires 06/04/25 (Counterparty: GS; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000		8,382
3 Month USD LIBOR Interest Rate Swap, strike @ 1.385% expires 04/08/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/12/27		2,560,000	USD	2,560,000		25,935
3 Month USD LIBOR Interest Rate Swap, strike @ 1.420% expires 06/04/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000		9,713
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		22,211

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 1.525% expires 04/05/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/07/27	1,300,000	USD	1,300,000	18,504
3 Month USD LIBOR Interest Rate Swap, strike @ 2.605% expires 04/07/26 (Counterparty: GS; pay floating rate); underlying swap terminates 04/09/36	670,000	USD	670,000	61,304
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	106,350
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	33,668
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	123,178
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	125,332
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	38,511
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	38,952
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	39,190
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	39,821
Total				884,096
Put swaptions—0.2%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 03/28/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/30/27	2,450,000	USD	2,450,000	28,081
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 07/01/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/05/27	2,880,000	USD	2,880,000	45,783
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 07/15/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/19/27	4,140,000	USD	4,140,000	76,809
3 Month USD LIBOR Interest Rate Swap, strike @ 0.015% expires 07/06/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/08/27	2,880,000	USD	2,880,000	37,367
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 07/22/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/24/34	380,000	USD	380,000	20,640

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 08/02/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/06/34	380,000	USD	380,000	20,671
3 Month USD LIBOR Interest Rate Swap, strike @ 0.018% expires 08/05/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/07/34	1,120,000	USD	1,120,000	54,600
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/24/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/26/34	635,000	USD	635,000	25,727
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/28/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/02/34	635,000	USD	635,000	25,079
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	47,185
3 Month USD LIBOR Interest Rate Swap, strike @ 1.283% expires 06/04/25 (Counterparty: GS; pay floating rate); underlying swap terminates 06/06/35	310,000	USD	310,000	25,553
3 Month USD LIBOR Interest Rate Swap, strike @ 1.385% expires 04/08/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/12/27	2,560,000	USD	2,560,000	26,278
3 Month USD LIBOR Interest Rate Swap, strike @ 1.420% expires 06/04/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/06/35	310,000	USD	310,000	23,079
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	46,505
3 Month USD LIBOR Interest Rate Swap, strike @ 1.525% expires 04/05/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/07/27	1,300,000	USD	1,300,000	9,556
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	10,242
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	10,683
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	27,158
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	27,292
3 Month USD LIBOR Interest Rate Swap, strike @ 2.605% expires 04/07/26 (Counterparty: GS; pay floating rate); underlying swap terminates 04/09/36	670,000	USD	670,000	21,466
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	36,668

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions purchased—(concluded)
Put swaptions—(concluded)
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	3,948
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	11,012
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	14,493
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	13,920
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	11,251
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	9,806
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	9,718
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	9,543
Total				730,113

Total swaptions purchased (cost—$1,590,952)	1,614,209
Total investments before investments sold short (cost—$377,668,380)14—121.0%	381,456,718

	Face amount1			Value ($)
Investments sold short—(1.4)%
U.S. government agency obligations—(1.4)%
UMBS TBA
1.500%		(53,000	)		(51,303	)
2.500%		(2,623,000	)		(2,694,424	)
3.000%		(412,000	)		(431,899	)
3.500%		(886,739	)		(936,778	)
4.500%		(324,000	)		(350,280	)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1	Value ($)
Investments sold short—(concluded)
U.S. government agency obligations—(concluded)
Total investments sold short (proceeds—$4,486,424)			(4,464,684	)
Liabilities in excess of other assets—19.6)%			(61,652,931	)
Net assets—100.0%		$	315,339,103

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

Options written
Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
USD	11,000		1,496,000	U.S. Treasury Note 10 Year Future Options, strike @ USD 136.00, expires 11/26/21, strike @ 136.00	BB	11/26/21		3,077		(172	)		2,905
				Put options
USD	22,000		2,882,000	U.S. Treasury Note 10 Year Future Options, strike @ USD 131.00, expires 11/26/21, strike @ 131.00	BB	11/26/21		8,560		(18,562	)		(10,002	)
Total options written								11,637		(18,734	)		(7,097	)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
USD	8,740		8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/05/24	JPMCB	Receive	04/01/22		20,801		(9,769	)		11,032
USD	1,800		1,800,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/26/27	BOA	Receive	04/22/22		9,360		(3,538	)		5,822
USD	5,390		5,390,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 05/02/27	BOA	Receive	04/28/22		24,076		(10,930	)		13,146

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written—(continued)
Call swaptions written—(continued)
USD	835	835,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 06/09/32	JPMCB	Receive	06/07/22	7,932	(9,413	)	(1,481	)
USD	1,120	1,120,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 11/08/31	BOA	Receive	11/04/21	5,600	—		5,600
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 11/16/31	BOA	Receive	11/12/21	11,356	(354	)	11,002
USD	1,320	1,320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/05/32	GS	Receive	09/01/22	35,112	(23,658	)	11,454
USD	310	310,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/19/54	BOA	Receive	09/17/24	32,318	(35,973	)	(3,655	)
USD	220	220,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/02/54	BOA	Receive	09/30/24	22,880	(29,935	)	(7,055	)
USD	665	665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/11/32	BOA	Receive	10/07/22	18,287	(20,638	)	(2,351	)
USD	665	665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/17/32	BOA	Receive	10/13/22	18,105	(20,494	)	(2,389	)
USD	7,200	7,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 01/12/24	BOA	Receive	01/10/22	21,408	(4,195	)	17,213
USD	6,360	6,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 03/02/24	GS	Receive	02/28/22	20,193	(4,067	)	16,126
USD	3,240	3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.52%, terminating 03/07/24	BOA	Receive	03/03/22	9,436	(2,248	)	7,188
USD	3,240	3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.56%, terminating 03/23/24	JPMCB	Receive	03/21/22	10,854	(2,917	)	7,937
USD	6,290	6,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.57%, terminating 03/25/24	JPMCB	Receive	03/23/22	20,442	(5,818	)	14,624
USD	690	690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 05/04/32	BOA	Receive	05/02/22	23,874	(741	)	23,133
USD	720	720,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.00%, terminating 01/31/32	JPMCB	Receive	01/27/22	9,864	(700	)	9,164
USD	535	535,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.06%, terminating 10/13/32	GS	Receive	10/11/22	18,003	(3,584	)	14,419

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written—(continued)
Call swaptions written—(concluded)
USD	480	480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.23%, terminating 12/20/32	GS	Receive	12/16/22	15,696	(5,490	)	10,206
USD	3,140	3,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	JPMCB	Receive	10/25/22	18,840	(18,656	)	184
USD	2,090	2,090,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	BOA	Receive	10/25/22	12,488	(12,362	)	126
USD	660	660,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 01/31/32	BOA	Receive	01/27/22	15,526	(2,120	)	13,406
USD	480	480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	GS	Receive	12/16/22	15,696	(5,634	)	10,062
USD	530	530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	BOA	Receive	12/30/22	17,437	(6,475	)	10,962
USD	950	950,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.44%, terminating 01/11/33	BOA	Receive	01/09/23	33,727	(16,759	)	16,968
USD	620	620,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.62%, terminating 02/22/32	BOA	Receive	02/18/22	16,430	(9,692	)	6,738
USD	130	130,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.98%, terminating 10/21/56	JPMCB	Receive	10/19/26	16,380	(20,011	)	(3,631	)
USD	970	970,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.01%, terminating 03/03/33	BOA	Receive	03/01/23	36,957	(43,460	)	(6,503	)
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	(106,373	)	(60,219	)
Total							585,232	(436,004	)	149,228

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
USD	2,669		2,669,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.00%, terminating 12/14/23	JPMCB	Pay	12/10/21		2,242		(17,928	)		(15,686	)
USD	1,870		1,870,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 01/21/24	BOA	Pay	01/19/22		3,516		(13,548	)		(10,032	)
USD	8,740		8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/05/24	JPMCB	Pay	04/01/22		20,801		(72,692	)		(51,891	)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	8,740	8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/08/24	JPMCB	Pay	04/06/22	13,984	(57,616	)	(43,632	)
USD	2,690	2,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 12/08/23	BOA	Pay	12/06/21	2,152	(15,056	)	(12,904	)
USD	835	835,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 06/09/32	JPMCB	Pay	06/07/22	9,352	(3,929	)	5,423
USD	1,320	1,320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/05/32	GS	Pay	09/01/22	35,112	(47,694	)	(12,582	)
USD	310	310,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/19/54	BOA	Pay	09/17/24	32,318	(32,673	)	(355	)
USD	220	220,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/02/54	BOA	Pay	09/30/24	22,880	(19,818	)	3,062
USD	665	665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/11/32	BOA	Pay	10/07/22	18,287	(16,575	)	1,712
USD	665	665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/17/32	BOA	Pay	10/13/22	18,105	(16,886	)	1,219
USD	1,150	1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 11/16/31	BOA	Pay	11/12/21	13,800	(11,977	)	1,823
USD	7,200	7,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 01/12/24	BOA	Pay	01/10/22	19,961	(48,784	)	(28,823	)
USD	6,360	6,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 03/02/24	GS	Pay	02/28/22	20,193	(55,347	)	(35,154	)
USD	3,240	3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.52%, terminating 03/07/24	BOA	Pay	03/03/22	9,436	(27,934	)	(18,498	)
USD	3,240	3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.56%, terminating 03/23/24	JPMCB	Pay	03/21/22	10,854	(27,759	)	(16,905	)
USD	6,290	6,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.57%, terminating 03/25/24	JPMCB	Pay	03/23/22	20,443	(53,861	)	(33,418	)
USD	690	690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.74%, terminating 05/04/32	BOA	Pay	05/02/22	23,874	(60,446	)	(36,572	)
USD	4,690	4,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.75%, terminating 03/01/24	JPMCB	Pay	02/25/22	11,490	(23,970	)	(12,480	)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written—(continued)
Put swaptions written—(continued)
USD	535	535,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.06%, terminating 10/13/32	GS	Pay	10/11/22	18,003	(37,059	)	(19,056	)
USD	480	480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.23%, terminating 12/20/32	GS	Pay	12/16/22	15,696	(29,006	)	(13,310	)
USD	2,090	2,090,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	BOA	Pay	10/25/22	12,488	(14,831	)	(2,343	)
USD	3,140	3,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	JPMCB	Pay	10/25/22	18,840	(22,211	)	(3,371	)
USD	530	530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 01/04/33	BOA	Pay	12/30/22	17,437	(31,617	)	(14,180	)
USD	660	660,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 01/31/32	BOA	Pay	01/27/22	15,527	(24,926	)	(9,399	)
USD	480	480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	GS	Pay	12/16/22	15,696	(28,593	)	(12,897	)
USD	950	950,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.44%, terminating 01/11/33	BOA	Pay	01/09/23	28,308	(45,803	)	(17,495	)
USD	720	720,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.50%, terminating 01/31/32	JPMCB	Pay	01/27/22	9,864	(14,532	)	(4,668	)
USD	750	750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/02/32	BOA	Pay	02/28/22	13,687	(13,488	)	199
USD	620	620,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.62%, terminating 02/22/32	BOA	Pay	02/18/22	16,430	(10,124	)	6,306
USD	890	890,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.81%, terminating 10/21/27	BOA	Pay	10/19/22	9,211	(9,193	)	18
USD	130	130,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.98%, terminating 10/21/56	JPMCB	Pay	10/19/26	16,380	(14,666	)	1,714
USD	970	970,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.01%, terminating 03/03/33	BOA	Pay	03/01/23	36,957	(23,157	)	13,800
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	(1,917	)	23,544
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	25,424	(1,647	)	23,777

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Swaptions written—(concluded)
Put swaptions written—(concluded)
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	(38,997	)	(2,824	)
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	(5,276	)	87,129
USD	1,170	1,170,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 08/04/32	JPMCB	Pay	08/02/22	16,029	(3,660	)	12,369
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	(3,847	)	10,493
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	(16,291	)	15,116
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	(16,397	)	12,266
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	(26,679	)	19,475
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	7,663	(1,275	)	6,388
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	(1,347	)	5,733
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	(9,881	)	8,938
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	(9,960	)	7,319
EUR	1,140	1,140,000	6 Month EURIBOR Interest Rate Swap strike @ 0.01%, terminating 05/17/33	BOA	Pay	05/15/23	30,501	(30,137	)	364
Total							950,722	(1,111,010	)	(160,288	)
Total swaptions written							1,535,954	(1,547,014	)	(11,060	)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
139	USD	U.S. Treasury Note 2 Year Futures	December 2021		30,605,302			30,475,750			(129,552	)
160	USD	U.S. Treasury Note 5 Year Futures	December 2021		19,649,278			19,480,000			(169,278	)
Total					50,254,580			49,955,750			(298,830	)
Interest rate futures sell contracts:
13	USD	90 Day Euro Dollar Futures	December 2024		(3,202,775	)		(3,196,375	)		6,400
12	EUR	Euro-Schatz Futures (FGBS)	December 2021		(1,557,537	)		(1,553,109	)		4,428
24	EUR	German Euro BOBL Futures	December 2021		(3,765,425	)		(3,711,037	)		54,388
27	EUR	German Euro Bund Futures	December 2021		(5,386,693	)		(5,247,361	)		139,332
6	EUR	German Euro Buxl 30 Year Futures	December 2021		(1,453,988	)		(1,449,485	)		4,503
U.S. Treasury futures sell contracts:
9	USD	U.S. Long Bond Futures	December 2021		(1,461,446	)		(1,447,594	)		13,852
34	USD	U.S. Treasury Note 10 Year Futures	December 2021		(4,522,975	)		(4,443,906	)		79,069
21	USD	U.S. Ultra Bond Futures	December 2021		(4,125,522	)		(4,124,531	)		991
53	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2021		(7,781,419	)		(7,686,656	)		94,763
Total					(33,257,780	)		(32,860,054	)		397,726
Net unrealized appreciation (depreciation)											98,896

Centrally cleared credit default swap agreements on corporate issues—buy protection¹⁵  

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio(%)16

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North American High Yield Series 37 Index

USD

3,080

12/20/26

Quarterly

3 Month USD LIBOR

71,442

(76,528

)

(5,086

)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared interest rate swap agreements  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)16	Payments received by the Portfolio(%)16	Value($)			Unrealized appreciation (depreciation)($)
USD	180	07/05/49	Quarterly	2.378	3 Month USD LIBOR		(7,555	)		(7,558	)
USD	10,180	07/12/23	Quarterly	1.771	3 Month USD LIBOR		(97,478	)		(97,545	)
USD	160	08/16/49	Quarterly	1.709	3 Month USD LIBOR		811			808
USD	130	08/17/49	Quarterly	1.667	3 Month USD LIBOR		1,048			1,046
USD	285	08/22/34	Quarterly	1.645	3 Month USD LIBOR		6,670			6,665
USD	380	10/21/34	Quarterly	1.907	3 Month USD LIBOR		142			135
USD	380	10/22/34	Quarterly	1.933	3 Month USD LIBOR		(745	)		(752	)
USD	220	10/23/39	Quarterly	2.098	3 Month USD LIBOR		(1,928	)		(1,932	)
USD	410	11/07/34	Quarterly	1.998	3 Month USD LIBOR		(3,136	)		(3,143	)
USD	410	11/12/34	Quarterly	2.111	3 Month USD LIBOR		(7,268	)		(7,275	)
USD	450	11/15/39	Quarterly	2.137	3 Month USD LIBOR		(5,405	)		(5,413	)
EUR	340	01/16/30	Semi-Annual	0.185	6 Month EURIBOR		(103	)		(163	)
EUR	340	01/16/30	Annual	6 Month EURIBOR	0.185		(605	)		(597	)
USD	1,060	04/14/25	Quarterly	0.626	3 Month USD LIBOR		14,839			14,826
USD	360	05/03/32	Quarterly	0.760	3 Month USD LIBOR		31,086			31,079
USD	1,000	05/04/32	Quarterly	0.765	3 Month USD LIBOR		85,902			85,884
USD	195	06/20/52	Quarterly	1.136	3 Month USD LIBOR		30,622			30,617
USD	195	06/20/52	Quarterly	1.090	3 Month USD LIBOR		32,777			32,772
USD	200	07/12/53	Quarterly	0.881	3 Month USD LIBOR		44,731			44,726
USD	1,400	08/17/27	Quarterly	0.502	3 Month USD LIBOR		63,601			63,578
USD	180	08/17/40	Quarterly	0.973	3 Month USD LIBOR		23,031			23,027
USD	165	11/04/40	Quarterly	1.209	3 Month USD LIBOR		14,206			14,202
USD	40	11/05/40	Quarterly	1.251	3 Month USD LIBOR		3,156			3,155
USD	450	11/15/27	Quarterly	0.845	3 Month USD LIBOR		11,581			11,576
USD	560	02/22/32	Quarterly	1.594	3 Month USD LIBOR		2,748			2,740
USD	280	02/22/32	Quarterly	1.621	3 Month USD LIBOR		663			659
GBP	1,600	02/15/26	Maturity	3.583	12 Month UK RPI		160,284			160,260
USD	2,910	03/01/31	Maturity	2.315	12 Month US CPI		230,396			230,340
USD	1,470	02/15/28	Quarterly	1.271	3 Month USD LIBOR		5,094			5,077
USD	430	03/06/26	Quarterly	1.710	3 Month USD LIBOR		(260	)		(261	)
USD	950	03/10/31	Quarterly	2.780	3 Month USD LIBOR		(106,432	)		(106,446	)
USD	3	03/20/31	Quarterly	2.504	3 Month USD LIBOR		(79	)		(79	)
USD	660	04/20/27	Quarterly	1.285	3 Month USD LIBOR		3,533			3,527
EUR	400	05/16/33	Semi-Annual	0.440	6 Month EURIBOR		(373	)		(395	)
USD	1,620	06/21/24	Quarterly	0.729	3 Month USD LIBOR		11,572			11,566
USD	810	06/23/24	Quarterly	0.742	3 Month USD LIBOR		5,648			5,645
GBP	785	06/15/26	Maturity	3.630	12 Month UK RPI		68,284			68,272
USD	1,395	06/24/31	Maturity	2.430	12 Month US CPI		78,301			78,273
USD	1,920	08/12/24	Quarterly	0.744	3 Month USD LIBOR		16,260			16,252
USD	1,055	08/15/24	Quarterly	0.782	3 Month USD LIBOR		8,209			8,205
USD	2,170	02/15/47	Annual	1.450	12 Month SOFR		23,875			30,518

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)16	Payments received by the Portfolio(%)16	Value($)			Unrealized appreciation (depreciation)($)
USD	500	09/21/31	Quarterly	1.429	3 Month USD LIBOR		6,445			6,437
USD	220	09/21/31	Annual	1.190	12 Month SOFR		2,413			2,410
USD	500	09/22/31	Quarterly	1.391	3 Month USD LIBOR		8,260			8,252
USD	1,060	09/24/31	Quarterly	1.520	3 Month USD LIBOR		4,720			4,703
USD	1,620	03/24/24	Quarterly	0.563	3 Month USD LIBOR		12,074			12,067
USD	420	03/25/24	Quarterly	0.602	3 Month USD LIBOR		2,800			2,798
USD	1,190	03/29/24	Quarterly	0.639	3 Month USD LIBOR		7,188			7,183
EUR	1,100	11/17/26	Annual	6 Month EURIBOR	0.175		—			—
USD	30	10/01/31	Annual	1.324	12 Month SOFR		(40	)		(40	)
USD	4,470	02/28/26	Quarterly	0.994	3 Month USD LIBOR		39,162			39,121
USD	2,950	08/15/28	Annual	1.103	12 Month SOFR		16,040			16,002
USD	170	10/08/31	Annual	1.328	12 Month SOFR		(240	)		(243	)
USD	2,910	04/08/24	Quarterly	0.640	3 Month USD LIBOR		18,611			18,598
USD	1,600	04/11/24	Quarterly	0.649	3 Month USD LIBOR		10,097			10,090
USD	720	04/11/24	Quarterly	0.661	3 Month USD LIBOR		4,379			4,376
USD	1,820	04/12/24	Quarterly	0.677	3 Month USD LIBOR		10,536			10,528
USD	1,600	04/12/24	Quarterly	0.689	3 Month USD LIBOR		8,885			8,878
USD	165	10/13/31	Annual	1.402	12 Month SOFR		(1,355	)		(1,358	)
USD	340	10/13/31	Annual	1.401	12 Month SOFR		(2,776	)		(2,781	)
USD	1,290	04/14/24	Quarterly	0.728	3 Month USD LIBOR		6,303			6,297
USD	610	02/15/24	Quarterly	0.635	3 Month USD LIBOR		2,874			2,871
GBP	785	10/15/31	Maturity	4.137	12 Month UK RPI		8,240			8,218
USD	1,395	10/14/26	Maturity	2.898	12 Month US CPI		12,447			12,431
USD	1,410	10/14/23	Quarterly	0.473	3 Month USD LIBOR		5,065			5,059
USD	1,060	04/19/24	Quarterly	0.761	3 Month USD LIBOR		4,631			4,626
USD	1,060	04/19/24	Quarterly	0.762	3 Month USD LIBOR		4,606			4,601
USD	1,590	04/14/24	Quarterly	0.797	3 Month USD LIBOR		5,566			5,559
USD	1,590	04/14/24	Quarterly	0.789	3 Month USD LIBOR		5,842			5,835
USD	1,600	01/18/24	Quarterly	0.649	3 Month USD LIBOR		5,571			5,564
USD	570	10/18/31	Quarterly	1.775	3 Month USD LIBOR		(10,525	)		(10,534	)
USD	800	04/20/24	Quarterly	0.808	3 Month USD LIBOR		2,802			2,798
USD	800	04/20/24	Quarterly	0.815	3 Month USD LIBOR		2,697			2,693
USD	800	04/20/24	Quarterly	0.833	3 Month USD LIBOR		2,401			2,397
USD	800	04/20/24	Quarterly	0.849	3 Month USD LIBOR		2,151			2,147
USD	795	04/20/24	Quarterly	0.919	3 Month USD LIBOR		1,036			1,032
USD	1,730	04/20/24	Quarterly	0.935	3 Month USD LIBOR		1,692			1,684
USD	795	04/20/24	Quarterly	0.898	3 Month USD LIBOR		1,363			1,359
USD	100	10/25/31	Annual	1.451	12 Month SOFR		(1,237	)		(1,239	)
USD	1,590	04/25/24	Quarterly	0.913	3 Month USD LIBOR		2,482			2,475
USD	1,593	04/25/24	Quarterly	0.945	3 Month USD LIBOR		1,474			1,467
USD	797	04/25/24	Quarterly	0.929	3 Month USD LIBOR		983			979

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared interest rate swap agreements—(continued)
Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)16	Payments received by the Portfolio(%)16	Value($)			Unrealized appreciation (depreciation)($)
USD	80	10/26/31	Annual	1.467	12 Month SOFR		(1,106	)		(1,107	)
USD	795	04/26/24	Quarterly	0.985	3 Month USD LIBOR		130			126
USD	795	04/26/24	Quarterly	0.993	3 Month USD LIBOR		—			(4	)
USD	795	04/26/24	Quarterly	0.975	3 Month USD LIBOR		285			281
USD	280	10/27/51	Maturity	2.628	12 Month US CPI		(19,068	)		(19,081	)
EUR	165	10/15/31	Maturity	2.095	12 Month EU EXT		(2,610	)		(2,614	)
USD	170	02/15/47	Annual	1.664	12 Month SOFR		(5,863	)		(5,868	)
USD	280	10/28/51	Maturity	2.625	12 Month US CPI		(18,745	)		(18,758	)
EUR	165	10/15/31	Maturity	2.135	12 Month EU EXT		(3,523	)		(3,527	)
GBP	750	10/15/31	Maturity	4.368	12 Month UK RPI		(23,448	)		(23,469	)
USD	1,320	10/28/26	Maturity	3.144	12 Month US CPI		(5,728	)		(5,744	)
GBP	875	10/15/31	Maturity	4.303	12 Month UK RPI		(17,000	)		(17,025	)
USD	1,725	10/29/26	Maturity	3.151	12 Month US CPI		(8,390	)		(8,410	)
USD	800	04/29/24	Quarterly	0.997	3 Month USD LIBOR		2			(2	)
USD	330	02/15/47	Annual	1.541	12 Month SOFR		(2,706	)		(2,715	)
USD	450	05/03/24	Quarterly	1.054	3 Month USD LIBOR		(431	)		(433	)
USD	2,395	05/03/24	Quarterly	1.007	3 Month USD LIBOR		(62	)		(73	)
USD	2,395	05/03/24	Quarterly	1.018	3 Month USD LIBOR		(560	)		(571	)
USD	430	02/20/53	Semi-Annual	3 Month USD LIBOR	3.080		129,053			129,042
USD	4,530	11/29/24	Semi-Annual	3 Month USD LIBOR	3.083		348,842			348,791
USD	30	12/01/56	Semi-Annual	3 Month USD LIBOR	1.929		685			684
USD	550	04/14/30	Semi-Annual	3 Month USD LIBOR	0.820		(30,782	)		(30,792	)
USD	1,060	06/02/25	Semi-Annual	3 Month USD LIBOR	0.358		(25,137	)		(25,151	)
USD	1,065	06/20/27	Semi-Annual	3 Month USD LIBOR	0.680		(39,828	)		(39,844	)
USD	1,065	06/20/27	Semi-Annual	3 Month USD LIBOR	0.652		(41,251	)		(41,267	)
USD	1,070	07/12/28	Semi-Annual	3 Month USD LIBOR	0.654		(53,266	)		(53,282	)
USD	220	02/19/51	Semi-Annual	3 Month USD LIBOR	1.870		6,838			6,831
USD	110	02/22/51	Semi-Annual	3 Month USD LIBOR	1.905		4,322			4,319
USD	70	08/19/31	Semi-Annual	3 Month USD LIBOR	1.513		(232	)		(233	)
GBP	1,600	02/15/31	Maturity	12 Month UK RPI	3.630		(210,996	)		(211,040	)
USD	2,910	03/01/26	Maturity	12 Month US CPI	2.325		(195,144	)		(195,174	)
USD	537	03/22/27	Semi-Annual	3 Month USD LIBOR	1.366		(86	)		(90	)
USD	1,610	04/20/24	Semi-Annual	3 Month USD LIBOR	0.591		(12,577	)		(12,583	)
EUR	1,140	11/16/26	Semi-Annual	0.150	6 Month EURIBOR		—			(10	)
USD	80	06/11/51	Semi-Annual	3 Month USD LIBOR	1.904		3,477			3,474
USD	2,110	12/16/23	Semi-Annual	3 Month USD LIBOR	0.359		(17,129	)		(15,941	)
USD	4,070	11/18/23	Semi-Annual	3 Month USD LIBOR	0.353		(29,457	)		(29,472	)
GBP	785	06/15/31	Maturity	12 Month US CPI	3.670		(84,739	)		(84,761	)
USD	1,395	06/24/26	Maturity	12 Month US CPI	2.545		(65,114	)		(65,129	)
USD	1,160	07/19/27	Semi-Annual	3 Month USD LIBOR	1.190		(15,914	)		(15,924	)
USD	1,780	02/08/24	Semi-Annual	3 Month USD LIBOR	0.397		(16,409	)		(16,416	)

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)16	Payments received by the Portfolio(%)16	Value($)			Unrealized appreciation (depreciation)($)
USD	1,390	02/07/24	Semi-Annual	3 Month USD LIBOR	0.379		(13,257	)		(13,263	)
USD	330	08/16/27	Semi-Annual	3 Month USD LIBOR	1.224		(4,335	)		(4,338	)
USD	1,130	05/15/31	Annual	12 Month SOFR	1.109		(22,498	)		(22,516	)
USD	500	02/15/47	Annual	12 Month SOFR	1.432		(7,381	)		(7,395	)
EUR	210	09/28/31	Annual	6 Month EURIBOR	0.126		(3,588	)		(3,528	)
USD	1,210	07/08/27	Semi-Annual	3 Month USD LIBOR	1.350		(6,692	)		(6,703	)
USD	330	10/12/31	Annual	12 Month SOFR	1.321		176			171
USD	825	04/11/24	Semi-Annual	3 Month USD LIBOR	0.657		(5,075	)		(5,079	)
USD	800	04/12/24	Semi-Annual	3 Month USD LIBOR	0.689		(4,441	)		(4,444	)
GBP	785	10/15/26	Maturity	12 Month UK RPI	4.378		(16,089	)		(16,102	)
USD	1,395	10/14/31	Maturity	12 Month US CPI	2.737		(1,918	)		(1,947	)
USD	660	02/15/47	Annual	12 Month SOFR	1.596		13,135			13,117
USD	130	07/27/27	Semi-Annual	3 Month USD LIBOR	1.578		620			619
USD	280	10/27/31	Maturity	12 Month US CPI	2.872		3,893			3,887
EUR	165	10/15/51	Maturity	12 Month EU EXT	2.275		9,627			9,618
USD	4,900	09/30/23	Semi-Annual	3 Month USD LIBOR	0.623		(6,755	)		(6,730	)
USD	1,691	04/27/24	Semi-Annual	3 Month USD LIBOR	0.930		(2,235	)		(2,242	)
USD	280	10/28/31	Maturity	12 Month US CPI	2.890		4,483			4,477
EUR	165	10/15/51	Maturity	12 Month EU EXT	2.325		14,926			14,917
GBP	750	10/15/26	Maturity	12 Month UK RPI	4.833		11,138			11,126
USD	1,320	10/28/31	Maturity	12 Month US CPI	2.883		20,013			19,986
USD	180	07/28/27	Annual	12 Month SOFR	1.297		666			664
GBP	875	10/15/26	Maturity	12 Month UK RPI	4.755		7,683			7,669
USD	1,725	10/29/31	Maturity	12 Month US CPI	2.890		27,802			27,766
USD	980	08/01/27	Semi-Annual	3 Month USD LIBOR	1.483		(48	)		(57	)
USD	980	08/01/27	Semi-Annual	3 Month USD LIBOR	1.493		427			418
USD	640	05/03/24	Semi-Annual	3 Month USD LIBOR	0.984		(282	)		(285	)
Total							529,694			536,055

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

OTC credit default swap  agreements on corporate issues—sell protection¹⁷  

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio(%)16	Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation)($)
JPMCB	Berkshire Hathaway, Inc.	USD	130,000	12/20/22	Quarterly	1.000		(681	)		1,491		810
JPMCB	Bristol-Myers Squibb Co.	USD	25,000	12/20/22	Quarterly	1.000		(214	)		298		84
BOA	Honeywell International, Inc.	USD	40,000	12/20/22	Quarterly	1.000		(310	)		478		168
JPMCB	Johnson & Johnson	USD	65,000	12/20/22	Quarterly	1.000		(600	)		772		172
JPMCB	Pfizer, Inc.	USD	90,000	12/20/22	Quarterly	1.000		(781	)		1,057		276
JPMCB	The Procter & Gamble Co.	USD	90,000	12/20/22	Quarterly	1.000		(781	)		1,057		276
JPMCB	The Sherwin-Williams Co.	USD	40,000	12/20/22	Quarterly	1.000		(178	)		432		254
Total								(3,545	)		5,585		2,040

Forward foreign currency contracts  

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BNP	EUR	8,092,000	USD	9,585,184	12/15/21		221,138
BOA	CNY	5,313,195	USD	810,000	12/15/21		(17,397	)
HSBC	EUR	8,092,000	USD	9,592,111	12/15/21		228,065
RBC	USD	3,322,254	EUR	2,847,000	12/15/21		(27,711	)
Net unrealized appreciation (depreciation)							404,095

Fair valuation summary  

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (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		—			11,414,214			—		11,414,214
Corporate bonds		—			114,037,997			—		114,037,997
Mortgage-backed securities		—			16,073,948			—		16,073,948
Municipal bonds		—			181,323			—		181,323
Non-U.S. government agency obligations		—			6,555,845			—		6,555,845
U.S. government agency obligations		—			100,286,929			—		100,286,929
U.S. Treasury obligations		—			72,952,803			—		72,952,803
Short-term investments		—			42,505,559			—		42,505,559
Short-term U.S. Treasury obligations		—			15,064,956			—		15,064,956
Investment of cash collateral from securities loaned		—			739,888			—		739,888
Option purchased		29,047			—			—		29,047
Swaptions purchased		—			1,614,209			—		1,614,209
Futures contracts		397,726			—			—		397,726
Swap agreements		—			1,824,714			—		1,824,714
Forward foreign currency contracts		—			449,203			—		449,203
Total		426,773			383,701,588			—		384,128,361
Liabilities
Investments sold short		—			(4,464,684	)		—		(4,464,684	)
Options written		(18,734	)		—			—		(18,734	)
Swaptions written		—			(1,547,014	)		—		(1,547,014	)
Futures contracts		(298,830	)		—			—		(298,830	)
Swap agreements		—			(1,365,963	)		—		(1,365,963	)
Forward foreign currency contracts		—			(45,108	)		—		(45,108	)
Total		(317,564	)		(7,422,769	)		—		(7,740,333	)

At October 31, 2021, there were $602,503 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of October 31, 2021.

Portfolio footnotes  

†	Amount represents less than 0.05% or (0.05%).
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $42,244,881, represented 13.4% of the Portfolio's net assets at period end.
3	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
4	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
5	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
6	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
7	Security, or portion thereof, was on loan at the period end.
8	Perpetual investment. Date shown reflects the next call date.
9	Zero coupon bond.
10	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
11	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
12	Rates shown reflect yield at October 31, 2021.
13	Rate shown is the discount rate at the date of purchase unless otherwise noted.

PACE Intermediate Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

14	Includes $863,331 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $739,888 and non-cash collateral of $141,383.
15	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.
16	Payments made or received are based on the notional amount.
17	If the Portfolio  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—4.9%
Accredited Mortgage Loan Trust,
Series 2004-2, Class A1,
1 mo. USD LIBOR + 0.290%,
0.669%, due 07/25/342		559,261		554,156
AM Capital Funding LLC,
Series 2018-1, Class A,
4.980%, due 12/15/233		440,000		455,169
Ameriquest Mortgage Securities, Inc.,
Series 2005-R10, Class M2,
1 mo. USD LIBOR + 0.645%,
0.734%, due 01/25/362		593,846		593,513
AMMC CLO 16 Ltd.,
Series 2015-16A, Class AR2,
3 mo. USD LIBOR + 0.980%,
1.107%, due 04/14/292,3		1,131,778		1,131,848
Apres Static CLO Ltd.,
Series 2019-1A, Class A1R,
3 mo. USD LIBOR + 1.070%,
1.194%, due 10/15/282,3		1,078,555		1,078,796
Catamaran CLO Ltd.,
Series 2016-1A, Class A1R,
3 mo. USD LIBOR + 1.090%,
1.212%, due 01/18/292,3		985,503		985,357
CHEC Loan Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 0.960%,
1.049%, due 06/25/342		365,284		366,859
Cork Street CLO Designated Activity Co.,
Series 1A, Class A1BE,
3 mo. Euribor + 0.760%,
0.760%, due 11/27/282,3	EUR	1,015,513		1,173,941
CSAB Mortgage Backed Trust,
Series 2006-1, Class A6A,
6.672%, due 06/25/364		261,122		93,926
Delta Funding Home Equity Loan Trust,
Series 1999-3, Class A1A,
1 mo. USD LIBOR + 0.820%,
0.910%, due 09/15/292		37,860		37,524
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2D,
1 mo. USD LIBOR + 0.480%,
0.569%, due 10/25/362		1,202,670		980,997
Gallatin CLO IX Ltd.,
Series 2018-1A, Class A,
3 mo. USD LIBOR + 1.050%,
1.180%, due 01/21/282,3		1,097,823		1,098,078

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
GSAMP Trust,
Series 2006-HE4, Class A1,
1 mo. USD LIBOR + 0.280%,
0.369%, due 06/25/362		1,061,472		1,044,494
Harvest CLO XXII DAC,
Series 22A, Class AR,
3 mo. Euribor + 0.850%,
0.850%, due 01/15/322,3	EUR	1,200,000		1,387,200
Home Equity Asset Trust,
Series 2005-2, Class M5,
1 mo. USD LIBOR + 1.095%,
1.184%, due 07/25/352		234,735		234,953
Series 2006-3, Class M2,
1 mo. USD LIBOR + 0.600%,
0.689%, due 07/25/362		1,000,000		965,046
ICG US CLO Ltd.,
Series 2020-1A, Class A1,
3 mo. USD LIBOR + 1.400%,
1.528%, due 10/22/312,3		1,700,000		1,702,137
JPMorgan Mortgage Acquisition Corp.,
Series 2006-FRE1, Class M1,
1 mo. USD LIBOR + 0.585%,
0.674%, due 05/25/352		1,722,656		1,717,353
LoanCore Issuer Ltd.,
Series 2018-CRE1, Class A,
1 mo. USD LIBOR + 1.130%,
1.220%, due 05/15/282,3		452,558		452,557
Series 2021-CRE6, Class A,
1 mo. USD LIBOR + 1.300%,
1.390%, due 11/15/382,3,12,13		1,400,000		1,399,776
LP Credit Card ABS Master Trust,
Series 2018-1, Class A,
1 mo. USD LIBOR + 1.550%,
1.638%, due 08/20/242,3		743,547		743,547
M360 Ltd.,
Series 2021-CRE3, Class A,
1 mo. USD LIBOR + 1.500%,
1.586%, due 10/22/362,3		1,400,000		1,411,487
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2005-HE1, Class M2,
1 mo. USD LIBOR + 0.705%,
0.794%, due 12/25/342		169,097		168,419
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2003-NC1, Class M1,
1 mo. USD LIBOR + 1.575%,
1.664%, due 11/25/322		226,188		226,464

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
New Century Home Equity Loan Trust,
Series 2005-B, Class M1,
1 mo. USD LIBOR + 0.720%,
0.809%, due 10/25/352		1,597,243		1,589,070
Series 2005-D, Class A2D,
1 mo. USD LIBOR + 0.660%,
0.749%, due 02/25/362		316,587		316,561
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class A,
3.430%, due 12/16/243		161,589		161,757
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
0.719%, due 12/25/352		656,003		656,644
SASCO Mortgage Loan Trust,
Series 2005-GEL1, Class M2,
1 mo. USD LIBOR + 1.350%,
1.439%, due 12/25/342		258,892		259,443
Saxon Asset Securities Trust,
Series 2004-1, Class M1,
1 mo. USD LIBOR + 0.795%,
0.884%, due 03/25/352		111,414		109,273
Series 2006-1, Class M1,
1 mo. USD LIBOR + 0.465%,
0.554%, due 03/25/362		1,278,296		1,276,988
Securitized Asset Backed Receivables LLC Trust,
Series 2006-FR2, Class A3,
1 mo. USD LIBOR + 0.500%,
0.589%, due 03/25/362		1,695,827		1,358,391
Soundview Home Loan Trust,
Series 2006-OPT3, Class 2A4,
1 mo. USD LIBOR + 0.250%,
0.339%, due 06/25/362		2,675,000		2,670,626
Structured Asset Securities Corp.,
Series 2001-SB1, Class A2,
3.375%, due 08/25/31		100,487		99,408
Series 2005-WF1, Class M1,
1 mo. USD LIBOR + 0.660%,
0.749%, due 02/25/352		78,185		78,213
Sunrun Demeter Issuer,
Series 2021-2A, Class A,
2.270%, due 01/30/573		1,400,000		1,392,846
TICP CLO III-2 Ltd.,
Series 2018-3R, Class A,
3 mo. USD LIBOR + 0.840%,
0.972%, due 04/20/282,3		749,491		749,679

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(concluded)
TRTX Issuer Ltd.,
Series 2019-FL3, Class A,
SOFR + 1.264%,
1.315%, due 10/15/342,3		1,500,000		1,500,146
United States Small Business Administration,
Series 2002-20K, Class 1,
5.080%, due 11/01/22		40,451		41,078
Series 2005-20H, Class 1,
5.110%, due 08/01/25		79,358		83,356
Series 2007-20D, Class 1,
5.320%, due 04/01/27		299,280		320,869
Utah State Board of Regents,
Series 2017-1, Class A,
1 mo. USD LIBOR + 0.750%,
0.839%, due 01/25/572		531,042		529,476
Total asset-backed securities
(cost—$31,765,040)				33,197,421
Corporate bonds—47.8%
Advertising—0.0%†
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.000%, due 08/15/273
		16,000		16,320
Aerospace & defense—0.9%
Boeing Co.
1.433%, due 02/04/24		1,700,000		1,700,566
2.750%, due 02/01/26		1,700,000		1,757,778
5.805%, due 05/01/50		340,000		466,176
Spirit AeroSystems, Inc.
3.950%, due 06/15/235		1,500,000		1,521,525
5.500%, due 01/15/253		85,000		88,506
7.500%, due 04/15/253		95,000		100,296
TransDigm, Inc.
6.250%, due 03/15/263		225,000		234,844
6.375%, due 06/15/26		210,000		217,087
7.500%, due 03/15/27		225,000		235,969
				6,322,747
Agriculture—0.8%
BAT Capital Corp.
3.734%, due 09/25/40		220,000		213,902
Imperial Brands Finance PLC
3.500%, due 02/11/233		3,755,000		3,853,141
3.750%, due 07/21/223		1,600,000		1,626,258

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Agriculture—(concluded)
MHP SE
7.750%, due 05/10/243,5		65,000		70,192
				5,763,493
Airlines—1.4%
Air Canada
3.875%, due 08/15/263		110,000		111,375
American Airlines Pass-Through Trust,
Series 2013-2, Class A,
4.950%, due 01/15/23		473,863		483,146
Series 2015-2, Class AA,
3.600%, due 09/22/27		739,478		765,751
Series 2016-2, Class AA,
3.200%, due 06/15/28		1,023,100		1,040,342
Series 2016-3, Class B,
3.750%, due 10/15/25		268,283		257,997
Series 2017-2, Class A,
3.600%, due 10/15/29		810,571		792,029
American Airlines, Inc./Advantage Loyalty IP Ltd.
5.500%, due 04/20/263		240,000		251,760
5.750%, due 04/20/293		195,000		209,869
Continental Airlines Pass-Through Trust,
Series 2012-2, Class A,
4.000%, due 10/29/24		961,910		1,006,493
JetBlue Pass Through Trust,
Series 2019-1, Class A,
2.950%, due 05/15/28		2,065,879		2,083,472
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, due 06/20/273		210,000		228,556
Spirit Airlines Pass Through Trust,
Series 2015-1A,
4.100%, due 04/01/28		395,883		411,089
United Airlines Holdings, Inc.
4.875%, due 01/15/255		65,000		66,950
5.000%, due 02/01/245		65,000		67,519
United Airlines Pass-Through Trust,
Series 2012-1, Class A,
4.150%, due 04/11/24		1,337,774		1,398,623
Series 2020-1, Class A,
5.875%, due 10/15/27		144,528		161,693

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
United Airlines, Inc.
4.625%, due 04/15/293		80,000		82,478
				9,419,142
Apparel 0.0%†
Crocs, Inc.
4.125%, due 08/15/313		135,000		135,844
William Carter Co.
5.625%, due 03/15/273		30,000		31,087
				166,931
Auto manufacturers—2.7%
Ford Motor Co.
4.750%, due 01/15/43		275,000		300,371
5.291%, due 12/08/46		105,000		120,476
9.625%, due 04/22/30		155,000		223,298
Ford Motor Credit Co. LLC
2.330%, due 11/25/25	EUR	1,200,000		1,430,930
3.375%, due 11/13/25		1,400,000		1,438,500
3.810%, due 01/09/24		300,000		310,500
4.000%, due 11/13/30		200,000		208,750
5.125%, due 06/16/25		1,700,000		1,844,500
General Motors Financial Co., Inc.
3 mo. Euribor + 0.550%,
0.007%, due 03/26/222,6	EUR	1,200,000		1,388,851
5.100%, due 01/17/24		1,500,000		1,620,057
Harley-Davidson Financial Services, Inc.
2.550%, due 06/09/223		1,100,000		1,110,503
Jaguar Land Rover Automotive PLC
5.500%, due 07/15/293		340,000		329,162
Nissan Motor Acceptance LLC
2.000%, due 03/09/263		900,000		892,154
2.750%, due 03/09/283		1,400,000		1,398,976
Nissan Motor Co. Ltd.
3.522%, due 09/17/253		1,400,000		1,472,875
4.810%, due 09/17/303		1,400,000		1,555,953
Volkswagen Bank GmbH
2.500%, due 07/31/266	EUR	1,200,000		1,516,831

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Volkswagen Group of America Finance LLC
2.850%, due 09/26/243		1,500,000		1,570,487
				18,733,174
Auto parts & equipment—0.1%
Goodyear Tire & Rubber Co.
5.000%, due 07/15/293		95,000		100,225
5.250%, due 04/30/315		155,000		165,850
IHO Verwaltungs GmbH,
6.375% Cash or 7.125% PIK,
6.375%, due 05/15/293,7		270,000		291,938
Tenneco, Inc.
7.875%, due 01/15/293		60,000		65,625
				623,638
Banks—7.6%
Banco de Bogota SA
6.250%, due 05/12/263		65,000		70,850
Banco Mercantil del Norte SA/Grand Cayman
(fixed, converts to FRN on 09/27/24),
6.750%, due 09/27/243,8		10,000		10,433
Banco Santander SA
(fixed, converts to FRN on 02/08/24),
7.500%, due 02/08/246,8		200,000		216,250
Bangkok Bank PCL
(fixed, converts to FRN on 09/25/29),
3.733%, due 09/25/343		55,000		55,853
Bank of America Corp.
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/31		290,000		291,207
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/31		1,600,000		1,618,455
4.000%, due 01/22/25		1,500,000		1,616,929
(fixed, converts to FRN on 03/20/50),
4.083%, due 03/20/51		280,000		338,041
4.125%, due 01/22/24		2,200,000		2,357,400
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/248		86,000		90,838
Series X,
(fixed, converts to FRN on 09/05/24),
6.250%, due 09/05/248		102,000		111,180

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Barclays Bank PLC
7.625%, due 11/21/22		391,000		416,422
Barclays PLC
3 mo. USD LIBOR + 1.625%,
1.746%, due 01/10/232		2,000,000		2,005,182
(fixed, converts to FRN on 02/15/22),
4.610%, due 02/15/23		1,100,000		1,112,636
4.836%, due 05/09/28		535,000		596,077
(fixed, converts to FRN on 05/16/28),		1,100,000		1,270,788
4.972%, due 05/16/29
(fixed, converts to FRN on 06/15/26),
6.125%, due 12/15/255,8		200,000		219,688
BNP Paribas SA
(fixed, converts to FRN on 03/25/24),
6.625%, due 03/25/243,5,8		200,000		216,000
Citigroup, Inc.
(fixed, converts to FRN on 11/05/29),
2.976%, due 11/05/30		200,000		208,646
(fixed, converts to FRN on 01/10/27),
3.887%, due 01/10/28		755,000		822,283
4.400%, due 06/10/25		980,000		1,070,391
Series U,
(fixed, converts to FRN on 09/12/24),
5.000%, due 09/12/248		89,000		92,037
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/258		52,000		52,715
Citizens Financial Group, Inc.,
Series B,
fixed, converts to FRN on 07/06/23),
6.000%, due 07/06/235,8		60,000		61,875
Series C,
(fixed, converts to FRN on 04/06/24),
6.375%, due 04/06/248		80,000		84,100
Credit Suisse AG
6.500%, due 08/08/233		500,000		544,400
Credit Suisse Group AG
(fixed, converts to FRN on 05/14/31),
3.091%, due 05/14/323		310,000		315,630
(fixed, converts to FRN on 06/12/23),
4.207%, due 06/12/243		1,600,000		1,679,982
(fixed, converts to FRN on 08/11/27),
5.250%, due 02/11/273,8		200,000		207,750
(fixed, converts to FRN on 12/18/24),
6.250%, due 12/18/243,8		800,000		860,000

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 12/11/23),
7.500%, due 12/11/233,8		700,000		763,000
Deutsche Bank AG
3.950%, due 02/27/23		1,300,000		1,350,791
(fixed, converts to FRN on 11/26/24),
3.961%, due 11/26/25		1,500,000		1,604,166
Discover Bank,
Series BKNT,
4.200%, due 08/08/23		1,600,000		1,696,104
Fifth Third Bancorp,
Series H,
(fixed, converts to FRN on 06/30/23),
5.100%, due 06/30/238		115,000		117,444
Goldman Sachs Group,Inc.
3 mo. USD LIBOR + 1.750%,
1.886%, due 10/28/272,5		1,100,000		1,154,529
(fixed, converts to FRN on 04/22/31),
2.615%, due 04/22/32		615,000		617,528
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/38		290,000		332,191
SeriesO,
(fixed, converts to FRN on 11/10/26),
5.300%, due 11/10/268		104,000		113,880
SeriesR,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/258		39,000		41,048
SeriesT,
(fixed, converts to FRN on 05/10/26),
3.800%, due 05/10/265,8		35,000		35,000
SeriesU,
(fixed, converts to FRN on 08/10/26),
3.650%, due 08/10/268		75,000		74,438
SeriesV,
(fixed, converts to FRN on 11/10/26),
4.125%, due 11/10/268		120,000		120,384
Grupo Aval Ltd.
4.375%, due 02/04/303		95,000		92,566
HSBC Holdings PLC
(fixed, converts to FRN on 09/09/31),
4.700%, due 03/09/315,8		200,000		199,020
(fixed, converts to FRN on 05/22/27),
6.000%, due 05/22/278		870,000		944,489

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Huntington Bancshares, Inc.,
Series E,
(fixed, converts to FRN on 04/15/23),
5.700%, due 04/15/235,8		124,000		127,100
ING Groep N.V.
(fixed, converts to FRN on 11/16/27),
3.875%, due 05/16/275,8		227,000		218,488
(fixed, converts to FRN on 11/16/26),
5.750%, due 11/16/268		200,000		217,124
Intesa Sanpaolo SpA,
Series XR,
4.000%, due 09/23/293		1,500,000		1,622,679
JPMorgan Chase & Co.
(fixed, converts to FRN on 09/22/26),
1.470%, due 09/22/27		1,600,000		1,570,938
(fixed, converts to FRN on 04/22/40),
3.109%, due 04/22/41		470,000		486,793
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/29		650,000		721,616
Series CC,
(fixed, converts to FRN on 11/01/22),
4.625%, due 11/01/228		100,000		100,750
Series FF,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/248		95,000		98,325
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/258		41,000		41,938
Lloyds Bank PLC
7.500%, due 04/02/324,6		2,200,000		1,679,525
Lloyds Banking Group PLC
3.000%, due 01/11/22		1,300,000		1,306,649
4.000%, due 03/07/25	AUD	1,700,000		1,348,599
(fixed, converts to FRN on 09/27/25),
7.500%, due 09/27/255,8		200,000		229,546
M&T Bank Corp.
(fixed, converts to FRN on 09/01/26),
3.500%, due 09/01/268		190,000		186,675
Series G,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/248		56,000		58,240
Morgan Stanley
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/31		210,000		214,649

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/28		535,000		578,441
Series H,
3 mo. USD LIBOR + 3.610%,
3.734%, due 01/15/222,8		395,000		397,031
Natwest Group PLC
(fixed, converts to FRN on 11/28/30),
3.032%, due 11/28/35		550,000		547,271
PNC Financial Services Group, Inc.,
Series S,
(fixed, converts to FRN on 11/01/26),
5.000%, due 11/01/268		67,000		73,187
Series T,
(fixed, converts to FRN on 09/15/26),
3.400%, due 09/15/268		169,000		166,676
Skandinaviska Enskilda Banken AB
(fixed, converts to FRN on 05/13/25),
5.125%, due 05/13/256,8		200,000		211,750
Societe Generale S.A.
4.250%, due 09/14/233		1,500,000		1,592,627
Standard Chartered PLC
(fixed, converts to FRN on 05/21/24),
3.785%, due 05/21/253		1,500,000		1,589,124
(fixed, converts to FRN on 02/19/29),
4.300%, due 08/19/283,8		210,000		201,657
SVB Financial Group,
Series D,
(fixed, converts to FRN on 11/15/26),
4.250%, due 11/15/268		245,000		245,735
Truist Financial Corp.,
Series L,
(fixed, converts to FRN on 06/15/22),
5.050%, due 12/15/248		73,000		74,278
Series Q,
(fixed, converts to FRN on 09/01/30),
5.100%, due 03/01/308		190,000		212,572
UniCredit SpA
7.830%, due 12/04/233		3,300,000		3,725,707
US Bancorp
(fixed, converts to FRN on 01/15/27),
3.700%, due 01/15/278		205,000		204,190
Wells Fargo & Co.
3 mo. USD LIBOR + 1.230%,
1.359%, due 10/31/232		1,400,000		1,415,526

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
(fixed, converts to FRN on 02/11/30),
2.572%, due 02/11/31		625,000		632,150
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27		1,500,000		1,592,551
Series BB,
(fixed, converts to FRN on 03/15/26),
3.900%, due 03/15/268		75,000		76,406
Series S,
(fixed, converts to FRN on 06/15/24),
5.900%, due 06/15/248		84,000		89,557
Series U,
(fixed, converts to FRN on 06/15/25),
5.875%, due 06/15/258		69,000		75,986
				51,802,672
Beverages—0.7%
Anheuser-Busch InBev Worldwide, Inc.
4.600%, due 06/01/60		1,400,000		1,751,234
Coca-Cola Femsa SAB de CV
1.850%, due 09/01/32		1,400,000		1,319,763
Suntory Holdings Ltd.
2.250%, due 10/16/243		1,500,000		1,541,565
				4,612,562
Biotechnology—0.2%
Regeneron Pharmaceuticals, Inc.
1.750%, due 09/15/30		1,700,000		1,607,239
Building materials—0.4%
Cemex SAB de CV
5.200%, due 09/17/303		25,000		27,004
Fortune Brands Home & Security, Inc.
3.250%, due 09/15/29		1,400,000		1,504,655
JELD-WEN, Inc.
4.875%, due 12/15/273		75,000		77,625
Masco Corp.
1.500%, due 02/15/28		1,400,000		1,349,561

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
Masonite International Corp.
5.375%, due 02/01/283		75,000		78,750
				3,037,595
Chemicals—0.6%
EverArc Escrow Sarl
5.000%, due 10/30/293		185,000		185,000
HB Fuller Co.
4.000%, due 02/15/27		75,000		78,750
International Flavors& Fragrances,Inc.
2.300%, due 11/01/303		1,400,000		1,380,623
NOVA Chemicals Corp.
4.250%, due 05/15/293,5		95,000		93,765
5.250%, due 06/01/273		280,000		294,692
Olympus Water US Holding Corp.
4.250%, due 10/01/283		200,000		196,650
SCIH Salt Holdings,Inc.
4.875%, due 05/01/283		100,000		97,750
Syngenta Finance N.V.
4.441%, due 04/24/233		1,600,000		1,665,988
Tronox,Inc.
4.625%, due 03/15/293		130,000		127,443
Unigel Luxembourg SA
8.750%, due 10/01/263		70,000		74,410
WR Grace Holdings LLC
5.625%, due 10/01/243		55,000		58,988
				4,254,059
Commercial services—1.8%
ADT Security Corp.
4.125%, due 08/01/293		180,000		177,413
4.875%, due 07/15/323		180,000		180,009
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
4.625%, due 06/01/283		200,000		198,384
APi Escrow Corp.
4.750%, due 10/15/293		70,000		71,225
APi Group DE,Inc.
4.125%, due 07/15/293		45,000		44,775
APX Group,Inc.
6.750%, due 02/15/273		255,000		269,025
ASGN,Inc.
4.625%, due 05/15/283		155,000		160,037

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(continued)
Avis Budget Car Rental LLC/Avis Budget Finance,Inc.
5.750%, due 07/15/273,5		215,000		224,675
CoStar Group,Inc.
2.800%, due 07/15/303		1,300,000		1,317,234
Duke University,
Series 2020,
2.682%, due 10/01/44		1,700,000		1,723,592
Emory University,
Series 2020,
2.143%, due 09/01/30		1,400,000		1,413,050
Garda World Security Corp.
4.625%, due 02/15/273		370,000		367,225
HealthEquity,Inc.
4.500%, due 10/01/293		115,000		116,294
Korn Ferry
4.625%, due 12/15/273		200,000		206,250
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer,Inc.
5.000%, due 02/01/263		130,000		131,950
MoneyGram International,Inc.
5.375%, due 08/01/263		60,000		60,150
MPH Acquisition Holdings LLC
5.500%, due 09/01/283		515,000		511,412
5.750%, due 11/01/283,5		145,000		132,254
Nielsen Finance LLC/Nielsen Finance Co.
5.625%, due 10/01/283		420,000		436,689
5.875%, due 10/01/303		165,000		172,722
PayPal Holdings,Inc.
2.850%, due 10/01/29		1,800,000		1,900,985
Prime Security Services Borrower LLC/Prime Finance,Inc.
3.375%, due 08/31/273		50,000		47,894
5.750%, due 04/15/263		460,000		492,039
6.250%, due 01/15/283		120,000		123,000
Rockefeller Foundation,
Series 2020,
2.492%, due 10/01/50		1,400,000		1,404,664
United Rentals North America,Inc.
3.750%, due 01/15/32		305,000		304,268

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
5.250%, due 01/15/30		35,000		37,887
				12,225,102
Computers—0.8%
Apple, Inc.
2.450%, due 08/04/26		610,000		638,923
Dell International LLC/EMC Corp.
4.900%, due 10/01/26		1,300,000		1,481,293
5.850%, due 07/15/25		1,300,000		1,494,141
Presidio Holdings, Inc.
4.875%, due 02/01/273		185,000		188,238
Wipro IT Services LLC
1.500%, due 06/23/263		1,400,000		1,378,562
				5,181,157
Cosmetics & personal care—0.0%†
Edgewell Personal Care Co.
5.500%, due 06/01/283		215,000		224,924
Natura Cosmeticos SA
4.125%, due 05/03/283		40,000		39,592
				264,516
Distribution & wholesale—0.1%
IAA, Inc.
5.500%, due 06/15/273		110,000		114,263
Resideo Funding, Inc.
4.000%, due 09/01/293		140,000		133,875
Univar Solutions USA, Inc.
5.125%, due 12/01/273		175,000		182,437
				430,575
Diversified financial services—2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%, due 01/30/32		290,000		295,150
4.450%, due 04/03/265		1,200,000		1,307,844
Ally Financial, Inc.
2.200%, due 11/02/28		1,400,000		1,382,072
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/265,8		105,000		108,806

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(continued)
Series C,
(fixed, converts to FRN on 05/15/28),
4.700%, due 05/15/288		40,000		40,700
American Express Co.
(fixed, converts to FRN on 09/15/26),
3.550%, due 09/15/268		95,000		95,475
Avolon Holdings Funding Ltd.
3.950%, due 07/01/243		1,400,000		1,476,359
BGC Partners, Inc.
5.375%, due 07/24/23		1,400,000		1,490,108
Capital One Financial Corp.,
Series M,
(fixed, converts to FRN on 09/01/26),
3.950%, due 09/01/268		95,000		96,453
Charles Schwab Corp.
1.950%, due 12/01/31		1,400,000		1,374,623
Series G,
(fixed, converts to FRN on 06/01/25),
5.375%, due 06/01/258		40,000		43,996
Series H,
(fixed, converts to FRN on 12/01/30),
4.000%, due 12/01/308		256,000		259,840
Discover Financial Services,
SeriesC,
(fixed, converts to FRN on 10/30/27),
5.500%, due 10/30/278		125,000		134,062
Doric Nimrod Air Finance Alpha Ltd,
Series 2012-1, Class A,
5.125%, due 11/30/223		127,859		127,742
GE Capital Funding LLC
4.400%, due 05/15/30		1,700,000		1,986,918
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/243,7		551,872		535,785
Lazard Group LLC
4.375%, due 03/11/29		400,000		452,256
LeasePlan Corp. N.V.
2.875%, due 10/24/243		1,500,000		1,561,228
Lehman Brothers Holdings, Inc.
0.000%, due 12/30/169		1,900,000		10,450
1.000%, due 01/24/139		4,500,000		24,750
1.000%, due 12/30/169		900,000		4,950
LFS Topco LLC
5.875%, due 10/15/263		90,000		92,587

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
Navient Corp.,
Series A,
5.625%, due 01/25/25		500,000		492,344
OneMain Finance Corp.
3.500%, due 01/15/27		190,000		185,725
6.875%, due 03/15/25		1,300,000		1,451,125
7.125%, due 03/15/26		260,000		295,100
World Acceptance Corp.
7.000%, due 11/01/263		120,000		118,200
XP, Inc.
3.250%, due 07/01/263,5		60,000		57,293
				15,501,941
Electric—7.0%
Adani Electricity Mumbai Ltd.
3.949%, due 02/12/303		1,855,000		1,840,276
AES Corp.
2.450%, due 01/15/31		1,400,000		1,370,348
Alabama Power Co.,
Series 20-A,
1.450%, due 09/15/30		600,000		566,078
American Transmission Systems, Inc.
5.250%, due 01/15/223		900,000		907,957
Appalachian Power Co.,
Series AA,
2.700%, due 04/01/31		1,400,000		1,427,275
Avangrid, Inc.
3.800%, due 06/01/29		1,600,000		1,777,888
Black Hills Corp.
2.500%, due 06/15/30		1,400,000		1,404,990
Calpine Corp.
3.750%, due 03/01/313		180,000		172,802
4.500%, due 02/15/283		320,000		324,163
4.625%, due 02/01/293		223,000		216,310
5.000%, due 02/01/313		184,000		180,338
5.125%, due 03/15/283		95,000		94,525
Commonwealth Edison Co.
3.700%, due 03/01/45		745,000		855,471
Dominion Energy, Inc.,
Series C,
2.250%, due 08/15/31		1,400,000		1,380,282

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
Duke Energy Progress LLC
2.000%, due 08/15/31		1,400,000		1,371,487
Edison International
2.950%, due 03/15/23		1,500,000		1,530,864
Entergy Gulf States Louisiana LLC
5.590%, due 10/01/24		2,207,000		2,488,587
Exelon Corp.
4.700%, due 04/15/50		160,000		206,044
FirstEnergy Corp.,
Series C,
5.350%, due 07/15/474		145,000		175,963
Idaho Power Co.,
Series K,
4.200%, due 03/01/48		1,400,000		1,722,560
IPALCO Enterprises, Inc.
4.250%, due 05/01/30		1,200,000		1,332,769
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/293		95,000		95,465
MidAmerican Energy Co.
3.650%, due 04/15/29		1,400,000		1,556,752
Monongahela Power Co.
3.550%, due 05/15/273		1,800,000		1,958,495
New York State Electric & Gas Corp.
2.150%, due 10/01/313		1,400,000		1,376,802
NextEra Energy Capital Holdings, Inc.
3.550%, due 05/01/27		1,700,000		1,844,168
Niagara Mohawk Power Corp.
4.278%, due 12/15/283		2,100,000		2,366,971
Northern States Power Co.
2.900%, due 03/01/50		1,300,000		1,341,005
NRG Energy, Inc.
3.625%, due 02/15/313		280,000		272,510
3.875%, due 02/15/323		165,000		161,700
5.250%, due 06/15/293		180,000		191,700
Pacific Gas and Electric Co.
3 mo. USD LIBOR + 1.375%,
1.500%, due 11/15/212		1,100,000		1,100,102
1.750%, due 06/16/22		1,400,000		1,396,643
3.150%, due 01/01/265		500,000		514,884
3.400%, due 08/15/245		1,400,000		1,448,497
3.750%, due 02/15/24		1,600,000		1,665,892
4.300%, due 03/15/45		425,000		430,142

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
San Diego Gas & Electric Co.,
Series VVV,
1.700%, due 10/01/30		1,400,000		1,338,365
Sempra Energy
2.900%, due 02/01/23		2,178,000		2,234,821
Southern Co.,
Series A,
3.700%, due 04/30/30		1,200,000		1,300,475
Series B,
(fixed, converts to FRN on 01/15/26),
4.000%, due 01/15/51		575,000		599,552
Southwestern Electric Power Co.,
SeriesM,
4.100%, due 09/15/285		1,200,000		1,344,303
Vistra Operations Co. LLC
4.375%, due 05/01/293		125,000		123,750
5.000%, due 07/31/273		290,000		297,250
5.500%, due 09/01/263		60,000		61,782
WEC Energy Group, Inc.
1.800%, due 10/15/30		1,300,000		1,242,631
				47,611,634
Electrical components & equipment—0.0%†
Energizer Holdings, Inc.
4.375%, due 03/31/293		90,000		86,242
4.750%, due 06/15/283		245,000		244,694
				330,936
Electronics—0.0%†
Imola Merger Corp.
4.750%, due 05/15/293		285,000		292,823
Energy-Alternate Sources—0.4%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/243		1,500,000		1,574,344
FS Luxembourg Sarl
10.000%, due 12/15/253		20,000		21,988
Greenko Solar Mauritius Ltd.
5.950%, due 07/29/263		1,300,000		1,370,281

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Energy-Alternate Sources—(concluded)
Investment Energy Resources Ltd.
6.250%, due 04/26/293		30,000		31,950
				2,998,563
Engineering & construction—0.3%
Dycom Industries, Inc.
4.500%, due 04/15/293		200,000		203,000
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/293		195,000		199,875
IHS Netherlands Holdco BV
8.000%, due 09/18/273		55,000		58,455
Sydney Airport Finance Co. Pty Ltd.
3.375%, due 04/30/253		1,800,000		1,898,046
				2,359,376
Entertainment—0.3%
Caesars Entertainment, Inc.
6.250%, due 07/01/253		220,000		231,407
Caesars Resort Collection LLC/CRC Finco, Inc.
5.750%, due 07/01/253		85,000		89,314
Cedar Fair LP
5.250%, due 07/15/29		25,000		25,906
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
5.375%, due 04/15/27		35,000		36,050
5.500%, due 05/01/253		205,000		212,687
Churchill Downs, Inc.
5.500%, due 04/01/273		265,000		273,944
Live Nation Entertainment, Inc.
4.750%, due 10/15/273		220,000		224,400
4.875%, due 11/01/243		60,000		60,675
6.500%, due 05/15/273		250,000		273,750
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/293		145,000		146,288
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/263		50,000		50,625
Six Flags Entertainment Corp.
4.875%, due 07/31/243		55,000		55,412

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
Six Flags Theme Parks, Inc.
7.000%, due 07/01/253		215,000		228,437
				1,908,895
Environmental control—0.1%
GFL Environmental, Inc.
4.750%, due 06/15/293		290,000		292,533
Harsco Corp.
5.750%, due 07/31/273		230,000		238,913
				531,446
Food—0.5%
Kraft Heinz Foods Co.
7.125%, due 08/01/393		1,200,000		1,821,005
Kroger Co.
5.400%, due 01/15/495		115,000		160,819
Performance Food Group, Inc.
4.250%, due 08/01/293		110,000		110,000
5.500%, due 10/15/273		95,000		99,038
Pilgrim's Pride Corp.
3.500%, due 03/01/323		85,000		85,213
4.250%, due 04/15/313		145,000		152,975
Post Holdings, Inc.
4.500%, due 09/15/313		155,000		151,889
4.625%, due 04/15/303		115,000		115,575
5.500%, due 12/15/293		150,000		159,562
5.625%, due 01/15/283		95,000		99,151
Sysco Corp.
6.600%, due 04/01/50		184,000		295,533
US Foods, Inc.
6.250%, due 04/15/253		275,000		287,375
				3,538,135
Food Service—0.1%
Aramark Services, Inc.
5.000%, due 04/01/253		135,000		138,206
5.000%, due 02/01/283		530,000		541,925
				680,131
Gas—0.5%
National Fuel Gas Co.
2.950%, due 03/01/31		1,900,000		1,921,385

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Gas—(concluded)
NiSource, Inc.
3.600%, due 05/01/30		1,200,000		1,306,899
				3,228,284
Healthcare-products—0.2%
Mozart Debt Merger Sub, Inc.
3.875%, due 04/01/293		105,000		104,475
Thermo Fisher Scientific, Inc.
1.750%, due 10/15/28		1,400,000		1,379,262
				1,483,737
Healthcare-services—0.3%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/293		160,000		163,200
DaVita, Inc.
4.625%, due 06/01/303		290,000		291,439
HCA, Inc.
4.125%, due 06/15/29		549,000		608,063
5.625%, due 09/01/28		30,000		35,159
5.875%, due 02/01/29		30,000		35,706
IQVIA, Inc.
5.000%, due 05/15/273		190,000		196,948
Tenet Healthcare Corp.
4.625%, due 09/01/243		15,000		15,319
4.625%, due 06/15/283		365,000		378,231
5.125%, due 11/01/273		45,000		47,025
U.S. Acute Care Solutions LLC
6.375%, due 03/01/263		65,000		67,438
				1,838,528
Holding companies-divers—0.5%
CVS Pass-Through Trust,
Series 2013,
4.704%, due 01/10/363		2,720,637		3,084,455
Home builders—0.6%
D.R. Horton, Inc.
4.375%, due 09/15/22		1,400,000		1,431,874
MDC Holdings, Inc.
6.000%, due 01/15/43		160,000		202,607
NVR, Inc.
3.950%, due 09/15/22		1,800,000		1,836,158

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/283		205,000		206,538
4.750%, due 04/01/293		40,000		40,200
Taylor Morrison Communities, Inc.
5.750%, due 01/15/283		35,000		38,532
5.875%, due 06/15/273		35,000		39,156
Toll Brothers Finance Corp.
4.350%, due 02/15/28		25,000		27,281
				3,822,346
Household products/wares—0.0%†
Spectrum Brands, Inc.
5.000%, due 10/01/293		15,000		16,013
5.500%, due 07/15/303		55,000		59,400
				75,413
Housewares—0.0%†
Newell Brands, Inc.
6.000%, due 04/01/464		95,000		119,310
Insurance—1.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.250%, due 10/15/273		330,000		329,822
AmWINS Group, Inc.
4.875%, due 06/30/293		50,000		49,844
Equitable Holdings, Inc.
4.350%, due 04/20/28		1,700,000		1,924,243
Fidelity National Financial, Inc.
3.400%, due 06/15/30		1,500,000		1,597,437
GA Global Funding Trust
0.800%, due 09/13/243		1,400,000		1,384,749
Liberty Mutual Group, Inc.
(fixed, converts to FRN on 12/15/26), 4.125%, due 12/15/513		110,000		112,750
Reliance Standard Life Global Funding II
3.850%, due 09/19/233		1,400,000		1,477,209
				6,876,054
Internet—0.4%
Cars.com, Inc.
6.375%, due 11/01/283		145,000		151,757

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Internet—(concluded)
Expedia Group, Inc.
3.800%, due 02/15/28		1,400,000		1,511,132
6.250%, due 05/01/253		396,000		452,270
Match Group Holdings II LLC
4.625%, due 06/01/283		145,000		150,666
5.625%, due 02/15/293		135,000		144,450
Netflix, Inc.
5.875%, due 11/15/28		20,000		24,344
6.375%, due 05/15/29		20,000		25,225
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/273		80,000		78,100
				2,537,944
Investment companies—0.2%
Owl Rock Capital Corp.
2.875%, due 06/11/28		1,300,000		1,282,146
Iron & steel—0.1%
Allegheny Technologies, Inc.
4.875%, due 10/01/29		35,000		34,975
5.125%, due 10/01/31		35,000		34,867
ArcelorMittal SA
6.750%, due 03/01/414		95,000		130,950
CSN Inova Ventures
6.750%, due 01/28/283		185,000		196,239
Metinvest BV
7.650%, due 10/01/273		30,000		32,837
7.750%, due 10/17/293		115,000		125,206
				555,074
Leisure Time—0.2%
Carnival Corp.
4.000%, due 08/01/283		150,000		150,000
5.750%, due 03/01/273		490,000		498,575
7.625%, due 03/01/263		250,000		263,397
9.875%, due 08/01/273		45,000		51,806
Life Time, Inc.
5.750%, due 01/15/263		100,000		102,662
Royal Caribbean Cruises Ltd.
5.500%, due 04/01/283		175,000		178,063

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
7.500%, due 10/15/27		100,000		116,959
				1,361,462
Lodging—0.9%
Las Vegas Sands Corp.
3.200%, due 08/08/24		1,400,000		1,431,455
Marriott International, Inc.
3.600%, due 04/15/24		1,500,000		1,583,270
Melco Resorts Finance Ltd.
5.625%, due 07/17/273		110,000		109,986
Studio City Finance Ltd.
6.500%, due 01/15/283,5		55,000		52,817
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/283		220,000		227,271
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/273,5		140,000		141,925
5.500%, due 03/01/253		2,319,000		2,358,133
Wynn Macau Ltd.
5.500%, due 01/15/263		100,000		94,175
				5,999,032
Machinery-construction & mining—0.0%†
Terex Corp.
5.000%, due 05/15/293		150,000		153,000
Vertiv Group Corp.
4.125%, due 11/15/283		155,000		154,031
				307,031
Machinery-diversified—0.0%†
Stevens Holding Co., Inc.
6.125%, due 10/01/263		190,000		204,725
Media—2.1%
AMC Networks, Inc.
4.250%, due 02/15/295		200,000		197,000
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/303		100,000		101,788
4.750%, due 03/01/303		205,000		211,662
5.000%, due 02/01/283		210,000		218,400
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		1,400,000		1,374,345
3.500%, due 06/01/41		1,400,000		1,374,407

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Media—(concluded)
4.800%, due 03/01/50			565,000		642,182
Clear Channel Worldwide Holdings,Inc.
5.125%, due 08/15/273			19,000		19,489
CSC Holdings LLC
5.750%, due 01/15/303			1,100,000		1,085,370
7.500%, due 04/01/283			325,000		345,719
DISH DBS Corp.
5.125%, due 06/01/29			145,000		139,562
5.875%, due 11/15/24			115,000		122,475
7.375%, due 07/01/28			315,000		331,144
7.750%, due 07/01/26			30,000		33,338
Fox Corp.
5.576%, due 01/25/49			310,000		425,297
Nexstar Media,Inc.
5.625%, due 07/15/273			135,000		142,425
Radiate Holdco LLC/Radiate Finance,Inc.
4.500%, due 09/15/263			110,000		111,764
Scripps Escrow II,Inc.
3.875%, due 01/15/293			130,000		129,350
Sirius XM Radio,Inc.
4.125%, due 07/01/303			255,000		253,863
5.000%, due 08/01/273			25,000		26,094
5.500%, due 07/01/293			310,000		334,412
Telenet Finance Luxembourg Notes SARL
5.500%, due 03/01/283			200,000		208,600
Time Warner Entertainment Co. LP
8.375%, due 03/15/23			1,200,000		1,323,658
ViacomCBS,Inc.
4.950%, due 01/15/315			270,000		320,576
Virgin Media Secured Finance PLC
5.000%, due 04/15/273		GBP	2,200,000		3,104,147
Walt Disney Co.
3.600%, due 01/13/51			1,500,000		1,713,319
					14,290,386
Mining — 0.1%
Constellium SE
5.625%, due 06/15/283			50,000		52,447
Hudbay Minerals,Inc.
4.500%, due 04/01/263			85,000		84,787
6.125%, due 04/01/293			115,000		121,037

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
Joseph T Ryerson & Son, Inc.
8.500%, due 08/01/283		54,000		60,075
Minera Mexico SA de CV
4.500%, due 01/26/503		60,000		65,333
Volcan Cia Minera SAA
4.375%, due 02/11/263		45,000		43,827
				427,506
Oil & gas—0.8%
Antero Resources Corp.
5.375%, due 03/01/303		110,000		116,435
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/263		85,000		87,762
BP Capital Markets America, Inc.
3.633%, due 04/06/30		225,000		249,157
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/30),
4.875%, due 03/22/308		540,000		587,822
CrownRock LP/CrownRock Finance, Inc.
5.625%, due 10/15/253		35,000		35,788
Ecopetrol SA
5.875%, due 05/28/455		65,000		65,569
7.375%, due 09/18/43		65,000		75,493
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/293		64,000		64,960
6.000%, due 02/01/313		71,000		72,873
6.250%, due 11/01/283		75,000		76,972
Hunt Oil Co. of Peru LLC Sucursal Del Peru
6.375%, due 06/01/283		40,000		39,308
KazMunayGas National Co. JSC
5.750%, due 04/19/473		110,000		132,364
Leviathan Bond Ltd.
6.125%, due 06/30/253,6		65,000		69,908
Medco Bell Pte Ltd.
6.375%, due 01/30/273		55,000		56,100
Occidental Petroleum Corp.
3.200%, due 08/15/26		1,200,000		1,215,000
6.600%, due 03/15/46		130,000		166,336
Odebrecht Offshore Drilling Finance Ltd.
6.720%, due 12/01/226		98,700		97,497
7.720%, due 12/01/266,7		1,390,552		337,721

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
PDC Energy, Inc.
5.750%, due 05/15/26		195,000		200,606
Pertamina Persero PT
6.450%, due 05/30/443		40,000		52,370
Petroleos Mexicanos
6.350%, due 02/12/48		85,000		72,144
7.690%, due 01/23/50		261,000		249,255
Range Resources Corp.
4.875%, due 05/15/25		160,000		166,800
8.250%, due 01/15/293		85,000		95,965
9.250%, due 02/01/26		50,000		54,000
Rio Oil Finance Trust,
Series 2014-1,
9.250%, due 07/06/243		728,154		793,369
Rockcliff Energy II LLC
5.500%, due 10/15/293		50,000		51,300
Vine Energy Holdings LLC
6.750%, due 04/15/293		185,000		198,644
				5,481,518
Oil & gas services—0.0%†
Odebrecht Oil & Gas Finance Ltd.
0.000%, due 11/29/213,8,10		174,037		1,308
TechnipFMC PLC
6.500%, due 02/01/263		110,000		117,299
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 09/01/27		45,000		46,744
				165,351
Packaging & containers—0.5%
Graphic Packaging International, Inc.
4.875%, due 11/15/22		40,000		41,050
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/283		145,000		149,169
Intertape Polymer Group, Inc.
4.375%, due 06/15/293		560,000		561,400
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.
4.375%, due 10/15/283		175,000		172,594
Sealed Air Corp.
5.250%, due 04/01/233		75,000		78,412
Trivium Packaging Finance BV
5.500%, due 08/15/263		200,000		207,746

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
WRKCo, Inc.
4.650%, due 03/15/26			1,200,000		1,349,652
4.900%, due 03/15/29			500,000		586,621
					3,146,644
Pharmaceuticals—1.4%
AbbVie, Inc.
4.250%, due 11/14/28			1,200,000		1,363,068
4.700%, due 05/14/45			120,000		150,502
Bausch Health Cos., Inc.
5.000%, due 01/30/283			145,000		133,838
Bayer US Finance II LLC
3 mo. USD LIBOR + 1.010%,
1.126%, due 12/15/232,3			1,900,000		1,924,739
Cigna Corp.
3 mo. USD LIBOR + 0.890%,
1.014%, due 07/15/232			800,000		808,560
4.375%, due 10/15/28			1,400,000		1,604,894
CVS Health Corp.
2.125%, due 09/15/31			1,400,000		1,366,164
Organon & Co./Organon Foreign Debt Co-Issuer BV
5.125%, due 04/30/313			200,000		206,286
Teva Pharmaceutical Finance Netherlands II BV
3.250%, due 04/15/22		EUR	1,200,000		1,391,795
Teva Pharmaceutical Finance Netherlands III BV
3.150%, due 10/01/26			90,000		84,600
Viatris, Inc.
4.000%, due 06/22/50			325,000		348,875
Vizient, Inc.
6.250%, due 05/15/273			55,000		57,646
					9,440,967
Pipelines—1.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/293			385,000		402,306
5.750%, due 03/01/273			100,000		103,250
5.750%, due 01/15/283			93,000		97,301
7.875%, due 05/15/263			85,000		92,969
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/253			55,000		59,125
Buckeye Partners LP
4.500%, due 03/01/283			185,000		182,687

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
5.600%, due 10/15/44		110,000		106,700
Cheniere Corpus Christi Holdings LLC
7.000%, due 06/30/24		1,600,000		1,791,076
Cheniere Energy Partners LP
4.500%, due 10/01/29		155,000		165,490
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/313		495,000		514,800
DCP Midstream Operating LP
5.125%, due 05/15/29		105,000		118,915
5.600%, due 04/01/44		5,000		6,000
5.625%, due 07/15/27		150,000		171,144
(fixed, converts to FRN on 05/21/23),
5.850%, due 05/21/433		30,000		27,960
6.750%, due 09/15/373		30,000		40,113
DT Midstream, Inc.
4.125%, due 06/15/293		425,000		428,039
Energy Transfer LP
5.250%, due 04/15/29		1,500,000		1,742,270
Series B,
(fixed, converts to FRN on 02/15/28),
6.625%, due 02/15/285,8		750,000		726,562
Series G,
(fixed, converts to FRN on 05/15/30),
7.125%, due 05/15/308		760,000		795,150
EQM Midstream Partners LP
4.125%, due 12/01/26		40,000		41,150
4.500%, due 01/15/293		60,000		61,725
4.750%, due 01/15/313		60,000		62,120
5.500%, due 07/15/28		160,000		176,229
6.000%, due 07/01/253		40,000		43,400
6.500%, due 07/01/273		130,000		144,625
Galaxy Pipeline Assets Bidco Ltd.
2.940%, due 09/30/403		120,000		118,237
Genesis Energy LP/Genesis Energy Finance Corp.
6.250%, due 05/15/26		35,000		33,863
6.500%, due 10/01/25		40,000		39,428
8.000%, due 01/15/27		40,000		40,188
Global Partners LP/GLP Finance Corp.
6.875%, due 01/15/29		40,000		41,450
7.000%, due 08/01/27		40,000		41,700
Harvest Midstream I LP
7.500%, due 09/01/283		140,000		147,000

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
Kinder Morgan, Inc.
7.750%, due 01/15/32		1,400,000		1,985,260
MPLX LP
4.700%, due 04/15/48		378,000		444,513
New Fortress Energy, Inc.
6.500%, due 09/30/263		375,000		364,440
6.750%, due 09/15/253		155,000		150,930
NuStar Logistics LP
5.625%, due 04/28/27		30,000		31,463
5.750%, due 10/01/25		60,000		64,200
6.000%, due 06/01/26		35,000		37,188
Plains All American Pipeline LP/PAA Finance Corp.
3.550%, due 12/15/29		185,000		193,026
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 03/01/273		55,000		56,994
6.000%, due 12/31/303		75,000		75,016
6.000%, due 09/01/313		210,000		206,587
7.500%, due 10/01/253		235,000		254,094
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875%, due 02/01/31		65,000		70,085
5.000%, due 01/15/28		10,000		10,523
5.375%, due 02/01/27		10,000		10,350
5.875%, due 04/15/26		60,000		62,644
6.500%, due 07/15/27		10,000		10,713
6.875%, due 01/15/29		10,000		11,200
Venture Global Calcasieu Pass LLC
4.125%, due 08/15/313		110,000		113,844
Western Midstream Operating LP
5.300%, due 02/01/304,5		65,000		71,256
6.500%, due 02/01/504		100,000		119,698
				12,906,996
Private Equity—0.2%
Carlyle Finance Subsidiary LLC
3.500%, due 09/19/293		1,500,000		1,609,621
Real estate—0.5%
Ontario Teachers' Cadillac Fairview Properties Trust
3.125%, due 03/20/223		300,000		302,422
Realogy Group LLC/Realogy Co-Issuer Corp.
7.625%, due 06/15/253		340,000		363,273

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Real estate—(concluded)
Tesco Property Finance 5 PLC
5.661%, due 10/13/416		GBP	683,131		1,225,559
Vesteda Finance BV
2.500%, due 10/27/226		EUR	1,000,000		1,179,205
					3,070,459
Real estate investment trusts—0.5%
American Finance Trust, Inc./American Finance Operating Partner LP
4.500%, due 09/30/283		210,000			210,000
EPR Properties
3.750%, due 08/15/29		210,000			215,657
4.950%, due 04/15/28		50,000			54,745
Iron Mountain, Inc.
4.875%, due 09/15/273		175,000			180,362
4.875%, due 09/15/293		100,000			103,310
5.000%, due 07/15/283		85,000			87,550
5.250%, due 03/15/283		380,000			396,150
5.250%, due 07/15/303		55,000			57,432
5.625%, due 07/15/323		345,000			367,425
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.500%, due 01/15/28		10,000			10,825
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/293		165,000			167,062
5.875%, due 10/01/283		130,000			135,850
7.500%, due 06/01/253		140,000			148,762
RHP Hotel Properties LP/RHP Finance Corp.
4.750%, due 10/15/27		345,000			351,900
RLJ Lodging Trust LP
3.750%, due 07/01/263		105,000			106,050
4.000%, due 09/15/293		140,000			139,727
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/283		635,000			637,486
XHR LP
4.875%, due 06/01/293		135,000			138,503
					3,508,796
Retail—0.7%
1011778 BC ULC/New Red Finance, Inc.
4.000%, due 10/15/303		145,000			140,466
5.750%, due 04/15/253		30,000			31,162
7-Eleven, Inc.
0.950%, due 02/10/263		1,578,000			1,534,719

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
Arko Corp.
5.125%, due 11/15/293		160,000		156,176
Bath & Body Works, Inc.
6.625%, due 10/01/303		200,000		223,750
Gap, Inc.
3.625%, due 10/01/293		55,000		53,900
3.875%, due 10/01/313		65,000		63,700
GYP Holdings III Corp.
4.625%, due 05/01/293		80,000		79,000
Ken Garff Automotive LLC
4.875%, due 09/15/283		95,000		96,187
LCM Investments Holdings II LLC
4.875%, due 05/01/293		155,000		159,157
Lithia Motors, Inc.
3.875%, due 06/01/293		250,000		259,062
McDonald's Corp.
3.625%, due 09/01/49		130,000		145,267
Starbucks Corp.
2.550%, due 11/15/305		1,700,000		1,738,796
				4,681,342
Semiconductors—1.8%
Broadcom, Inc.
3.137%, due 11/15/353		3,412,000		3,353,369
3.419%, due 04/15/333		800,000		826,012
3.500%, due 02/15/413		285,000		282,720
4.110%, due 09/15/28		1,468,000		1,618,321
4.150%, due 11/15/30		360,000		395,785
Micron Technology, Inc.
4.975%, due 02/06/26		1,400,000		1,573,684
NXP BV/NXP Funding LLC
4.875%, due 03/01/243		1,500,000		1,622,625
QUALCOMM, Inc.
4.800%, due 05/20/45		2,000,000		2,650,984
				12,323,500
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/283		1,400,000		1,372,308

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Software—0.7%
Citrix Systems, Inc.
3.300%, due 03/01/305		1,100,000		1,116,002
Clarivate Science Holdings Corp.
3.875%, due 07/01/283		110,000		108,762
Electronic Arts, Inc.
1.850%, due 02/15/31		1,700,000		1,634,185
Oracle Corp.
3.850%, due 04/01/60		1,400,000		1,462,322
PTC, Inc.
4.000%, due 02/15/283		125,000		126,719
Rackspace Technology Global, Inc.
3.500%, due 02/15/283		155,000		148,079
Ziff Davis, Inc.
4.625%, due 10/15/303		218,000		228,355
				4,824,424
Supranationals—0.0%†
Banque Ouest Africaine de Developpement
4.700%, due 10/22/313		40,000		43,550
Telecommunications—1.9%
Altice France SA
5.125%, due 07/15/293		670,000		652,533
5.875%, due 02/01/273	EUR	1,100,000		1,329,331
AT&T, Inc.
3.650%, due 06/01/51		115,000		119,612
4.500%, due 03/09/48		441,000		521,177
C&W Senior Financing DAC
6.875%, due 09/15/273		165,000		173,869
CommScope, Inc.
4.750%, due 09/01/293		655,000		642,686
Consolidated Communications, Inc.
5.000%, due 10/01/283,5		115,000		116,150
6.500%, due 10/01/283		105,000		111,813
Frontier Communications Holdings LLC
5.875%, due 10/15/273		230,000		240,925
Level 3 Financing, Inc.
3.750%, due 07/15/293		75,000		70,875
3.875%, due 11/15/293		1,200,000		1,260,036
4.625%, due 09/15/273		235,000		240,875
Lumen Technologies, Inc.
4.500%, due 01/15/293		105,000		101,456
5.375%, due 06/15/293		155,000		155,581

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Telecommunications—(concluded)
Motorola Solutions, Inc.
2.300%, due 11/15/30		1,400,000		1,366,751
Oztel Holdings SPC Ltd.
6.625%, due 04/24/283		155,000		169,996
T-Mobile USA, Inc.
2.550%, due 02/15/31		1,300,000		1,290,072
4.500%, due 04/15/50		285,000		336,860
Verizon Communications, Inc.
2.550%, due 03/21/31		1,600,000		1,612,479
2.850%, due 09/03/41		1,700,000		1,662,265
4.522%, due 09/15/48		290,000		367,444
Vmed O2 UK Financing I PLC
4.750%, due 07/15/313		435,000		437,175
				12,979,961
Transportation—0.3%
AP Moller—Maersk A/S
4.500%, due 06/20/293		1,500,000		1,722,205
MV24 Capital BV
6.748%, due 06/01/343		98,046		101,128
				1,823,333
Trucking & leasing—0.2%
SMBC Aviation Capital Finance DAC
4.125%, due 07/15/233,5		1,600,000		1,682,220
Water—0.0%†
Solaris Midstream Holdings LLC
7.625%, due 04/01/263,5		115,000		121,291
Total corporate bonds (cost—$318,993,108)				326,890,516
Loan assignments—0.5%
Broadcast—0.5%
Hilton Worldwide Finance, LLC,
2019 Term Loan B2,
1 mo. USD LIBOR + 1.750%,
1.839%, due 06/22/262
(cost—$3,503,277)		3,524,014		3,495,963

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—10.7%
1211 Avenue of the Americas Trust,
Series2015-1211, ClassA1A1,
3.901%, due 08/10/353		1,500,000		1,610,323
Adjustable Rate Mortgage Trust,
Series 2005-5, Class 2A1,
2.595%, due 09/25/3511		53,089		49,993
Alba PLC,
Series 2007-1, Class A3,
3 mo. LIBOR GBP + 0.170%,
0.241%, due 03/17/392,6	GBP	361,676		480,381
Alternative Loan Trust,
Series 2003-J3, Class 2A1,
6.250%, due 12/25/33		14,385		14,857
Series 2005-62, Class 2A1,
12 mo. MTA + 1.000%,
1.087%, due 12/25/352		104,719		96,304
Series 2006-14CB, Class A1,
6.000%, due 06/25/36		1,354,908		1,020,925
Series 2006-41CB, Class 1A9,
6.000%, due 01/25/37		349,217		267,477
Ashford Hospitality Trust,
Series 2018-KEYS, Class A,
1 mo. USD LIBOR + 1.000%,
1.090%, due 06/15/352,3		1,500,000		1,500,537
BAMLL Commercial Mortgage Securities Trust,
Series 2012-PARK, Class A,
2.959%, due 12/10/303		1,000,000		1,021,940
Banc of America Funding Trust,
Series 2005-D, Class A1,
2.785%, due 05/25/3511		242,157		250,684
Bank of America Mortgage Trust,
Series 2002-G, Class 1A3,
4.126%, due 07/20/3211		163		168
BBCCRE Trust,
Series 2015-GTP, Class A,
3.966%, due 08/10/333		3,600,000		3,864,469
Bear Stearns Alternative Loan Trust-A Trust,
Series 2003-3, Class 1A,
2.169%, due 10/25/3311		3,229		3,314
Series 2004-9, Class 2A1,
2.825%, due 09/25/3411		126,520		131,049
Series 2005-7, Class 22A1,
2.894%, due 09/25/3511		310,130		237,352
Series 2006-1, Class 21A2,
3.030%, due 02/25/3611		416,994		349,007

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Bear Stearns ARM Trust,
Series 2003-1, Class 6A1,
2.500%, due 04/25/3311		4,605		4,901
Series 2003-5, Class 2A1,
2.576%, due 08/25/3311		59,521		59,745
Series 2004-3, Class 1A2,
3.131%, due 07/25/3411		56,244		55,188
Series 2004-6, Class 2A1,
3.363%, due 09/25/3411		268,886		276,935
Series 2004-7, Class 1A1,
0.000%, due 10/25/3411		99,555		84,592
Chase Mortgage Finance Corp.,
Series 2005-S3, Class A10,
5.500%, due 11/25/35		975,538		911,116
Series 2007-S6, Class 2A1,
5.500%, due 12/25/22		520,262		294,658
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class XA,
1.333%, due 02/10/4811		3,112,083		111,398
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-11, Class A1A,
1 year CMT + 2.400%,
2.470%, due 05/25/352		43,314		43,912
Series 2005-4, Class A,
2.664%, due 08/25/3511		165,534		174,568
Series 2005-6, Class A2,
1 year CMT + 2.150%,
2.210%, due 09/25/352		12,173		12,801
Series 2005-6, Class A3,
1 year CMT + 1.800%,
1.860%, due 09/25/352		2,414		2,473
COMM Mortgage Trust,
Series 2014-LC15, Class XA,
1.065%, due 04/10/4711		7,736,841		160,471
Series 2014-UBS3, Class XA,
1.066%, due 06/10/4711		2,752,641		62,150
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-12, Class 11A2,
3.002%, due 08/25/3411		38,244		38,933
Series 2004-12, Class 12A1,
2.736%, due 08/25/3411		746		749
Series 2005-HYB9, Class 5A1,
12 mo. USD LIBOR + 1.750%,
1.991%, due 02/20/362		120,207		121,519
CSMC Trust,
Series 2021-JR2, Class A1,
2.215%, due 11/25/613,11,12,13		1,400,000		1,397,722

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
DSLA Mortgage Loan Trust,
Series 2005-AR4, Class 2A1A,
1 mo. USD LIBOR + 0.520%,
0.600%, due 08/19/452		125,794		122,521
Extended Stay America Trust,
Series 2021-ESH, Class A,
1 mo. USD LIBOR + 1.080%,
1.171%, due 07/15/382,3		1,392,754		1,395,400
FHLMC GNMA,
Series 23, Class KZ,
6.500%, due 11/25/23		6,138		6,390
FHLMC REMIC,
Series 1367, Class KA,
6.500%, due 09/15/22		33		33
Series 1502, Class PX,
7.000%, due 04/15/23		18,601		19,220
Series 1503, Class PZ,
7.000%, due 05/15/23		5,576		5,792
Series 1534, Class Z,
5.000%, due 06/15/23		5,122		5,229
Series 1562, Class Z,
7.000%, due 07/15/23		11,315		11,781
Series 1694, Class Z,
6.500%, due 03/15/24		5,272		5,571
Series 2061, Class Z,
6.500%, due 06/15/28		28,303		31,618
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,		18,187		18,256
0.590%, due 01/15/322
Series 2764, Class LZ,
4.500%, due 03/15/34		316,586		344,548
Series 2764, Class ZG,
5.500%, due 03/15/34		1,069,814		1,210,369
Series 2835, Class JZ,
5.000%, due 08/15/34		194,308		217,636
Series 2921, Class PG,
5.000%, due 01/15/35		943,884		1,060,840
Series 2983, Class TZ,
6.000%, due 05/15/35		779,513		892,579
Series 3149, Class CZ,
6.000%, due 05/15/36		795,475		921,258
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2017-DNA2, Class M2,
1 mo. USD LIBOR + 3.450%,
3.539%, due 10/25/292		1,190,000		1,228,284

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2017-DNA3, Class M2,
1 mo. USD LIBOR + 2.500%,
2.589%, due 03/25/302		320,000		326,836
Series 2018-HQA1, Class M2,
1 mo. USD LIBOR + 2.300%,
2.389%, due 09/25/302		667,876		673,470
Series 2020-RR04, Class X,
2.126%, due 02/27/2911		3,460,000		451,046
FHLMC Structured Pass-Through Certificates,
Series T-54, Class 2A,
6.500%, due 02/25/43		370,329		434,438
Series T-58, Class 2A,
6.500%, due 09/25/43		209,925		239,162
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3, Class 2A1,
2.754%, due 08/25/3511		10,401		8,231
FNMA Connecticut Avenue Securities,
Series 2017-C02, Class 2M2,
1 mo. USD LIBOR + 3.650%,
3.739%, due 09/25/292		1,097,186		1,135,661
Series 2017-C03, Class 1M2,
1 mo. USD LIBOR + 3.000%,
3.089%, due 10/25/292		597,881		615,915
Series 2017-C04, Class 2M2,
1 mo. USD LIBOR + 2.850%,
2.939%, due 11/25/292		1,090,193		1,118,201
Series 2017-C05, Class 1M2,
1 mo. USD LIBOR + 2.200%,
2.289%, due 01/25/302		363,112		369,579
Series 2017-C06, Class 1M2,
1 mo. USD LIBOR + 2.650%,
2.739%, due 02/25/302		230,769		234,814
Series 2017-C06, Class 2M2,
1 mo. USD LIBOR + 2.800%,
2.889%, due 02/25/302		247,658		252,362
FNMA REMIC,
Series 1992-129, Class L,
6.000%, due 07/25/22		49		50
Series 1993-160, Class ZB,
6.500%, due 09/25/23		1,740		1,804
Series 1993-163, Class ZA,
7.000%, due 09/25/23		460		478
Series 1993-37, Class PX,
7.000%, due 03/25/23		852		874
Series 1993-60, Class Z,
7.000%, due 05/25/23		5,311		5,498

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Mortgage-backed securities—(continued)
Series 1993-70, Class Z,
6.900%, due 05/25/23		827		857
Series 1993-96, Class PZ,
7.000%, due 06/25/23		3,952		4,065
Series 1998-66, Class FG,
1 mo. USD LIBOR + 0.300%,
0.389%, due 12/25/282		169		169
Series 1999-W4, Class A9,
6.250%, due 02/25/29		99,420		110,785
Series 2000-34, Class F,
1 mo. USD LIBOR + 0.450%,
0.539%, due 10/25/302		1,606		1,614
Series 2002-80, Class A1,
6.500%, due 11/25/42		416,986		472,778
Series 2003-64, Class AH,
6.000%, due 07/25/33		916,210		1,055,164
Series 2003-W8, Class 2A,
7.000%, due 10/25/42		17,493		20,036
Series 2004-T1, Class 1A1,
6.000%, due 01/25/44		258,767		294,517
Series 2004-W8, Class 2A,
6.500%, due 06/25/44		280,491		321,484
Series 2005-120, Class ZU,
5.500%, due 01/25/36		937,464		1,072,287
Series 2005-24, Class ZE,
5.000%, due 04/25/35		359,672		401,756
Series 2006-65, Class GD,
6.000%, due 07/25/26		253,133		275,714
Series G92-40, Class ZC,
7.000%, due 07/25/22		106		107
GNMA REMIC,
Series 2003-98, Class Z,
6.000%, due 11/20/33		2,521,504		2,797,532
Series 2005-26, Class ZA,
5.500%, due 01/20/35		5,122,938		5,598,704
Series 2015-H20, Class FB,
1 mo. USD LIBOR + 0.600%,
0.683%, due 08/20/652		1,106,369		1,114,069
Series 2016-H11, Class F,
1 mo. USD LIBOR + 0.800%,
0.883%, due 05/20/662		766,533		776,724
Series 2016-H15, Class FA,
1 mo. USD LIBOR + 0.800%,
0.883%, due 07/20/662		1,405,529		1,423,128

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2017-182, Class FW,
1 mo. USD LIBOR + 0.350%,
0.432%, due 05/20/472		361,875		362,921
Series2018-38, ClassWF,
1 mo. USD LIBOR + 0.300%,
0.382%, due 10/20/432		1,038,354		1,035,307
GS Residential Mortgage Loan Trust,
Series 2005-AR6, Class 2A1,
2.864%, due 09/25/3511		134,677		138,314
Harborview Mortgage Loan Trust,
Series 2004-11, Class 3A1A,
1 mo. USD LIBOR + 0.700%,
0.780%, due 01/19/352		22,417		20,721
Series 2005-4, Class 3A1,
2.675%, due 07/19/3511		143,221		118,191
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-LAQ, Class A,
1 mo. USD LIBOR + 1.000%,
1.090%, due 06/15/322,3		105,230		105,166
Series 2018-PHH, Class A,
1 mo. USD LIBOR + 1.060%,
2.560%, due 06/15/352,3		1,550,537		1,543,815
JPMorgan Mortgage Trust,
Series 2005-A8, Class 1A1,
2.745%, due 11/25/3511		386,085		357,558
Series 2006-A4, Class 2A2,
2.298%, due 06/25/3611		171,678		140,835
KREST Commercial Mortgage Securities Trust,
Series 2021-CHIP, Class A,
2.558%, due 11/05/443		1,400,000		1,417,742
Legacy Mortgage Asset Trust,
Series 2020-GS1, Class A1,
2.882%, due 10/25/593,4		1,243,655		1,247,842
Ludgate Funding PLC,
Series 2007-1, Class A2A,
3 mo. LIBOR GBP + 0.160%,
0.245%, due 01/01/612,6	GBP	1,350,561		1,777,406
Series 2008-W1X, Class A1,
3 mo. LIBOR GBP + 0.600%,
0.685%, due 01/01/612,6	GBP	568,394		769,011
LUXE Trust,
Series 2021-MLBH, Class A,
1 mo. USD LIBOR + 0.980%,
1.070%, due 11/15/262,3		1,400,000		1,400,000

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Mansard Mortgages,
Series 2007-1X, Class A2,
3 mo. LIBOR GBP + 0.180%,
0.314%, due 04/15/472,6	GBP	820,889		1,082,744
NAAC Reperforming Loan REMIC Trust,
Series 2004-R3, Class A1,
6.500%, due 02/25/353		501,815		509,321
Reperforming Loan REMIC Trust,
Series 2003-R4, Class 2A,
4.673%, due 01/25/343,11		454,081		447,544
Series 2006-R1, Class AF1,
1 mo. USD LIBOR + 0.340%,
0.429%, due 01/25/362,3		513,957		506,739
Residential Funding Mortgage Security I,
Series 2004-S9, Class 1A23,
5.500%, due 12/25/34		204,038		202,301
Sequoia Mortgage Trust,
Series 2007-3, Class 1A1,
1 mo. USD LIBOR + 0.400%,
0.486%, due 07/20/362		73,588		71,471
SFO Commercial Mortgage Trust,
Series 2021-555, Class A,
1 mo. USD LIBOR + 1.150%,
1.240%, due 05/15/382,3		1,400,000		1,400,421
SGR Residential Mortgage Trust,
Series 2021-2, Class A1,
1.737%, due 12/25/613,11,13		603,000		603,000
SREIT Trust,
Series 2021-IND, Class A,
1 mo. USD LIBOR + 0.700%,
0.800%, due 10/15/382,3		1,400,000		1,386,280
Structured ARM Loan Trust,
Series 2004-8, Class 3A,
2.604%, due 07/25/3411		199,555		205,818
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
0.509%, due 04/25/362		573,283		549,376
Structured Asset Mortgage Investments,Inc.,
Series 2002-AR3, Class A1,
1 mo. USD LIBOR + 0.660%,
0.740%, due 09/19/322		38,780		38,825
Thornburg Mortgage Securities Trust,
Series 2007-4, Class 2A1,
1.961%, due 09/25/3711		334,802		338,497

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
Towd Point Mortgage Funding,
Series 2019-A13A, Class A1,
SONIA + 0.900%,
0.950%, due 07/20/452,3	GBP	4,196,556		5,758,281
Uropa Securities PLC,
Series 2007-1, Class A3A,
3 mo. LIBOR GBP + 0.200%,
0.318%, due 10/10/402,6	GBP	2,148,407		2,847,599
Verus Securitization Trust,
Series 2021-6, Class A1,
1.630%, due 10/25/663,11,13		1,387,000		1,386,295
Series 2021-6, Class A3,
1.887%, due 10/25/663,11,13		357,000		356,408
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR6, Class A,
12 mo. MTA + 1.400%,
1.487%, due 06/25/422		7,188		7,199
Series 2005-AR13, Class A1A1,
1 mo. USD LIBOR + 0.580%,
0.669%, due 10/25/452		289,047		290,265
Series 2006-AR2, Class 2A1,
3.178%, due 03/25/3611		391,752		395,680
Series 2006-AR9, Class 1A,
12 mo. MTA + 1.000%,
1.087%, due 08/25/462		321,600		323,162
WFRBS Commercial Mortgage Trust,
Series 2014-C22, Class XA,
0.792%, due 09/15/5711		5,919,338		108,438
Series 2014-LC14, Class XA,
1.252%, due 03/15/4711		2,806,619		64,350
Total mortgage-backed securities
(cost—$70,484,216)				73,134,688
Municipal bonds—0.2%
Illinois—0.2%
Sales Tax Securitization Corp.,
Series B,
3.057%, due 01/01/34
(cost—$1,400,000)		1,400,000		1,462,564
Non-U.S. government agency obligations—2.4%
Bahrain Government International Bond
5.450%, due 09/16/323		35,000		34,180
Colombia Government International Bond
3.000%, due 01/30/30		50,000		47,337

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(continued)
Costa Rica Government International Bond
7.000%, due 04/04/443	45,000			44,798
Dominican Republic International Bond
5.875%, due 01/30/603	20,000			19,504
6.850%, due 01/27/453	200,000			222,162
Egypt Government International Bond
7.500%, due 02/16/613	195,000			164,775
8.500%, due 01/31/473	180,000			165,600
El Salvador Government International Bond
9.500%, due 07/15/523	25,000			20,489
Finance Department Government of Sharjah
4.000%, due 07/28/503	55,000			49,448
Ghana Government International Bond
7.750%, due 04/07/293	35,000			30,975
10.750%, due 10/14/303	160,000			184,800
Indonesia Government International Bond
5.250%, due 01/17/423	55,000			67,351
Israel Government International Bond
3.875%, due 07/03/50	1,700,000			1,938,319
4.125%, due 01/17/48	1,600,000			1,912,300
Ivory Coast Government International Bond
5.750%, due 12/31/323,4	102,292			102,183
Japan Bank for International Cooperation
2.875%, due 07/21/27	2,200,000			2,361,876
Japan International Cooperation Agency
2.750%, due 04/27/27	1,300,000			1,382,241
Mongolia Government International Bond
5.125%, due 04/07/263	110,000			114,137
Nigeria Government International Bond
7.875%, due 02/16/323,5	120,000			121,785
Oman Government International Bond
6.750%, due 01/17/483	75,000			76,327
7.000%, due 01/25/513	145,000			151,389
Peruvian Government International Bond
5.940%, due 02/12/293	PEN	5,100,000		1,317,506
5.940%, due 02/12/296	PEN	1,400,000		361,668
6.350%, due 08/12/286	PEN	2,000,000		530,243
8.200%, due 08/12/266	PEN	2,000,000		569,162
Qatar Government International Bond
4.500%, due 04/23/286	1,700,000			1,953,194
5.103%, due 04/23/486	1,600,000			2,121,800
Republic of Armenia International Bond
3.600%, due 02/02/313	40,000			37,495

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Republic of South Africa Government International Bond
5.650%, due 09/27/47		185,000		175,091
Senegal Government International Bond
6.250%, due 05/23/333		40,000		41,208
Turkey Government International Bond
5.875%, due 06/26/31		85,000		78,970
5.950%, due 01/15/31		30,000		28,059
Ukraine Government International Bond
7.253%, due 03/15/333		325,000		330,342
Total non-U.S. government agency obligations
(cost—$15,808,687)				16,756,714
U.S. government agency obligations—1.9%
FHLMC
7.645%, due 05/01/25		491,304		542,128
FHLMC ARM
12 mo. USD LIBOR + 1.815%,
2.065%, due 03/01/362		1,220		1,264
FNMA
3.500%, due 03/01/35		517,316		549,362
4.500%, due 04/01/29		76,506		83,103
5.256%, due 11/01/3411		1,792,180		1,791,626
FNMA ARM
12 mo. MTA + 1.400%,
1.488%, due 08/01/402		3,384		3,378
6 mo. USD LIBOR + 1.538%,
1.788%, due 01/01/362		2,918		2,989
12 mo. USD LIBOR + 1.420%,
1.795%, due 03/01/362		8,946		9,146
12 mo. USD LIBOR + 1.619%,
1.994%, due 12/01/352		18,908		19,480
12 mo. USD LIBOR + 1.815%,
2.190%, due 03/01/362		17,226		17,863
12 mo. USD LIBOR + 1.942%,
2.192%, due 09/01/352		509		528
12 mo. USD LIBOR + 1.841%,
2.216%, due 03/01/362		16,699		17,340
12 mo. USD LIBOR + 2.015%,
2.265%, due 06/01/362		7,213		7,521
12 mo. USD LIBOR + 1.780%,
2.280%, due 11/01/352		3,696		3,825
12 mo. USD LIBOR + 1.912%,
2.287%, due 02/01/362		16,278		16,930
1 year CMT + 2.226%,
2.345%, due 04/01/272		5,648		5,755

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1	Value ($)
U.S. government agency obligations—(concluded)
1 year CMT + 2.251%,
2.376%, due 05/01/272	3,279	3,324
1 year CMT + 2.103%,
2.661%, due 05/01/302	21,576	21,980
FNMA ARM COFI
3.250%, due 11/01/2612,13	8,569	7,941
GNMA II
5.000%, due 07/20/49	3,290,770	3,549,983
5.000%, due 12/20/49	87,458	94,913
GNMA II ARM
1 year CMT + 1.500%,
1.625%, due 07/20/252	1,096	1,110
1 year CMT + 1.500%,
1.875%, due 05/20/262	3,712	3,772
1 year CMT + 1.500%,
2.000%, due 01/20/262	1,809	1,833
1 year CMT + 1.500%,
2.125%, due 11/20/232	470	474
GNMA II TBA
3.000%	530,000	550,098
UMBS TBA
2.000%	1,000,000	998,073
2.500%	2,675,000	2,747,840
3.000%	1,975,000	2,060,261
Total U.S. government agency obligations (cost—$13,041,187)		13,113,840
U.S. Treasury obligations—22.1%
U.S. Treasury Bonds
1.375%, due 11/15/40	8,700,000	7,851,070
1.375%, due 08/15/50	7,500,000	6,539,941
1.625%, due 11/15/50	2,500,000	2,318,750
1.875%, due 02/15/51	4,115,000	4,048,131
2.000%, due 02/15/50	645,000	652,357
2.500%, due 02/15/45	53,400,000	58,477,172
2.750%, due 08/15/42	1,860,000	2,103,762
2.875%, due 08/15/45	2,600,000	3,044,438
3.000%, due 11/15/44	2,600,000	3,088,109
3.000%, due 05/15/45	200,000	238,727
3.000%, due 02/15/48	500,000	608,711
U.S. Treasury Notes
0.125%, due 11/30/22	3,545,000	3,543,200
0.125%, due 03/31/23	6,460,000	6,441,579
0.375%, due 10/31/23	6,895,000	6,878,571
0.875%, due 06/30/26	1,990,000	1,963,881

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1	Value ($)
U.S. Treasury obligations—(concluded)
1.250%, due 03/31/28	1,975,000	1,955,636
1.625%, due 05/15/31	1,485,000	1,495,441
1.750%, due 06/30/24	5,400,000	5,549,555
1.875%, due 08/31/22	9,600,000	9,739,500
2.000%, due 10/31/2214	1,000,000	1,018,398
2.125%, due 09/30/24	10,900,000	11,329,613
2.250%, due 08/15/27	5,000,000	5,258,984
2.625%, due 02/15/29	6,700,000	7,236,785
Total U.S. Treasury obligations  (cost—$147,445,651)		151,382,311

	Number of shares
Exchange traded funds—0.7%
Invesco Senior Loan ETF   (cost—$5,003,936)	217,988	4,813,175
Short-term investments—1.5%
Investment companies—1.5%
State Street Institutional U.S. Government Money Market Fund, 0.030%15 (cost—$10,169,531)	10,169,531	10,169,531

	Face amount1
Short-term U.S. Treasury obligations—9.1%
U.S. Cash Management Bill
0.041%, due 01/18/2214,16	800,000	799,879
0.044%, due 01/25/2216	17,700,000	17,697,639
0.046%, due 01/04/2214,16	1,400,000	1,399,838
0.051%, due 02/15/2216	3,300,000	3,299,417
U.S. Treasury Bills
0.010%, due 12/02/2116	1,650,000	1,649,911
0.045%, due 01/06/2216	3,700,000	3,699,541
0.047%, due 02/10/2216	7,600,000	7,598,827
0.047%, due 03/24/2216	8,025,000	8,023,109
0.051%, due 02/24/2216	3,200,000	3,199,425
0.051%, due 03/31/2216	13,100,000	13,096,770
0.053%, due 03/03/2216	1,900,000	1,899,614
Total short-term U.S. Treasury obligations (cost—$62,366,179)		62,363,970

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares	Value ($)
Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%15 (cost—$4,814,115)	4,814,115	4,814,115
Total investments (cost—$684,794,927)17—102.5%		701,594,808
Liabilities in excess of other assets—(2.5)%		(17,223,105		)
Net assets—100.0%		$	684,371,703

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

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
25	USD	U.S. Long Bond Futures	December 2021		4,065,111		4,021,094		(44,017	)
764	USD	U.S. Treasury Note 10 Year Futures	December 2021		101,873,376		99,857,188		(2,016,188	)
25	USD	U.S. Treasury Note 2 Year Futures	December 2021		5,504,329		5,481,250		(23,079	)
334	USD	U.S. Treasury Note 5 Year Futures	December 2021		41,228,775		40,664,500		(564,275	)
21	USD	U.S. Ultra Bond Futures	December 2021		4,124,626		4,124,531		(95	)
Total					156,796,217		154,148,563		(2,647,654	)

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

Number of contracts		Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Interest rate futures sell contracts:
	218	GBP	United Kingdom Long Gilt Bond Futures	December 2021		(38,375,111	)		(37,269,139	)		1,105,972
U.S. Treasury futures sell contracts:
	94	USD	U.S. Treasury Note 10 Year Futures	December 2021		(12,506,599	)		(12,286,094	)		220,505
	121	USD	U.S. Treasury Note 5 Year Futures	December 2021		(14,938,771	)		(14,731,750	)		207,021
	123	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2021		(18,105,305	)		(17,838,844	)		266,461
Total						(83,925,786	)		(82,125,827	)		1,799,959
Net unrealized appreciation (depreciation)												(847,695	)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18 (%)	Upfront payments received (made)($)		Value($)		Unrealized appreciation (depreciation) ($)
Boeing Co., bond, 2.600%, due 10/30/25	USD	1,500	06/20/23	Quarterly	1.000	(3,489	)	13,296		9,807
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	1,300	12/20/28	Quarterly	1.000	14,571		(39,096	)	(24,525	)
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	2,400	06/20/28	Quarterly	1.000	14,049		(55,090	)	(41,041	)
Comcast Corp., bond, 3.700%, due 04/15/24	USD	1,300	12/20/26	Quarterly	1.000	(33,806	)	37,134		3,328
Exelon Generation Co. LLC, bond, 6.200%, due 10/01/17	USD	2,000	12/20/21	Quarterly	1.000	2,407		4,694		7,101
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,500	12/20/26	Quarterly	1.000	(16,374	)	29,079		12,705
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,200	06/20/26	Quarterly	1.000	(12,959	)	25,016		12,057
General Electric Co., bond, 2.700% due 10/09/22	USD	1,000	06/20/24	Quarterly	1.000	6,138		19,061		25,199
General Motors Co., bond, 4.875%, due 10/02/23	USD	1,400	12/20/26	Quarterly	5.000	(275,545	)	286,239		10,694
Rolls-Royce PLC, bond, 2.125%, due 06/08/21	EUR	1,400	06/20/24	Quarterly	1.000	(1,764	)	(2,211	)	(3,975	)
Stellantis N.V., bond, 5.250%, due 04/15/23	EUR	1,100	12/20/26	Quarterly	5.000	(249,622	)	258,030		8,408
Valeo SA, bond, 3.250%, due 01/22/24	EUR	1,200	06/20/26	Quarterly	1.000	20,063		(18,281	)	1,782
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly	1.000	(7,129	)	15,911		8,782
Verizon Communications, Inc., bond, 4.125%, due 03/16/27	USD	1,300	12/20/26	Quarterly	1.000	(31,168	)	32,029		861
Total						(574,628	)	605,811		31,183

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18 (%)	Upfront payments received (made)($)		Value($)	Unrealized appreciation (depreciation) ($)
CDX North America High Yield 37 Index	USD	1,200	12/20/26	Quarterly	5.000	(107,317	)	109,445	2,128
CDX North America Investment Grade Index 35 Index	USD	100	12/20/25	Quarterly	1.000	(1,599	)	2,476	877
CDX North America Investment Grade Index 36 Index	USD	2,600	06/20/26	Quarterly	1.000	(60,068	)	65,218	5,150
CDX North America Investment Grade Index 37 Index	USD	6,700	12/20/26	Quarterly	1.000	(159,477	)	166,386	6,909
iTraxx Europe Crossover Series 36 Index	EUR	9,300	12/20/26	Quarterly	5.000	(1,294,688	)	1,264,072	(30,616	)
iTraxx Europe Main Series 34 Index	EUR	7,000	12/20/25	Quarterly	1.000	(146,641	)	216,558	69,917
iTraxx Europe Main Series 35 Index	EUR	1,800	06/20/26	Quarterly	1.000	(49,529	)	54,959	5,430
iTraxx Europe Main Series 36 Index	EUR	5,200	12/20/26	Quarterly	1.000	(149,426	)	159,031	9,605
Total						(1,968,745	)	2,038,145	69,400

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment  frequency	Payments made by the Portfolio18(%)	Payments received by the Portfolio18(%)	Value($)		Unrealized appreciation (depreciation)($)
JPY	550,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR	(55,624	)	(45,067	)
JPY	230,000	03/20/29	Semi-Annual	0.450	6 Month JPY LIBOR	(55,116	)	(43,519	)
JPY	580,000	09/20/27	Semi-Annual	0.300	6 Month JPY LIBOR	(72,965	)	(55,907	)
JPY	273,000	03/20/38	Semi-Annual	0.750	6 Month JPY LIBOR	(179,689	)	(194,747	)
JPY	60,000	10/22/38	Semi-Annual	0.800	6 Month JPY LIBOR	(43,460	)	(43,146	)
JPY	200,000	10/31/38	Semi-Annual	0.705	6 Month JPY LIBOR	(122,879	)	(133,669	)
GBP	1,100	09/21/52	Annual	0.750	12 Month SONIA	11,137		(60,441	)
JPY	60,000	03/21/48	Semi-Annual	6 Month JPY LIBOR	1.000	69,554		(60,190	)
JPY	140,000	06/18/28	Semi-Annual	6 Month JPY LIBOR	0.380	27,053		22,313
Total						(421,989	)	(614,373	)

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

Counterparty	Referenced  obligations	Notional amount (000)		Maturity date	Payment  frequency	Payments received by the Portfolio18(%)	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
GSI	Republic of Columbia, bond, 10.375%, due 01/28/33	USD	1,700	12/20/26	Quarterly	1.000	43,701	(49,900	)	(6,199	)
GSI	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600	06/20/24	Quarterly	1.000	33,579	(7,061	)	26,518
Total							77,280	(56,961	)	20,319

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio18(%)	Payments received by the Portfolio18(%)	Upfront payments received (made)($)	Value($)	Unrealized appreciation (depreciation)($)
GSI	USD	78	11/22/21	Maturity	1 Month USD LIBOR	EQUITY TRS Index	—	7,024	7,024

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts 

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation) ($)
BB	JPY	31,160,792	USD	282,741	11/17/21		9,313
BB	MYR	2,596,159	USD	618,354	12/15/21		(7,418	)
BNP	AUD	1,829,000	USD	1,345,034	11/17/21		(30,917	)
BNP	BRL	17,600,912	USD	3,165,888	11/03/21		47,260
BNP	GBP	379,000	USD	521,221	11/02/21		2,540
BNP	MXN	432,000	USD	21,096	01/12/22		342
BNP	USD	726,389	AUD	999,000	11/17/21		25,156
BNP	USD	3,119,070	BRL	17,600,912	11/03/21		(442	)
BNP	USD	3,148,981	BRL	17,600,912	12/02/21		(48,386	)
BNP	USD	2,118,395	GBP	1,567,000	11/02/21		26,124
BOA	GBP	13,127,000	USD	17,750,369	11/02/21		(214,596	)
BOA	PEN	989,724	USD	236,521	06/23/22		(8,059	)
BOA	PEN	1,507,427	USD	372,978	07/26/22		1,484
BOA	USD	380,040	PEN	1,507,427	11/12/21		(2,403	)
CITI	GBP	1,569,000	USD	2,131,820	11/02/21		(15,437	)
CITI	PEN	1,652,509	USD	401,221	11/23/21		(12,595	)
CITI	PEN	2,628,685	USD	715,113	12/09/21		57,249
CITI	PEN	1,261,082	USD	304,425	03/17/22		(9,471	)
CITI	PEN	1,652,509	USD	410,531	04/28/22		289
CITI	PEN	400,661	USD	96,940	05/31/22		(2,262	)
CITI	USD	1,871,295	AUD	2,579,000	11/17/21		68,879

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts—(concluded) 

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation) ($)
CITI	USD	412,753	CLP	332,130,000	11/08/21		(4,706	)
CITI	USD	1,586,211	CLP	1,328,705,518	02/02/22		29,263
CITI	USD	329,105	COP	1,262,860,000	11/08/21		6,126
CITI	USD	788,355	EUR	679,509	01/19/22		(1,252	)
CITI	USD	104,748	KRW	124,335,000	11/08/21		1,636
CITI	USD	713,114	NOK	6,140,000	11/17/21		13,632
CITI	USD	414,578	PEN	1,652,509	11/23/21		(762	)
CITI	USD	256,656	RUB	18,810,680	11/08/21		8,358
GSI	BRL	17,600,912	USD	3,119,070	11/03/21		442
GSI	CLP	332,130,000	USD	412,799	11/08/21		4,752
GSI	COP	1,262,860,000	USD	335,251	11/08/21		19
GSI	KRW	124,335,000	USD	106,447	11/08/21		63
GSI	PEN	1,507,427	USD	402,163	11/12/21		24,526
GSI	PEN	3,140,028	USD	760,426	01/24/22		(23,671	)
GSI	RUB	18,810,680	USD	267,352	11/08/21		2,337
GSI	USD	721,253	AUD	994,000	11/17/21		26,530
GSI	USD	3,286,818	BRL	17,600,912	11/03/21		(168,190	)
GSI	USD	412,057	CLP	332,130,000	12/07/21		(5,406	)
GSI	USD	334,736	COP	1,262,860,000	12/07/21		(196	)
GSI	USD	106,372	KRW	124,335,000	12/07/21		(68	)
GSI	USD	265,903	RUB	18,810,680	12/07/21		(2,406	)
HSBC	EUR	8,809,000	USD	10,213,463	11/02/21		30,260
HSBC	USD	561,780	GBP	407,000	11/02/21		(4,780	)
HSBC	USD	1,878,666	NOK	16,150,000	11/17/21		32,890
JPMCB	USD	3,053,296	AUD	4,200,000	11/17/21		106,352
Net unrealized appreciation (depreciation)							(37,601	)

PACE Strategic Fixed Income Investments
Portfolio of investments – October 31, 2021 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted  quoted prices  in active  markets for  identical  investments (Level 1) ($)			Other  significant  observable  inputs (Level 2) ($)			Unobservable  inputs (Level 3) ($)		Total ($)
Asset-backed securities		—			31,797,645			1,399,776		33,197,421
Corporate bonds		—			326,890,516			—		326,890,516
Loan assignments		—			3,495,963			—		3,495,963
Mortgage-backed securities		—			71,736,966			1,397,722		73,134,688
Municipal bonds		—			1,462,564			—		1,462,564
Non-U.S. government agency obligations		—			16,756,714			—		16,756,714
U.S. government agency obligations		—			13,105,899			7,941		13,113,840
U.S. Treasury obligations		—			151,382,311			—		151,382,311
Exchange traded funds		4,813,175			—			—		4,813,175
Short-term investments		—			10,169,531			—		10,169,531
Short-term U.S. Treasury obligations		—			62,363,970			—		62,363,970
Investment of cash collateral from securities loaned		—			4,814,115			—		4,814,115
Futures contracts		1,799,959			—			—		1,799,959
Swap agreements		—			2,873,402			—		2,873,402
Forward foreign currency contracts		—			525,822			—		525,822
Total		6,613,134			697,375,418			2,805,439		706,793,991
Liabilities
Futures contracts		(2,647,654	)		—			—		(2,647,654	)
Swap agreements		—			(701,372	)		—		(701,372	)
Forward foreign currency contracts		—			(563,423	)		—		(563,423	)
Total		(2,647,654	)		(1,264,795	)		—		(3,912,449	)

At October 31, 2021, there were $304,268 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of October 31, 2021.
Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.
Portfolio footnotes
	†	Amount represents less than 0.05% or (0.05)%.
	1	In U.S. dollars unless otherwise indicated.
	2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
	3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $174,281,937, represented 24.5% of the Portfolio's net assets at period end.
	4	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
	5	Security, or portion thereof, was on loan at the period end.
	6	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
	7	Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
	8	Perpetual investment. Date shown reflects the next call date.
	9	Bond interest in default.
	10	Rate shown reflects annualized yield at the period end on zero coupon bond.
	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, futures and/or swap agreements.
	15	Rates shown reflect yield at October 31, 2021.

PACE Strategic Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited) 

16	Rate shown is the discount rate at the date of purchase unless otherwise noted.
17	Includes $10,210,061 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,814,115 and non-cash collateral of $5,640,910.
18	Payments made or received are based on the notional amount.
19	If the Portfolio  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—98.5%
Alabama—3.0%
Alabama Federal Aid Highway Finance Authority (Garvee), Revenue Bonds,
Series A,
5.000%, due 09/01/29		2,000,000		2,478,873
Black Belt Energy Gas District, Revenue Bonds,
Series A-1,
4.000%, VRD		2,000,000		2,278,211
Lower Alabama Gas District (Gas Project), Revenue Bonds
4.000%, VRD		2,500,000		2,803,940
Lower Alabama Gas District Gas, Revenue Bonds,
Series A,
5.000%, due 09/01/31		1,500,000		1,900,951
				9,461,975
Alaska—0.5%
City of Anchorage AK Wastewater, Refunding, Revenue Bonds,
Series B,
5.000%, due 05/01/31		1,395,000		1,684,901
Arizona—3.1%
Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC Obligated Group), Revenue Bonds
4.000%, due 11/01/35		2,000,000		2,358,655
Arizona Industrial Development Authority, Revenue Bonds,
Series 2019-2 , Class A,
3.625%, due 05/20/33		965,679		1,071,664
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Airport), Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/30		1,000,000		1,247,903
Maricopa County Industrial Development Authority (Banner Health), Refunding, Revenue Bonds
5.000%, due 01/01/31		3,000,000		3,597,963
Salt Verde Financial Corp., Revenue Bonds
5.000%, due 12/01/32		1,000,000		1,303,868
				9,580,053
Arkansas—1.0%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds
5.000%, due 10/01/34		1,320,000		1,632,137

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Arkansas—(concluded)
University of Arkansas (University of Arkansas Fayetteville), Refunding, Revenue Bonds,
Series A,
5.000%, due 11/01/29		1,385,000		1,555,125
				3,187,262
California—3.4%
California Housing Finance, Revenue Bonds,
Series 2021-1, Class A,
3.500%, due 11/20/35		1,487,525		1,714,311
California State, GO Bonds
5.000%, due 10/01/30		2,815,000		3,550,352
California State, Refunding, GO Bonds
5.000%, due 04/01/33		2,710,000		3,423,500
Los Angeles Department of Airports (Los Angeles International Airport), Revenue Bonds, AMT,
Series A,
5.000%, due 05/15/32		2,000,000		2,129,861
				10,818,024
Colorado—4.3%
Colorado Health Facilities Authority (Adventist Health System/Sunbelt), Refunding, Revenue Bonds
5.000%, VRD		1,500,000		1,814,719
Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System, Inc.), Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/30		1,500,000		1,939,643
Denver City & County Airport, Revenue Bonds, AMT,
Series A,
5.500%, due 11/15/26		7,000,000		7,706,815
University of Colorado, Refunding, Revenue Bonds,
Series A-2,
5.000%, due 06/01/30		1,750,000		2,181,121
				13,642,298
Connecticut—2.4%
Connecticut State Special Tax, Revenue Bonds,
Series B,
5.000%, due 10/01/30		2,000,000		2,507,305
Hartford County Metropolitan District, (Green Bonds), Revenue Bonds,
Series A,
5.000%, due 11/01/29		1,870,000		2,125,395

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

 

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Connecticut—(concluded)
State of Connecticut Special Tax Revenue, Revenue Bonds,
Series A,
4.000%, due 05/01/37		2,500,000		2,968,591
				7,601,291
District of Columbia—1.6%
Metropolitan Washington Airports Authority, Refunding, Revenue Bonds, AMT
5.000%, due 10/01/28		2,500,000		3,039,049
Series A,
5.000%, due 10/01/22		2,000,000		2,085,397
				5,124,446
Florida—4.5%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, AGM,
Series D,
5.000%, due 07/01/35		1,500,000		1,957,310
Citizens Property Insurance Corp., Revenue Bonds,
Series A-1,
5.000%, due 06/01/25		5,250,000		5,972,321
County of Polk FL Utility System, Refunding, Revenue Bonds
5.000%, due 10/01/35		625,000		811,148
JEA Electric System, Refunding, Revenue Bonds,
Series 3-A,
5.000%, due 10/01/34		1,630,000		2,074,992
Miami Beach Redevelopment Agency Tax Increment, Refunding, Revenue Bonds
5.000%, due 02/01/28		1,000,000		1,099,038
Orange County Convention Center/Orlando, Refunding, Revenue Bonds,
Series B,
5.000%, due 10/01/30		1,885,000		2,229,749
				14,144,558
Georgia—2.6%
Fulton County Development Authority of Georgia (Piedmont Healthcare, Inc.), Refunding, Revenue Bonds,
Series A,
5.000%, due 07/01/27		1,500,000		1,783,792
Fulton County Development Authority of Georgia (WellStar Health System), Revenue Bonds
5.000%, due 04/01/36		1,000,000		1,189,697
Main Street Natural Gas, Inc., Revenue Bonds,
Series A,
5.500%, due 09/15/28		1,500,000		1,885,102
Series B, 1 mo. USD LIBOR + 0.750%,
0.805%, due 04/01/481		1,000,000		1,006,025

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Georgia—(concluded)
Municipal Electric Authority of Georgia (Plant Vogtle Unis 3&4 Project), Revenue Bonds
5.000%, due 01/01/33		1,000,000		1,218,932
Savannah Economic Development Authority (International Paper Company), Refunding, Revenue Bonds
1.900%, due 08/01/24		1,000,000		1,035,468
				8,119,016
Hawaii—0.4%
Hawaii Airports System, Revenue Bonds, AMT,
Series A,
5.000%, due 07/01/29		1,000,000		1,224,632
Illinois—10.5%
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/35		1,750,000		2,035,876
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT,
Series A,
5.000%, due 01/01/29		2,500,000		2,826,732
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, AGM,
Series 2017-2,
5.000%, due 11/01/31		1,000,000		1,221,134
Chicago Waterworks Senior Lien, Revenue Bonds,
Series A-1,
5.000%, due 11/01/29		1,920,000		2,294,352
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds
5.000%, due 11/15/35		2,500,000		3,039,801
Illinois Finance Authority Unrefunded (Advocate Health Care Network), Revenue Bonds
5.000%, due 06/01/27		2,595,000		2,787,848
Illinois Municipal Electric Agency, Refunding, Revenue Bonds,
Series A,
5.000%, due 02/01/32		2,500,000		2,888,617
Illinois Sports Facilities Authority, Refunding, Revenue Bond, BAM
5.000%, due 06/15/28		1,000,000		1,228,419
Regional Transportation Authority, Refunding, Revenue Bonds, AGM
6.000%, due 06/01/25		2,000,000		2,270,634
Regional Transportation Authority, Revenue Bonds
6.500%, due 07/01/30		1,000,000		1,322,058
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/36		1,770,000		2,218,958

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Illinois—(concluded)
State of Illinois, Revenue Bonds, BAM,
Series A,
5.000%, due 06/15/27		3,000,000		3,627,352
University of Illinois (Auxiliary Facilities System), Refunding, Revenue Bonds,
Series A,
5.000%, due 04/01/27		4,000,000		4,254,334
University of Illinois (Auxiliary Facilities System), Revenue Bonds,
Series A,
5.000%, due 04/01/30		1,000,000		1,099,585
				33,115,700
Indiana—4.3%
Indiana Finance Authority (Indiana University Health, Inc.), Revenue Bonds,
Series B,
2.250%, VRD		5,250,000		5,513,988
Indiana Finance Authority (Marion County Capital Improvement Board), Refunding, Revenue Bonds,
Series A,
5.250%, due 02/01/35		1,000,000		1,161,233
Indiana Finance Authority First Lien, (CWA Authority, Inc.), Refunding, Revenue Bonds
4.000%, due 10/01/36		2,020,000		2,433,207
Richmond Hospital Authority (Reid Hospital & Health Care Services, Inc.), Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/30		2,055,000		2,275,887
Whiting City (BP Products North America, Inc.), Revenue Bonds, AMT
5.000%, VRD		1,840,000		2,082,481
				13,466,796
Iowa—0.2%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds,
Series A-2, Class 1,
5.000%, due 06/01/33		500,000		648,378
Kentucky—2.1%
Kentucky Public Energy Authority (Gas Supply), Revenue Bonds,
Series B,
4.000%, VRD		3,750,000		4,115,169
Kentucky Public Energy Authority, Revenue Bonds,
Series A,
4.000%, VRD		1,250,000		1,344,339

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Kentucky—(concluded)
Series A,
4.000%, VRD		1,000,000		1,131,924
				6,591,432
Louisiana—1.6%
Jefferson Sales Tax District, Revenue Bonds, AGM,
Series B,
4.000%, due 12/01/32		1,895,000		2,243,303
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport), Revenue Bonds, AMT, AGM,
Series B,
5.000%, due 01/01/28		1,500,000		1,698,055
Parish of St John the Baptist LA (Marathon Oil Corp), Refunding, Revenue Bonds
2.200%, VRD		1,000,000		1,040,131
				4,981,489
Maryland—1.1%
County of Prince George's MD (Consol Public Impt Bonds), GO Bonds,
Series A,
5.000%, due 07/15/31		1,250,000		1,563,652
Maryland State Transportation Authority (Baltimore/Washington International), Revenue Bonds, AMT
5.000%, due 06/01/24		1,700,000		1,893,085
				3,456,737
Massachusetts—1.6%
Commonwealth of Massachusetts, GO Bonds,
Series D,
4.000%, due 05/01/34		2,000,000		2,371,520
Massachusetts Educational Financing Authority, Revenue Bonds, AMT,
Series K,
5.000%, due 07/01/22		2,500,000		2,577,724
				4,949,244
Michigan—3.5%
Great Lakes Water Authority Water Supply System Second Lien, Refunding, Revenue Bonds,
Series D,
5.000%, due 07/01/26		1,100,000		1,308,182
Michigan Finance Authority Senior Lien (Great Lakes Water Authority Sewage Disposal System Revenue), Revenue Bonds, AGM
5.000%, due 07/01/30		1,500,000		1,681,010
Michigan State Finance Authority (Beaumont Health Credit Group), Refunding, Revenue Bonds
5.000%, due 08/01/33		2,415,000		2,700,114

PACE Municipal Fixed Income Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Michigan—(concluded)
Michigan State Strategic Fund Improvement Project  (State of Michigan Department of Transportation), Revenue Bonds, AMT
5.000%, due 06/30/32		3,300,000		4,020,337
Saginaw Hospital Finance Authority (Covenant Healthcare System), Refunding, Revenue Bonds
5.000%, due 07/01/28		1,000,000		1,236,717
				10,946,360
Missouri—2.1%
Missouri Joint Municipal Electric Utility Commission (Prairie State Project), Refunding ,Revenue Bonds,
Series A,
5.000%, due 12/01/25		1,300,000		1,503,633
Missouri State Health & Educational Facilities Authority (Coxhealth), Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/34		2,000,000		2,291,900
Missouri State Health & Educational Facilities Authority (Saint Luke's Health System), Refunding, Revenue Bonds
5.000%, due 11/15/28		1,000,000		1,182,561
Missouri State Health & Educational Facilities Authority (SSM Health Care), Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/27		1,500,000		1,671,190
				6,649,284
Nebraska—1.4%
Nebraska Public Power District, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/31		1,300,000		1,594,661
Public Power Generation Agency (Whelan Energy Center Unit), Refunding, Revenue Bonds
5.000%, due 01/01/30		2,500,000		2,820,880
				4,415,541
Nevada—0.2%
City of Reno Reno First Lien (County of Washoe NV Sales Tax Revenue), Refunding, Revenue Bonds
5.000%, due 06/01/33		500,000		589,804
New Jersey—6.8%
New Jersey Economic Development Authority (State of New Jersey Department of the Treasury), Refunding, Revenue Bonds,
Series XX,
5.000%, due 06/15/26		1,600,000		1,838,876

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

 

	Face amount ($)	Value ($)
Municipal bonds—(continued)
New Jersey—(concluded)
New Jersey Economic Development Authority (State of New Jersey Department of the Treasury), Revenue Bonds,
Series WW,
5.250%, due 06/15/31	2,100,000	2,425,654
New Jersey Health Care Facilities Financing Authority (Valley Health System), Revenue Bonds
5.000%, due 07/01/33	1,000,000	1,258,710
New Jersey State Higher Education Assistance Authority, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 12/01/23	2,000,000	2,185,485
New Jersey State Higher Education Assistance Authority, Revenue Bonds, AMT,
Series 2015-1A,
5.000%, due 12/01/21	1,050,000	1,054,073
New Jersey Transportation Trust Fund Authority (Transportation Program Notes), Revenue Bonds,
Series S,
5.000%, due 06/15/30	1,000,000	1,239,200
New Jersey Turnpike Authority, Refunding, Revenue Bonds,
Series E,
5.000%, due 01/01/30	1,350,000	1,668,600
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34	8,000,000	9,604,990
		21,275,588
New York—6.4%
Metropolitan Transportation Authority (Green Bonds), Refunding, Revenue Bonds,
Series B,
5.000%, due 11/15/22	895,000	937,684
Metropolitan Transportation Authority, Revenue Bonds,
Series A-1,
5.000%, due 02/01/23	605,000	639,681
New York City Refunding, GO Bonds,
Series A-1,
5.000%, due 08/01/32	1,270,000	1,633,328
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,
Series B-1,
4.000%, due 08/01/38	2,500,000	2,962,860
New York City, GO Bonds,
Series H,
5.000%, due 08/01/25	2,990,000	3,301,742
Subseries I-A,
5.000%, due 04/01/32	1,750,000	2,261,614

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
New York—(concluded)
New York State Urban Development Corp. (Personal Income Tax), Revenue Bonds,
Series E,
5.000%, due 03/15/31		2,000,000		2,127,256
New York Transportation Development Corp. (Laguardia Gateway Partners LLC), Revenue Bonds, AMT
5.000%, due 07/01/34		1,000,000		1,109,919
New York Transportation Development Corp. (Terminal One Group Association LP), Refunding, Revenue Bonds, AMT
5.000%, due 01/01/22		1,500,000		1,510,696
Port Authority of New York & New Jersey (One Hundred Eighty-Fifth), Revenue Bonds, AMT
5.000%, due 09/01/22		2,400,000		2,493,593
TSASC, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		1,000,000		1,180,650
				20,159,023
North Carolina—1.0%
North Carolina Medical Care Commission (Vidant Health), Refunding, Revenue Bonds
5.000%, due 06/01/32		1,500,000		1,739,459
North Carolina Turnpike Authority Senior Lien, Refunding, Revenue Bonds, AGM
5.000%, due 01/01/26		1,250,000		1,465,414
				3,204,873
Ohio—0.6%
American Municipal Power, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 02/15/27		1,000,000		1,098,237
Sycamore Community City School District, GO Bonds
4.000%, due 12/01/26		750,000		871,680
				1,969,917
Oklahoma—0.3%
Oklahoma Municipal Power Authority, (Power Supply System), Revenue Bonds, AGM,
Series A,
4.000%, due 01/01/33		650,000		778,714
Oregon—0.7%
Multnomah County School District No. 1 Portland, GO Bonds
5.000%, due 06/15/29		1,750,000		2,246,621

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Pennsylvania—7.8%
Allegheny County Hospital Development Authority (Allegheny Health Network), Refunding, Revenue Bonds,
Series A,
5.000%, due 04/01/29		3,190,000		3,935,978
City of Philadelphia PA Water & Wastewater, Refunding, Revenue Bonds
5.000%, due 10/01/33		1,500,000		1,942,148
Commonwealth Financing Authority (Tobacco Master Settlement Payment), Revenue Bonds
5.000%, due 06/01/31		1,500,000		1,828,957
Delaware Valley Regional Finance Authority, Revenue Bonds,
Series B, SIFMA + 0.42%,
0.470%, due 09/01/481		3,500,000		3,496,154
Pennsylvania Turnpike Commission (Motor License), Refunding, Revenue Bonds,
Series SPL,
5.000%, due 12/01/33		1,500,000		1,828,692
Pennsylvania Turnpike Commission, Refunding, Revenue Bonds,
Series B,
5.000%, due 06/01/28		2,000,000		2,359,975
Pennsylvania Turnpike Commission, Revenue Bonds,
Series B,
5.000%, due 12/01/32		1,250,000		1,456,562
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/32		1,250,000		1,496,826
Philadelphia School District Prerefunded, Refunding, GO Bonds,
Series F,
5.000%, due 09/01/30		10,000		12,067
Philadelphia School District Unrefunded, Refunding, GO Bonds,
Series F,
5.000%, due 09/01/30		2,640,000		3,133,385
Philadelphia School District, GO Bonds,
Series A,
4.000%, due 09/01/35		1,500,000		1,746,203
Series A,
5.000%, due 09/01/31		1,000,000		1,240,169
				24,477,116
South Carolina—0.6%
Piedmont Municipal Power Agency, Refunding, Revenue Bonds,
Series B,
4.000%, due 01/01/34		1,500,000		1,765,153

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Tennessee—2.8%
City of Memphis TN (Electric System), Revenue Bonds,
Series A,
5.000%, due 12/01/31		1,400,000		1,836,150
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Lipscomb University), Refunding, Revenue Bonds,
Series S,
5.000%, due 10/01/35		1,350,000		1,640,719
Metropolitan Government of Nashville & Davidson County TN, GO Bonds,
Series C,
4.000%, due 01/01/32		3,000,000		3,701,390
Tennessee Energy Acquisition Corp., Revenue Bonds,
Series A,
5.250%, due 09/01/26		1,500,000		1,772,311
				8,950,570
Texas—9.9%
Brazos Higher Education Authority, Inc., (Student Loan Program), Revenue Bonds, AMT,
Series A-1,
5.000%, due 04/01/30		1,000,000		1,190,993
Central Texas Regional Mobility Authority Senior Lien, Revenue Bonds,
Series A,
5.000%, due 01/01/35		1,100,000		1,277,362
Central Texas Turnpike System, Refunding, Revenue Bonds,
Series C,
5.000%, due 08/15/31		2,000,000		2,236,269
Clifton Higher Education Finance Corp. (Idea Public Schools), Refunding, Revenue Bonds, PSF-GTD
5.000%, due 08/15/28		1,100,000		1,234,165
El Paso Texas, GO Bonds
5.000%, due 08/15/34		2,000,000		2,381,329
Grand Parkway Transportation Corporation, Revenue Bonds
5.000%, due 02/01/23		500,000		528,327
Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Refunding, Revenue Bonds
4.000%, due 10/01/35		1,750,000		2,063,962
Harris County Toll Road Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 08/15/29		2,025,000		2,510,872
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/29		1,000,000		1,104,272
Houston Airport System, Refunding, Revenue Bonds,
Series B,
5.000%, due 07/01/29		2,000,000		2,485,160

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Texas—(concluded)
Katy Independent School District (CIB), Refunding, GO Bonds,
Series A,
3.000%, due 02/15/32		2,375,000		2,688,973
North Texas Tollway Authority (North Texas Tollway System), Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/31		2,750,000		3,117,726
Series A,
5.000%, due 01/01/34		2,775,000		3,141,401
State of Texas, Refunding, GO Bonds,
Series B,
4.000%, due 08/01/31		250,000		279,648
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott and White Health), Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/32		1,000,000		1,182,561
University of Houston, Refunding, Revenue Bonds,
Series C,
5.000%, due 02/15/29		2,000,000		2,335,167
West Travis County Public Utility Agency, Refunding, Revenue Bonds, BAM
5.000%, due 08/15/30		1,000,000		1,205,089
				30,963,276
Virginia—1.2%
Virginia College Building Authority, (21st Century College), Revenue Bonds
5.000%, due 02/01/31		1,825,000		2,190,911
Virginia Small Business Financing Authority Senior Lien (95 Express Lanes LLC Project), Revenue Bonds, AMT
5.000%, due 07/01/34		1,700,000		1,712,438
				3,903,349
Washington—2.7%
Central Puget Sound Regional Transit Authority, (Green Bonds), Revenue Bonds,
Series S-1,
5.000%, due 11/01/26		800,000		969,216
Grant County Public Utility District No. 2 Electric, Refunding, Revenue Bonds,
Series R,
2.000%, VRD		1,000,000		1,049,215
Port of Seattle (Intermediate Lien), Revenue Bonds, AMT
5.000%, due 04/01/28		2,500,000		3,075,435
Port of Seattle, Revenue Bonds, AMT,
Series C,
5.000%, due 04/01/32		1,955,000		2,183,069

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(concluded)
Washington—(concluded)
Washington State Housing Finance Commission, Revenue Bonds,
Series A-1,
3.500%, due 12/20/35		994,177		1,140,121
				8,417,056
Wisconsin—2.3%
Public Finance Authority KU (Campus Development Corp. project), University of Kansas, Revenue Bonds
5.000%, due 03/01/34		1,500,000		1,743,504
Wisconsin Health & Educational Facilities Authority (Aspirus, Inc. obligation group), Revenue Bonds
5.000%, due 08/15/27		1,000,000		1,078,244
Wisconsin Health & Educational Facilities Authority, (Unity point Health), Iowa Health System Obligated Group, Revenue Bonds,
Series A,
5.000%, due 12/01/26		1,175,000		1,332,458
WPPI Energy, Revenue Bonds,
Series A,
5.000%, due 07/01/32		2,760,000		2,964,555
				7,118,761
Total municipal bonds (cost—$291,538,432)				309,629,238

	Number of shares
Short-term investments—0.4%
Investment companies—0.4%
State Street Institutional U.S. Government Money Market Fund, 0.030%2 (cost—$1,346,546)		1,346,546		1,346,546
Total investments (cost—$292,884,978)—98.9%				310,975,784
Other assets in excess of liabilities—1.1%				3,431,116
Net assets—100.0%			$	314,406,900

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

PACE Municipal Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Fair valuation summary  

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Municipal bonds		—		309,629,238		—		309,629,238
Short-term investments		—		1,346,546		—		1,346,546
Total		—		310,975,784		—		310,975,784

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

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

2 Rates shown reflect yield at October 31, 2021.

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—1.1%
Ireland—0.8%
Bluemountain,
Series 2021-2A, Class A,
3 mo. Euribor + 1.000%,
1.000%, due 10/15/351,2,3	EUR	430,000	497,159
Invesco Euro CLO,
Series 6A, Class A,
3 mo. Euribor + 0.940%,
0.940%, due 07/15/342,3	EUR	621,000	711,247
Neuberger Berman Loan Advisers Euro,
Series 2021-2A, Class A,
3 mo. Euribor + 1.030%,
1.030%, due 04/15/342,3	EUR	480,000	554,804
Rockfield Park CLO DAC,
Series 1A, Class A1,
3 mo. Euribor + 0.900%,
0.900%, due 07/16/342,3	EUR	670,000	766,682
			2,529,892
Netherlands—0.3%
Bavarian Sky SA,
Series UK3, Class A,
SONIA + 0.620%,
0.670%, due 04/20/283,4	GBP	596,893	818,755
Total asset-backed securities (cost—$3,424,579)			3,348,647
Corporate bonds—36.2%
Australia—0.4%
Glencore Funding LLC
2.500%, due 09/01/302	USD	21,000	20,541
2.625%, due 09/23/312	USD	803,000	782,648
Newcrest Finance Pty Ltd.
3.250%, due 05/13/302	USD	100,000	105,572
Rio Tinto Finance USA Ltd.
2.750%, due 11/02/51	USD	155,000	154,187
Santos Finance Ltd.
3.649%, due 04/29/312	USD	135,000	137,388

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Australia—(concluded)
Westpac Banking Corp.
(fixed, converts to FRN on 11/15/30),
2.668%, due 11/15/35	USD	115,000	112,188
			1,312,524
Belgium—0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36	USD	340,000	411,337
Anheuser-Busch InBev SA/N.V.
2.000%, due 03/17/284	EUR	300,000	380,282
Anheuser-Busch InBev Worldwide, Inc.
4.439%, due 10/06/48	USD	555,000	670,917
			1,462,536
Brazil—0.1%
Braskem Netherlands Finance BV
4.500%, due 01/31/302,5	USD	429,000	435,247
Canada—0.6%
Emera U.S. Finance LP
2.639%, due 06/15/312	USD	560,000	557,010
Fortis, Inc.
3.055%, due 10/04/26	USD	926,000	973,451
Teck Resources Ltd.
3.900%, due 07/15/30	USD	390,000	423,036
			1,953,497
China—0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.250%, due 05/11/412	USD	240,000	245,070
Colombia—0.3%
Ecopetrol SA
6.875%, due 04/29/30	USD	782,000	901,255
Denmark—1.0%
Nykredit Realkredit AS,
Series 13H,
1.000%, due 01/01/224	DKK	9,900,000	1,540,093

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Denmark—(concluded)
Realkredit Danmark A/S,
Series 10F,
1.000%, due 01/01/224	DKK	9,900,000	1,542,446
			3,082,539
France—3.3%
Air Liquide Finance SA
2.250%, due 09/27/232	USD	410,000	421,049
BNP Paribas SA
(fixed, converts to FRN on 09/15/28),
2.159%, due 09/15/292	USD	270,000	265,170
(fixed, converts to FRN on 04/19/31),
2.871%, due 04/19/322	USD	250,000	254,289
BPCE SA
2.700%, due 10/01/292	USD	1,060,000	1,089,526
5.700%, due 10/22/232	USD	1,910,000	2,076,716
Credit Agricole SA
(fixed, converts to FRN on 06/23/28),
4.000%, due 12/23/274,6	EUR	600,000	745,620
(fixed, converts to FRN on 12/23/25),
8.125%, due 12/23/252,6	USD	700,000	838,250
Engie SA
2.875%, due 10/10/224	USD	2,369,000	2,421,204
Faurecia SE
2.375%, due 06/15/274	EUR	500,000	574,399
TotalEnergies Capital International SA
3.127%, due 05/29/50	USD	101,000	105,996
3.461%, due 07/12/49	USD	100,000	110,738
TotalEnergies SE
(fixed, converts to FRN on 04/04/24),
1.750%, due 04/04/244,6	EUR	625,000	736,488
Series NC7,
(fixed, converts to FRN on 01/25/28),
1.625%, due 10/25/274,6	EUR	500,000	575,110
			10,214,555
Germany—1.5%
Commerzbank AG
(fixed, converts to FRN on 12/05/25),
4.000%, due 12/05/304	EUR	800,000	1,002,354
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(fixed, converts to FRN on 05/26/29),
3.250%, due 05/26/494	EUR	300,000	393,604

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Germany—(concluded)
Schaeffler AG
3.375%, due 10/12/284	EUR	500,000	638,026
Techem Verwaltungsgesellschaft 675 mbH
2.000%, due 07/15/254	EUR	300,000	339,963
TK Elevator Midco GmbH
4.375%, due 07/15/274	EUR	200,000	237,708
Volkswagen International Finance N.V.
(fixed, converts to FRN on 06/17/25),
3.500%, due 06/17/254,6	EUR	200,000	246,913
(fixed, converts to FRN on 03/24/26),
4.625%, due 03/24/264,6	EUR	500,000	646,458
Volkswagen Leasing GmbH
0.625%, due 07/19/294	EUR	400,000	451,532
ZF Finance GmbH
3.750%, due 09/21/284	EUR	500,000	623,702
			4,580,260
Indonesia—0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450%, due 05/21/284	USD	202,000	232,843
Ireland—1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28	USD	315,000	319,388
3.300%, due 01/30/32	USD	180,000	183,197
3.850%, due 10/29/41	USD	150,000	155,294
4.875%, due 01/16/24	USD	160,000	172,205
6.500%, due 07/15/25	USD	150,000	173,812
AIB Group PLC
(fixed, converts to FRN on 05/30/26),
2.875%, due 05/30/314	EUR	800,000	975,009
Avolon Holdings Funding Ltd.
4.250%, due 04/15/262	USD	1,105,000	1,187,480
Bank of Ireland Group PLC
(fixed, converts to FRN on 10/14/24),
2.375%, due 10/14/294	EUR	415,000	495,280
			3,661,665
Italy—0.9%
Enel SpA
(fixed, converts to FRN on 05/24/25),
3.500%, due 05/24/804	EUR	600,000	747,354

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Italy—(concluded)
Intesa Sanpaolo SpA
(fixed, converts to FRN on 01/11/27),
7.750%, due 01/11/274,6	EUR	800,000	1,117,852
UniCredit SpA
(fixed, converts to FRN on 06/03/26),
7.500%, due 06/03/264,6	EUR	700,000	945,581
			2,810,787
Japan—0.6%
Mitsubishi UFJ Financial Group, Inc.
3.218%, due 03/07/22	USD	1,145,000	1,156,191
Sumitomo Mitsui Banking Corp.
3.200%, due 07/18/22	USD	580,000	591,737
			1,747,928
Luxembourg—0.0%†
Altice France Holding SA
4.000%, due 02/15/284	EUR	100,000	107,797
Mexico—1.0%
Cemex SAB de CV
3.875%, due 07/11/312	USD	706,000	705,506
(fixed, converts to FRN on 09/08/26),
5.125%, due 06/08/262,6	USD	420,000	433,450
Petroleos Mexicanos
4.750%, due 02/26/294	EUR	550,000	627,375
5.950%, due 01/28/31	USD	800,000	785,200
7.690%, due 01/23/50	USD	450,000	429,750
			2,981,281
Netherlands—0.4%
ING Groep N.V.
(fixed, converts to FRN on 09/26/24),
1.625%, due 09/26/294	EUR	200,000	237,738
Telefonica Europe BV
(fixed, converts to FRN on 09/24/27),
2.875%, due 06/24/274,6	EUR	200,000	235,521
Volkswagen International Finance N.V.
(fixed, converts to FRN on 03/20/22),
2.500%, due 03/20/224,6	EUR	300,000	349,373

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Netherlands—(concluded)
Ziggo Bond Co. BV
3.375%, due 02/28/304	EUR	400,000	454,983
			1,277,615
Portugal—0.3%
EDP Finance BV
2.000%, due 04/22/254	EUR	682,000	839,267
Russia—0.2%
Phosagro OAO Via Phosagro Bond Funding DAC
2.600%, due 09/16/282	USD	648,000	642,330
Spain—0.6%
Banco Bilbao Vizcaya Argentaria SA
(fixed, converts to FRN on 03/29/24),
6.000%, due 03/29/244,6	EUR	600,000	748,221
Bankinter SA
(fixed, converts to FRN on 12/23/27),
1.250%, due 12/23/324	EUR	700,000	799,703
Grifols SA
2.250%, due 11/15/274	EUR	200,000	231,200
			1,779,124
Supranationals—0.6%
African Export-Import Bank
3.798%, due 05/17/312	USD	645,000	659,714
Banque Ouest Africaine de Developpement
2.750%, due 01/22/332	EUR	227,000	276,913
4.700%, due 10/22/314	USD	850,000	925,446
			1,862,073
Sweden—0.0%†
Verisure Holding AB
3.875%, due 07/15/264	EUR	100,000	117,780
Switzerland — 0.3%
Credit Suisse AG
2.800%, due 04/08/22	USD	390,000	394,171
Credit Suisse Group AG
(fixed, converts to FRN on 04/01/30),
4.194%, due 04/01/312	USD	270,000	298,710

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Switzerland—(concluded)
(fixed, converts to FRN on 12/11/23),
7.500%, due 12/11/232,6	USD	400,000	436,000
			1,128,881
Taiwan—0.1%
TSMC Arizona Corp.
3.250%, due 10/25/51	USD	200,000	210,262
United Kingdom—4.4%
AstraZeneca PLC
4.000%, due 09/18/42	USD	530,000	638,200
BAE Systems PLC
3.400%, due 04/15/302	USD	170,000	181,779
BAT Capital Corp.
4.700%, due 04/02/27	USD	1,840,000	2,048,162
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/26),
3.250%, due 03/22/264,6	EUR	450,000	553,494
Eversholt Funding PLC
6.359%, due 12/02/254	GBP	301,000	492,643
Heathrow Funding Ltd.
1.875%, due 07/12/324	EUR	390,000	471,867
6.450%, due 12/10/314	GBP	350,000	644,956
6.750%, due 12/03/264	GBP	478,000	800,939
HSBC Holdings PLC
(fixed, converts to FRN on 08/17/28),
2.206%, due 08/17/29	USD	200,000	196,175
(fixed, converts to FRN on 05/18/23),
3.950%, due 05/18/24	USD	970,000	1,015,260
(fixed, converts to FRN on 03/13/27),
4.041%, due 03/13/28	USD	1,010,000	1,098,649
Natwest Group PLC
(fixed, converts to FRN on 03/22/24),
4.269%, due 03/22/25	USD	380,000	406,939
(fixed, converts to FRN on 11/12/27),
5.125%, due 05/12/276	GBP	476,000	688,887
NGG Finance PLC
(fixed, converts to FRN on 09/05/27),
2.125%, due 09/05/824	EUR	1,150,000	1,334,385
Santander UK Group Holdings PLC
(fixed, converts to FRN on 06/14/26),
1.673%, due 06/14/27	USD	730,000	717,798
(fixed, converts to FRN on 06/24/24),
6.750%, due 06/24/244,6	GBP	200,000	296,968
Standard Chartered PLC
(fixed, converts to FRN on 09/23/26),
1.200%, due 09/23/314	EUR	400,000	457,470

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
(fixed, converts to FRN on 04/01/30),
4.644%, due 04/01/312	USD	945,000	1,077,641
Vodafone Group PLC
(fixed, converts to FRN on 08/27/26),
2.625%, due 08/27/804	EUR	350,000	413,703
			13,535,915
United States—17.7%
AbbVie, Inc.
3.200%, due 11/21/29	USD	756,000	807,884
4.875%, due 11/14/48	USD	165,000	217,081
Activision Blizzard, Inc.
2.500%, due 09/15/50	USD	345,000	309,546
AES Corp.
1.375%, due 01/15/26	USD	460,000	449,989
Air Lease Corp.
3.375%, due 07/01/25	USD	435,000	458,434
Alexander Funding Trust
1.841%, due 11/15/232	USD	655,000	665,288
Alliant Energy Finance LLC
1.400%, due 03/15/262	USD	110,000	107,867
Altria Group, Inc.
2.350%, due 05/06/25	USD	100,000	103,090
3.400%, due 05/06/30	USD	140,000	146,582
3.400%, due 02/04/41	USD	50,000	46,685
American Airlines Pass Through Trust,
Series A,
2.875%, due 07/11/341	USD	170,000	170,393
American Electric Power Co., Inc.,
Series F,
2.950%, due 12/15/22	USD	400,000	408,187
American Tower Corp.
1.375%, due 04/04/25	EUR	150,000	179,313
Analog Devices, Inc.
2.800%, due 10/01/41	USD	80,000	81,427
2.950%, due 10/01/51	USD	110,000	114,404
Apple, Inc.
2.650%, due 05/11/50	USD	97,000	95,807
2.700%, due 08/05/51	USD	190,000	189,310
AT&T, Inc.
2.300%, due 06/01/27	USD	775,000	792,614
2.750%, due 06/01/31	USD	90,000	91,551
3.500%, due 06/01/41	USD	230,000	237,266

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
3.500%, due 09/15/53	USD	105,000	106,667
4.300%, due 12/15/42	USD	15,000	16,979
Aviation Capital Group LLC
1.950%, due 09/20/262	USD	560,000	549,155
Bank of America Corp.
(fixed, converts to FRN on 02/07/24),
1.379%, due 02/07/254	EUR	300,000	357,171
(fixed, converts to FRN on 07/22/26),
1.734%, due 07/22/27	USD	448,000	445,116
(fixed, converts to FRN on 07/23/30),
1.898%, due 07/23/31	USD	800,000	764,313
(fixed, converts to FRN on 10/22/24),
2.456%, due 10/22/25	USD	280,000	289,565
(fixed, converts to FRN on 10/20/31),
2.572%, due 10/20/32	USD	580,000	581,175
(fixed, converts to FRN on 04/22/31),
2.687%, due 04/22/32	USD	840,000	850,438
(fixed, converts to FRN on 10/22/29),
2.884%, due 10/22/30	USD	830,000	859,250
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23	USD	915,000	938,953
Bausch Health Cos., Inc.
4.875%, due 06/01/282	USD	100,000	102,980
Becton Dickinson and Co.
3.700%, due 06/06/27	USD	196,000	214,145
3.794%, due 05/20/50	USD	310,000	352,972
Berkshire Hathaway Finance Corp.
2.850%, due 10/15/50	USD	140,000	140,437
Biogen, Inc.
2.250%, due 05/01/30	USD	114,000	112,488
3.150%, due 05/01/50	USD	14,000	13,751
Boeing Co.
3.500%, due 03/01/39	USD	90,000	91,283
5.040%, due 05/01/27	USD	385,000	437,152
5.705%, due 05/01/40	USD	260,000	333,830
Boston Properties LP
2.450%, due 10/01/33	USD	350,000	338,869
Boston Scientific Corp.
4.700%, due 03/01/49	USD	20,000	25,829
BP Capital Markets America, Inc.
2.772%, due 11/10/50	USD	190,000	180,379
3.000%, due 02/24/50	USD	60,000	59,329
3.588%, due 04/14/27	USD	690,000	752,678

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Bristol-Myers Squibb Co.
4.250%, due 10/26/49	USD	305,000	383,429
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.875%, due 01/15/27	USD	487,000	527,925
Burlington Northern Santa Fe LLC
4.150%, due 12/15/48	USD	170,000	212,429
CCO Holdings LLC/CCO Holdings Capital Corp.
4.750%, due 03/01/302	USD	395,000	407,837
CF Industries, Inc.
4.950%, due 06/01/43	USD	170,000	206,768
5.375%, due 03/15/44	USD	180,000	230,654
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, due 04/01/31	USD	500,000	497,187
3.500%, due 06/01/41	USD	110,000	107,989
3.700%, due 04/01/51	USD	485,000	476,272
3.900%, due 06/01/52	USD	185,000	187,166
Cheniere Corpus Christi Holdings LLC
5.125%, due 06/30/27	USD	240,000	274,294
Citigroup, Inc.
(fixed, converts to FRN on 06/03/30),
2.572%, due 06/03/31	USD	1,120,000	1,129,237
(fixed, converts to FRN on 04/08/25),
3.106%, due 04/08/26	USD	1,100,000	1,158,597
(fixed, converts to FRN on 01/24/22),
3.142%, due 01/24/23	USD	345,000	346,960
Comcast Corp.
3.900%, due 03/01/38	USD	395,000	448,090
Constellation Brands, Inc.
4.500%, due 05/09/47	USD	80,000	97,194
CVS Health Corp.
4.300%, due 03/25/28	USD	123,000	139,256
Discovery Communications LLC
3.625%, due 05/15/30	USD	580,000	623,995
Duke Energy Corp.
3.750%, due 09/01/46	USD	245,000	266,610
Edison International
2.950%, due 03/15/23	USD	163,000	166,354
Energy Transfer LP
5.350%, due 05/15/45	USD	110,000	130,073
Series 20Y,
5.800%, due 06/15/38	USD	215,000	262,850
Entergy Louisiana LLC
4.950%, due 01/15/45	USD	208,000	225,375

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Equinix, Inc.
2.500%, due 05/15/31	USD	280,000	280,025
Exxon Mobil Corp.
2.995%, due 08/16/39	USD	115,000	118,903
Ford Motor Credit Co. LLC
3.625%, due 06/17/31	USD	590,000	596,637
4.542%, due 08/01/26	USD	285,000	306,882
Freeport-McMoRan, Inc.
4.625%, due 08/01/30	USD	450,000	486,562
5.400%, due 11/14/34	USD	133,000	162,473
5.450%, due 03/15/43	USD	80,000	100,640
GE Capital European Funding Unlimited Co.
6.025%, due 03/01/38	EUR	170,000	323,841
GE Capital International Funding Co. Unlimited Co.
3.373%, due 11/15/25	USD	410,000	442,329
4.418%, due 11/15/35	USD	277,000	336,997
General Motors Co.
6.125%, due 10/01/25	USD	42,000	48,746
General Motors Financial Co., Inc.
1.250%, due 01/08/26	USD	380,000	372,746
2.700%, due 08/20/27	USD	550,000	561,472
2.750%, due 06/20/25	USD	97,000	100,713
Gilead Sciences, Inc.
2.800%, due 10/01/50	USD	265,000	256,914
Goldman Sachs Group, Inc.
1.625%, due 07/27/264	EUR	225,000	274,255
(fixed, converts to FRN on 10/21/26),
1.948%, due 10/21/27	USD	280,000	280,272
(fixed, converts to FRN on 07/21/31),
2.383%, due 07/21/32	USD	310,000	304,705
(fixed, converts to FRN on 10/21/31),
2.650%, due 10/21/32	USD	520,000	523,817
(fixed, converts to FRN on 10/31/21),
2.876%, due 10/31/22	USD	1,520,000	1,520,000
(fixed, converts to FRN on 06/05/22),
2.908%, due 06/05/23	USD	185,000	187,426
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/38	USD	125,000	143,186
4.250%, due 01/29/264	GBP	308,000	465,848
Goodyear Tire & Rubber Co.
5.250%, due 04/30/31	USD	60,000	64,200
HCA, Inc.
2.375%, due 07/15/31	USD	370,000	361,532
5.250%, due 06/15/49	USD	110,000	142,633

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
5.875%, due 02/01/29	USD	135,000	160,678
Healthcare Trust of America Holdings LP
2.000%, due 03/15/31	USD	74,000	69,897
Home Depot, Inc.
2.750%, due 09/15/51	USD	425,000	426,716
Hyundai Capital America
1.300%, due 01/08/262	USD	220,000	214,539
1.800%, due 10/15/252	USD	220,000	220,278
2.375%, due 10/15/272	USD	875,000	878,373
ITC Holdings Corp.
2.950%, due 05/14/302	USD	610,000	635,145
Jersey Central Power & Light Co.
2.750%, due 03/01/322	USD	280,000	286,194
Kansas City Southern
3.500%, due 05/01/50	USD	185,000	199,348
Kraft Heinz Foods Co.
3.750%, due 04/01/30	USD	470,000	510,870
Lennar Corp.
4.750%, due 11/29/27	USD	35,000	39,783
Lowe's Cos., Inc.
2.800%, due 09/15/41	USD	140,000	137,739
3.700%, due 04/15/46	USD	380,000	422,975
MDC Holdings, Inc.
2.500%, due 01/15/31	USD	330,000	319,234
Medtronic Global Holdings SCA
1.000%, due 07/02/31	EUR	200,000	236,197
1.125%, due 03/07/27	EUR	115,000	138,327
1.500%, due 07/02/39	EUR	100,000	120,529
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.750%, due 02/01/27	USD	230,000	262,200
MidAmerican Energy Co.
4.250%, due 05/01/46	USD	170,000	210,050
Morgan Stanley
(fixed, converts to FRN on 05/04/26),
1.593%, due 05/04/27	USD	1,440,000	1,426,581
1.875%, due 04/27/27	EUR	235,000	291,485
(fixed, converts to FRN on 07/21/31),
2.239%, due 07/21/32	USD	410,000	400,281
(fixed, converts to FRN on 10/20/31),
2.511%, due 10/20/32	USD	380,000	379,077
MPLX LP
4.500%, due 04/15/38	USD	130,000	146,464

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Netflix,Inc.
5.875%, due 11/15/28	USD	280,000	340,816
New York Life Insurance Co.
3.750%, due 05/15/502	USD	185,000	212,207
Norfolk Southern Corp.
3.942%, due 11/01/47	USD	135,000	158,428
Oracle Corp.
3.650%, due 03/25/41	USD	455,000	476,660
4.000%, due 07/15/46	USD	165,000	178,240
PacifiCorp
3.300%, due 03/15/51	USD	310,000	328,124
Philip Morris International,Inc.
4.125%, due 03/04/43	USD	65,000	72,747
Physicians Realty LP
2.625%, due 11/01/31	USD	190,000	189,706
PulteGroup,Inc.
5.000%, due 01/15/27	USD	500,000	573,935
Raytheon Technologies Corp.
3.950%, due 08/16/25	USD	22,000	24,015
Regeneron Pharmaceuticals,Inc.
2.800%, due 09/15/50	USD	190,000	179,106
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27	USD	1,345,000	1,525,151
San Diego Gas& Electric Co.,
Series UUU,
3.320%, due 04/15/50	USD	80,000	85,515
Schlumberger Holdings Corp.
3.750%, due 05/01/242	USD	190,000	201,465
3.900%, due 05/17/282	USD	585,000	640,717
Sirius XM Radio,Inc.
5.500%, due 07/01/292	USD	225,000	242,719
Southern California Edison Co.,
Series C,
4.125%, due 03/01/48	USD	100,000	112,688
Southern Co. Gas Capital Corp.,
Series 20-A,
1.750%, due 01/15/31	USD	220,000	207,007
Southwestern Electric Power Co.,
Series J,
3.900%, due 04/01/45	USD	55,000	61,361
State Street Corp.
(fixed, converts to FRN on 03/30/22),
2.825%, due 03/30/23	USD	325,000	328,156

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Sysco Corp.
3.300%, due 02/15/50	USD	144,000		150,215
5.950%, due 04/01/30	USD	17,000		21,516
T-Mobile USA, Inc.
2.250%, due 11/15/315	USD	365,000		352,206
3.000%, due 02/15/41	USD	235,000		226,124
3.750%, due 04/15/27	USD	1,070,000		1,160,939
3.875%, due 04/15/30	USD	400,000		437,361
4.750%, due 02/01/28	USD	295,000		311,225
Tenet Healthcare Corp.
4.875%, due 01/01/262	USD	110,000		112,750
UDR, Inc.
3.000%, due 08/15/31	USD	210,000		218,333
3.200%, due 01/15/30	USD	330,000		352,124
Union Electric Co.
3.500%, due 03/15/29	USD	55,000		60,272
Union Pacific Corp.
3.550%, due 08/15/39	USD	85,000		94,992
UnitedHealth Group, Inc.
3.050%, due 05/15/41	USD	170,000		177,119
Verizon Communications, Inc.
2.550%, due 03/21/31	USD	640,000		644,991
2.850%, due 09/03/41	USD	90,000		88,002
2.875%, due 11/20/50	USD	260,000		247,737
2.987%, due 10/30/56	USD	56,000		53,170
3.400%, due 03/22/41	USD	45,000		47,205
ViacomCBS, Inc.
4.200%, due 05/19/32	USD	85,000		96,745
Vistra Operations Co. LLC
3.700%, due 01/30/272	USD	350,000		363,940
VMware, Inc.
1.800%, due 08/15/28	USD	245,000		238,824
2.200%, due 08/15/31	USD	315,000		306,538
Wells Fargo & Co.
(fixed, converts to FRN on 04/30/25),
2.188%, due 04/30/26	USD	960,000		981,102
Welltower, Inc.
2.050%, due 01/15/29	USD	465,000		457,618
WP Carey, Inc.
2.400%, due 02/01/31	USD	130,000		128,263
2.450%, due 02/01/32	USD	150,000		148,249

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Zoetis, Inc.
2.000%, due 05/15/30	USD	970,000		951,777
				54,558,977
Total corporate bonds (cost—$109,750,129)				111,682,008
Mortgage-backed securities—5.1%
Spain—0.6%
Bankinter 10 FTA,
Series 10, Class A2,
3 mo. Euribor + 0.160%,
0.000%, due 06/21/433,4	EUR	862,837		994,856
Fondo de Titulizacion de Activos Santander Hipotecario,
Series 2, Class A,
3 mo. Euribor + 0.150%,
0.000%, due 01/18/493,4	EUR	618,768		714,334
				1,709,190
United Kingdom—1.5%
Finsbury Square PLC,
Series 2020-1A, Class A,
SONIA + 0.800%,
0.850%, due 03/16/702,3	GBP	407,291		559,486
Series 2020-2A, Class A,
SONIA + 1.300%,
1.350%, due 06/16/702,3	GBP	278,750		385,394
Gemgarto PLC,
Series 2021-1A, Class A,
SONIO/N + 0.590%,
0.640%, due 12/16/672,3	GBP	571,620		786,032
Gosforth Funding PLC,
Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.450%,
0.579%, due 08/25/602,3	USD	186,651		186,811
Lanark Master Issuer PLC,
Series 2020-1A, Class 2A,
SONIA + 0.570%,
0.620%, due 12/22/692,3	GBP	522,750		719,208
Silverstone Master Issuer PLC,
Series 2018-1A, Class 1A,
3 mo. USD LIBOR + 0.390%,
0.520%, due 01/21/702,3	USD	728,000		728,644

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United Kingdom—(concluded)
Series 2020-1A, Class 1A,
SONIA + 0.470%,
0.520%, due 01/21/702,3	GBP	900,000	1,235,812
			4,601,387
United States—3.0%
Angel Oak Mortgage Trust,
Series 2020-1, Class A1,
2.466%, due 12/25/592,7	USD	221,460	222,259
BANK,
Series 2019-BN16, Class C,
4.786%, due 02/15/527	USD	250,000	275,401
Series 2019-BN19, Class A3,
3.183%, due 08/15/61	USD	870,000	934,880
Series 2019-BN24, Class A3,
2.960%, due 11/15/62	USD	440,000	466,745
BX Trust,
Series 2021-LBA, Class AJV,
1 mo. USD LIBOR + 0.800%,
0.891%, due 02/15/362,3	USD	761,148	759,459
CCUBS Commercial Mortgage Trust,
Series 2017-C1, Class C,
4.391%, due 11/15/507	USD	360,000	388,905
Citigroup Commercial Mortgage Trust,
Series 2015-GC33, Class B,
4.574%, due 09/10/587	USD	470,000	506,592
COMM Mortgage Trust,
Series 2014-UBS4, Class A5,
3.694%, due 08/10/47	USD	810,000	855,965
CSAIL Commercial Mortgage Trust,
Series 2016-C6, Class C,
4.922%, due 01/15/497	USD	320,000	336,241
Deephaven Residential Mortgage Trust,
Series 2020-1, Class A1,
2.339%, due 01/25/602,7	USD	675,681	676,736
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3,
3.119%, due 05/10/50	USD	1,008,937	1,054,351
Series 2017-GS6, Class C,
4.322%, due 05/10/507	USD	350,000	374,567
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C7, Class C,
4.163%, due 10/15/507	USD	280,000	300,248

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Morgan Stanley Capital I Trust,
Series 2020-L4, Class C,
3.536%, due 02/15/537	USD	770,000	792,036
OBX Trust,
Series 2020-EXP1, Class 2A1,
1 mo. USD LIBOR + 0.750%,
0.839%, due 02/25/602,3	USD	193,669	193,678
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1,
2.275%, due 02/25/502,7	USD	183,806	184,970
UBS Commercial Mortgage Trust,
Series 2018-C11, Class B,
4.713%, due 06/15/517	USD	440,000	486,093
Verus Securitization Trust,
Series 2020-1, Class A1,
2.417%, due 01/25/602,8	USD	248,211	250,682
WFRBS Commercial Mortgage Trust,
Series 2013-C13, Class C,
3.910%, due 05/15/457	USD	300,000	302,562
			9,362,370
Total mortgage-backed securities (cost—$15,385,255)			15,672,947
Non-U.S. government agency obligations—39.8%
Australia—1.8%
Australia Government Bond,
Series 150,
3.000%, due 03/21/474	AUD	3,300,000	2,579,328
Series 162,
1.750%, due 06/21/514	AUD	3,930,000	2,340,683
Queensland Treasury Corp.
1.750%, due 08/21/312,4	AUD	690,000	490,171
			5,410,182
Bermuda—0.3%
Bermuda Government International Bond
4.750%, due 02/15/292	USD	910,000	1,048,377
Canada—1.7%
Hydro-Quebec,
Series 19,
6.500%, due 02/15/35	CAD	750,000	878,816

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Canada—(concluded)
Province of British Columbia Canada
2.800%, due 06/18/48	CAD	300,000	248,031
Province of Ontario Canada
2.700%, due 06/02/29	CAD	1,672,000	1,409,238
Province of Quebec Canada
2.300%, due 09/01/29	CAD	1,754,000	1,441,856
5.000%, due 12/01/41	CAD	1,100,000	1,211,549
			5,189,490
China—2.8%
China Government Bond
3.160%, due 06/27/234	CNY	4,500,000	711,086
3.380%, due 11/21/244	CNY	8,000,000	1,281,912
3.480%, due 06/29/274	CNY	13,000,000	2,124,190
4.100%, due 12/04/224	CNY	2,000,000	317,989
4.290%, due 05/22/294	CNY	17,000,000	2,949,181
4.500%, due 05/22/344	CNY	6,000,000	1,097,565
			8,481,923
Denmark—0.5%
Denmark Government Bond
1.500%, due 11/15/23	DKK	10,250,000	1,658,222
Egypt—0.2%
Egypt Government International Bond
3.875%, due 02/16/262	USD	600,000	558,000
France—6.5%
French Republic Government Bond OAT
0.010%, due 03/25/234	EUR	17,225,000	20,083,277
Germany—11.8%
Bundesrepublik Deutschland Bundesanleihe
0.010%, due 02/15/304	EUR	6,920,000	8,133,079
0.010%, due 08/15/304	EUR	14,300,000	16,776,479
0.010%, due 02/15/314	EUR	1,550,000	1,813,337
0.010%, due 08/15/314	EUR	3,800,000	4,433,345
0.010%, due 08/15/504	EUR	4,000,000	4,461,216

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Germany—(concluded)
State of North Rhine-Westphalia Germany
2.150%, due 03/21/194	EUR	400,000	788,679
			36,406,135
Italy—3.3%
Italy Buoni Poliennali Del Tesoro
0.010%, due 04/15/244	EUR	5,250,000	6,065,358
0.500%, due 02/01/264	EUR	1,550,000	1,801,834
1.800%, due 03/01/412,4	EUR	1,160,000	1,366,369
5.000%, due 09/01/402,4	EUR	550,000	982,946
			10,216,507
Japan—6.6%
Japan Government Forty Year Bond,
Series 4,
2.200%, due 03/20/51	JPY	181,850,000	2,246,675
Japan Government Ten Year Bond,
Series 358,
0.100%, due 03/20/30	JPY	276,150,000	2,440,393
Japan Government Thirty Year Bond,
Series 25,
1.700%, due 06/20/44	JPY	37,500,000	410,804
Series 43,
2.300%, due 12/20/36	JPY	269,400,000	3,056,422
Japan Government Twenty Year Bond,
Series 160,
0.300%, due 12/20/39	JPY	528,700,000	4,539,746
Series 171,
0.700%, due 03/20/37	JPY	253,150,000	2,347,615
Japan Government Two Year Bond,
Series 429,
0.005%, due 10/01/23	JPY	610,350,000	5,366,582
			20,408,237
Morocco—0.2%
Morocco Government International Bond
2.375%, due 12/15/272	USD	340,000	332,881
3.000%, due 12/15/322	USD	267,000	253,066
			585,947
Paraguay—0.2%
Paraguay Government International Bond
5.400%, due 03/30/504	USD	600,000	677,175

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Philippines—0.2%
Philippine Government International Bond
0.250%, due 04/28/25	EUR	391,000	448,606
Saudi Arabia—0.4%
Saudi Government International Bond
0.010%, due 03/03/242	EUR	1,088,000	1,254,584
Slovenia—0.2%
Slovenia Government International Bond
5.250%, due 02/18/244	USD	510,000	558,705
South Korea—1.7%
Korea Treasury Bond,
Series 2409,
3.000%, due 09/10/24	KRW	5,964,350,000	5,213,699
United Kingdom—1.4%
United Kingdom Gilt
0.625%, due 10/22/504	GBP	3,630,000	4,349,749
Total non-U.S. government agency obligations (cost—$125,902,100)			122,548,815
U.S. government agency obligations—0.6%
United States—0.6%
FNMA
3.500%, due 05/01/58 (cost—$1,879,831)	USD	1,757,044	1,932,032
U.S. Treasury obligations—12.0%
United States—12.0%
U.S. Treasury Bonds
1.375%, due 08/15/50	USD	100,000	87,199
1.625%, due 11/15/50	USD	1,041,000	965,528
2.000%, due 08/15/51	USD	8,500,000	8,620,859
2.375%, due 05/15/51	USD	1,740,000	1,912,369

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
U.S. Treasury Notes
0.125%, due 01/31/23	USD	25,370,000	25,325,404
Total U.S. Treasury obligations (cost—$36,874,743)			36,911,359

	Number of shares
Short-term investments—2.5%
Investment companies—2.5%
State Street Institutional U.S. Government Money Market Fund, 0.030%9 (cost—$7,654,222)		7,654,222		7,654,222
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%9 (cost—$445,200)		445,200		445,200
Total investments (cost—$301,316,059)10—97.4%				300,195,230
Other assets in excess of liabilities—2.6%				8,123,797
Net assets—100.0%			$	308,319,027

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

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Interest rate futures buy contracts:
9	EUR	German Euro Buxl 30 Year Futures	December 2021		2,186,515			2,174,228			(12,287	)
127	EUR	German Euro Schatz Futures	December 2021		16,473,931			16,437,070			(36,861	)
35	GBP	United Kingdom Long Gilt Bond Futures	December 2021		5,943,668			5,983,577			39,909
14	JPY	Japanese 10 Year Bond Futures	December 2021		18,629,241			18,587,234			(42,007	)
U.S. Treasury futures buy contracts:
3	USD	U.S. Long Bond Futures	December 2021		480,755			482,531			1,776
17	USD	U.S. Treasury Note 2 Year Futures	December 2021		3,736,139			3,727,250			(8,889	)
Total					47,450,249			47,391,890			(58,359	)
Interest rate futures sell contracts:
17	AUD	Australian 10 Year Bond Futures	December 2021		(1,841,893	)		(1,724,514	)		117,379
12	CAD	Canada Government Bond 10 Year Futures	December 2021		(1,423,181	)		(1,366,677	)		56,504
85	EUR	German Euro BOBL Futures	December 2021		(13,180,933	)		(13,143,256	)		37,677
17	EUR	German Euro Bund Futures	December 2021		(3,319,514	)		(3,303,894	)		15,620
83	EUR	Italian Government Bond Futures	December 2021		(14,464,292	)		(14,225,249	)		239,043
U.S. Treasury futures sell contracts:
89	USD	U.S. Treasury Note 10 Year Futures	December 2021		(11,831,567	)		(11,632,578	)		198,989
209	USD	U.S. Treasury Note 5 Year Futures	December 2021		(25,819,635	)		(25,445,750	)		373,885
3	USD	U.S. Ultra Bond Futures	December 2021		(579,837	)		(589,218	)		(9,381	)
271	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2021		(39,516,394	)		(39,303,469	)		212,925
Total					(111,977,246	)		(110,734,605	)		1,242,641
Net unrealized appreciation (depreciation)											1,184,282

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	CZK	8,498,439	EUR	333,324	11/22/21		3,091
BB	DKK	26,776,767	USD	4,182,487	11/22/21		19,696
BB	EUR	438,015	CZK	11,274,079	11/22/21		727
BB	GBP	1,120,248	EUR	1,330,750	11/22/21		5,807
BB	GBP	2,111,701	USD	2,901,924	11/22/21		11,914
BB	MXN	15,697,200	USD	771,968	11/22/21		11,770
BB	PLN	1,536,325	EUR	333,324	11/22/21		547
BB	SEK	10,149,170	EUR	1,003,088	11/22/21		(21,948	)
BB	SEK	15,308,070	USD	1,778,066	11/22/21		(4,706	)
BB	USD	1,157,950	CAD	1,425,907	11/22/21		(5,811	)
BB	USD	386,120	TRY	3,703,852	11/22/21		(4,689	)
BNP	CHF	3,914,907	USD	4,257,606	11/22/21		(20,395	)
BNP	CNY	1,176,153	JPY	20,913,281	11/22/21		(6	)
BNP	EUR	11,278,493	USD	13,168,062	11/22/21		125,061
BNP	GBP	556,974	EUR	659,176	11/22/21		46
BNP	GBP	554,165	USD	760,816	11/22/21		2,403
BNP	ILS	2,464,929	USD	771,968	11/22/21		(7,060	)
BNP	USD	1,831,349	AUD	2,469,910	11/22/21		26,791
BNP	USD	9,472,275	CAD	11,725,426	11/22/21		1,923
BNP	USD	6,183,451	CNY	39,498,585	11/22/21		(20,292	)
BNP	USD	7,360,470	CNY	47,475,255	11/22/21		47,327
BNP	USD	1,791,951	CZK	39,222,342	11/22/21		(27,170	)
BNP	USD	5,010,895	EUR	4,328,807	11/22/21		(4,850	)
BNP	USD	605,612	HUF	187,853,093	11/22/21		(2,635	)
BNP	USD	670,486	SGD	903,691	11/22/21		(399	)
BNP	USD	972,905	THB	32,269,800	11/22/21		(595	)
BNP	USD	386,466	TRY	3,819,865	11/22/21		6,912
BOA	CAD	192,292	USD	155,971	11/22/21		598
BOA	JPY	175,377,783	USD	1,546,865	11/22/21		7,918
CITI	CAD	2,892,834	USD	2,319,240	11/22/21		(18,184	)
CITI	EUR	999,124	AUD	1,571,712	11/22/21		26,980
CITI	EUR	2,953,570	CHF	3,156,451	11/22/21		33,548
CITI	EUR	999,820	SEK	10,001,499	11/22/21		8,530
CITI	EUR	33,487,610	USD	38,915,683	11/22/21		188,970
CITI	GBP	848,291	AUD	1,572,469	11/22/21		22,040
CITI	JPY	131,016,346	CHF	1,072,476	11/22/21		22,271
CITI	MXN	7,823,731	USD	386,161	11/22/21		7,266
CITI	NZD	3,632,614	USD	2,549,149	11/22/21		(53,290	)
CITI	TRY	10,684,041	USD	1,130,591	11/22/21		30,325

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
CITI	USD	1,159,397	CHF	1,064,657	11/22/21		4,003
CITI	USD	2,309,154	EUR	1,993,873	11/22/21		(3,342	)
CITI	USD	29,599,731	JPY	3,354,486,299	11/22/21		(163,974	)
CITI	USD	383,631	MXN	8,000,579	11/22/21		3,829
CITI	USD	378,572	NOK	3,187,922	11/22/21		(1,256	)
CITI	USD	3,085,879	NZD	4,435,366	11/22/21		91,658
CITI	USD	206,014	RON	879,956	11/22/21		(733	)
CITI	USD	379,716	ZAR	5,617,617	11/22/21		(12,829	)
CITI	ZAR	5,759,344	USD	385,236	11/22/21		9,093
GSI	AUD	1,591,188	EUR	1,004,253	11/22/21		(35,700	)
GSI	CHF	2,126,076	EUR	1,997,503	11/22/21		(13,252	)
GSI	EUR	2,003,014	CHF	2,135,751	11/22/21		17,450
GSI	EUR	332,917	CNY	2,472,155	11/22/21		741
GSI	EUR	999,828	SEK	10,019,725	11/22/21		10,643
GSI	EUR	2,003,014	USD	2,332,050	11/22/21		15,666
GSI	JPY	262,076,213	EUR	2,004,918	11/22/21		18,856
GSI	JPY	132,756,741	GBP	847,625	11/22/21		(4,912	)
GSI	NZD	5,002,676	USD	3,468,170	11/22/21		(115,793	)
GSI	USD	3,486,219	EUR	3,007,268	11/22/21		(8,466	)
GSI	USD	1,364,505	ILS	4,393,947	11/22/21		24,179

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts—(concluded)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
GSI	USD	1,502,036	MXN	31,085,188	11/22/21		3,385
GSI	USD	3,495,710	NZD	4,989,666	11/22/21		78,933
HSBC	AUD	3,116,616	EUR	1,996,705	11/22/21		(35,577	)
HSBC	AUD	3,115,425	GBP	1,688,394	11/22/21		(33,083	)
HSBC	EUR	999,670	SEK	9,995,620	11/22/21		8,019
HSBC	EUR	7,928,542	USD	9,227,210	11/22/21		58,255
HSBC	JPY	351,454,038	EUR	2,663,337	11/22/21		(4,010	)
HSBC	USD	1,161,348	CAD	1,437,028	11/22/21		(222	)
HSBC	USD	6,179,194	EUR	5,326,674	11/22/21		(19,167	)
RBC	EUR	98,776	USD	114,305	11/22/21		75
RBC	JPY	168,264,376	USD	1,479,652	11/22/21		3,125
RBC	USD	219,686	AUD	301,489	11/22/21		7,128
RBC	USD	2,038,394	EUR	1,748,737	11/22/21		(16,069	)
RBC	USD	181,940	GBP	132,260	11/22/21		(934	)
RBC	USD	815,106	GBP	597,697	11/22/21		2,884
SCB	GBP	209,556	USD	285,473	11/22/21		(1,319	)
SCB	USD	864,295	EUR	747,209	11/22/21		(186	)
SCB	USD	178,625	EUR	154,596	11/22/21		158
SCB	USD	3,088,956	JPY	352,225,500	11/22/21		1,837
SSC	EUR	156,901	USD	181,914	11/22/21		466
SSC	USD	187,413	CNY	1,214,471	11/22/21		2,087
SSC	USD	204,693	EUR	176,932	11/22/21		(81	)
SSC	USD	1,848,230	PLN	7,278,318	11/22/21		(24,652	)
SSC	USD	385,984	SGD	521,086	11/22/21		401
Net unrealized appreciation (depreciation)							287,745

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of  investments

PACE Global Fixed Income Investments

Portfolio of investments – October 31, 2021 (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		—			3,348,647			—		3,348,647
Corporate bonds		—			111,682,008			—		111,682,008
Mortgage-backed securities		—			15,672,947			—		15,672,947
Non-U.S. government agency obligations		—			122,548,815			—		122,548,815
U.S. government agency obligations		—			1,932,032			—		1,932,032
U.S. Treasury obligations		—			36,911,359			—		36,911,359
Short-term investments		—			7,654,222			—		7,654,222
Investment of cash collateral from securities loaned		—			445,200			—		445,200
Futures contracts		1,293,707			—			—		1,293,707
Forward foreign currency contracts		—			975,332			—		975,332
Total		1,293,707			301,170,562			—		302,464,269
Liabilities
Futures contracts		(109,425	)		—			—		(109,425	)
Forward foreign currency contracts		—			(687,587	)		—		(687,587	)
Total		(109,425	)		(687,587	)		—		(797,012	)

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes
	†	Amount represents less than 0.05% or (0.05)%.
	1	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.
	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 $34,674,910, represented 11.2% of the Portfolio's net assets at period end.
	3	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
	4	Security 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	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
	8	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	Rates shown reflect yield at October 31, 2021.
	10	Includes $787,485 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $445,200 and non-cash collateral of $361,851.

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—95.6%
Advertising—0.4%
Clear Channel International BV
6.625%, due 08/01/251,2		200,000		208,000
Clear Channel Outdoor Holdings, Inc.
7.500%, due 06/01/292		125,000		127,859
7.750%, due 04/15/282		250,000		258,864
Lamar Media Corp.
3.750%, due 02/15/28		25,000		25,270
4.000%, due 02/15/30		100,000		101,524
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.250%, due 01/15/292		75,000		73,500
4.625%, due 03/15/302		25,000		24,993
5.000%, due 08/15/272		225,000		229,500
				1,049,510
Aerospace & defense—1.1%
Bombardier, Inc.
7.500%, due 12/01/242		325,000		338,406
7.500%, due 03/15/252		50,000		51,313
BWX Technologies, Inc.
4.125%, due 04/15/292		75,000		76,106
Egmv13793
10.000%, due 04/19/263,4	EUR	89,572		5,177
Howmet Aerospace, Inc.
5.125%, due 10/01/24		50,000		54,813
5.950%, due 02/01/37		300,000		360,996
Rolls-Royce PLC
1.625%, due 05/09/285	EUR	250,000		278,669
Spirit AeroSystems, Inc.
4.600%, due 06/15/286		100,000		98,725
5.500%, due 01/15/252		75,000		78,094
7.500%, due 04/15/252		150,000		158,362
TransDigm, Inc.
4.625%, due 01/15/29		225,000		223,594
4.875%, due 05/01/29		175,000		175,513
5.500%, due 11/15/27		725,000		742,219
7.500%, due 03/15/27		150,000		157,312
Triumph Group, Inc.
6.250%, due 09/15/242		50,000		49,923
7.750%, due 08/15/256		125,000		127,087

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
8.875%, due 06/01/242		60,000		66,091
				3,042,400
Agriculture—0.6%
Amaggi Luxembourg International Sarl
5.250%, due 01/28/282		300,000		300,244
Camposol SA
6.000%, due 02/03/272		300,000		311,400
Cooke Omega Investments, Inc./Alpha Vessel Co Holdings, Inc.
8.500%, due 12/15/222		175,000		178,063
Darling Ingredients, Inc.
5.250%, due 04/15/272		75,000		77,719
MHP Lux SA
6.250%, due 09/19/295,6		500,000		507,906
Turning Point Brands, Inc.
5.625%, due 02/15/262		75,000		76,031
Vector Group Ltd.
5.750%, due 02/01/292		100,000		99,500
				1,550,863
Airlines—1.4%
Air France-KLM
1.875%, due 01/16/255	EUR	200,000		216,086
3.875%, due 07/01/265	EUR	400,000		452,574
American Airlines, Inc.
11.750%, due 07/15/252		325,000		402,594
American Airlines, Inc./Advantage Loyalty IP Ltd.
5.500%, due 04/20/262		100,000		104,900
5.750%, due 04/20/292		125,000		134,531
Delta Air Lines, Inc.
3.625%, due 03/15/22		50,000		50,379
7.000%, due 05/01/252		44,000		51,346
7.375%, due 01/15/26		75,000		88,208
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500%, due 10/20/252		100,000		106,707
4.750%, due 10/20/282		25,000		27,761
Gol Finance SA
7.000%, due 01/31/255		530,000		479,087
Hawaiianmiles Loyalty, Ltd.
5.750%, due 01/20/262		125,000		131,250
International Consolidated Airlines Group SA
1.500%, due 07/04/275	EUR	500,000		525,315

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, due 06/20/272		25,000		27,209
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000%, due 09/20/252		75,000		83,950
Transportes Aereos Portugueses SA
5.625%, due 12/02/245	EUR	400,000		374,973
5.625%, due 12/02/242	EUR	200,000		187,486
United Airlines Holdings, Inc.
5.000%, due 02/01/246		25,000		25,969
United Airlines Pass-Through Trust,
Series 2020-1, Class A,
5.875%, due 10/15/27		45,165		50,529
United Airlines, Inc.
4.375%, due 04/15/262		100,000		103,447
4.625%, due 04/15/292		125,000		128,873
				3,753,174
Apparel—0.2%
Crocs, Inc.
4.125%, due 08/15/312		50,000		50,313
IM Group SAS
6.625%, due 03/01/255	EUR	175,000		207,357
Takko Luxembourg 2 SCA
5.375%, due 11/15/235	EUR	275,000		306,971
				564,641
Auto manufacturers—1.9%
Ford Motor Co.
5.291%, due 12/08/46		100,000		114,739
8.500%, due 04/21/23		600,000		657,900
9.000%, due 04/22/25		300,000		360,750
Ford Motor Credit Co. LLC
2.330%, due 11/25/25	EUR	275,000		327,922
2.700%, due 08/10/26		200,000		199,768
3.250%, due 09/15/25	EUR	150,000		184,922
3.375%, due 11/13/25		200,000		205,500
3.815%, due 11/02/27		200,000		207,500
4.000%, due 11/13/30		200,000		208,750
4.063%, due 11/01/24		200,000		209,740
4.134%, due 08/04/25		200,000		211,250
5.113%, due 05/03/29		600,000		666,750
5.125%, due 06/16/25		200,000		217,000

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Jaguar Land Rover Automotive PLC
5.500%, due 07/15/292		200,000		193,625
5.875%, due 01/15/282		200,000		199,500
6.875%, due 11/15/265	EUR	225,000		289,697
7.750%, due 10/15/252		200,000		215,500
Mclaren Finance PLC
7.500%, due 08/01/262		200,000		199,500
TML Holdings Pte Ltd.
5.500%, due 06/03/245		200,000		208,750
				5,079,063
Auto parts & equipment—2.3%
Adient Global Holdings Ltd.
3.500%, due 08/15/245	EUR	275,000		321,476
Adient U.S. LLC
9.000%, due 04/15/252		125,000		133,750
Adler Pelzer Holding GmbH
4.125%, due 04/01/245	EUR	450,000		477,283
Clarios Global LP
6.750%, due 05/15/252		67,000		70,593
Clarios Global LP/Clarios U.S. Finance Co.
8.500%, due 05/15/272		325,000		345,238
Cooper-Standard Automotive, Inc.
5.625%, due 11/15/262		125,000		100,250
13.000%, due 06/01/242		100,000		108,500
Dana Financing Luxembourg Sarl
3.000%, due 07/15/292	EUR	225,000		261,400
Dealer Tire LLC/DT Issuer LLC
8.000%, due 02/01/282		125,000		130,000
Dornoch Debt Merger Sub, Inc.
6.625%, due 10/15/292		300,000		295,875
Faurecia SE
3.125%, due 06/15/265	EUR	150,000		176,589
Goodyear Tire & Rubber Co.
5.000%, due 05/31/26		75,000		76,781
5.000%, due 07/15/292		125,000		131,875
5.250%, due 07/15/312		125,000		133,025
9.500%, due 05/31/25		500,000		544,940
IHO Verwaltungs GmbH
3.625% Cash or 4.375% PIK,
3.625%, due 05/15/255,7	EUR	100,000		117,334

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
3.750% Cash or 4.500% PIK,
3.750%, due 09/15/265,7	EUR	100,000		117,487
3.875% Cash or 4.625% PIK,
3.875%, due 05/15/275,7	EUR	425,000		503,047
Nemak SAB de CV
2.250%, due 07/20/282	EUR	125,000		139,081
2.250%, due 07/20/285	EUR	325,000		361,611
3.625%, due 06/28/312		400,000		372,325
Real Hero Merger Sub 2, Inc.
6.250%, due 02/01/292		25,000		25,688
Schaeffler AG
3.375%, due 10/12/285	EUR	200,000		255,211
Standard Profil Automotive GmbH
6.250%, due 04/30/265,6	EUR	100,000		95,717
6.250%, due 04/30/262	EUR	300,000		287,150
Tenneco, Inc.
5.000%, due 07/15/266		250,000		243,813
5.125%, due 04/15/292		125,000		123,906
7.875%, due 01/15/292		250,000		273,437
Titan International, Inc.
7.000%, due 04/30/282		75,000		76,969
				6,300,351
Banks—2.7%
Akbank T.A.S.
5.000%, due 10/24/225		550,000		559,900
Banca Monte dei Paschi di Siena SpA
1.875%, due 01/09/265	EUR	100,000		114,113
(fixed, converts to FRN on 01/18/23),
5.375%, due 01/18/285,6	EUR	125,000		104,762
Banco de Bogota SA
5.375%, due 02/19/232		250,000		258,600
6.250%, due 05/12/265		500,000		545,000
Banco do Brasil SA
5.875%, due 01/26/222		450,000		452,756
Banco Industrial SA
(fixed, converts to FRN on 01/29/26),
4.875%, due 01/29/312		150,000		149,934
Bangkok Bank PCL
(fixed, converts to FRN on 09/25/29),
3.733%, due 09/25/345		200,000		203,100

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp.,
Series DD,
(fixed, converts to FRN on 03/10/26),
6.300%, due 03/10/266,8		175,000		202,212
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/248		75,000		79,219
Barclays PLC
(fixed, converts to FRN on 06/15/25),
7.125%, due 06/15/258	GBP	200,000		301,984
(fixed, converts to FRN on 06/15/24),
8.000%, due 06/15/248		400,000		446,000
CaixaBank SA
(fixed, converts to FRN on 06/13/24),
6.750%, due 06/13/245,8	EUR	400,000		514,933
Citigroup, Inc.
(fixed, converts to FRN on 02/15/23),
5.900%, due 02/15/236,8		75,000		77,625
Series T,
(fixed, converts to FRN on 08/15/26),
6.250%, due 08/15/268		125,000		143,900
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/258		200,000		202,750
Goldman Sachs Group, Inc.,
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/258		75,000		78,938
HDFC Bank Ltd.
(fixed, converts to FRN on 02/25/27),
3.700%, due 08/25/265,8		200,000		198,500
Intesa Sanpaolo SpA
3.928%, due 09/15/265,6	EUR	500,000		640,422
Inversiones Atlantida SA
7.500%, due 05/19/262		200,000		206,537
Itau Unibanco Holding SA
2.900%, due 01/24/235		400,000		403,000
JPMorgan Chase & Co.,
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/258		75,000		76,715
Series S,
(fixed, converts to FRN on 02/01/24),
6.750%, due 02/01/248		200,000		218,608

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
Series U,
(fixed, converts to FRN on 04/30/24),
6.125%, due 04/30/248		150,000		160,005
Turkiye Vakiflar Bankasi TAO
8.125%, due 03/28/242		250,000		267,391
UniCredit SpA
(fixed, converts to FRN on 09/23/24),
2.000%, due 09/23/295	EUR	400,000		464,791
(fixed, converts to FRN on 01/15/27),
2.731%, due 01/15/325	EUR	325,000		381,858
				7,453,553
Beverages—0.4%
Central American Bottling Corp.
5.750%, due 01/31/275		200,000		206,787
5.750%, due 01/31/272		400,000		413,575
Coca-Cola Icecek AS
4.215%, due 09/19/245		200,000		207,350
Primo Water Holdings, Inc.
4.375%, due 04/30/292		125,000		123,884
Triton Water Holdings, Inc.
6.250%, due 04/01/292		100,000		99,829
				1,051,425
Biotechnology—0.1%
Grifols Escrow Issuer SA
3.875%, due 10/15/282	EUR	125,000		144,695
4.750%, due 10/15/282		200,000		203,000
				347,695
Building materials—2.0%
Builders FirstSource, Inc.
4.250%, due 02/01/322		125,000		125,992
5.000%, due 03/01/302		100,000		105,625
6.750%, due 06/01/272		201,000		211,804
Cemex SAB de CV
3.875%, due 07/11/312		500,000		499,650
(fixed, converts to FRN on 09/08/26),
5.125%, due 06/08/262,8		200,000		206,405
5.200%, due 09/17/302		200,000		216,035
5.450%, due 11/19/295		200,000		216,015
5.450%, due 11/19/292		200,000		216,015

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
Compact Bidco BV
5.750%, due 05/01/262	EUR	200,000		212,646
5.750%, due 05/01/265	EUR	100,000		106,323
CP Atlas Buyer, Inc.
7.000%, due 12/01/282		100,000		96,750
GCC SAB de CV
5.250%, due 06/23/245		500,000		511,031
Griffon Corp.
5.750%, due 03/01/28		250,000		261,250
James Hardie International Finance DAC
3.625%, due 10/01/265	EUR	225,000		264,001
3.625%, due 10/01/262	EUR	150,000		176,001
JELD-WEN, Inc.
4.625%, due 12/15/252		125,000		126,094
6.250%, due 05/15/252		100,000		105,375
New Enterprise Stone & Lime Co., Inc.
5.250%, due 07/15/282		125,000		126,110
New Enterprise Stone & Lime Co., Inc.
9.750%, due 07/15/282		150,000		160,875
Patrick Industries, Inc.
4.750%, due 05/01/292		125,000		124,063
7.500%, due 10/15/272		125,000		133,906
PGT Innovations, Inc.
4.375%, due 10/01/292		75,000		74,344
SRM Escrow Issuer LLC
6.000%, due 11/01/282		275,000		286,000
Standard Industries, Inc.
2.250%, due 11/21/265	EUR	225,000		251,606
2.250%, due 11/21/262	EUR	275,000		307,518
Summit Materials LLC/Summit Materials Finance Corp.
5.250%, due 01/15/292		100,000		104,750
6.500%, due 03/15/272		50,000		52,250
Victors Merger Corp.
6.375%, due 05/15/292		100,000		94,000
West China Cement Ltd.
4.950%, due 07/08/265		200,000		193,790
				5,566,224
Chemicals—2.8%
Braskem Netherlands Finance BV
(fixed, converts to FRN on 01/23/26),
8.500%, due 01/23/812		250,000		279,109
(fixed, converts to FRN on 01/23/26),
8.500%, due 01/23/815		300,000		334,931

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(continued)
Consolidated Energy Finance SA
5.000%, due 10/15/282	EUR	450,000		508,365
Cornerstone Chemical Co.
6.750%, due 08/15/242,6		125,000		112,500
CVR Partners LP/CVR Nitrogen Finance Corp.
6.125%, due 06/15/282		25,000		25,875
Diamond BC BV
4.625%, due 10/01/292		50,000		50,350
INEOS Finance PLC
3.375%, due 03/31/265	EUR	300,000		353,736
3.375%, due 03/31/262	EUR	100,000		117,912
INEOS Quattro Finance 1 PLC
3.750%, due 07/15/262	EUR	100,000		116,611
INEOS Quattro Finance 2 PLC
2.500%, due 01/15/265	EUR	225,000		259,316
Innophos Holdings, Inc.
9.375%, due 02/15/282		150,000		162,000
Iris Holdings, Inc.
8.750% Cash or 9.500% PIK,
8.750%, due 02/15/262,7		125,000		126,875
LSF11 A5 HoldCo LLC
6.625%, due 10/15/292		50,000		50,040
Methanex Corp.
5.125%, due 10/15/27		75,000		79,125
Minerals Technologies, Inc.
5.000%, due 07/01/282		100,000		102,994
Nobian Finance BV
3.625%, due 07/15/262	EUR	300,000		335,529
NOVA Chemicals Corp.
4.250%, due 05/15/292,6		50,000		49,350
5.000%, due 05/01/252		50,000		52,688
5.250%, due 06/01/272		150,000		157,871
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.750%, due 04/30/262		50,000		51,094
OCI NV
4.625%, due 10/15/252		179,000		186,160
OCP SA
3.750%, due 06/23/312		200,000		196,000
6.875%, due 04/25/445		500,000		599,000
Olin Corp.
5.000%, due 02/01/30		75,000		79,125
5.625%, due 08/01/29		250,000		273,057

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
9.500%, due 06/01/252		150,000		184,312
Polar US Borrower LLC/Schenectady International Group, Inc.
6.750%, due 05/15/262		100,000		99,428
Sasol Financing USA LLC
5.500%, due 03/18/31		300,000		307,500
5.875%, due 03/27/24		300,000		315,975
SCIH Salt Holdings, Inc.
4.875%, due 05/01/282		150,000		146,625
6.625%, due 05/01/292,6		175,000		164,719
SCIL IV LLC / SCIL USA Holdings LLC
3 mo. Euribor + 4.375%,
3.818%, due 11/01/262,9,10	EUR	100,000		116,201
4.375%, due 11/01/262,9	EUR	100,000		116,028
5.375%, due 11/01/262,9		200,000		201,626
TPC Group, Inc.
10.500%, due 08/01/242		225,000		204,750
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.125%, due 04/01/292		165,000		165,462
5.375%, due 09/01/252		250,000		255,032
Tronox, Inc.
4.625%, due 03/15/292		175,000		171,558
6.500%, due 05/01/252		75,000		78,844
Unifrax Escrow Issuer Corp.
5.250%, due 09/30/282		25,000		24,938
7.500%, due 09/30/292		50,000		49,688
WR Grace Holdings LLC
4.875%, due 06/15/272		150,000		152,363
5.625%, due 08/15/292		250,000		252,187
				7,666,849
Coal—0.1%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
3.000%, due 03/15/243,4,11		550,000		5,500
Indika Energy Capital IV Pte Ltd.
8.250%, due 10/22/252		300,000		318,000
Murray Energy Corp.
0.000%, due 04/15/242,3,4,11,12		1,268,693		0
				323,500
Commercial services—3.5%
ADT Security Corp.
4.125%, due 08/01/292		100,000		98,563
4.875%, due 07/15/322		150,000		150,007

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(continued)
Adtalem Global Education, Inc.
5.500%, due 03/01/282		275,000		277,750
Ahern Rentals, Inc.
7.375%, due 05/15/232		325,000		310,375
Albion Financing 1 SARL / Aggreko Holdings, Inc.
5.250%, due 10/15/262	EUR	125,000		145,052
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.000%, due 06/01/292		200,000		196,827
9.750%, due 07/15/272		225,000		241,875
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
3.625%, due 06/01/282	EUR	250,000		283,099
4.625%, due 06/01/282		200,000		198,190
4.875%, due 06/01/282	GBP	300,000		400,096
Alta Equipment Group, Inc.
5.625%, due 04/15/262		50,000		51,125
AMN Healthcare, Inc.
4.000%, due 04/15/292		150,000		152,250
APi Group DE, Inc.
4.125%, due 07/15/292		175,000		174,125
APX Group, Inc.
5.750%, due 07/15/292		150,000		148,687
Arena Luxembourg Finance SARL
1.875%, due 02/01/285	EUR	125,000		135,946
1.875%, due 02/01/282	EUR	100,000		108,756
ASGN, Inc.
4.625%, due 05/15/282		150,000		154,875
Autostrade per l'Italia SpA
2.000%, due 12/04/285	EUR	125,000		151,508
2.000%, due 01/15/305	EUR	150,000		181,730
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.750%, due 04/01/282		75,000		77,813
5.375%, due 03/01/292,6		100,000		105,250
5.750%, due 07/15/272		25,000		26,125
BCP V Modular Services Finance II PLC
4.750%, due 11/30/282	EUR	100,000		115,334
6.125%, due 11/30/282	GBP	125,000		171,069
BCP V Modular Services Finance PLC
6.750%, due 11/30/292	EUR	275,000		311,065
Carriage Services, Inc.
4.250%, due 05/15/292		75,000		75,131
EC Finance PLC
3.000%, due 10/15/262	EUR	175,000		204,323

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(continued)
eHi Car Services Ltd.
7.000%, due 09/21/265		200,000		183,084
Graham Holdings Co.
5.750%, due 06/01/262		175,000		182,297
HealthEquity, Inc.
4.500%, due 10/01/292		75,000		75,844
Kapla Holding SAS
3.375%, due 12/15/265	EUR	250,000		285,185
La Financiere Atalian SASU
5.125%, due 05/15/255	EUR	325,000		374,214
Metis Merger Sub LLC
6.500%, due 05/15/292		150,000		148,500
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.
7.875%, due 10/01/222		325,000		323,190
Modulaire Global Finance PLC
8.000%, due 02/15/232		200,000		203,804
MoneyGram International, Inc.
5.375%, due 08/01/262		100,000		100,250
Nassa Topco AS
2.875%, due 04/06/245	EUR	275,000		324,258
NESCO Holdings II, Inc.
5.500%, due 04/15/292		125,000		126,563
Nexi SpA
1.625%, due 04/30/265	EUR	125,000		143,597
Nielsen Finance LLC/Nielsen Finance Co.
5.625%, due 10/01/282		75,000		77,980
5.875%, due 10/01/302		50,000		52,340
Paysafe Finance PLC/Paysafe Holdings US Corp.
3.000%, due 06/15/292	EUR	175,000		195,027
4.000%, due 06/15/292		100,000		94,750
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/272		50,000		47,895
5.250%, due 04/15/242		75,000		79,781
6.250%, due 01/15/282		75,000		76,875
Q-Park Holding I BV
2.000%, due 03/01/272	EUR	100,000		109,390
2.000%, due 03/01/275	EUR	275,000		300,822
RAC Bond Co. PLC
5.250%, due 11/04/272,9	GBP	225,000		304,156
Rent-A-Center, Inc.
6.375%, due 02/15/292		100,000		104,500

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
Sabre GLBL, Inc.
7.375%, due 09/01/252		25,000		26,563
9.250%, due 04/15/252		150,000		173,349
Service Corp. International
4.000%, due 05/15/31		125,000		127,813
Techem Verwaltungsgesellschaft 675 mbH
2.000%, due 07/15/255	EUR	450,000		509,944
Verscend Escrow Corp.
9.750%, due 08/15/262		125,000		132,414
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/262		75,000		77,531
				9,608,862
Computers—1.1%
Banff Merger Sub, Inc.
8.375%, due 09/01/265	EUR	175,000		210,048
Diebold Nixdorf Dutch Holding BV
9.000%, due 07/15/252	EUR	100,000		124,536
9.000%, due 07/15/255	EUR	550,000		684,947
Diebold Nixdorf, Inc.
8.500%, due 04/15/246		50,000		49,938
9.375%, due 07/15/252		100,000		107,750
Exela Intermediate LLC/Exela Finance, Inc.
10.000%, due 07/15/232		250,000		209,200
NCR Corp.
5.000%, due 10/01/282		125,000		126,563
5.125%, due 04/15/292		300,000		306,774
5.250%, due 10/01/302		25,000		25,750
5.750%, due 09/01/272		225,000		236,812
6.125%, due 09/01/292		200,000		214,877
Presidio Holdings, Inc.
4.875%, due 02/01/272		150,000		152,625
8.250%, due 02/01/282		175,000		185,938
Science Applications International Corp.
4.875%, due 04/01/282		200,000		206,000
Vericast Corp.
11.000%, due 09/15/262		126,250		131,931
				2,973,689
Cosmetics & personal care—0.1%
Edgewell Personal Care Co.
4.125%, due 04/01/292		175,000		171,938

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Cosmetics & personal care—(concluded)
5.500%, due 06/01/282		125,000		130,769
				302,707
Distribution & wholesale—0.3%
Avient Corp.
5.750%, due 05/15/252		150,000		156,750
BCPE Empire Holdings, Inc.
7.625%, due 05/01/272		175,000		173,250
H&E Equipment Services, Inc.
3.875%, due 12/15/282		25,000		24,813
IAA, Inc.
5.500%, due 06/15/272		125,000		129,844
KAR Auction Services, Inc.
5.125%, due 06/01/252		125,000		125,312
Resideo Funding, Inc.
4.000%, due 09/01/292		50,000		47,813
Univar Solutions USA, Inc.
5.125%, due 12/01/272		225,000		234,562
				892,344
Diversified financial services—2.7%
AG Issuer LLC
6.250%, due 03/01/282		150,000		156,375
Ally Financial, Inc.
8.000%, due 11/01/31		105,000		147,014
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/268		50,000		51,813
Amigo Luxembourg SA
7.625%, due 01/15/245	GBP	225,000		298,224
Bracken MidCo1 PLC
6.750%, due 11/01/272,7,9	GBP	125,000		170,479
Coinbase Global, Inc.
3.375%, due 10/01/282		25,000		24,125
Credito Real SAB de CV
5.000%, due 02/01/275	EUR	275,000		254,380
doValue S.p.A
3.375%, due 07/31/262	EUR	150,000		174,267
5.000%, due 08/04/252	EUR	325,000		389,488
Enact Holdings, Inc.
6.500%, due 08/15/252		125,000		136,875

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(continued)
Garfunkelux Holdco 3 SA
6.750%, due 11/01/252	EUR	225,000		269,151
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/242,7		327,679		318,127
International Personal Finance PLC
9.750%, due 11/12/25	EUR	400,000		497,848
Iqera Group SAS
6.500%, due 09/30/242	EUR	100,000		118,808
Jefferson Capital Holdings LLC
6.000%, due 08/15/262		150,000		151,875
Jerrold Finco PLC
5.250%, due 01/15/275	GBP	250,000		348,125
LFS Topco LLC
5.875%, due 10/15/262		75,000		77,156
Midcap Financial Issuer Trust
6.500%, due 05/01/282		200,000		207,500
Mulhacen Pte Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 08/01/235,7	EUR	403,886		381,830
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/302		125,000		125,981
5.500%, due 08/15/282		150,000		153,750
6.000%, due 01/15/272		75,000		78,375
Navient Corp.
5.000%, due 03/15/27		25,000		25,493
5.625%, due 08/01/33		150,000		142,303
6.125%, due 03/25/24		375,000		401,250
6.750%, due 06/25/25		100,000		110,057
6.750%, due 06/15/26		200,000		220,750
OneMain Finance Corp.
5.375%, due 11/15/29		25,000		26,688
6.625%, due 01/15/28		100,000		112,250
7.125%, due 03/15/26		400,000		454,000
8.875%, due 06/01/25		50,000		54,063
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.375%, due 12/15/222		125,000		125,603
PennyMac Financial Services, Inc.
4.250%, due 02/15/292		175,000		164,937
5.750%, due 09/15/312		75,000		73,781
PRA Group, Inc.
5.000%, due 10/01/292		50,000		49,410

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
Provident Funding Associates LP/PFG Finance Corp.
6.375%, due 06/15/252		75,000		75,375
Sherwood Financing PLC
3 mo. Euribor + 4.625%,
1.000%, due 11/15/272,9,10	EUR	100,000		115,600
4.500%, due 11/15/262,9	EUR	100,000		115,022
Shriram Transport Finance Co. Ltd.
5.100%, due 07/16/235		200,000		203,062
SLM Corp.
3.125%, due 11/02/269		175,000		173,469
VistaJet Malta Finance PLC/XO Management Holding, Inc.
10.500%, due 06/01/242		175,000		188,895
World Acceptance Corp.
7.000%, due 11/01/262		100,000		98,500
				7,462,074
Electric—2.5%
AES Andres BV
5.700%, due 05/04/282		400,000		408,575
AES El Salvador Trust II
6.750%, due 03/28/235		450,000		417,741
Calpine Corp.
4.500%, due 02/15/282		175,000		177,277
5.000%, due 02/01/312		75,000		73,508
5.125%, due 03/15/282		300,000		298,500
Capex SA
6.875%, due 05/15/245		200,000		188,912
6.875%, due 05/15/242		225,000		212,527
Centrais Eletricas Brasileiras SA
3.625%, due 02/04/252		200,000		200,287
Clean Renewable Power Mauritius Pte Ltd.
4.250%, due 03/25/272		200,000		202,662
4.250%, due 03/25/275		200,000		202,662
Clearway Energy Operating LLC
3.750%, due 01/15/322		50,000		49,759
4.750%, due 03/15/282		50,000		52,900
ContourGlobal Power Holdings SA
3.125%, due 01/01/282	EUR	100,000		115,016
4.125%, due 08/01/255	EUR	325,000		381,012
Drax Finco PLC
6.625%, due 11/01/252		200,000		205,500
Eskom Holdings SOC Ltd.
6.350%, due 08/10/285		400,000		430,000

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
6.750%, due 08/06/235		410,000		422,889
FirstEnergy Corp.,
Series C,
5.350%, due 07/15/4713		225,000		273,045
GenOn Energy, Inc.
3.000%, due 06/15/173,4,11		75,000		0
Instituto Costarricense de Electricidad
6.375%, due 05/15/435		200,000		171,063
6.750%, due 10/07/312		300,000		302,250
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/292		50,000		50,245
Mong Duong Finance Holdings BV
5.125%, due 05/07/292		375,000		372,727
NextEra Energy Operating Partners LP
3.875%, due 10/15/262		275,000		292,531
NRG Energy, Inc.
3.625%, due 02/15/312		75,000		72,994
3.875%, due 02/15/322		50,000		49,000
6.625%, due 01/15/27		46,000		47,638
Pacific Gas and Electric Co.
4.550%, due 07/01/30		50,000		54,466
PG&E Corp.
5.000%, due 07/01/286		75,000		78,000
SMC Global Power Holdings Corp.
(fixed, converts to FRN on 04/25/24),
6.500%, due 04/25/245,8		200,000		202,540
Star Energy Geothermal Wayang Windu Ltd.
6.750%, due 04/24/335		209,675		234,024
Talen Energy Supply LLC
6.625%, due 01/15/282		50,000		47,250
10.500%, due 01/15/262		75,000		49,588
Vistra Operations Co. LLC
4.375%, due 05/01/292		150,000		148,500
5.500%, due 09/01/262		350,000		360,395
				6,845,983
Electrical components & equipment—0.3%
Belden, Inc.
3.875%, due 03/15/285	EUR	250,000		298,809
Energizer Gamma Acquisition BV
3.500%, due 06/30/292	EUR	275,000		307,699

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Electrical components & equipment—(concluded)
Senvion Holding GmbH
3.875%, due 10/25/225,12	EUR	400,000		5,780
WESCO Distribution, Inc.
7.125%, due 06/15/252		125,000		132,500
7.250%, due 06/15/282		150,000		165,436
				910,224
Electronics—0.4%
Brightstar Escrow Corp.
9.750%, due 10/15/252		100,000		106,875
Imola Merger Corp.
4.750%, due 05/15/292		650,000		667,842
Sensata Technologies BV
4.000%, due 04/15/292		200,000		203,132
TTM Technologies, Inc.
4.000%, due 03/01/292		100,000		99,112
				1,076,961
Energy-Alternate Sources—0.8%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/242		300,000		314,869
Continuum Energy Levanter Pte Ltd.
4.500%, due 02/09/272		198,500		203,028
Cullinan Holdco Scsp
3 mo. Euribor + 4.750%,
1.000%, due 10/15/262,10	EUR	200,000		231,868
4.625%, due 10/15/262	EUR	100,000		116,229
Greenko Solar Mauritius Ltd.
5.550%, due 01/29/255		300,000		305,625
Investment Energy Resources Ltd.
6.250%, due 04/26/292		200,000		213,000
ReNew Power Pvt Ltd.
5.875%, due 03/05/272		300,000		314,344
ReNew Power Synthetic
6.670%, due 03/12/242		200,000		208,975
Renewable Energy Group, Inc.
5.875%, due 06/01/282		25,000		26,281
TerraForm Power Operating LLC
4.750%, due 01/15/302		125,000		129,497

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Energy-Alternate Sources—(concluded)
5.000%, due 01/31/282		50,000		53,250
				2,116,966
Engineering & construction—0.9%
Aeropuertos Argentina 2000 SA
3.000%, due 08/01/31		172,957		149,608
Aeropuertos Dominicanos Siglo XXI SA
6.750%, due 03/30/295		810,000		856,980
Brand Industrial Services, Inc.
8.500%, due 07/15/252		275,000		273,281
GMR Hyderabad International Airport Ltd.
4.750%, due 02/02/262		300,000		302,258
OHL Operaciones SA
5.100% Cash and 1.500% PIK,
9.750%, due 03/31/262,7	EUR	270,858		284,810
Sarens Finance Co., N.V.
5.750%, due 02/21/275	EUR	338,000		383,843
TopBuild Corp.
4.125%, due 02/15/322		75,000		75,656
Weekley Homes LLC/Weekley Finance Corp.
4.875%, due 09/15/282		200,000		207,000
				2,533,436
Entertainment—3.6%
Affinity Gaming
6.875%, due 12/15/272		150,000		155,505
Allen Media LLC/Allen Media Co-Issuer, Inc.
10.500%, due 02/15/282		100,000		107,125
AMC Entertainment Holdings, Inc.
10.500%, due 04/24/262		28,000		30,030
10.000% Cash or 12.000% PIK,
12.000%, due 06/15/262,7		399,932		397,932
ASR Media & Sponsorship SpA
5.125%, due 08/01/245	EUR	220,336		248,316
5.125%, due 08/01/242	EUR	269,300		303,497
Boyne USA, Inc.
4.750%, due 05/15/292		100,000		102,250
Caesars Entertainment, Inc.
4.625%, due 10/15/292		250,000		251,200
8.125%, due 07/01/272,6		275,000		308,014
Caesars Resort Collection LLC/CRC Finco, Inc.
5.750%, due 07/01/252		25,000		26,269

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(continued)
Cedar Fair LP
5.250%, due 07/15/29		27,000		27,978
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.
5.375%, due 06/01/24		75,000		75,563
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
6.500%, due 10/01/28		175,000		187,687
Churchill Downs, Inc.
4.750%, due 01/15/282		75,000		77,531
5.500%, due 04/01/272		150,000		155,063
Cinemark USA, Inc.
5.250%, due 07/15/282,6		300,000		292,687
5.875%, due 03/15/262,6		125,000		125,313
Cirsa Finance International SARL
6.250%, due 12/20/235	EUR	297,210		347,611
Codere Finance 2 Luxembourg SA
10.750%, due 09/30/235,13	EUR	98,000		118,726
4.500% Cash and 6.250% PIK,
10.750%, due 11/01/235,7	EUR	360,937		247,008
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%, due 02/15/232		150,000		155,250
Everi Holdings, Inc.
5.000%, due 07/15/292		50,000		51,188
Gateway Casinos & Entertainment Ltd.
8.250%, due 03/01/242		50,000		51,475
Golden Entertainment, Inc.
7.625%, due 04/15/262		325,000		341,250
Inter Media and Communication SpA
4.875%, due 12/31/225	EUR	170,796		195,465
4.875%, due 12/31/225	EUR	256,942		294,054
International Game Technology PLC
4.125%, due 04/15/262		200,000		205,500
Intralot Capital Luxembourg SA
5.250%, due 09/15/245	EUR	525,000		497,537
Jacobs Entertainment, Inc.
7.875%, due 02/01/242		225,000		231,750
Live Nation Entertainment, Inc.
3.750%, due 01/15/282		25,000		24,750
5.625%, due 03/15/262		100,000		103,375
Merlin Entertainments Ltd.
5.750%, due 06/15/262		219,000		226,748
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/292		125,000		126,110

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
Mohegan Gaming & Entertainment
7.875%, due 10/15/242		225,000		233,437
8.000%, due 02/01/262		200,000		206,000
Motion Bondco DAC
4.500%, due 11/15/275	EUR	250,000		274,200
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In
8.500%, due 11/15/272		50,000		53,344
Penn National Gaming, Inc.
4.125%, due 07/01/292		125,000		121,875
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.625%, due 09/01/292		200,000		203,500
5.875%, due 09/01/312		200,000		204,000
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/262		75,000		75,938
Sazka Group AS
3.875%, due 02/15/275	EUR	100,000		115,347
3.875%, due 02/15/272	EUR	200,000		230,694
4.125%, due 11/20/245	EUR	328,000		382,130
Scientific Games International, Inc.
3.375%, due 02/15/265	EUR	275,000		320,761
3.375%, due 02/15/262	EUR	175,000		204,121
7.000%, due 05/15/282		425,000		459,191
7.250%, due 11/15/292		75,000		84,756
8.250%, due 03/15/262		150,000		159,000
8.625%, due 07/01/252		25,000		26,980
SeaWorld Parks & Entertainment, Inc.
5.250%, due 08/15/292		200,000		203,750
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, due 10/01/292		75,000		75,188
				9,723,969
Environmental control—0.2%
Covanta Holding Corp.
5.000%, due 09/01/30		100,000		99,500
Derichebourg SA
2.250%, due 07/15/282	EUR	100,000		117,669
GFL Environmental, Inc.
4.000%, due 08/01/282		25,000		24,375
Madison IAQ LLC
4.125%, due 06/30/282		50,000		49,741
5.875%, due 06/30/292		150,000		148,875
				440,160

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food—3.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250%, due 03/15/262		75,000		76,219
4.625%, due 01/15/272		150,000		156,983
5.750%, due 03/15/25		8,000		8,115
Boparan Finance PLC
7.625%, due 11/30/252	GBP	200,000		228,548
C&S Group Enterprises LLC
5.000%, due 12/15/282		100,000		93,000
Casino Guichard Perrachon SA
(fixed, converts to FRN on 01/31/24),
3.992%, due 01/31/245,8	EUR	500,000		390,150
Grupo KUO SAB De CV
5.750%, due 07/07/275		750,000		766,875
HJ Heinz Finance UK PLC
6.250%, due 02/18/30	GBP	100,000		173,139
Iceland Bondco PLC
4.375%, due 05/15/282	GBP	150,000		178,596
4.625%, due 03/15/255	GBP	300,000		376,694
Indofood CBP Sukses Makmur Tbk PT
3.541%, due 04/27/325		200,000		199,522
Ingles Markets, Inc.
4.000%, due 06/15/312		125,000		124,375
JBS USA Food Co.
5.750%, due 01/15/282		300,000		312,753
7.000%, due 01/15/262		400,000		416,000
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500%, due 01/15/302		150,000		164,250
Kraft Heinz Foods Co.
4.125%, due 07/01/275	GBP	100,000		150,408
5.000%, due 06/04/42		125,000		154,499
5.200%, due 07/15/45		250,000		317,961
6.500%, due 02/09/40		250,000		356,795
Lamb Weston Holdings, Inc.
4.125%, due 01/31/302,9		100,000		100,095
4.375%, due 01/31/322,9		100,000		100,148
MARB BondCo PLC
3.950%, due 01/29/315		400,000		378,500

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food—(concluded)
Minerva Luxembourg SA
4.375%, due 03/18/312		250,000		236,812
Nathan's Famous, Inc.
6.625%, due 11/01/252		150,000		152,738
NBM US Holdings, Inc.
7.000%, due 05/14/265		500,000		528,625
Nomad Foods Bondco PLC
2.500%, due 06/24/282	EUR	100,000		114,662
Ocado Group PLC
3.875%, due 10/08/262	GBP	175,000		233,812
Performance Food Group, Inc.
4.250%, due 08/01/292		125,000		125,000
5.500%, due 10/15/272		100,000		104,250
Post Holdings, Inc.
4.500%, due 09/15/312		400,000		391,972
Premier Foods Finance PLC
3.500%, due 10/15/265	GBP	275,000		369,141
Quatrim SASU
5.875%, due 01/15/245	EUR	100,000		118,634
Rallye SA,
Series COFP,
5.520%, due 02/01/225,12	EUR	800,000		258,944
SEG Holding LLC/SEG Finance Corp.
5.625%, due 10/15/282		250,000		263,125
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625%, due 03/01/292		175,000		176,750
Ulker Biskuvi Sanayi AS
6.950%, due 10/30/252		250,000		262,234
United Natural Foods, Inc.
6.750%, due 10/15/282		50,000		54,125
US Foods, Inc.
4.750%, due 02/15/292		200,000		202,354
6.250%, due 04/15/252		100,000		104,500
				8,921,303
Food Service—0.1%
Aramark Services, Inc.
6.375%, due 05/01/252		75,000		78,929

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food Service—(concluded)
TKC Holdings, Inc.
10.500%, due 05/15/292		100,000		108,000
				186,929
Forest Products & Paper—0.2%
Appvion, Inc.
9.000%, due 06/01/252,3,4,11		650,000		6,500
Glatfelter Corp.
4.750%, due 11/15/292		50,000		50,937
Mercer International, Inc.
5.125%, due 02/01/29		150,000		149,133
Pearl Merger Sub, Inc.
6.750%, due 10/01/282		100,000		99,250
WEPA Hygieneprodukte GmbH
2.875%, due 12/15/275	EUR	250,000		274,871
				580,691
Gas—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.500%, due 05/20/25		50,000		54,188
5.750%, due 05/20/27		150,000		167,797
				221,985
Hand & machine tools—0.2%
Norican A/S
4.500%, due 05/15/235	EUR	350,000		390,888
Werner FinCo LP/Werner FinCo, Inc.
8.750%, due 07/15/252		200,000		208,000
				598,888
Healthcare-products—0.3%
Avantor Funding, Inc.
3.875%, due 11/01/292		125,000		124,960
4.625%, due 07/15/282		75,000		77,809
Mozart Debt Merger Sub,Inc.
5.250%, due 10/01/292		325,000		329,875
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.250%, due 02/01/282		90,000		95,850
7.375%, due 06/01/252		75,000		78,735
				707,229

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—2.4%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/292		100,000		102,000
5.500%, due 07/01/282		125,000		130,313
AHP Health Partners, Inc.
5.750%, due 07/15/292		75,000		75,375
Air Methods Corp.
8.000%, due 05/15/252		200,000		153,000
Cano Health LLC
6.250%, due 10/01/282		100,000		100,572
Catalent Pharma Solutions, Inc.
2.375%, due 03/01/285	EUR	175,000		202,088
Centene Corp.
2.450%, due 07/15/28		75,000		74,746
2.500%, due 03/01/31		100,000		97,500
3.000%, due 10/15/30		50,000		50,819
4.250%, due 12/15/27		225,000		235,687
CHS/Community Health Systems, Inc.
4.750%, due 02/15/312		250,000		250,000
5.625%, due 03/15/272		150,000		156,967
6.000%, due 01/15/292		100,000		105,250
6.125%, due 04/01/302		150,000		147,444
6.625%, due 02/15/252		250,000		260,000
6.875%, due 04/01/282,6		98,000		92,768
6.875%, due 04/15/292		275,000		282,906
8.000%, due 03/15/262		250,000		263,750
8.000%, due 12/15/272		250,000		270,937
DaVita, Inc.
3.750%, due 02/15/312		325,000		307,937
4.625%, due 06/01/302		350,000		351,736
Encompass Health Corp.
4.750%, due 02/01/30		125,000		128,125
Envision Healthcare Corp.
8.750%, due 10/15/262		200,000		134,354
HCA, Inc.
3.500%, due 09/01/30		200,000		210,330
IQVIA, Inc.
5.000%, due 05/15/272		125,000		129,571

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
Legacy LifePoint Health LLC
6.750%, due 04/15/252		100,000		104,750
LifePoint Health, Inc.
5.375%, due 01/15/292		100,000		98,000
ModivCare Escrow Issuer, Inc.
5.000%, due 10/01/292		75,000		76,288
Molina Healthcare, Inc.
3.875%, due 11/15/302		100,000		103,125
Prime Healthcare Services, Inc.
7.250%, due 11/01/252		150,000		159,750
Rede D'or Finance SARL
4.500%, due 01/22/305		164,000		160,597
RP Escrow Issuer LLC
5.250%, due 12/15/252		100,000		100,000
Select Medical Corp.
6.250%, due 08/15/262		150,000		156,895
Tenet Healthcare Corp.
4.250%, due 06/01/292		50,000		50,614
4.625%, due 09/01/242		125,000		127,656
4.875%, due 01/01/262		75,000		76,875
5.125%, due 11/01/272		25,000		26,125
6.125%, due 10/01/282		825,000		866,209
6.250%, due 02/01/272		50,000		51,938
6.750%, due 06/15/23		75,000		80,625
6.875%, due 11/15/31		87,000		99,615
				6,653,237
Holding companies-divers—0.4%
KOC Holding AS
5.250%, due 03/15/235		500,000		507,437
6.500%, due 03/11/252		200,000		210,413
6.500%, due 03/11/255		400,000		420,825
				1,138,675
Home builders—1.3%
Adams Homes, Inc.
7.500%, due 02/15/252		150,000		156,375
Ashton Woods USA LLC / Ashton Woods Finance Co.
4.625%, due 04/01/302		100,000		98,250
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625%, due 08/01/292		75,000		74,344

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(continued)
6.625%, due 01/15/282		100,000		105,750
Beazer Homes USA, Inc.
5.875%, due 10/15/276		25,000		26,031
6.750%, due 03/15/25		225,000		232,312
7.250%, due 10/15/29		100,000		109,250
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
4.875%, due 02/15/302		150,000		150,309
5.000%, due 06/15/292		125,000		125,469
Century Communities, Inc.
3.875%, due 08/15/292		75,000		74,742
Empire Communities Corp.
7.000%, due 12/15/252		125,000		129,375
Forestar Group, Inc.
3.850%, due 05/15/262		100,000		99,999
5.000%, due 03/01/282		75,000		76,969
Installed Building Products, Inc.
5.750%, due 02/01/282		150,000		157,125
KB Home
4.000%, due 06/15/31		125,000		126,719
6.875%, due 06/15/27		100,000		118,106
LGI Homes, Inc.
4.000%, due 07/15/292		50,000		48,625
Maison Finco PLC
6.000%, due 10/31/272	GBP	175,000		243,352
Mattamy Group Corp.
4.625%, due 03/01/302		150,000		151,868
Meritage Homes Corp.
6.000%, due 06/01/25		290,000		325,583
Picasso Finance Sub, Inc.
6.125%, due 06/15/252		60,000		63,150
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/282		100,000		100,750
4.750%, due 04/01/292		125,000		125,625
STL Holding Co. LLC
7.500%, due 02/15/262		125,000		131,580
Thor Industries, Inc.
4.000%, due 10/15/292		75,000		74,273
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
5.875%, due 06/15/24		75,000		83,081
Tri Pointe Homes, Inc.
5.700%, due 06/15/28		75,000		81,562

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
Williams Scotsman International, Inc.
4.625%, due 08/15/282		125,000		129,219
Winnebago Industries, Inc.
6.250%, due 07/15/282		100,000		108,125
				3,527,918
Home Furnishings—0.0%†
Tempur Sealy International, Inc.
4.000%, due 04/15/292		100,000		101,581
Household products/wares—0.3%
Central Garden & Pet Co.
4.125%, due 10/15/30		75,000		75,559
4.125%, due 04/30/312		100,000		100,000
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
5.000%, due 12/31/262		50,000		49,500
7.000%, due 12/31/272,6		75,000		72,529
Spectrum Brands, Inc.
4.000%, due 10/01/265	EUR	100,000		117,481
4.000%, due 10/01/262	EUR	325,000		381,815
5.500%, due 07/15/302		50,000		54,000
5.750%, due 07/15/25		5,000		5,113
				855,997
Housewares—0.3%
Newell Brands, Inc.
4.700%, due 04/01/2613		175,000		191,649
5.875%, due 04/01/3613		225,000		272,812
6.000%, due 04/01/4613		50,000		62,795
Scotts Miracle-Gro Co.
4.000%, due 04/01/312		150,000		148,778
				676,034
Insurance—0.9%
Acrisure LLC/Acrisure Finance, Inc.
7.000%, due 11/15/252		375,000		378,750
10.125%, due 08/01/262		25,000		27,625
AssuredPartners, Inc.
5.625%, due 01/15/292		75,000		74,438
7.000%, due 08/15/252		150,000		152,063
BroadStreet Partners, Inc.
5.875%, due 04/15/292		150,000		147,375

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Genworth Holdings, Inc.
4.900%, due 08/15/23		275,000		281,187
HUB International Ltd.
7.000%, due 05/01/262		250,000		257,812
MGIC Investment Corp.
5.250%, due 08/15/28		175,000		186,188
5.750%, due 08/15/23		100,000		106,625
NMI Holdings, Inc.
7.375%, due 06/01/252		150,000		172,345
Radian Group, Inc.
4.500%, due 10/01/24		200,000		212,000
4.875%, due 03/15/27		150,000		163,688
Sagicor Financial Co. Ltd.
5.300%, due 05/13/282		400,000		415,200
				2,575,296
Internet—0.9%
Arches Buyer, Inc.
4.250%, due 06/01/282		75,000		75,604
6.125%, due 12/01/282		25,000		25,281
B2W Digital Lux SARL
4.375%, due 12/20/302		200,000		185,850
Endure Digital, Inc.
6.000%, due 02/15/292		150,000		138,000
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
3.500%, due 03/01/292		75,000		72,562
5.250%, due 12/01/272		225,000		233,437
Iliad SA
1.875%, due 02/11/285	EUR	100,000		109,966
Match Group Holdings II LLC
5.000%, due 12/15/272		50,000		52,125
MercadoLibre, Inc.
3.125%, due 01/14/31		300,000		281,640
Millennium Escrow Corp.
6.625%, due 08/01/262		100,000		101,629
Netflix, Inc.
5.375%, due 11/15/292		25,000		30,155
5.750%, due 03/01/24		25,000		27,531
6.375%, due 05/15/29		175,000		220,719
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/272		50,000		48,813

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Internet—(concluded)
Uber Technologies, Inc.
4.500%, due 08/15/292		150,000		150,964
6.250%, due 01/15/282		125,000		134,225
7.500%, due 05/15/252		100,000		106,597
7.500%, due 09/15/272		75,000		82,039
8.000%, due 11/01/262		225,000		239,490
United Group BV
3 mo. Euribor + 3.250%,
3.250%, due 02/15/262,10	EUR	100,000		113,082
				2,429,709
Investment companies—0.6%
Compass Group Diversified Holdings LLC
5.250%, due 04/15/292		125,000		130,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, due 02/01/29		125,000		125,553
4.750%, due 09/15/24		425,000		440,489
5.250%, due 05/15/27		475,000		494,000
6.250%, due 05/15/26		300,000		314,250
6.375%, due 12/15/25		25,000		25,500
				1,529,792
Iron & steel—1.1%
ABJA Investment Co. Pte Ltd.
5.450%, due 01/24/285		300,000		331,500
Allegheny Technologies, Inc.
4.875%, due 10/01/29		75,000		74,948
5.125%, due 10/01/31		100,000		99,620
5.875%, due 12/01/276		150,000		157,500
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/262		175,000		185,363
Big River Steel LLC/BRS Finance Corp.
6.625%, due 01/31/292		140,000		152,075
Carpenter Technology Corp.
6.375%, due 07/15/28		200,000		211,543
Cleveland-Cliffs, Inc.
4.625%, due 03/01/292		25,000		25,906
4.875%, due 03/01/312,6		100,000		104,125
5.875%, due 06/01/27		225,000		234,000
6.750%, due 03/15/262		100,000		106,500
9.875%, due 10/17/252		100,000		114,500
CSN Inova Ventures
6.750%, due 01/28/285		250,000		265,187

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Iron & steel—(concluded)
GUSAP III LP
4.250%, due 01/21/302	250,000			262,531
JSW Steel Ltd.
5.050%, due 04/05/322	200,000			201,500
Mineral Resources Ltd.
8.125%, due 05/01/272	148,000			159,784
TMS International Corp.
6.250%, due 04/15/292	125,000			129,063
United States Steel Corp.
6.875%, due 03/01/296	100,000			107,000
				2,922,645
Leisure Time—2.9%
Carlson Travel, Inc.
11.500%, due 12/15/262	201,266			6,038
Carnival Corp.
5.750%, due 03/01/272	1,600,000			1,628,000
6.000%, due 05/01/292,9	25,000			24,984
6.650%, due 01/15/28	100,000			105,000
7.625%, due 03/01/262	325,000			342,417
10.500%, due 02/01/262	250,000			290,500
Carnival PLC
1.000%, due 10/28/29	EUR	1,075,000		969,057
Deuce Finco PLC
5.500%, due 06/15/272	GBP	125,000		169,974
5.500%, due 06/15/275	GBP	100,000		135,979
Life Time, Inc.
5.750%, due 01/15/262	250,000			256,655
8.000%, due 04/15/262	875,000			918,750
MajorDrive Holdings IV LLC
6.375%, due 06/01/292	125,000			120,250
NCL Corp. Ltd.
3.625%, due 12/15/242,6	75,000			70,594
5.875%, due 03/15/262	375,000			375,937
12.250%, due 05/15/242	200,000			235,926
NCL Finance Ltd.
6.125%, due 03/15/282	125,000			126,094
Pinnacle Bidco PLC
5.500%, due 02/15/255	EUR	275,000		323,463
5.500%, due 02/15/252	EUR	100,000		117,623
Royal Caribbean Cruises Ltd.
3.700%, due 03/15/286	175,000			165,812

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
5.250%, due 11/15/22	175,000			179,375
5.500%, due 08/31/262	75,000			76,406
5.500%, due 04/01/282	325,000			330,687
7.500%, due 10/15/27	50,000			58,480
9.125%, due 06/15/232	125,000			135,722
11.500%, due 06/01/252	104,000			118,365
Viking Cruises Ltd.
5.875%, due 09/15/272	375,000			361,875
6.250%, due 05/15/252	25,000			24,875
7.000%, due 02/15/292	25,000			25,126
13.000%, due 05/15/252	75,000			85,875
Viking Ocean Cruises Ship VII, Ltd.
5.625%, due 02/15/292	75,000			74,438
VOC Escrow Ltd.
5.000%, due 02/15/282	150,000			148,125
				8,002,402
Lodging—1.2%
Accor SA
(fixed, converts to FRN on 04/30/25),
2.625%, due 01/30/255,8	EUR	400,000		442,131
Fortune Star BVI Ltd.
3.950%, due 10/02/265	EUR	325,000		356,093
6.850%, due 07/02/245	200,000			202,563
Full House Resorts, Inc.
8.250%, due 02/15/282	225,000			237,938
Hilton Domestic Operating Co., Inc.
3.750%, due 05/01/292	25,000			25,000
5.750%, due 05/01/282	100,000			107,375
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/312	175,000			174,104
5.000%, due 06/01/292	275,000			280,431
Inn of the Mountain Gods Resort & Casino
9.250% Cash or 9.250% PIK,
9.250%, due 11/30/237	61,208			58,760
Marriott Ownership Resorts, Inc.
4.500%, due 06/15/292	75,000			75,000
MGM Resorts International
6.000%, due 03/15/23	375,000			395,707
NH Hotel Group SA
4.000%, due 07/02/262	EUR	125,000		144,766

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Lodging—(concluded)
Travel + Leisure Co.
4.625%, due 03/01/302	75,000			77,822
6.625%, due 07/31/262	200,000			223,336
TVL Finance PLC
3 mo. LIBOR GBP + 5.375%,
5.509%, due 07/15/255,10	GBP	125,000		162,515
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/272,6	250,000			253,437
				3,216,978
Machinery-construction & mining—0.1%
Manitowoc Co., Inc.
9.000%, due 04/01/262	75,000			79,858
Terex Corp.
5.000%, due 05/15/292	150,000			153,000
				232,858
Machinery-diversified—0.5%
Galapagos SA,
5.375% 06/15/2021,
0.000%, due 06/15/215,12	EUR	27,500		337
GrafTech Finance, Inc.
4.625%, due 12/15/282	50,000			50,500
Granite US Holdings Corp.
11.000%, due 10/01/272	100,000			109,500
Husky III Holding Ltd.
13.000% Cash or 13.750% PIK,
13.000%, due 02/15/252,7	125,000			132,499
JPW Industries Holding Corp.
9.000%, due 10/01/242	150,000			156,000
OT Merger Corp.
7.875%, due 10/15/292	75,000			73,875
Selecta Group BV
3.500% Cash and 4.500% PIK,
8.000%, due 04/01/265,7	EUR	15,453		17,910
3.500% Cash or 4.500% PIK,
8.000%, due 04/01/262,7	EUR	194,440		225,357
10.000%, due 07/01/262,7	EUR	69,672		77,036
10.000%, due 07/01/265,7	EUR	259,334		286,744

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Machinery-diversified—(concluded)
Titan Acquisition Ltd./Titan Co-Borrower LLC
7.750%, due 04/15/262	175,000			178,526
				1,308,284
Media—5.0%
Altice Financing SA
2.250%, due 01/15/255	EUR	100,000		111,333
4.250%, due 08/15/292	EUR	225,000		255,200
5.000%, due 01/15/282	200,000			192,724
Altice Finco SA
4.750%, due 01/15/285	EUR	400,000		438,702
AMC Networks, Inc.
4.250%, due 02/15/296	150,000			147,750
Audacy Capital Corp.
6.750%, due 03/31/292,6	75,000			74,344
Cable Onda SA
4.500%, due 01/30/302	300,000			311,160
Cable One, Inc.
4.000%, due 11/15/302	25,000			24,557
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/312	275,000			273,762
4.250%, due 01/15/342	275,000			266,698
4.500%, due 08/15/302	50,000			50,894
4.500%, due 05/01/32	550,000			552,601
4.500%, due 06/01/332	350,000			349,125
4.750%, due 03/01/302	100,000			103,250
Clear Channel Worldwide Holdings, Inc.
5.125%, due 08/15/272	225,000			230,794
CSC Holdings LLC
4.125%, due 12/01/302	200,000			191,500
4.500%, due 11/15/312	400,000			387,560
4.625%, due 12/01/302	1,100,000			1,007,875
5.000%, due 11/15/312	200,000			185,699
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375%, due 08/15/262	300,000			169,500
6.625%, due 08/15/272	200,000			59,643
DISH DBS Corp.
5.125%, due 06/01/29	175,000			168,437
5.875%, due 11/15/24	100,000			106,500
7.375%, due 07/01/28	175,000			183,969
GCI LLC
4.750%, due 10/15/282	150,000			155,250

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(continued)
Gray Escrow II, Inc.
5.375%, due 11/15/312,9	225,000			227,250
Gray Television, Inc.
4.750%, due 10/15/302	350,000			345,234
iHeartCommunications, Inc.
4.750%, due 01/15/282	75,000			75,469
5.250%, due 08/15/272	75,000			76,602
6.375%, due 05/01/26	130,233			135,442
LCPR Senior Secured Financing DAC
6.750%, due 10/15/272	200,000			210,000
Mav Acquisition Corp.
8.000%, due 08/01/292	200,000			194,500
Midcontinent Communications/Midcontinent Finance Corp.
5.375%, due 08/15/272	125,000			129,688
News Corp.
3.875%, due 05/15/292	225,000			228,375
Nexstar Media, Inc.
4.750%, due 11/01/282	150,000			153,247
Scripps Escrow II, Inc.
5.375%, due 01/15/312	50,000			48,938
Scripps Escrow, Inc.
5.875%, due 07/15/272	75,000			76,125
Sinclair Television Group, Inc.
4.125%, due 12/01/302	125,000			119,063
5.125%, due 02/15/272	150,000			144,187
5.500%, due 03/01/302,6	50,000			47,813
5.875%, due 03/15/262	200,000			205,000
Sirius XM Radio, Inc.
3.125%, due 09/01/262	225,000			225,281
3.875%, due 09/01/312	375,000			360,236
5.500%, due 07/01/292	200,000			215,750
Summer BidCo BV
9.000% Cash or 9.750% PIK,
9.000%, due 11/15/252,7	EUR	256,703		302,535
TEGNA, Inc.
4.625%, due 03/15/28	225,000			226,969
5.000%, due 09/15/29	100,000			101,243
Townsquare Media, Inc.
6.875%, due 02/01/262	50,000			52,250
Univision Communications, Inc.
4.500%, due 05/01/292	125,000			126,463
5.125%, due 02/15/252	100,000			101,500

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
6.625%, due 06/01/272	175,000			189,317
9.500%, due 05/01/252	100,000			108,250
UPC Broadband Finco BV
4.875%, due 07/15/312	400,000			406,660
UPC Holding BV
3.875%, due 06/15/295	EUR	375,000		440,544
UPCB Finance VII Ltd.
3.625%, due 06/15/295	EUR	300,000		352,855
Virgin Media Finance PLC
5.000%, due 07/15/302	200,000			198,867
Virgin Media Secured Finance PLC
5.000%, due 04/15/275	GBP	200,000		282,195
Virgin Media Vendor Financing Notes III DAC
4.875%, due 07/15/285	GBP	100,000		137,197
VTR Finance N.V.
6.375%, due 07/15/282	200,000			213,190
6.375%, due 07/15/285	250,000			265,937
VZ Vendor Financing II BV
2.875%, due 01/15/295	EUR	150,000		169,065
2.875%, due 01/15/292	EUR	300,000		338,130
Ziggo Bond Co. BV
6.000%, due 01/15/272	350,000			361,375
				13,591,569
Metal Fabricate/Hardware—0.1%
Advanced Drainage Systems, Inc.
5.000%, due 09/30/272	75,000			78,000
Park-Ohio Industries, Inc.
6.625%, due 04/15/27	150,000			141,000
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/292	75,000			76,406
				295,406
Mining—1.6%
Arconic Corp.
6.000%, due 05/15/252	100,000			104,625
6.125%, due 02/15/282	25,000			26,344
China Hongqiao Group Ltd.
6.250%, due 06/08/245	200,000			196,662
Coeur Mining, Inc.
5.125%, due 02/15/292,6	100,000			96,890

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
Compass Minerals International, Inc.
6.750%, due 12/01/272	25,000			26,469
Constellium SE
3.125%, due 07/15/292	EUR	175,000		198,848
First Quantum Minerals Ltd.
6.500%, due 03/01/242	600,000			609,000
6.875%, due 10/15/272	200,000			214,413
7.500%, due 04/01/255	400,000			412,500
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/312	275,000			278,437
Freeport-McMoRan, Inc.
4.125%, due 03/01/28	100,000			103,500
4.250%, due 03/01/30	275,000			290,125
4.375%, due 08/01/28	150,000			156,183
4.625%, due 08/01/30	175,000			189,219
5.000%, due 09/01/27	250,000			260,937
5.450%, due 03/15/43	25,000			31,450
IAMGOLD Corp.
5.750%, due 10/15/282,6	100,000			98,250
KME SE
6.750%, due 02/01/235	EUR	200,000		210,993
Mountain Province Diamonds, Inc.
8.000%, due 12/15/222,6	100,000			89,625
Petra Diamonds US Treasury PLC
6.592% Cash and 3.908% PIK, 9.750%, due 03/08/262,7	104,270			107,919
Taseko Mines Ltd.
7.000%, due 02/15/262	100,000			103,375
Vedanta Resources Finance II PLC
13.875%, due 01/21/242	200,000			216,250
Vedanta Resources Ltd.
6.375%, due 07/30/222	300,000			296,962
				4,318,976
Miscellaneous manufacturers—0.2%
FXI Holdings, Inc.
7.875%, due 11/01/242	275,000			280,156
12.250%, due 11/15/262	244,000			271,457

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Miscellaneous manufacturers—(concluded)
Hillenbrand, Inc.
3.750%, due 03/01/31		75,000		73,313
				624,926
Office & business equipment—0.2%
CDW LLC/CDW Finance Corp.
4.125%, due 05/01/25		75,000		77,156
Xerox Holdings Corp.
5.000%, due 08/15/252		175,000		181,781
5.500%, due 08/15/282,6		150,000		151,689
				410,626
Oil & gas—11.7%
Aethon United BR LP/Aethon United Finance Corp.
8.250%, due 02/15/262		175,000		187,987
Antero Resources Corp.
5.375%, due 03/01/302		100,000		105,850
7.625%, due 02/01/292		100,000		110,750
Apache Corp.
4.250%, due 01/15/306		25,000		26,563
4.750%, due 04/15/436		125,000		136,875
5.100%, due 09/01/40		300,000		336,195
5.350%, due 07/01/49		125,000		143,507
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/292		150,000		151,842
7.000%, due 11/01/262		100,000		103,250
8.250%, due 12/31/282		50,000		54,375
9.000%, due 11/01/272		150,000		205,125
Athabasca Oil Corp.
9.750%, due 11/01/262		250,000		252,295
Bonanza Creek Energy, Inc.
5.000%, due 10/15/262		150,000		151,530
Callon Petroleum Co.
6.125%, due 10/01/24		450,000		443,947
8.000%, due 08/01/282,6		50,000		50,375
8.250%, due 07/15/25		50,000		49,528
Cenovus Energy, Inc.
5.375%, due 07/15/25		14,000		15,727
Centennial Resource Production LLC
5.375%, due 01/15/262		150,000		149,250
Chaparral Energy, Inc. Co.
10.000%, due 02/14/253,4		20,875		43,838

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Chesapeake Energy Corp.
5.875%, due 02/01/292	50,000			53,125
Citgo Holding, Inc.
9.250%, due 08/01/242	250,000			253,750
CITGO Petroleum Corp.
7.000%, due 06/15/252	150,000			154,590
CNX Resources Corp.
6.000%, due 01/15/292	150,000			158,250
7.250%, due 03/14/272	275,000			292,394
Colgate Energy Partners III LLC
5.875%, due 07/01/292	25,000			25,594
Comstock Resources, Inc.
5.875%, due 01/15/302	250,000			259,950
6.750%, due 03/01/292	150,000			161,250
7.500%, due 05/15/252	43,000			44,613
Continental Resources, Inc.
4.500%, due 04/15/23	11,000			11,439
CrownRock LP/CrownRock Finance, Inc.
5.000%, due 05/01/292	100,000			103,000
5.625%, due 10/15/252	225,000			230,062
Ecopetrol SA
5.375%, due 06/26/26	750,000			811,078
5.875%, due 05/28/45	300,000			302,625
Endeavor Energy Resources LP/EER Finance, Inc.
5.750%, due 01/30/282	150,000			157,500
Energean Israel Finance Ltd.
5.375%, due 03/30/282,5	75,000			75,900
5.875%, due 03/30/312,5	75,000			75,938
EnQuest PLC
7.000%, due 10/15/235,7	GBP	100,000		134,460
Ensign Drilling, Inc.
9.250%, due 04/15/242	225,000			222,750
EQT Corp.
3.125%, due 05/15/262	75,000			75,563
3.900%, due 10/01/27	175,000			186,812
5.000%, due 01/15/29	50,000			55,547
6.625%, due 02/01/2513	100,000			112,500
7.500%, due 02/01/3013	125,000			160,025
Gazprom PJSC Via Gaz Capital SA
4.950%, due 07/19/225	200,000			205,312
Geopark Ltd.
5.500%, due 01/17/272	500,000			496,812

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Global Marine, Inc.
7.000%, due 06/01/28		100,000		73,000
Gulfport Energy Corp.
2.000%, due 10/15/2411		50,000		2,750
3.000%, due 05/15/2511		100,000		5,500
3.000%, due 01/15/2611		175,000		9,625
Gulfport Energy Operating Corp.
8.000%, due 05/17/262		120,052		132,958
Harbour Energy PLC
5.500%, due 10/15/262		200,000		199,728
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/292		75,000		76,125
6.000%, due 02/01/312		250,000		256,593
6.250%, due 11/01/282		150,000		153,945
Ithaca Energy North Sea PLC
9.000%, due 07/15/262		200,000		207,040
KazMunayGas National Co. JSC
3.500%, due 04/14/332		500,000		516,875
4.750%, due 04/19/275		250,000		277,685
Laredo Petroleum, Inc.
7.750%, due 07/31/292,6		275,000		270,875
9.500%, due 01/15/25		350,000		359,831
Leviathan Bond Ltd.
6.125%, due 06/30/252,5		75,000		80,663
6.500%, due 06/30/272,5		300,000		326,494
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.000%, due 08/01/262		175,000		179,594
Matador Resources Co.
5.875%, due 09/15/26		325,000		335,598
Medco Bell Pte Ltd.
6.375%, due 01/30/272		250,000		255,000
MEG Energy Corp.
7.125%, due 02/01/272		325,000		341,250
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/262		150,000		136,455
10.500%, due 05/15/272		50,000		49,500
Murphy Oil Corp.
5.750%, due 08/15/25		250,000		256,250
5.875%, due 12/01/27		150,000		156,187
6.375%, due 07/15/28		150,000		158,446
6.375%, due 12/01/4213		125,000		126,929

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Nabors Industries Ltd.
7.500%, due 01/15/282		150,000		142,500
Nabors Industries, Inc.
5.750%, due 02/01/25		175,000		166,250
Noble Finance Co.
11.000% Cash or 15.000% PIK,
11.000%, due 02/15/282,7		2,757		3,036
Northern Oil and Gas, Inc.
8.125%, due 03/01/282		225,000		241,875
Oasis Petroleum, Inc.
6.375%, due 06/01/262		75,000		79,313
Occidental Petroleum Corp.
3.200%, due 08/15/26		100,000		101,250
3.400%, due 04/15/26		75,000		76,526
4.300%, due 08/15/39		150,000		150,750
4.400%, due 04/15/46		75,000		75,882
4.400%, due 08/15/49		25,000		24,993
5.550%, due 03/15/26		300,000		331,125
5.875%, due 09/01/25		175,000		194,250
6.125%, due 01/01/316		150,000		179,625
6.200%, due 03/15/40		150,000		181,735
6.375%, due 09/01/28		25,000		29,303
6.450%, due 09/15/36		250,000		318,125
6.600%, due 03/15/46		400,000		511,804
6.625%, due 09/01/30		100,000		122,365
6.950%, due 07/01/24		75,000		84,375
7.125%, due 10/15/27		50,000		58,500
7.500%, due 05/01/31		400,000		520,764
7.875%, due 09/15/31		150,000		200,625
8.000%, due 07/15/25		75,000		88,500
8.500%, due 07/15/27		150,000		186,750
8.875%, due 07/15/30		125,000		169,375
Ovintiv, Inc.
8.125%, due 09/15/30		125,000		171,484
Parkland Corp.
4.500%, due 10/01/292		300,000		301,875
5.875%, due 07/15/272		150,000		158,437
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/28		100,000		72,481
7.250%, due 06/15/25		25,000		19,576
9.250%, due 05/15/252		100,000		97,000

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
PDC Energy, Inc.
5.750%, due 05/15/26	50,000			51,438
6.125%, due 09/15/24	75,000			76,031
Penn Virginia Escrow LLC
9.250%, due 08/15/262	125,000			130,313
Petrobras Global Finance BV
5.093%, due 01/15/30	500,000			509,125
5.600%, due 01/03/31	170,000			177,395
5.750%, due 02/01/29	275,000			297,034
5.999%, due 01/27/28	200,000			217,500
6.625%, due 01/16/34	GBP	100,000		153,603
6.750%, due 06/03/50	500,000			512,312
6.850%, due 06/05/15	200,000			193,975
6.900%, due 03/19/49	125,000			131,044
Petroleos Mexicanos
2.750%, due 04/21/275	EUR	575,000		621,204
4.625%, due 09/21/23	425,000			437,484
4.750%, due 02/26/295	EUR	375,000		427,756
4.875%, due 02/21/285	EUR	100,000		116,127
5.950%, due 01/28/31	300,000			294,450
6.500%, due 03/13/27	710,000			754,197
6.500%, due 06/02/41	1,250,000			1,126,437
6.625%, due 06/15/35	477,000			459,840
6.750%, due 09/21/47	225,000			198,281
6.840%, due 01/23/30	725,000			756,356
6.875%, due 10/16/252	935,000			1,019,337
6.950%, due 01/28/60	250,000			221,000
7.690%, due 01/23/50	1,150,000			1,098,250
Precision Drilling Corp.
6.875%, due 01/15/292	100,000			103,250
7.125%, due 01/15/262,6	200,000			205,707
Raffinerie Heide GmbH
6.375%, due 12/01/225,6	EUR	275,000		290,084
Range Resources Corp.
8.250%, due 01/15/292	150,000			169,350
9.250%, due 02/01/26	125,000			135,000
Rockcliff Energy II LLC
5.500%, due 10/15/292	100,000			102,600
Sanchez Energy Corp.
6.125%, due 01/15/2311	350,000			10,500
7.750%, due 06/15/2111	475,000			14,250
Shelf Drilling Holdings Ltd.
8.250%, due 02/15/252	175,000			135,135

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
8.875%, due 11/15/242,6		100,000		102,000
SM Energy Co.
5.000%, due 01/15/24		75,000		74,625
5.625%, due 06/01/25		175,000		175,437
6.625%, due 01/15/27		25,000		25,813
6.750%, due 09/15/266		100,000		102,500
Southwestern Energy Co.
5.375%, due 02/01/292		125,000		131,875
5.375%, due 03/15/30		100,000		105,498
6.450%, due 01/23/2513		135,000		147,150
8.375%, due 09/15/28		50,000		55,750
State Oil Co. of the Azerbaijan Republic
4.750%, due 03/13/235		300,000		310,837
Sunoco LP / Sunoco Finance Corp.
4.500%, due 04/30/302		175,000		176,543
Sunoco LP/Sunoco Finance Corp.
4.500%, due 05/15/29		25,000		25,281
6.000%, due 04/15/27		150,000		157,125
Talos Production, Inc.
12.000%, due 01/15/26		150,000		162,744
Tap Rock Resources LLC
7.000%, due 10/01/262		200,000		205,868
Teine Energy Ltd.
6.875%, due 04/15/292		125,000		127,188
Transocean Guardian Ltd.
5.875%, due 01/15/242		150,750		146,981
Transocean Poseidon Ltd.
6.875%, due 02/01/272		100,000		99,750
Transocean Sentry Ltd.
5.375%, due 05/15/232		91,897		90,059
Transocean, Inc.
7.250%, due 11/01/252		50,000		41,256
7.500%, due 04/15/31		50,000		32,500
8.000%, due 02/01/272		75,000		57,259
9.350%, due 12/15/4113		225,000		152,438
11.500%, due 01/30/272		118,000		120,360
YPF SA
6.950%, due 07/21/275		300,000		216,244

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
9.000%, due 02/12/265	150,000			129,075
				31,863,514
Oil & gas services—0.7%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/282	225,000			232,875
6.875%, due 04/01/272	75,000			78,187
Bristow Group, Inc.
6.875%, due 03/01/282	225,000			233,437
CGG SA
7.750%, due 04/01/275	EUR	300,000		345,066
ChampionX Corp.
6.375%, due 05/01/26	71,000			74,284
Exterran Energy Solutions LP/EES Finance Corp.
8.125%, due 05/01/25	325,000			314,437
Nine Energy Service, Inc.
8.750%, due 11/01/232	100,000			51,500
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 04/01/26	100,000			103,375
6.875%, due 09/01/27	50,000			51,938
Weatherford International Ltd.
8.625%, due 04/30/302	175,000			179,755
11.000%, due 12/01/242	25,000			26,063
YPF Sociedad Anonima
8.500%, due 03/23/255	175,000			158,134
				1,849,051
Packaging & containers—1.5%
ARD Finance SA
5.000% Cash or 5.750% PIK,
5.000%, due 06/30/275,7	EUR	325,000		386,242
6.500% Cash or 7.250% PIK,
6.500%, due 06/30/272,7	400,000			419,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250%, due 08/15/272	250,000			249,375
Canpack SA / Canpack US LLC
2.375%, due 11/01/275	EUR	250,000		289,000
Cascades, Inc./Cascades USA, Inc.
5.125%, due 01/15/262	50,000			52,750
5.375%, due 01/15/282	100,000			104,625
Flex Acquisition Co., Inc.
6.875%, due 01/15/252	50,000			50,500

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
7.875%, due 07/15/262	25,000			26,099
Greif, Inc.
6.500%, due 03/01/272	175,000			182,000
Intelligent Packaging Holdco Issuer LP
9.000% Cash or 9.750% PIK,  9.000%, due 01/15/262,7	75,000			78,094
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/282	200,000			205,750
Kleopatra Holdings 2 SCA
6.500%, due 09/01/262,6	EUR	150,000		157,360
Matthews International Corp.
5.250%, due 12/01/252	75,000			76,969
Mauser Packaging Solutions Holding Co.
4.750%, due 04/15/245	EUR	425,000		486,092
7.250%, due 04/15/252	575,000			556,726
Owens-Brockway Glass Container, Inc.
6.625%, due 05/13/272	50,000			53,438
Plastipak Holdings, Inc.
6.250%, due 10/15/252	100,000			101,813
Sealed Air Corp.
4.000%, due 12/01/272	131,000			136,895
Trident TPI Holdings, Inc.
6.625%, due 11/01/252	100,000			101,375
9.250%, due 08/01/242	125,000			130,781
TriMas Corp.
4.125%, due 04/15/292	150,000			151,875
Trivium Packaging Finance BV
5.500%, due 08/15/262	200,000			207,746
				4,204,505
Pharmaceuticals—3.3%
Bausch Health Americas, Inc.
8.500%, due 01/31/272	225,000			238,781
Bausch Health Cos., Inc.
5.000%, due 01/30/282	75,000			69,227
5.000%, due 02/15/292	175,000			160,563
5.250%, due 01/30/302	25,000			22,563
5.250%, due 02/15/312	25,000			22,470
7.000%, due 01/15/282	75,000			75,948
7.250%, due 05/30/292	125,000			126,689
9.000%, due 12/15/252	825,000			865,483

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Cheplapharm Arzneimittel GmbH
3.500%, due 02/11/275	EUR	200,000		231,040
4.375%, due 01/15/282	EUR	150,000		178,168
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.000%, due 06/30/282,6	304,000			212,040
9.500%, due 07/31/272,6	265,000			263,012
Endo Finance LLC
5.750%, due 01/15/222	25,000			22,000
Endo Luxembourg Finance Co. I SARL/Endo U.S., Inc.
6.125%, due 04/01/292	125,000			123,125
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.875%, due 09/01/252	200,000			214,742
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
0.000%, due 08/01/222,12	350,000			152,250
0.000%, due 10/15/232,12	150,000			67,500
0.000%, due 04/15/252,12	200,000			212,000
Nidda Healthcare Holding GmbH
3.500%, due 09/30/245	EUR	625,000		710,947
3.500%, due 09/30/245	EUR	100,000		113,717
Option Care Health, Inc.
4.375%, due 10/31/292	25,000			25,245
Organon & Co. / Organon Foreign Debt Co-Issuer BV
2.875%, due 04/30/285	EUR	100,000		116,583
4.125%, due 04/30/282	200,000			202,750
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, due 04/30/282	EUR	405,000		472,159
5.125%, due 04/30/312	200,000			206,286
Owens & Minor, Inc.
4.500%, due 03/31/292	125,000			125,469
P&L Development LLC/PLD Finance Corp.
7.750%, due 11/15/252	225,000			230,344
Par Pharmaceutical, Inc.
7.500%, due 04/01/272	398,000			401,482
PRA Health Sciences, Inc.
2.875%, due 07/15/262	200,000			201,250
Prestige Brands, Inc.
3.750%, due 04/01/312	25,000			24,154
5.125%, due 01/15/282	100,000			104,250
Teva Pharmaceutical Finance Netherlands II BV
1.125%, due 10/15/245	EUR	150,000		167,363
1.625%, due 10/15/285	EUR	300,000		309,042
1.875%, due 03/31/275	EUR	225,000		240,154
4.500%, due 03/01/256	EUR	300,000		355,968

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
6.000%, due 01/31/25	EUR	300,000		372,550
Teva Pharmaceutical Finance Netherlands III BV
4.100%, due 10/01/46	200,000			164,194
6.000%, due 04/15/24	1,250,000			1,312,734
				9,114,242
Pipelines—3.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/292	75,000			78,371
5.750%, due 03/01/272	175,000			180,687
7.875%, due 05/15/262	225,000			246,094
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/252	125,000			134,375
Cheniere Energy Partners LP
3.250%, due 01/31/322	325,000			322,140
4.000%, due 03/01/312	275,000			286,004
Cheniere Energy, Inc.
4.625%, due 10/15/28	75,000			78,653
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/312	500,000			520,000
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.000%, due 02/01/292	225,000			233,182
DCP Midstream Operating LP
5.125%, due 05/15/29	200,000			226,504
5.375%, due 07/15/25	125,000			138,125
5.625%, due 07/15/27	75,000			85,572
Delek Logistics Partners LP/Delek Logistics Finance Corp.
6.750%, due 05/15/25	200,000			204,500
7.125%, due 06/01/282	125,000			130,937
Energy Transfer LP,
Series B,
(fixed, converts to FRN on 02/15/28),
6.625%, due 02/15/288	75,000			72,656
EnLink Midstream LLC
5.375%, due 06/01/29	250,000			258,750
5.625%, due 01/15/282	25,000			26,508
EnLink Midstream Partners LP
4.400%, due 04/01/24	75,000			78,375
4.850%, due 07/15/26	150,000			156,000
5.050%, due 04/01/45	75,000			71,438
5.450%, due 06/01/47	125,000			125,000
5.600%, due 04/01/44	150,000			147,135

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
EQM Midstream Partners LP
4.500%, due 01/15/292		125,000		128,594
4.750%, due 07/15/23		76,000		79,998
4.750%, due 01/15/312		225,000		232,948
5.500%, due 07/15/28		100,000		110,143
6.000%, due 07/01/252		125,000		135,625
6.500%, due 07/01/272		25,000		27,813
6.500%, due 07/15/48		25,000		29,736
Genesis Energy LP/Genesis Energy Finance Corp.
6.500%, due 10/01/25		75,000		73,928
7.750%, due 02/01/28		150,000		148,161
8.000%, due 01/15/27		50,000		50,235
Harvest Midstream I LP
7.500%, due 09/01/282		300,000		315,000
Hess Midstream Operations LP
5.125%, due 06/15/282		300,000		311,610
5.625%, due 02/15/262		175,000		181,344
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/282		150,000		150,375
ITT Holdings LLC
6.500%, due 08/01/292		150,000		150,375
New Fortress Energy, Inc.
6.500%, due 09/30/262		75,000		72,888
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.500%, due 02/01/262		300,000		304,221
NuStar Logistics LP
6.000%, due 06/01/26		75,000		79,688
6.375%, due 10/01/30		25,000		27,399
PBF Logistics LP/PBF Logistics Finance Corp.
6.875%, due 05/15/236		375,000		364,391
Plains All American Pipeline LP,
Series B,  (fixed, converts to FRN on 11/15/22),  6.125%, due 11/15/228		500,000		451,250
Rockies Express Pipeline LLC
4.800%, due 05/15/302		50,000		53,250
4.950%, due 07/15/292		25,000		26,750
6.875%, due 04/15/402		100,000		113,250
7.500%, due 07/15/382		25,000		28,563
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.500%, due 08/15/22		175,000		175,087

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
Summit Midstream Partners LP,
Series A,
9.500%, due 12/15/228	175,000			139,934
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 12/31/302	125,000			125,027
6.000%, due 09/01/312	100,000			98,375
7.500%, due 10/01/252	100,000			108,125
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.000%, due 01/15/322	150,000			154,795
4.875%, due 02/01/31	225,000			242,602
5.000%, due 01/15/28	250,000			263,085
5.500%, due 03/01/30	25,000			27,476
5.875%, due 04/15/26	200,000			208,814
Transportadora de Gas del Sur SA
6.750%, due 05/02/252	600,000			558,487
6.750%, due 05/02/255	150,000			139,622
Western Midstream Operating LP
4.500%, due 03/01/28	125,000			135,312
4.750%, due 08/15/28	100,000			110,020
5.300%, due 02/01/3013	75,000			82,219
5.300%, due 03/01/48	225,000			262,125
5.450%, due 04/01/44	150,000			176,019
5.500%, due 08/15/48	75,000			89,534
6.500%, due 02/01/5013	25,000			29,925
				10,575,124
Real estate—4.3%
ADLER Group SA
2.250%, due 01/14/295,6	EUR	400,000		395,352
3.250%, due 08/05/255,6	EUR	200,000		213,571
ADLER Real Estate AG
1.500%, due 04/17/225,6	EUR	200,000		224,784
Agile Group Holdings Ltd.
(fixed, converts to FRN on 12/04/23),
8.375%, due 12/04/235,8	400,000			237,700
Central China Real Estate Ltd.
7.250%, due 04/24/235	300,000			174,732
Central Plaza Development Ltd.
(fixed, converts to FRN on 11/14/24),
5.750%, due 11/14/245,8	200,000			171,794
China Aoyuan Group Ltd.
5.375%, due 09/13/225	300,000			138,000
6.200%, due 03/24/265	300,000			121,464

PACE High Yield Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate—(continued)
China SCE Group Holdings Ltd.
7.375%, due 04/09/245	600,000			526,590
CIFI Holdings Group Co. Ltd.
5.250%, due 05/13/265	200,000			189,958
5.500%, due 01/23/225	200,000			197,000
6.550%, due 03/28/245	200,000			196,168
Dar Al-Arkan Sukuk Co. Ltd.
6.875%, due 04/10/225	200,000			203,600
Easy Tactic Ltd.
8.625%, due 02/27/245	300,000			164,175
11.750%, due 08/02/235	200,000			122,342
Fantasia Holdings Group Co. Ltd.
10.875%, due 01/09/235	300,000			93,288
11.750%, due 04/17/225	200,000			62,452
Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, due 11/15/252	125,000			130,063
Greenland Global Investment Ltd.
6.750%, due 09/26/235	200,000			130,724
Greystar Real Estate Partners LLC
5.750%, due 12/01/252	100,000			101,625
Haya Real Estate SA
5.250%, due 11/15/225	EUR	100,000		95,370
Hong Seng Ltd.
9.875%, due 08/27/225	250,000			173,567
Howard Hughes Corp.
4.125%, due 02/01/292	125,000			125,126
4.375%, due 02/01/312	25,000			25,006
5.375%, due 08/01/282	125,000			131,094
Jababeka International BV
6.500%, due 10/05/235	200,000			190,562
Kaisa Group Holdings Ltd.
10.500%, due 01/15/255	500,000			149,470
11.500%, due 01/30/235	400,000			120,372
11.950%, due 11/12/235	200,000			57,508
Kennedy-Wilson, Inc.
4.750%, due 02/01/30	75,000			75,469
KWG Group Holdings Ltd.
7.400%, due 03/05/245	200,000			161,063
7.875%, due 09/01/235	200,000			164,820
New Metro Global Ltd.
4.800%, due 12/15/245	200,000			174,000

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate—(continued)
Newmark Group, Inc.
6.125%, due 11/15/23		100,000	108,000
Pakuwon Jati Tbk PT
4.875%, due 04/29/285		200,000	204,850
PHM Group Holding Oy
4.750%, due 06/18/262,5	EUR	350,000	413,025
Powerlong Real Estate Holdings Ltd.
6.950%, due 07/23/235		250,000	234,487
Realogy Group LLC/Realogy Co-Issuer Corp.
5.750%, due 01/15/292		425,000	440,406
7.625%, due 06/15/252		100,000	106,845
9.375%, due 04/01/272		75,000	82,031
Redsun Properties Group Ltd.
9.700%, due 04/16/235		250,000	172,055
RKPF Overseas 2019 A Ltd.
6.000%, due 09/04/255		250,000	231,060
6.700%, due 09/30/245		500,000	472,385
Ronshine China Holdings Ltd.
8.100%, due 06/09/235		300,000	130,254
Seazen Group Ltd.
6.150%, due 04/15/235		200,000	183,446
Shimao Group Holdings Ltd.
5.600%, due 07/15/265		250,000	230,580
Signa Development Finance SCS
5.500%, due 07/23/262	EUR	300,000	300,849
5.500%, due 07/23/265	EUR	100,000	100,283
Sunac China Holdings Ltd.
6.500%, due 01/10/255		800,000	572,392
Theta Capital Pte Ltd.
8.125%, due 01/22/255		200,000	212,000
Times China Holdings Ltd.
5.750%, due 04/26/225		200,000	176,500
6.200%, due 03/22/265		200,000	153,598
6.750%, due 07/16/235		200,000	164,000
Vivion Investments Sarl
3.000%, due 08/08/245	EUR	100,000	111,173
3.500%, due 11/01/255	EUR	300,000	332,651
Yango Justice International Ltd.
9.250%, due 04/15/235		200,000	50,760
Yanlord Land HK Co. Ltd.
5.125%, due 05/20/265		200,000	194,000
6.800%, due 02/27/245		200,000	201,246

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate—(concluded)
Yuzhou Group Holdings Co. Ltd.
7.375%, due 01/13/265		400,000		180,520
7.700%, due 02/20/255		200,000		99,816
8.500%, due 02/26/245		200,000		98,124
Zhenro Properties Group Ltd.
7.875%, due 04/14/245		200,000		138,004
8.350%, due 03/10/245		200,000		141,200
				11,675,349
Real estate investment trusts—1.5%
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/272		150,000		149,227
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
4.500%, due 04/01/272		75,000		73,125
CTR Partnership LP/CareTrust Capital Corp.
3.875%, due 06/30/282		25,000		25,375
GEO Group, Inc.
6.000%, due 04/15/266		200,000		173,500
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/262		75,000		74,344
3.750%, due 09/15/302		50,000		49,688
Iron Mountain, Inc.
4.500%, due 02/15/312		175,000		176,750
5.000%, due 07/15/282		50,000		51,500
5.250%, due 07/15/302		200,000		208,842
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.250%, due 02/01/272		100,000		100,499
4.750%, due 06/15/292		50,000		50,375
MPT Operating Partnership LP/MPT Finance Corp.
3.375%, due 04/24/30	GBP	150,000		210,925
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/292		125,000		126,563
5.875%, due 10/01/282		50,000		52,250
7.500%, due 06/01/252		175,000		185,952
RHP Hotel Properties LP/RHP Finance Corp.
4.500%, due 02/15/292		100,000		99,000
RLJ Lodging Trust LP
3.750%, due 07/01/262		150,000		151,500
4.000%, due 09/15/292		125,000		124,756
Service Properties Trust
3.950%, due 01/15/28		25,000		23,250
4.350%, due 10/01/24		275,000		277,131

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
4.375%, due 02/15/30		75,000		70,688
4.750%, due 10/01/26		25,000		24,725
4.950%, due 02/15/27		125,000		123,125
4.950%, due 10/01/29		125,000		120,313
5.000%, due 08/15/22		175,000		175,875
5.250%, due 02/15/26		125,000		126,250
7.500%, due 09/15/25		50,000		55,335
Starwood Property Trust, Inc.
3.625%, due 07/15/262		50,000		50,000
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
7.125%, due 12/15/242		200,000		204,750
7.875%, due 02/15/252		125,000		131,462
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/282		125,000		125,489
6.500%, due 02/15/292		200,000		202,317
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/262		150,000		155,374
XHR LP
4.875%, due 06/01/292		75,000		76,946
6.375%, due 08/15/252		125,000		131,875
				4,159,076
Retail—4.4%
1011778 BC ULC/New Red Finance, Inc.
4.000%, due 10/15/302		425,000		411,710
4.375%, due 01/15/282		50,000		50,262
Abercrombie & Fitch Management Co.
8.750%, due 07/15/252		125,000		134,375
Ambience Merger Sub, Inc.
7.125%, due 07/15/292		50,000		48,181
Arcos Dorados Holdings, Inc.
5.875%, due 04/04/275		200,000		206,100
5.875%, due 04/04/272		100,000		103,050
Arko Corp.
5.125%, due 11/15/292		50,000		48,805
Asbury Automotive Group, Inc.
4.500%, due 03/01/28		15,000		15,263
4.750%, due 03/01/30		25,000		25,500
Bath & Body Works, Inc.
6.625%, due 10/01/302		200,000		223,750
6.750%, due 07/01/36		475,000		570,192
9.375%, due 07/01/252		44,000		54,560

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(continued)
BCPE Ulysses Intermediate, Inc.
7.750% Cash or 8.500% PIK,
7.750%, due 04/01/272,7		100,000		95,375
Beacon Roofing Supply, Inc.
4.125%, due 05/15/292,6		125,000		122,969
4.500%, due 11/15/262,6		75,000		77,437
Bellis Acquisition Co. PLC
4.500%, due 02/16/26	GBP	175,000		228,851
Carrols Restaurant Group, Inc.
5.875%, due 07/01/292,6		75,000		68,625
CEC Entertainment LLC
6.750%, due 05/01/262		50,000		49,969
Douglas GmbH
6.000%, due 04/08/265	EUR	575,000		660,604
Dufry One BV
2.000%, due 02/15/275	EUR	275,000		299,811
3.375%, due 04/15/285	EUR	125,000		141,971
eG Global Finance PLC
4.375%, due 02/07/255	EUR	150,000		171,040
Ferrellgas LP/Ferrellgas Finance Corp.
5.375%, due 04/01/262		200,000		194,851
5.875%, due 04/01/292		275,000		267,437
FirstCash, Inc.
4.625%, due 09/01/282		125,000		128,906
Foodco Bondco SA
6.250%, due 05/15/265	EUR	400,000		432,344
Foundation Building Materials, Inc.
6.000%, due 03/01/292		100,000		96,813
Gap, Inc.
3.625%, due 10/01/292		50,000		49,000
3.875%, due 10/01/312		75,000		73,500
Golden Nugget, Inc.
6.750%, due 10/15/242		550,000		551,375
8.750%, due 10/01/252		96,000		99,600
Grupo Unicomer Co. Ltd.
7.875%, due 04/01/245		600,000		624,000
Hertz Corp.
3.000%, due 01/15/282		50,000		3,250
IRB Holding Corp.
6.750%, due 02/15/262		125,000		127,812
7.000%, due 06/15/252		50,000		52,813

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(continued)
Jsm Global SARL
4.750%, due 10/20/302		250,000		237,781
Ken Garff Automotive LLC
4.875%, due 09/15/282		75,000		75,938
LBM Acquisition LLC
6.250%, due 01/15/292		150,000		145,665
LCM Investments Holdings II LLC
4.875%, due 05/01/292		250,000		256,705
Lithia Motors, Inc.
3.875%, due 06/01/292		200,000		207,250
4.625%, due 12/15/272		150,000		158,587
Macy's Retail Holdings LLC
4.500%, due 12/15/34		25,000		24,458
5.125%, due 01/15/42		150,000		140,250
5.875%, due 04/01/292,6		175,000		186,495
6.375%, due 03/15/37		75,000		79,719
Magic Mergeco, Inc.
5.250%, due 05/01/282		100,000		101,000
7.875%, due 05/01/292		200,000		202,000
Marks & Spencer PLC
4.500%, due 07/10/275,13	GBP	125,000		179,771
6.000%, due 06/12/255,13	GBP	100,000		150,421
Matalan Finance PLC
6.750%, due 01/31/232	GBP	275,000		347,132
9.500%, due 01/31/245,7	GBP	229,875		198,000
Maxeda DIY Holding BV
5.875%, due 10/01/265	EUR	200,000		232,645
Midco GB SASU
7.750%, due 11/01/272,7,9	EUR	150,000		175,377
Mobilux Finance SAS
4.250%, due 07/15/285	EUR	100,000		114,181
4.250%, due 07/15/282	EUR	125,000		142,726
Murphy Oil USA, Inc.
4.750%, due 09/15/29		150,000		158,017
5.625%, due 05/01/27		25,000		25,969
Party City Holdings, Inc.
8.750%, due 02/15/262,6		100,000		102,250
Punch Finance PLC
6.125%, due 06/30/262	GBP	125,000		171,314
Rite Aid Corp.
7.500%, due 07/01/252		52,000		52,130
8.000%, due 11/15/262		178,000		178,890

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
Sizzling Platter LLC/Sizzling Platter Finance Corp.
8.500%, due 11/28/252		50,000		50,250
Sonic Automotive, Inc.
4.625%, due 11/15/292		75,000		75,218
4.875%, due 11/15/312		75,000		75,000
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.375%, due 09/30/262		75,000		78,094
Staples, Inc.
7.500%, due 04/15/262		300,000		303,237
10.750%, due 04/15/272		300,000		286,500
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, due 06/01/312		75,000		76,875
Superior Plus LP/Superior General Partner, Inc.
4.500%, due 03/15/292		125,000		127,837
Very Group Funding PLC
6.500%, due 08/01/262	GBP	275,000		374,169
Victoria's Secret & Co.
4.625%, due 07/15/292		75,000		75,330
				12,077,282
Savings & loans—0.0%†
Washington Mutual, Inc.
0.000%, due 09/21/173,11		500,000		5,813
Semiconductors—0.1%
Amkor Technology, Inc.
6.625%, due 09/15/272		100,000		106,350
ON Semiconductor Corp.
3.875%, due 09/01/282		25,000		25,281
Synaptics, Inc.
4.000%, due 06/15/292,6		125,000		126,250
				257,881
Software—1.0%
Ascend Learning LLC
6.875%, due 08/01/252		100,000		101,750
6.875%, due 08/01/252		75,000		76,313
Boxer Parent Co., Inc.
6.500%, due 10/02/255	EUR	100,000		121,171
6.500%, due 10/02/252	EUR	150,000		181,756
7.125%, due 10/02/252		75,000		79,875
9.125%, due 03/01/262		75,000		78,375

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Software—(concluded)
Camelot Finance SA
4.500%, due 11/01/262		150,000	155,812
Castle U.S. Holding Corp.
9.500%, due 02/15/282		275,000	287,375
Elastic N.V.
4.125%, due 07/15/292		75,000	74,616
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl
4.625%, due 05/01/282		200,000	197,500
MicroStrategy, Inc.
6.125%, due 06/15/282,6		100,000	102,613
MSCI, Inc.
3.625%, due 11/01/312		125,000	128,750
4.000%, due 11/15/292		50,000	52,250
Open Text Corp.
3.875%, due 02/15/282		100,000	100,750
Open Text Holdings, Inc.
4.125%, due 02/15/302		175,000	177,905
Rocket Software, Inc.
6.500%, due 02/15/292		100,000	95,500
SS&C Technologies, Inc.
5.500%, due 09/30/272		250,000	263,125
Twilio, Inc.
3.875%, due 03/15/31		75,000	75,734
Veritas US, Inc./Veritas Bermuda Ltd.
7.500%, due 09/01/252		250,000	259,062
Ziff Davis, Inc.
4.625%, due 10/15/302		44,000	46,090
			2,656,322
Sovereign—0.1%
Ukreximbank Via Biz Finance PLC
9.750%, due 01/22/255		180,250	193,284
Telecommunications—5.3%
Altice France Holding SA
6.000%, due 02/15/282		400,000	380,000
8.000%, due 05/15/275	EUR	400,000	489,913
10.500%, due 05/15/272		400,000	433,500
Altice France SA
5.125%, due 07/15/292		375,000	365,224
5.875%, due 02/01/275	EUR	100,000	120,848

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
Altice France SA/France
4.125%, due 01/15/295,6	EUR	325,000	369,595
5.500%, due 10/15/292		200,000	196,044
CommScope Technologies LLC
6.000%, due 06/15/252		411,000	406,820
CommScope, Inc.
4.750%, due 09/01/292		50,000	49,060
6.000%, due 03/01/262		50,000	51,500
7.125%, due 07/01/282		100,000	98,625
8.250%, due 03/01/272		75,000	76,421
Consolidated Communications, Inc.
6.500%, due 10/01/282		75,000	79,867
Digicel Group Holdings Ltd.
7.000%, due 11/15/212,7,8		43,565	38,337
5.000% Cash and 3.000% PIK,
8.000%, due 04/01/252,7		107,814	103,690
8.000% Cash and 2.000% PIK,
10.000%, due 04/01/247		425,869	427,466
Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.750%, due 05/25/245		200,000	207,475
8.750%, due 05/25/242		60,541	62,823
6.000% Cash or 7.000% PIK,
13.000%, due 12/31/252,7		33,217	34,074
Embarq Corp.
7.995%, due 06/01/36		300,000	331,500
Frontier Communications Holdings LLC
5.000%, due 05/01/282		100,000	101,625
5.875%, due 10/15/272		25,000	26,188
5.875%, due 11/01/29		42,911	42,750
6.000%, due 01/15/302		100,000	100,473
6.750%, due 05/01/292		150,000	154,313
Hughes Satellite Systems Corp.
6.625%, due 08/01/266		150,000	170,055
Iliad Holding SAS
6.500%, due 10/15/262		200,000	206,084
Intelsat Jackson Holdings SA
0.000%, due 10/15/242,12		525,000	270,375
Intelsat Luxembourg SA
0.000%, due 06/01/2112		25,000	250
0.000%, due 06/01/2312		165,000	1,650
Level 3 Financing, Inc.
3.750%, due 07/15/292		100,000	94,500
4.250%, due 07/01/282		200,000	197,728

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
LogMeIn, Inc.
5.500%, due 09/01/272		225,000	225,200
Lorca Telecom Bondco SA
4.000%, due 09/18/272	EUR	225,000	261,687
Lumen Technologies, Inc.
4.500%, due 01/15/292		150,000	144,938
5.125%, due 12/15/262		250,000	255,807
5.375%, due 06/15/292		125,000	125,469
Series W,
6.750%, due 12/01/23		50,000	54,876
MTN Mauritius Investments Ltd.
6.500%, due 10/13/265		200,000	225,912
Network i2i Ltd.
(fixed, converts to FRN on 04/15/25),
5.650%, due 01/15/255,8		300,000	317,025
Nokia of America Corp.
6.450%, due 03/15/29		300,000	339,000
Oztel Holdings SPC Ltd.
6.625%, due 04/24/285		200,000	219,350
PPF Telecom Group BV
3.250%, due 09/29/275	EUR	225,000	280,689
SoftBank Group Corp.
3.125%, due 09/19/255,6	EUR	475,000	549,874
4.500%, due 04/20/255	EUR	100,000	121,408
5.000%, due 04/15/285	EUR	200,000	244,204
Sprint Capital Corp.
8.750%, due 03/15/32		320,000	478,960
Sprint Corp.
7.625%, due 03/01/26		175,000	209,807
7.875%, due 09/15/23		125,000	138,594
Switch Ltd.
3.750%, due 09/15/282		50,000	49,750
T-Mobile USA, Inc.
2.625%, due 02/15/29		225,000	223,031
4.750%, due 02/01/28		25,000	26,375
Telecom Argentina SA
8.500%, due 08/06/252		363,000	351,384
Telecom Italia Capital SA
6.000%, due 09/30/34		300,000	333,750
6.375%, due 11/15/33		75,000	86,041
7.200%, due 07/18/36		50,000	60,750

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
Telecom Italia Finance SA
7.750%, due 01/24/33	EUR	575,000	940,550
Telecom Italia SpA
2.375%, due 10/12/275	EUR	175,000	204,051
5.303%, due 05/30/242		25,000	26,625
Telecommunications Services of Trinidad & Tobago Ltd.
8.875%, due 10/18/295		400,000	426,500
Telesat Canada/Telesat LLC
4.875%, due 06/01/272		50,000	44,674
5.625%, due 12/06/262		125,000	116,681
6.500%, due 10/15/272		100,000	81,154
Total Play Telecomunicaciones SA de CV
7.500%, due 11/12/252		200,000	207,350
Viavi Solutions, Inc.
3.750%, due 10/01/292		25,000	24,820
Vmed O2 UK Financing I PLC
3.250%, due 01/31/315	EUR	200,000	231,722
4.250%, due 01/31/312		200,000	194,722
4.750%, due 07/15/312		200,000	201,000
Vodafone Group PLC
(fixed, converts to FRN on 08/27/26),
2.625%, due 08/27/805	EUR	225,000	265,952
(fixed, converts to FRN on 10/03/28),
4.200%, due 10/03/785	EUR	125,000	160,935
(fixed, converts to FRN on 04/04/29),
7.000%, due 04/04/79		175,000	211,590
			14,350,980
Textiles—0.4%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC
5.375%, due 05/01/232	EUR	200,000	220,796
5.375%, due 05/01/235	EUR	378,000	417,304
LSF9 Balta Issuer SARL
7.750% Cash and 1.000% PIK,
8.750%, due 12/31/245,7	EUR	15,078	17,231
7.750% Cash and 1.000% PIK,
10.750%, due 12/31/242,7	EUR	437,511	499,982
			1,155,313
Toys/Games/Hobbies—0.0%†
Mattel, Inc.
3.375%, due 04/01/262		25,000	25,718
5.450%, due 11/01/41		25,000	29,500

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Toys/Games/Hobbies—(concluded)
6.200%, due 10/01/40	25,000			31,875
				87,093
Transportation—0.5%
First Student Bidco, Inc./First Transit Parent, Inc.
4.000%, due 07/31/292	50,000			48,875
Hidrovias International Finance SARL
4.950%, due 02/08/312	200,000			187,725
InPost SA
2.250%, due 07/15/272	EUR	125,000		141,397
2.250%, due 07/15/275	EUR	100,000		113,118
Rumo Luxembourg SARL
5.875%, due 01/18/255	500,000			515,094
Seaspan Corp.
5.500%, due 08/01/292	225,000			227,230
Western Global Airlines LLC
10.375%, due 08/15/252	125,000			138,936
				1,372,375
Trucking & leasing—0.2%
Fly Leasing Ltd.
7.000%, due 10/15/242	200,000			197,938
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/282	100,000			100,250
6.500%, due 10/01/252	200,000			205,810
9.750%, due 08/01/272	125,000			140,781
				644,779
Water—0.1%
Solaris Midstream Holdings LLC
7.625%, due 04/01/262	125,000			131,838
Total corporate bonds (cost—$263,659,893)				260,640,378
Loan assignments—1.1%
Broadcast—0.7%
Allen Media LLC,
2021 Term Loan B,
1 mo. USD LIBOR,
5.632%, due 02/10/2710		72,971		72,911

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Loan assignments—(continued)
Broadcast—(continued)
Ascent Resources - Utica,
2020 Fixed 2nd Lien Term Loan,
1 mo. USD LIBOR,
10.000%, due 11/01/2510		253,000		276,119
Asurion LLC,
2020 Term Loan B8,
1 mo. USD LIBOR,
3.337%, due 12/23/2610	95,211			94,214
Avantor Funding, Inc.,
2021 Term Loan B5,
1 mo. USD LIBOR,
0.000%, due 11/08/27	125,000			124,896
Clarios Global LP,
2021 USD Term Loan B,
1 mo. USD LIBOR,
3.337%, due 04/30/2610	19,802			19,670
Consolidated Communications, Inc.,
2021 Term Loan B,
1 mo. USD LIBOR,
4.250%, due 10/02/2710	150,000			149,965
DirecTV Financing, LLC,
Term Loan,
1 mo. USD LIBOR,
5.750%, due 07/22/2710	50,000			50,024
Endure Digital Inc.,
Term Loan,
1 mo. USD LIBOR,
4.250%, due 02/10/2810	74,813			73,472
Flex Acquisition Co., Inc.,
2021 Term Loan,
1 mo. USD LIBOR,
4.000%, due 02/23/2810	271,482			270,652
Great Canadian Gaming Corp.,
2021 Term Loan,
1 mo. USD LIBOR,
4.129%, due 11/01/2610	100,000			100,450
PODS LLC,
2021 Term Loan B,
1 mo. USD LIBOR,
3.750%, due 03/31/2810	24,875			24,828

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1	Value ($)
Loan assignments—(continued)
Broadcast—(concluded)
Spectacle Gary Holdings LLC,
Delayed Draw Term Loan,
1 mo. USD LIBOR,
11.000%, due 12/23/2510	16,850		18,366
Term Loan B,
1 mo. USD LIBOR,
11.000%, due 12/23/2510	232,525		253,453
UFC Holdings LLC,
2021 Term Loan B,
1 mo. USD LIBOR,
3.500%, due 04/29/2610	90,353		89,788
United Airlines, Inc.,
2021 Term Loan B,
1 mo. USD LIBOR,
4.500%, due 04/21/2810	99,500		100,832
WW International, Inc.,
2021 Term Loan B,
1 mo. USD LIBOR,
4.000%, due 04/13/2810	49,875		49,252
			1,768,892
Chemicals—0.1%
Consolidated Energy Finance SA,
Term Loan B,
3 mo. USD LIBOR,
2.657%, due 05/07/2510	193,069		189,208
Gaming—0.0%†
Boyd Gaming Corp.,
Term Loan B3,
3 mo. USD LIBOR,
2.324%, due 09/15/2310	61,742		61,629
Insurance—0.0%†
Hub International Ltd.,
2018 Term Loan B,
1 mo. USD LIBOR,
2.852% - 2.875%, due 04/25/2510	47,944		47,388
Lodging—0.1%
Golden Nugget, Inc.,
2017 Incremental Term Loan B,
1 mo. USD LIBOR,
3.250%, due 10/04/2310	160,346		159,458

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face
	amount1		Value ($)
Loan assignments—(concluded)
Lodging—(concluded)
2020 Initial Term Loan,
1 mo. USD LIBOR,
13.000%, due 10/04/2310	25,000			26,875
				186,333
Media—0.1%
Altice France SA,
2018 Term Loan B13,
3 mo. USD LIBOR,
4.125%, due 08/14/2610	165,015			164,121
Diamond Sports Group LLC,
Term Loan,
1 mo. USD LIBOR,
3.340%, due 08/24/2610	98,000			51,450
				215,571
Oil & gas—0.1%
Apergy Corp.,
2020 Term Loan,
1 mo. USD LIBOR,
6.000%, due 06/03/2710	116,297			118,006
Citgo Holding, Inc.,
2019 Term Loan B,
1 mo. USD LIBOR,
8.000%, due 08/01/2310	171,500			170,642
Parker Drilling Co.,
2nd Lien PIK Term Loan,
2.000% - 11.000%, due 03/26/24	27,088			25,192
				313,840
Retail-restaurants—0.0%†
1011778 B.C. Unlimited Liability Co.,
Term Loan B4,
1 mo. USD LIBOR,
1.837%, due 11/19/2610	107,282			105,117
Total loan assignments
(cost—$2,887,945)				2,887,978
Non-U.S. government agency obligations—0.3%
Ivory Coast Government International Bond,
4.875%, due 01/30/325	EUR	400,000		452,083

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Turkiye Ihracat Kredi Bankasi AS,
5.375%, due 10/24/232		200,000		202,412
5.375%, due 10/24/235	200,000			202,413
5.375%, due 10/24/235	50,000			50,603
Total non-U.S. government agency obligations (cost—$948,278)				907,511

	Number of shares
Common stocks—0.4%
Aerospace & defense—0.0%†
Egmv137943,4,11	2,750	0
Chemicals—0.1%
Hexion Holdings Corp., Class B*	8,128	186,944
Diversified financial services—0.1%
Spn New2,3	3,832	164,776
Energy equipment & services—0.1%
Diamond Offshore Drilling, Inc.3	11,325	62,288
FTS International, Inc.*	4,759	126,113
Noble Corp.3,11	207	5,208
Parker Drilling Co.*	1,153	6,342
		199,951
Gas utilities—0.0%†
Ferrellgas Partners LP	364	87,724
Metals & mining—0.0%†
Aleris International3,4,11	795	15,900
Cloud Peak Energy, Inc.3,4,11	66	0
Petra Diamonds Ltd.*	2,704,982	57,379
		73,279
Oil & Gas—0.0%†
Chaparral Energy, Inc.3,4	1,269	38,070
Oil, gas & consumable fuels—0.1%
Gulfport Energy Operating Corp.*	3,410	279,756

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
Oil, gas & consumable fuels—(concluded)
Summit Midstream Partners LP*	4,371		137,206
Superior Energy Services3	177		7,611
			424,573
Paper & forest products—0.0%†
Northwest Hardwoods, Inc.3,4,11	936		23,400
Total common stocks (cost—$1,325,964)			1,198,717
Preferred stocks—0.1%
Machinery—0.0%†
Selecta Group BV3	21,852		18,756
Selecta Group BV3	43,703		37,512
Total Machinery			56,268
Oil, gas & consumable fuels—0.1%
Global Partners LP8	4,255		112,630
Gulfport Energy Corp.3,7,8	9		52,875
Total oil, gas & consumable fuels			165,505
Total preferred stocks (cost—$133,291)			221,773

	Number of warrants
Warrants—0.0%†
Appvion Holding Corp. expires 06/13/23*,3,4,11	1268
California Resources Corp. expire 10/27/24*	201		3,113
Chaparral Energy, Inc. expires 10/01/24*,3		9	4
Chaparral Energy, Inc. expires 10/01/25*,3	9		6
Denbury, Inc. expires 09/18/25*	1,376		73,341
iHeartMedia, Inc. expires 05/01/39*	1,347		26,038
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*	2,886		104

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of warrants		Value($)
Warrants—(concluded)
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*		1,215		58
Total warrants (cost—$47,892)				102,664

	Number of shares
Short-term investments—1.2%
Investment companies—1.2%
State Street Institutional U.S. Government Money Market Fund, 0.030%14 (cost—$3,235,334)	3,235,334		3,235,334
Investment of cash collateral from securities loaned—3.5%
Money market funds—3.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%14 (cost—$9,631,880)	9,631,880		9,631,880
Total investments    (cost—$281,870,477)15—102.2%			278,826,235
Liabilities in excess of other assets—(2.2)%			(6,112,825	)
Net assets—100.0%		$	272,713,410

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

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
SSC	EUR	44,801,491	USD	51,948,941	11/08/21		152,395
SSC	EUR	623,827	USD	719,885	11/08/21		(1,343	)
SSC	GBP	30,000	EUR	35,571	11/08/21		68
SSC	GBP	5,274,716	USD	7,173,898	11/08/21		(44,867	)
SSC	GBP	61,650	USD	83,558	11/08/21		(814	)
SSC	USD	70,000	EUR	60,322	11/08/21		(260	)
SSC	USD	30,000	EUR	25,763	11/08/21		(214	)
SSC	USD	105,000	GBP	76,310	11/08/21		(565	)
Net unrealized appreciation (depreciation)							104,400

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—		260,579,363			61,015		260,640,378
Loan assignments		—		2,887,978			—		2,887,978
Non-U.S. government agency obligations		—		907,511			—		907,511
Common stocks		881,464		239,883			77,370		1,198,717
Preferred stocks		112,630		109,143			—		221,773
Warrants		76,616		26,048			—		102,664
Short-term investments		—		3,235,334			—		3,235,334
Investment of cash collateral from securities loaned		—		9,631,880			—		9,631,880
Forward foreign currency contracts		—		152,463			—		152,463
Total		1,070,710		277,769,603			138,385		278,978,698
Liabilities
Forward foreign currency contracts		—		(48,063	)		—		(48,063	)

At October 31, 2021, there were no transfers in or out of Level 3.  

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

Portfolio footnotes

†	Amount represents less than 0.05%
*	Non-income producing security.
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $139,305,269, represented 50.5% of the Portfolio's net assets at period end.
3	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
4	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
5	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
6	Security, or portion thereof, was on loan at the period end.
7	Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
8	Perpetual investment. Date shown reflects the next call date.
9	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.

PACE High Yield Investments
Portfolio of investments – October 31, 2021 (unaudited)

10	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
11	This security is considered restricted. At period end, the value of restricted security was $81,186, represented 0.0% of the Fund's net assets. The table below provides further information.

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 10/31/21		Value as a percentage of net assets
Aleris International	1/10/17	$	13,981		0.0	%	$	15,900		0.0	%
Appvion, Inc.9.000%, due 06/01/25	6/1/20		650,000		0.2			6,500		0.0
Cloud Peak Energy 3.000%, due 03/15/24	7/30/15-12/17/19		456,114		0.2			5,500		0.0
GenOn Energy, Inc. 3.000%, due 06/15/17	5/9/19		—		0.0			0		0.0
Gulfport Energy Corp.  2.000%, due 10/15/24	5/17/21		2,439		0.0			2,750		0.0
Gulfport Energy Corp.  3.000%, due 05/15/25	5/17/21		4,442		0.0			5,500		0.0
Gulfport Energy Corp.  3.000%, due 01/15/26	5/17/21		7,462		0.0			9,265		0.0
Noble Corp.	2/8/21		552		0.0			5,208		0.0
Sanchez Energy Corp. 6.125%, due 01/15/23	10/30/17-12/1/17		329,036		0.1			10,500		0.0
Sanchez Energy Corp. 7.750%, due 06/15/21	11/3/17-12/1/17		475,000		0.2			14,250		0.0
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		—		—			5,813		0.0

12	Bond interest in default.
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	Rates shown reflect yield at October 31, 2021.
15	Includes $ 9,677,583 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $9,631,880 and non-cash collateral of $285,756

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—96.3%
Aerospace & defense—4.9%
BAE Systems PLC		922,773		6,968,471
General Dynamics Corp.		122,290		24,794,297
Raytheon Technologies Corp.		274,553		24,396,780
				56,159,548
Air freight & logistics—0.5%
FedEx Corp.		24,647		5,805,108
Airlines—0.6%
Southwest Airlines Co.*		152,752		7,222,115
Auto components—0.6%
Lear Corp.		41,856		7,192,954
Automobiles—1.1%
Ford Motor Co.		168,628		2,880,166
Harley-Davidson, Inc.		257,502		9,396,248
				12,276,414
Banks—8.1%
Bank of America Corp.		61,118		2,920,218
Citigroup, Inc.		380,730		26,331,287
JPMorgan Chase & Co.		157,856		26,818,156
M&T Bank Corp.		85,461		12,573,022
Truist Financial Corp.		253,111		16,064,955
Wells Fargo & Co.		163,779		8,378,934
				93,086,572
Building products—1.1%
Johnson Controls International PLC		174,363		12,793,013
Capital markets—5.5%
Bank of New York Mellon Corp.		338,624		20,046,541
BlackRock, Inc.		15,768		14,876,477
Goldman Sachs Group, Inc.		6,216		2,569,384
Morgan Stanley		251,011		25,798,910
				63,291,312
Chemicals—3.8%
Axalta Coating Systems Ltd.*		650,101		20,276,650
Celanese Corp.		118,514		19,141,196

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Chemicals—(concluded)
Dow, Inc.		72,223		4,042,322
				43,460,168
Communications equipment—2.2%
Cisco Systems, Inc.		459,339		25,709,204
Construction materials—1.7%
HeidelbergCement AG		263,991		19,879,006
Consumer finance—2.0%
American Express Co.		107,799		18,733,310
Capital One Financial Corp.		25,553		3,859,270
				22,592,580
Diversified financial services—2.8%
Berkshire Hathaway, Inc., Class B*		75,048		21,539,527
Equitable Holdings, Inc.		187,700		6,287,950
Voya Financial, Inc.1		56,156		3,918,004
				31,745,481
Electric utilities—2.9%
Edison International		102,920		6,476,755
Exelon Corp.		371,014		19,734,235
NRG Energy, Inc.		182,319		7,272,705
				33,483,695
Electrical equipment—1.6%
Eaton Corp. PLC		113,477		18,696,470
Electronic equipment, instruments & components—2.5%
Corning, Inc.		385,159		13,700,106
TE Connectivity Ltd.		106,468		15,544,328
				29,244,434
Energy equipment & services—1.3%
Baker Hughes Co.		194,863		4,887,164
Halliburton Co.		229,000		5,722,710

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Energy equipment & services—(concluded)
NOV, Inc.*		321,509		4,507,556
				15,117,430
Equity real estate investment trusts—1.2%
Crown Castle International Corp.		75,260		13,569,378
Food & staples retailing—0.3%
Sprouts Farmers Market, Inc.*		149,779		3,316,107
Food products—2.8%
Archer-Daniels-Midland Co.		289,148		18,574,867
Danone SA		209,127		13,622,657
				32,197,524
Health care equipment & supplies—3.2%
Becton Dickinson and Co.		85,864		20,572,156
DENTSPLY SIRONA, Inc.		288,043		16,478,940
				37,051,096
Health care providers & services—5.5%
Anthem, Inc.		63,625		27,685,146
Cardinal Health, Inc.		28,107		1,343,796
Fresenius Medical Care AG & Co. KGaA, ADR		98,524		3,273,953
McKesson Corp.		17,214		3,578,446
UnitedHealth Group, Inc.		60,169		27,706,019
				63,587,360
Hotels, restaurants & leisure—3.2%
Booking Holdings, Inc.*		8,138		19,700,308
Expedia Group, Inc.*		102,367		16,830,158
				36,530,466
Household durables—0.7%
Mohawk Industries, Inc.*		20,696		3,667,538
Newell Brands, Inc.		214,655		4,913,453
				8,580,991
Industrial conglomerates—0.7%
General Electric Co.		76,209		7,992,038

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Insurance—7.9%
American International Group, Inc.		153,575		9,074,747
Axis Capital Holdings Ltd.		82,399		4,290,516
Chubb Ltd.		129,419		25,285,884
Marsh & McLennan Cos., Inc.		65,695		10,957,926
MetLife, Inc.		433,621		27,231,399
Progressive Corp.		147,641		14,008,178
				90,848,650
Interactive media & services—3.6%
Alphabet, Inc., Class A*		7,123		21,090,633
Meta Platforms, Inc. Class A*		64,513		20,874,472
				41,965,105
Internet & direct marketing retail—1.6%
Alibaba Group Holding Ltd., ADR*		112,313		18,524,906
IT services—0.9%
Amdocs Ltd.		55,546		4,323,700
Cognizant Technology Solutions Corp., Class A		80,721		6,303,503
				10,627,203
Machinery—0.5%
Westinghouse Air Brake Technologies Corp.		60,499		5,489,074
Media—1.7%
Comcast Corp., Class A		381,886		19,640,397
Multi-utilities—1.5%
Sempra Energy		134,148		17,121,309
Oil, gas & consumable fuels—2.8%
Cenovus Energy, Inc.1		148,443		1,778,347
Exxon Mobil Corp.		55,365		3,569,381
Pioneer Natural Resources Co.		131,150		24,522,427
Royal Dutch Shell PLC, ADR, Class A		63,703		2,925,242
				32,795,397
Personal products—1.3%
Unilever PLC, ADR		270,683		14,503,195

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Pharmaceuticals—5.0%
Eli Lilly & Co.		54,649		13,922,379
Johnson & Johnson		130,573		21,267,730
Merck & Co., Inc.		229,522		20,209,412
Pfizer, Inc.		43,035		1,882,351
				57,281,872
Software—0.1%
SS&C Technologies Holdings, Inc.		11,770		935,362
Specialty retail—3.4%
Advance Auto Parts, Inc.		71,088		16,031,766
Lowe's Cos., Inc.		98,466		23,023,320
				39,055,086
Technology hardware, storage & peripherals—1.9%
Hewlett Packard Enterprise Co.		274,694		4,024,267
Samsung Electronics Co. Ltd.		297,370		17,762,549
				21,786,816
Textiles, apparel & luxury goods—1.2%
Gildan Activewear, Inc.1		114,437		4,202,127
PVH Corp.*		50,886		5,563,366
Skechers USA, Inc., Class A*		77,662		3,588,761
				13,354,254
Tobacco—2.1%
Philip Morris International, Inc.		255,800		24,183,332
Total common stocks (cost—$942,707,699)				1,108,692,422
Short-term investments—3.2%
Investment companies—3.2%
State Street Institutional U.S. Government Money Market Fund, 0.030%2 (cost—$37,343,883)		37,343,883		37,343,883

PACE Large Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

Total investments (cost—$980,051,582)3—99.5%		1,146,036,305
Other assets in excess of liabilities—0.5%		5,211,541
Net assets—100.0%	$	1,151,247,846

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:  

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		1,108,692,422		—		—		1,108,692,422
Short-term investments		—		37,343,883		—		37,343,883
Total		1,108,692,422		37,343,883		—		1,146,036,305

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at October 31, 2021.
3	Includes $ 8,384,300 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $ 8,659,725.

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—98.6%
Aerospace & defense—1.0%
TransDigm Group, Inc.*		20,553		12,821,372
Automobiles—2.0%
Tesla, Inc.*		23,841		26,558,874
Banks—0.7%
SVB Financial Group*		13,522		9,700,683
Beverages—0.6%
Monster Beverage Corp.*		87,570		7,443,450
Biotechnology—1.3%
Alnylam Pharmaceuticals, Inc.*		1,972		314,652
Biogen, Inc. *		9,042		2,411,321
Exact Sciences Corp.*		14,446		1,375,548
Moderna, Inc. *		4,711		1,626,284
Regeneron Pharmaceuticals, Inc.*		8,199		5,246,868
Seagen, Inc.*		34,436		6,072,100
				17,046,773
Building products—0.6%
Trane Technologies PLC		40,573		7,340,873
Capital markets—5.2%
Blackstone, Inc.		125,773		17,409,499
Charles Schwab Corp.		359,378		29,479,777
KKR & Co., Inc.		53,283		4,245,057
MarketAxess Holdings, Inc.		3,605		1,473,255
Morgan Stanley		121,804		12,519,015
MSCI, Inc.		4,700		3,124,936
				68,251,539
Chemicals—2.3%
Air Products and Chemicals, Inc.		78,525		23,542,580
Sherwin-Williams Co.		21,637		6,850,491
				30,393,071
Commercial services & supplies—0.3%
Waste Management, Inc.		22,986		3,683,047

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Consumer finance—0.4%
Capital One Financial Corp.		36,372		5,493,263
Diversified financial services—2.4%
Berkshire Hathaway, Inc., Class B*		107,030		30,718,680
Electrical equipment—0.7%
Rockwell Automation, Inc.		28,238		9,019,217
Electronic equipment, instruments & components—0.5%
Amphenol Corp., Class A		76,275		5,855,632
Entertainment—2.7%
Netflix, Inc.*		49,879		34,431,973
Roku, Inc.*		2,348		715,905
				35,147,878
Equity real estate investment trusts—2.0%
American Tower Corp.		91,916		25,917,555
Health care equipment & supplies—2.9%
ABIOMED, Inc.*		4,621		1,534,357
Align Technology, Inc.*		22,068		13,778,597
DexCom, Inc.*		8,949		5,577,106
Edwards Lifesciences Corp.*		47,555		5,698,040
Intuitive Surgical, Inc.*		32,085		11,586,856
				38,174,956
Health care providers & services—1.4%
HCA Healthcare, Inc.		44,158		11,059,812
McKesson Corp.		36,252		7,536,066
				18,595,878
Health care technology—0.3%
Veeva Systems, Inc., Class A*		12,560		3,981,646
Hotels, restaurants & leisure—1.6%
Airbnb, Inc., Class A*		16,304		2,782,441
Booking Holdings, Inc.*		3,075		7,443,898

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Chipotle Mexican Grill, Inc.*		5,803		10,323,711
				20,550,050
Industrial conglomerates—3.5%
Honeywell International, Inc.		108,679		23,759,403
Roper Technologies, Inc.		45,490		22,193,206
				45,952,609
Insurance—2.0%
Markel Corp.*		19,519		25,630,985
Interactive media & services—10.4%
Alphabet, Inc., Class C*		27,626		81,922,417
Match Group, Inc.*		73,402		11,067,554
Meta Platforms, Inc. Class A*		105,827		34,242,442
Snap, Inc., Class A*		143,226		7,530,823
				134,763,236
Internet & direct marketing retail—5.4%
Amazon.com, Inc.*		19,066		64,298,750
Etsy, Inc.*		17,091		4,284,543
MercadoLibre, Inc.*		595		881,207
Wayfair, Inc., Class A*,1		1,273		317,104
				69,781,604
IT services—4.1%
Affirm Holdings, Inc.*,1		12,935		2,101,938
Mastercard, Inc., Class A		26,726		8,967,108
MongoDB, Inc.*		5,580		2,908,798
PayPal Holdings, Inc.*		53,985		12,556,371
Shopify, Inc., Class A*		103		151,073
Snowflake, Inc., Class A*		17,273		6,111,878
Square, Inc., Class A*		21,905		5,574,822
Twilio, Inc., Class A*		19,708		5,742,123
Visa, Inc., A Shares		32,189		6,816,665
Wix.com Ltd.*		16,154		3,003,998
				53,934,774
Life sciences tools & services—2.4%
10X Genomics, Inc., Class A*		18,689		3,013,975

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Life sciences tools & services—(concluded)
Mettler-Toledo International, Inc.*		17,650		26,137,532
Thermo Fisher Scientific, Inc.		3,458		2,189,156
				31,340,663
Machinery—1.2%
Deere & Co.		43,866		15,015,771
Media—0.4%
Charter Communications, Inc., Class A*		8,355		5,638,706
Metals & mining—0.6%
Freeport-McMoRan, Inc.		216,849		8,179,544
Personal products—1.4%
Estee Lauder Cos., Inc., Class A		22,944		7,441,427
Unilever PLC, ADR		209,777		11,239,852
				18,681,279
Pharmaceuticals—0.4%
Catalent, Inc.*		33,122		4,566,199
Professional services—0.3%
Verisk Analytics, Inc.		20,712		4,355,112
Road & rail—0.8%
Norfolk Southern Corp.		6,700		1,963,435
Uber Technologies, Inc.*		186,798		8,185,488
				10,148,923
Semiconductors & semiconductor equipment—5.9%
Advanced Micro Devices, Inc.*		109,459		13,160,256
ASML Holding N.V. NY Registered Shares		12,623		10,260,984
Enphase Energy, Inc.*		1,617		374,546
Lam Research Corp.		11,028		6,215,050
Microchip Technology, Inc.		351,078		26,011,369
NVIDIA Corp.		55,926		14,298,600
Texas Instruments, Inc.		36,470		6,837,396
				77,158,201
Software—20.0%
Adobe, Inc.*		47,798		31,085,907

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Software—(concluded)
Coupa Software, Inc.*		14,010		3,190,077
Datadog, Inc., Class A*		36,481		6,094,151
HubSpot, Inc.*		4,928		3,992,813
Intuit, Inc.		82,443		51,608,494
Microsoft Corp.		330,004		109,435,926
Oracle Corp.		102,403		9,824,544
Paycom Software, Inc.*		6,420		3,517,197
Salesforce.com, Inc.*		63,951		19,165,475
ServiceNow, Inc.*		9,233		6,442,418
SS&C Technologies Holdings, Inc.		54,894		4,362,426
Synopsys, Inc.*		21,016		7,002,111
Trade Desk, Inc., Class A*		3,103		232,446
Workday, Inc., Class A*		4,917		1,425,832
Zoom Video Communications, Inc., Class A*		8,841		2,428,181
				259,807,998
Specialty retail—2.0%
AutoZone, Inc.*		5,120		9,138,381
Carvana Co.*		16,900		5,123,742
Lowe's Cos., Inc.		51,069		11,940,953
				26,203,076
Technology hardware, storage & peripherals—6.2%
Apple, Inc.		536,401		80,352,870
Textiles, apparel & luxury goods—2.7%
Nike, Inc., Class B		173,774		29,070,653
Tapestry, Inc.		163,878		6,387,964
				35,458,617
Total common stocks (cost—$758,528,647)				1,283,664,604
Short-term investments—1.4%
Investment companies—1.4%
State Street Institutional U.S. Government Money Market Fund, 0.030%2 (cost—$18,207,970)		18,207,970		18,207,970

PACE Large Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

Total investments   (cost —$776,736,617)3—100.0%		1,301,872,574
Liabilities in excess of other assets—0.00%		(23,035	)
Net assets—100.0%	$	1,301,849,539

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		1,283,664,604		—		—		1,283,664,604
Short-term investments		—		18,207,970		—		18,207,970
Total		1,283,664,604		18,207,970		—		1,301,872,574

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05%).
*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at October 31, 2021.
3	Includes $2,419,042 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $2,461,364.

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—97.8%
Auto components—1.3%
Adient PLC*		62,220		2,589,597
Gentex Corp.		112,265		3,973,058
				6,562,655
Automobiles—1.1%
Thor Industries, Inc.		55,049		5,612,796
Banks—12.8%
Ameris Bancorp		90,920		4,763,299
Atlantic Capital Bancshares, Inc.*		86,301		2,374,141
Bank of Hawaii Corp.		59,987		5,068,901
Bank of NT Butterfield & Son Ltd.		122,675		4,404,032
Bank OZK		95,260		4,255,264
Banner Corp.		76,800		4,435,968
Carter Bankshares, Inc.*		81,425		1,219,747
Cathay General Bancorp		95,400		4,024,926
Central Pacific Financial Corp.		120,580		3,314,744
First Bancorp/Southern Pines NC		13,000		629,460
First Citizens BancShares, Inc., Class A		3,500		2,848,650
First Horizon Corp.		234,802		3,984,590
Glacier Bancorp, Inc.		77,355		4,276,958
Hancock Whitney Corp.		76,520		3,786,210
Popular, Inc.		51,200		4,169,728
Regions Financial Corp.		31,600		748,288
Truist Financial Corp.		21,600		1,370,952
Webster Financial Corp.		119,030		6,660,919
				62,336,777
Beverages—1.0%
National Beverage Corp.		85,634		4,829,758
Biotechnology—0.5%
Anika Therapeutics, Inc.*		54,600		2,274,090
Building products—2.6%
Armstrong World Industries, Inc.		36,839		3,892,041
Carrier Global Corp.		17,900		934,917
Lennox International, Inc.		8,675		2,596,254
Resideo Technologies, Inc.*		116,105		2,863,149

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Building products—(concluded)
Zurn Water Solutions Corp.		63,090		2,288,905
				12,575,266
Capital markets—2.1%
Artisan Partners Asset Management, Inc., Class A		73,715		3,651,841
Jefferies Financial Group, Inc.		10,000		430,000
MSCI, Inc.		7,441		4,947,372
Virtus Investment Partners, Inc.		4,474		1,431,680
				10,460,893
Chemicals—3.1%
Axalta Coating Systems Ltd.*		122,300		3,814,537
Innospec, Inc.		28,100		2,546,141
Scotts Miracle-Gro Co.		38,396		5,700,270
Valvoline, Inc.		83,345		2,830,396
				14,891,344
Commercial services & supplies—1.8%
KAR Auction Services, Inc.*		441,470		6,476,365
Stericycle, Inc.*		32,450		2,171,554
				8,647,919
Communications equipment—1.8%
Comtech Telecommunications Corp.		164,775		3,554,197
Plantronics, Inc.*		192,265		5,145,011
				8,699,208
Consumer finance—1.6%
Enova International, Inc.*		76,080		2,468,035
Navient Corp.		114,560		2,256,832
SLM Corp.		177,655		3,259,970
				7,984,837
Containers & packaging—0.6%
Sealed Air Corp.		51,840		3,075,149
Diversified consumer services—0.8%
H&R Block, Inc.		26,400		609,048

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Diversified consumer services—(concluded)
Terminix Global Holdings, Inc.*		84,307		3,412,747
				4,021,795
Diversified telecommunication services—0.8%
Liberty Latin America Ltd., Class A*		307,740		3,699,035
Electric utilities—1.9%
Entergy Corp.		9,100		937,482
Evergy, Inc.		13,494		860,242
IDACORP, Inc.		35,225		3,674,672
Portland General Electric Co.		76,570		3,775,667
				9,248,063
Electrical equipment—0.8%
EnerSys		49,240		3,941,170
Electronic equipment, instruments & components—2.5%
CDW Corp.		25,858		4,826,396
Zebra Technologies Corp., Class A*		13,800		7,368,510
				12,194,906
Energy equipment & services—1.0%
ChampionX Corp.*		169,400		4,443,362
TETRA Technologies, Inc.*		176,115		568,851
				5,012,213
Entertainment—0.4%
Lions Gate Entertainment Corp., Class B*		161,837		1,831,995
Equity real estate investment trusts—6.5%
American Campus Communities, Inc.		91,082		4,892,925
CatchMark Timber Trust, Inc., Class A		78,176		669,187
Granite Real Estate Investment Trust		25,690		2,082,174
Hudson Pacific Properties, Inc.		144,150		3,711,862
Lamar Advertising Co., Class A		45,282		5,125,922
MGM Growth Properties LLC, Class A		121,863		4,798,965
Office Properties Income Trust		30,374		778,182
Outfront Media, Inc.*		166,175		4,136,096

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Equity real estate investment trusts—(concluded)
Physicians Realty Trust		284,380		5,406,064
				31,601,377
Food & staples retailing—0.8%
U.S. Foods Holding Corp.*		117,780		4,083,433
Food products—1.5%
Conagra Brands, Inc.		10,300		331,660
Lamb Weston Holdings, Inc.		4,400		248,380
Post Holdings, Inc.*		25,040		2,541,059
TreeHouse Foods, Inc.*		97,215		3,513,350
Tyson Foods, Inc., Class A		6,800		543,796
				7,178,245
Health care equipment & supplies—1.7%
CONMED Corp.		6,000		877,680
Envista Holdings Corp.*		98,350		3,845,485
Integra LifeSciences Holdings Corp.*		52,700		3,502,442
				8,225,607
Health care providers & services—3.9%
Acadia Healthcare Co., Inc.*		57,070		3,538,340
AdaptHealth Corp.*		120,010		3,270,273
CorVel Corp.*		26,282		4,815,388
Hanger, Inc.*		278,472		5,201,857
Select Medical Holdings Corp.		44,700		1,484,934
Tenet Healthcare Corp.*		10,400		745,264
				19,056,056
Hotels, restaurants & leisure—3.3%
Boston Pizza Royalties Income Fund		26,900		323,203
Cheesecake Factory, Inc.*		191,109		7,766,670
Despegar.com Corp.*		258,640		2,876,077
El Pollo Loco Holdings, Inc.*		71,402		1,049,609
Six Flags Entertainment Corp.*		96,520		3,969,868
				15,985,427
Household durables—0.1%
Taylor Morrison Home Corp.*		14,100		430,473

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Household products—0.5%
WD-40 Co.		11,350		2,576,450
Insurance—3.3%
Argo Group International Holdings Ltd.		74,420		4,100,542
Assured Guaranty Ltd.		66,440		3,692,735
CNO Financial Group, Inc.		83,237		2,009,341
W. R. Berkley Corp.		76,475		6,087,410
				15,890,028
IT services—3.1%
Broadridge Financial Solutions, Inc.		31,450		5,610,994
DXC Technology Co.*		83,230		2,710,801
International Money Express, Inc.*		32,413		542,594
Jack Henry & Associates, Inc.		33,087		5,508,324
VeriSign, Inc.*		3,900		868,413
				15,241,126
Leisure products—0.4%
JAKKS Pacific, Inc.*,1		207,879		2,180,651
Life sciences tools & services—0.9%
Syneos Health, Inc.*		49,195		4,591,861
Machinery—8.2%
Altra Industrial Motion Corp.		65,815		3,432,252
EnPro Industries, Inc.		47,840		4,289,334
Graco, Inc.		65,300		4,909,254
Helios Technologies, Inc.		47,000		4,279,350
John Bean Technologies Corp.		25,688		3,795,402
Lincoln Electric Holdings, Inc.		19,445		2,768,968
Miller Industries, Inc.		59,826		2,162,112
RBC Bearings, Inc.*		27,676		6,474,247
Terex Corp.		79,665		3,568,992
Toro Co.		47,171		4,503,415
				40,183,326
Marine—0.9%
Kirby Corp.*		82,530		4,325,397
Media—0.1%
ViacomCBS, Inc., Class B		19,500		706,290

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Metals & mining—0.9%
Allegheny Technologies, Inc.*		258,310		4,158,791
Mortgage real estate investment trust—0.9%
Redwood Trust, Inc.		322,109		4,367,798
Multi-utilities—0.1%
Black Hills Corp.		7,200		477,936
Oil, gas & consumable fuels—3.9%
Chesapeake Energy Corp.		6,800		433,432
EQT Corp.*		262,765		5,231,651
Golar LNG Ltd.*		207,593		2,704,937
PDC Energy, Inc.		110,930		5,802,748
Viper Energy Partners LP		223,180		4,921,119
				19,093,887
Paper & forest products—0.0%†
Mercer International, Inc.		8,900		95,853
Personal products—0.7%
elf Beauty, Inc.*		107,150		3,462,017
Professional services—2.9%
KBR, Inc.		90,400		3,836,576
Resources Connection, Inc.		114,640		1,995,882
Science Applications International Corp.		25,700		2,307,346
TransUnion		53,800		6,202,602
				14,342,406
Road & rail—1.1%
Landstar System, Inc.		29,200		5,133,652
Semiconductors & semiconductor equipment—1.3%
Teradyne, Inc.		46,900		6,483,456
Software—4.4%
8x8, Inc.*		103,860		2,353,468
American Software, Inc. Class A		145,414		4,206,827
Avast PLC2		46,966		359,685
CDK Global, Inc.		58,000		2,524,160
Dolby Laboratories, Inc., Class A		38,304		3,384,158
New Relic, Inc.*		42,800		3,473,648

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Software—(concluded)
SailPoint Technologies Holding, Inc.*		92,920		4,458,301
Xperi Holding Corp.		30,979		555,144
				21,315,391
Specialty retail—2.6%
Gap, Inc.		75,500		1,713,095
Leslie's, Inc.*		131,645		2,722,418
Rent-A-Center, Inc.		75,300		4,010,478
Tilly's, Inc., Class A		34,159		474,127
Urban Outfitters, Inc.*		110,775		3,537,046
				12,457,164
Technology hardware, storage & peripherals—1.4%
Diebold Nixdorf, Inc.*		679,271		6,113,439
Xerox Holdings Corp.		29,200		519,760
				6,633,199
Textiles, apparel & luxury goods—2.5%
Capri Holdings Ltd.*		117,315		6,245,851
Carter's, Inc.		2,700		266,004
Samsonite International SA, ADR*		543,950		5,798,507
				12,310,362
Thrifts & mortgage finance—0.6%
Essent Group Ltd.		56,230		2,699,040
Trading companies & distributors—0.8%
Beacon Roofing Supply, Inc.*		73,160		3,867,969
Total common stocks (cost—$339,471,094)				477,054,537
Investment companies—0.1%
Sprott Physical Uranium Trust* (cost—$520,683)		61,250		680,995
Short-term investments—2.5%
Investment companies—2.5%
State Street Institutional U.S. Government Money Market Fund, 0.030%3 (cost—$11,992,759)		11,992,759		11,992,759

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

Total investments    (cost—$351,984,536)4—100.4%		489,728,291
Liabilities in excess of other assets—(0.4)%		(1,747,183	)
Net assets—100.0%	$	487,981,108

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		477,054,537		—		—		477,054,537
Investment companies		680,995		—		—		680,995
Short-term investments		—		11,992,759		—		11,992,759
Total		477,735,532		11,992,759		—		489,728,291

At October 31, 2021, 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	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 $359,685, represented 0.1% of the Portfolio's net assets at period end.
3	Rates shown reflect yield at October 31, 2021.
4	Includes $32,057 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $34,402.

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—99.3%
Aerospace & defense—0.6%
Axon Enterprise, Inc.*		13,318		2,396,707
Howmet Aerospace, Inc.		20,628		612,446
				3,009,153
Airlines—0.3%
Allegiant Travel Co.*		8,997		1,576,904
Auto components—1.2%
Adient PLC*		8,176		340,285
Gentex Corp.		89,672		3,173,492
Modine Manufacturing Co.*		11,502		126,522
Stoneridge, Inc.*		14,849		281,834
Tenneco, Inc., Class A*		26,881		356,711
Visteon Corp.*		18,856		2,134,122
				6,412,966
Banks—1.4%
CrossFirst Bankshares, Inc.*		10,150		144,434
Customers Bancorp, Inc.*		16,555		882,216
Five Star Bancorp		877		24,047
Live Oak Bancshares, Inc.		8,741		779,522
Metrocity Bankshares, Inc.		1,188		27,918
Metropolitan Bank Holding Corp.*		3,810		346,177
Northeast Bank		3,992		132,135
Origin Bancorp, Inc.		848		37,821
Silvergate Capital Corp., Class A*		2,503		392,020
Texas Capital Bancshares, Inc.*		11,660		706,596
Triumph Bancorp, Inc.*		13,354		1,566,424
Veritex Holdings, Inc.		4,187		171,458
Western Alliance Bancorp		19,185		2,227,187
				7,437,955
Beverages—1.2%
Boston Beer Co., Inc., Class A*		2,991		1,473,007
Celsius Holdings, Inc.*		32,063		3,094,721
Coca-Cola Consolidated, Inc.		3,435		1,378,809
				5,946,537
Biotechnology—4.7%
ACADIA Pharmaceuticals, Inc.*		49,848		894,772
Akebia Therapeutics, Inc.*		214,200		614,754

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Biotechnology—(concluded)
Alkermes PLC*		86,995		2,635,079
Amicus Therapeutics, Inc.*		139,046		1,459,983
Apellis Pharmaceuticals, Inc.*		24,972		767,639
Ardelyx, Inc.*,1		107,305		129,839
Arena Pharmaceuticals, Inc.*		5,756		330,337
Athenex, Inc.*,1		62,227		158,057
Chinook Therapeutics, Inc.*,2,3		9,389		0
CytomX Therapeutics, Inc.*		70,826		419,998
Eagle Pharmaceuticals, Inc.*		16,188		847,766
Enanta Pharmaceuticals, Inc.*		7,657		657,353
Exelixis, Inc.*		94,503		2,032,760
FibroGen, Inc.*		58,576		651,365
Global Blood Therapeutics, Inc.*		24,302		887,509
Harpoon Therapeutics, Inc.*		9,300		58,218
Hookipa Pharma, Inc.*		8,949		43,582
Incyte Corp.*		9,634		645,285
Intercept Pharmaceuticals, Inc.*		31,260		527,044
Ionis Pharmaceuticals, Inc.*		54,355		1,732,294
Mirum Pharmaceuticals, Inc.*		5,688		90,325
Natera, Inc.*		5,895		675,390
Prothena Corp. PLC*		10,298		569,994
PTC Therapeutics, Inc.*		22,436		850,998
Puma Biotechnology, Inc.*		35,234		179,693
Radius Health, Inc.*		77,231		1,668,190
Sarepta Therapeutics, Inc.*		19,788		1,565,824
Selecta Biosciences, Inc.*		75,736		271,892
Travere Therapeutics, Inc.*		60,768		1,750,726
Veracyte, Inc.*		9,588		459,073
Vericel Corp.*		8,938		411,327
				23,987,066
Building products—0.9%
Advanced Drainage Systems, Inc.		6,600		744,480
Masonite International Corp.*		13,772		1,652,778
Tecnoglass, Inc.		54,265		1,567,173
Trex Co., Inc.*		5,824		619,674
				4,584,105
Capital markets—0.8%
Focus Financial Partners, Inc., Class A*		12,193		766,452
Greenhill & Co., Inc.		17,939		282,001

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Capital markets—(concluded)
LPL Financial Holdings, Inc.		15,570		2,553,791
StoneX Group, Inc.*		7,860		543,205
				4,145,449
Chemicals—1.0%
American Vanguard Corp.		20,171		314,264
Chemours Co.		46,064		1,290,713
Kronos Worldwide, Inc.		12,030		156,751
Olin Corp.		14,165		807,122
Orion Engineered Carbons SA*		40,157		754,952
Trinseo PLC		19,433		1,089,414
Westlake Chemical Corp.		8,744		851,141
				5,264,357
Commercial services & supplies—2.9%
Cimpress PLC*		9,213		822,905
Driven Brands Holdings, Inc.*		17,485		567,738
Healthcare Services Group, Inc.		115,424		2,214,987
Interface, Inc.		4,495		64,548
Montrose Environmental Group, Inc.*		43,478		2,980,417
Ritchie Bros Auctioneers, Inc.		102,838		7,028,977
Tetra Tech, Inc.		8,612		1,512,784
				15,192,356
Communications equipment—1.1%
CalAmp Corp.*		29,835		287,012
Cambium Networks Corp.*		3,385		95,525
Casa Systems, Inc.*		42,200		267,126
CommScope Holding Co., Inc.*		51,524		551,822
DZS, Inc.*		10,532		114,799
Extreme Networks, Inc.*		214,668		2,110,186
Harmonic, Inc.*		44,473		403,370
Infinera Corp.*		119,125		904,159
Plantronics, Inc.*		33,238		889,449
				5,623,448
Construction & engineering—1.6%
EMCOR Group, Inc.		18,160		2,206,259
MYR Group, Inc.*		17,107		1,747,480
Sterling Construction Co., Inc.*		8,205		197,248

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Construction & engineering—(concluded)
WillScot Mobile Mini Holdings Corp.*		114,216		3,969,006
				8,119,993
Construction materials—0.2%
Summit Materials, Inc., Class A*		27,164		968,397
Consumer finance—0.7%
Atlanticus Holdings Corp.*		2,767		214,415
Green Dot Corp., Class A*		26,526		1,123,641
PRA Group, Inc.*		54,233		2,325,511
				3,663,567
Containers & packaging—0.5%
O-I Glass, Inc.*		27,000		352,350
Ranpak Holdings Corp.*		62,477		2,152,957
				2,505,307
Diversified consumer services—2.1%
2U, Inc.*,1		84,164		2,486,205
Carriage Services, Inc.		7,480		384,846
Frontdoor, Inc.*		16,703		622,688
Grand Canyon Education, Inc.*		61,649		4,913,425
Stride, Inc.*		4,203		149,206
Terminix Global Holdings, Inc.*		57,060		2,309,789
				10,866,159
Diversified telecommunication services—0.7%
Cogent Communications Holdings, Inc.		36,731		2,813,227
Ooma, Inc.*		38,613		891,961
				3,705,188
Electric utilities—0.4%
NRG Energy, Inc.		55,966		2,232,484
Electrical equipment—0.5%
Allied Motion Technologies, Inc.		8,632		303,415
Fluence Energy, Inc.*		109		3,877
Generac Holdings, Inc.*		4,100		2,044,096

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electrical equipment—(concluded)
Vicor Corp.*		2,102		318,642
				2,670,030
Electronic equipment, instruments & components—1.7%
Itron, Inc.*		8,752		680,643
Jabil, Inc.		43,104		2,584,516
Kimball Electronics, Inc.*		14,998		431,192
National Instruments Corp.		62,785		2,666,479
Plexus Corp.*		1,530		133,600
Rogers Corp.*		12,175		2,448,636
				8,945,066
Energy equipment & services—0.7%
Aspen Aerogels, Inc.*		35,720		1,945,311
Cactus, Inc.,  Class A		17,232		749,592
ChampionX Corp.*		36,138		947,900
				3,642,803
Entertainment—0.3%
Zynga, Inc., Class A*		192,352		1,419,558
Equity real estate investment trusts—0.2%
American Finance Trust, Inc.		26,144		216,472
Community Healthcare Trust, Inc.		7,638		365,402
NexPoint Residential Trust, Inc.		7,777		550,767
				1,132,641
Food & staples retailing—0.1%
The Andersons, Inc.		13,994		476,635
United Natural Foods, Inc.*		4,671		202,675
				679,310
Food products—1.4%
Calavo Growers, Inc.		15,883		638,497
Darling Ingredients, Inc.*		12,146		1,026,580
Freshpet, Inc.*		32,370		5,046,807
Lancaster Colony Corp.		516		87,720

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Food products—(concluded)
Pilgrim's Pride Corp.*		23,660		666,265
				7,465,869
Health care equipment & supplies—6.5%
Accuray, Inc.*		147,533		736,190
Apyx Medical Corp.*		47,433		678,292
Axonics, Inc.*		31,247		2,291,967
BioLife Solutions, Inc.*		12,864		683,722
Cardiovascular Systems, Inc.*		28,516		1,000,341
CryoPort, Inc.*		4,047		329,992
Cutera, Inc.*		25,101		1,079,343
Establishment Labs Holdings, Inc.*		17,759		1,448,069
Figs, Inc., Class A*		15,579		523,610
Glaukos Corp.*		34,498		1,576,904
Heska Corp.*		18,312		4,093,281
Inogen, Inc.*		26,209		1,039,187
iRadimed Corp.*		14,366		536,139
Itamar Medical Ltd., ADR*		16,691		509,076
LivaNova PLC*		32,636		2,503,834
Merit Medical Systems, Inc.*		34,014		2,287,782
Neogen Corp.*		67,061		2,837,351
OrthoPediatrics Corp.*		32,105		2,284,913
Paragon 28, Inc.*		13,768		289,679
Shockwave Medical, Inc.*		16,212		3,464,504
STAAR Surgical Co.*		16,288		1,929,476
Surmodics, Inc.*		6,020		335,073
ViewRay, Inc.*		109,241		798,552
				33,257,277
Health care providers & services—6.2%
Amedisys, Inc.*		37,106		6,283,530
AMN Healthcare Services, Inc.*		37,857		3,736,486
Apria, Inc.*		5,086		190,369
Cardinal Health, Inc.		11,796		563,967
Castle Biosciences, Inc.*		19,350		1,206,472
Chemed Corp.		6,112		2,947,512
Community Health Systems, Inc.*		14,831		194,286
DaVita, Inc.*		3,254		335,943
Ensign Group, Inc.		60,369		4,709,386
Hanger, Inc.*		3,703		69,172
ModivCare, Inc.*		4,403		716,676

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care providers & services—(concluded)
Molina Healthcare, Inc.*		11,219		3,317,683
Pennant Group, Inc.*		79,768		2,039,668
PetIQ, Inc.*,1		31,940		800,097
Progyny, Inc.*		24,024		1,475,794
RadNet, Inc.*		11,169		347,244
Tenet Healthcare Corp.*		7,559		541,678
US Physical Therapy, Inc.		23,481		2,532,661
				32,008,624
Health care technology—3.2%
Certara, Inc.*		93,924		3,880,000
Health Catalyst, Inc.*		66,988		3,526,248
Inspire Medical Systems, Inc.*		8,874		2,392,253
OptimizeRx Corp.*		20,134		1,946,958
Phreesia, Inc.*		64,137		4,524,224
				16,269,683
Hotels, restaurants & leisure—2.3%
Everi Holdings, Inc.*		45,947		1,102,728
Full House Resorts, Inc.*		71,618		712,599
International Game Technology PLC*,1		59,158		1,744,569
Noodles & Co.*		18,799		228,408
ONE Group Hospitality,Inc.*		21,158		279,709
Papa John's International, Inc.		12,603		1,563,780
PlayAGS, Inc.*		54,488		480,584
Portillo's, Inc., Class A*		1,620		61,560
RCI Hospitality Holdings, Inc.		5,000		339,000
Red Robin Gourmet Burgers, Inc.*		11,318		224,889
Red Rock Resorts, Inc., Class A*		5,981		325,426
Scientific Games Corp., Class A*		1,812		145,051
SeaWorld Entertainment, Inc.*		12,280		779,780
Travel + Leisure Co.		30,381		1,650,903
Wingstop, Inc.		13,242		2,283,848
				11,922,834
Household durables—1.7%
Casper Sleep, Inc.*,1		8,523		31,024
Century Communities, Inc.		15,819		1,060,822
GoPro, Inc., Class A*		138,718		1,194,362
Hooker Furniture Corp.		5,257		132,529
Lovesac Co.*		22,983		1,792,904

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Household durables—(concluded)
Meritage Homes Corp.*		5,244		570,075
Skyline Champion Corp.*		7,837		496,239
TopBuild Corp.*		12,004		3,084,668
Tri Pointe Homes, Inc.*		14,477		350,198
				8,712,821
Insurance—2.4%
Alleghany Corp.*		3,030		1,973,681
BRP Group, Inc., Class A*		53,419		1,949,793
eHealth, Inc.*		4,140		183,609
Everest Re Group Ltd.		6,246		1,633,329
Goosehead Insurance, Inc., Class A		23,843		3,440,545
Heritage Insurance Holdings, Inc.		5,251		34,341
James River Group Holdings Ltd.		16,369		522,990
Lincoln National Corp.		3,671		264,863
Palomar Holdings, Inc.*		4,500		411,525
RenaissanceRe Holdings Ltd.		14,742		2,090,416
				12,505,092
Interactive media & services—1.2%
EverQuote, Inc., Class A*		2,980		41,094
Vimeo, Inc.*		69,018		2,327,977
Yelp, Inc.*		45,917		1,773,774
ZipRecruiter, Inc., Class A*,1		63,969		1,777,059
				5,919,904
Internet & catalog retail—0.6%
RumbleON, Inc., Class B*		13,348		520,705
ThredUp, Inc., Class A*		117,142		2,534,953
				3,055,658
Internet & direct marketing retail—1.9%
Fiverr International Ltd.*,1		23,335		3,975,117
Porch Group, Inc.*		214,824		4,517,749
Quotient Technology, Inc.*		7,700		49,588
Shutterstock, Inc.		9,484		1,148,987
				9,691,441
IT services—3.6%
Brightcove, Inc.*		19,867		197,081

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
CSG Systems International, Inc.		32,783		1,640,789
ExlService Holdings, Inc.*		6,343		777,842
Globant SA*		28,046		8,952,003
GoDaddy, Inc., Class A*		15,330		1,060,376
Grid Dynamics Holdings, Inc.*		117,960		3,391,350
IBEX Holdings Ltd.*,1		292		4,745
MAXIMUS, Inc.		10,416		880,881
Paysign, Inc.*		3,099		7,809
TTEC Holdings, Inc.		11,718		1,106,062
Unisys Corp.*		17,526		448,140
				18,467,078
Leisure products—0.5%
Polaris, Inc.		6,173		709,586
Smith & Wesson Brands, Inc.		22,432		482,288
YETI Holdings, Inc.*		12,206		1,200,216
				2,392,090
Life sciences tools & services—1.4%
Codexis, Inc.*		29,875		1,038,754
Inotiv, Inc.*		41,952		2,030,057
Medpace Holdings, Inc.*		18,190		4,120,945
				7,189,756
Machinery—3.6%
AGCO Corp.		9,118		1,114,311
Agrify Corp.*		33,662		538,592
Commercial Vehicle Group, Inc.*		5,045		50,652
Energy Recovery, Inc.*		1,972		40,071
Kadant, Inc.		14,084		3,128,338
Kornit Digital Ltd.*		47,107		7,880,059
Meritor, Inc.*		33,952		826,392
Proto Labs, Inc.*		12,707		760,005
RBC Bearings, Inc.*		3,315		775,478
REV Group, Inc.		14,928		225,562
Shyft Group, Inc.		22,204		915,027
Terex Corp.		41,299		1,850,195
Titan International, Inc.*		17,986		129,859

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Machinery—(concluded)
Wabash National Corp.		19,651		305,180
				18,539,721
Media—0.5%
Altice USA, Inc., Class A*		10,792		175,910
Integral Ad Science Holding Corp.*		19,830		487,223
Magnite, Inc.*,1		8,888		240,243
Nexstar Media Group, Inc., Class A		9,658		1,448,024
Tremor International Ltd., ADR*		14,033		265,925
WideOpenWest, Inc.*		9,644		183,718
				2,801,043
Metals & mining—0.1%
Schnitzer Steel Industries, Inc., Class A		5,433		292,295
Multiline retail—0.4%
Ollie's Bargain Outlet Holdings, Inc.*,1		33,796		2,286,637
Oil, gas & consumable fuels—1.3%
Arch Resources, Inc.*		6,157		560,780
California Resources Corp.*		31,825		1,468,087
Centennial Resource Development, Inc., Class A*		21,980		158,256
Denbury, Inc.*		19,354		1,638,510
Dorian LPG Ltd.		21,343		258,677
Earthstone Energy, Inc., Class A*		8,600		87,290
Ovintiv, Inc.		4,450		166,964
Par Pacific Holdings, Inc.*		29,263		452,406
SilverBow Resources, Inc.*		22,614		624,146
Southwestern Energy Co.*		251,308		1,226,383
				6,641,499
Paper & forest products—0.2%
Louisiana-Pacific Corp.		17,114		1,008,528
Personal products—1.0%
Beauty Health Co*		51,757		1,421,765
BellRing Brands, Inc., Class A*		28,471		763,592
Herbalife Nutrition Ltd.*		15,147		702,821
Medifast, Inc.		6,881		1,350,534

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Personal products—(concluded)
USANA Health Sciences, Inc.*		10,194		989,429
				5,228,141
Pharmaceuticals—0.7%
Aerie Pharmaceuticals, Inc.*,1		28,598		303,997
Amneal Pharmaceuticals, Inc.*		131,841		723,807
Amphastar Pharmaceuticals, Inc.*		29,132		544,186
BioDelivery Sciences International, Inc.*		7,600		31,008
NGM Biopharmaceuticals, Inc.*		21,016		388,165
Optinose, Inc.*,1		4,115		10,905
Oramed Pharmaceuticals, Inc.*		44,109		1,032,592
Phathom Pharmaceuticals, Inc.*,1		10,114		237,982
Progenic Pharmaceuticals Inc.*,2,3		76,855		0
Terns Pharmaceuticals, Inc.*		276		2,622
Theravance Biopharma, Inc.*,1		50,249		390,435
WaVe Life Sciences Ltd.*		19,002		87,219
				3,752,918
Professional services—2.5%
Exponent, Inc.		34,834		3,998,943
Forrester Research, Inc.*		11,533		614,132
Heidrick & Struggles International, Inc.		9,313		436,594
Insperity, Inc.		19,947		2,493,375
KBR, Inc.		45,879		1,947,105
Kforce, Inc.		7,307		473,201
TriNet Group, Inc.*		27,715		2,806,144
Upwork, Inc.*		3,315		156,203
				12,925,697
Real estate management & development—0.2%
eXp World Holdings, Inc.1		17,324		893,918
Forestar Group, Inc.*		17,545		343,356
				1,237,274
Road & rail—1.1%
ArcBest Corp.		3,343		300,369
Daseke, Inc.*		28,268		267,133
Landstar System, Inc.		9,950		1,749,309
Saia, Inc.*		6,516		2,037,162
Universal Logistics Holdings, Inc.		5,401		113,853

PACE Small/Medium Co Growth Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Road & rail—(concluded)
XPO Logistics, Inc.*		14,160		1,214,928
				5,682,754
Semiconductors & semiconductor equipment—4.3%
ACM Research, Inc., Class A*		12,043		1,278,605
Alpha & Omega Semiconductor Ltd.*		12,508		433,402
Ambarella, Inc.*		14,842		2,758,089
Amkor Technology, Inc.		30,315		664,505
Brooks Automation, Inc.		14,070		1,638,452
CMC Materials, Inc.		11,499		1,476,127
Diodes, Inc.*		7,226		694,346
Everspin Technologies, Inc.*		1,205		7,326
Lattice Semiconductor Corp.*		10,817		751,133
Power Integrations, Inc.		40,585		4,188,778
Silicon Laboratories, Inc.*		7,048		1,330,381
SiTime Corp.*		15,015		3,977,323
SMART Global Holdings, Inc.*		18,077		966,396
Synaptics, Inc.*		9,855		1,917,487
				22,082,350
Software—16.3%
A10 Networks, Inc.*		124,054		2,318,569
Agilysys, Inc.*		22,701		1,083,292
Alarm.com Holdings, Inc.*		60,394		5,088,798
Asana, Inc., Class A*		17,928		2,434,622
Avaya Holdings Corp.*		70,123		1,305,690
Benefitfocus, Inc.*		25,271		276,970
Blackline, Inc.*		50,265		6,377,121
Box, Inc., Class A*		57,993		1,497,959
Cerence, Inc.*		22,951		2,412,839
Citrix Systems, Inc.		2,454		232,467
CS Disco, Inc.*		8,719		500,035
CyberArk Software Ltd.*		8,376		1,508,601
Descartes Systems Group, Inc.*		38,885		3,179,626
Domo, Inc., Class B*		5,252		464,014
Dropbox, Inc., Class A*		85,696		2,612,871
eGain Corp.*		10,770		111,146
Everbridge, Inc.*		1,037		165,204
Model N, Inc.*,1		71,128		2,305,259
NCR Corp.*		21,180		837,457
New Relic, Inc.*		33,424		2,712,692

PACE Small/Medium Co Growth Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Software—(concluded)
Nutanix, Inc., Class A*		56,829		1,949,803
OneSpan, Inc.*		35,016		715,027
Paylocity Holding Corp.*		23,223		7,086,266
Pegasystems, Inc.		41,516		4,928,780
Progress Software Corp.		17,013		874,638
PROS Holdings, Inc.*		42,288		1,268,640
Rapid7, Inc.*		13,600		1,751,000
Rimini Street, Inc.*		17,875		186,079
RingCentral, Inc., Class A*		1,165		284,004
ShotSpotter, Inc.*		3,060		119,065
SimilarWeb Ltd.*,1		10,652		204,945
Smartsheet, Inc., Class A*		26,086		1,800,195
Sprout Social, Inc., Class A*		29,018		3,705,018
SPS Commerce, Inc.*		45,964		7,020,082
Stronghold Digital Mining, Inc., Class A*		11,760		322,930
Tenable Holdings, Inc.*		59,624		3,174,978
Varonis Systems, Inc.*		41,912		2,713,383
Workiva, Inc.*		53,252		7,963,837
Zuora, Inc., Class A*		15,190		332,053
				83,825,955
Specialty retail—5.2%
Abercrombie & Fitch Co., Class A*		7,533		297,855
Asbury Automotive Group, Inc.*		4,366		854,470
Bed Bath & Beyond, Inc.*,1		8,443		118,540
Boot Barn Holdings, Inc.*		15,744		1,645,091
Citi Trends, Inc.*		9,706		750,856
Five Below, Inc.*		32,032		6,319,914
Floor & Decor Holdings, Inc., Class A*		26,839		3,647,957
Hibbett, Inc.		8,126		629,277
Lithia Motors, Inc.		5,884		1,878,290
MarineMax, Inc.*		9,337		483,563
Murphy USA, Inc.		18,293		2,980,844
National Vision Holdings, Inc.*		62,351		3,843,316
OneWater Marine, Inc. Class A		24,023		1,065,180
Rent-A-Center, Inc.		10,029		534,145
Shoe Carnival, Inc.		524		17,748

PACE Small/Medium Co Growth Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Specialty retail—(concluded)
Signet Jewelers Ltd.		16,786		1,496,975
				26,564,021
Technology hardware, storage & peripherals—1.1%
Avid Technology, Inc.*		44,796		1,282,957
Diebold Nixdorf, Inc.*		21,520		193,680
Pure Storage, Inc., Class A*		122,879		3,300,530
Stratasys Ltd.*		30,161		951,278
				5,728,445
Textiles, apparel & luxury goods—1.4%
Columbia Sportswear Co.		8,257		857,407
Crocs, Inc.*		18,798		3,034,937
Deckers Outdoor Corp.*		2,984		1,179,605
Kontoor Brands, Inc.		26,516		1,405,348
Steven Madden Ltd.		15,945		719,120
				7,196,417
Thrifts & mortgage finance—0.1%
Axos Financial, Inc.*		7,909		419,177
Luther Burbank Corp.		729		10,578
Waterstone Financial, Inc.		13,692		283,013
				712,768
Trading companies & distributors—0.6%
Alta Equipment Group, Inc.*		2,041		29,452
BlueLinx Holdings, Inc.*		2,104		100,213
Boise Cascade Co.		22,609		1,280,122
Herc Holdings, Inc.		7,404		1,347,824
Textainer Group Holdings Ltd.*		5,539		217,627
				2,975,238
Total common stocks (cost—$397,333,111)				512,070,627
Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 0.030%4 (cost—$5,010,688)		5,010,688		5,010,688

PACE Small/Medium Co Growth Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%4 (cost—$2,494,802)		2,494,802		2,494,802
Total investments (cost—$404,838,601)5—100.8%				519,576,117
Liabilities in excess of other assets—(0.8)%				(4,053,196	)
Net assets—100.0%			$	515,522,921

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		512,070,627		—		0		512,070,627
Short-term investments		—		5,010,688		—		5,010,688
Investment of cash collateral from securities loaned		—		2,494,802		—		2,494,802
Total		512,070,627		7,505,490		0		519,576,117

At October 31, 2021, there were no transfers in or out of Level 3.

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

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Rates shown reflect yield at October 31, 2021.
5	Includes $  11,691,488  of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $ 2,494,802 and non-cash collateral of $ 9,544,252.

PACE International Equity Investments

Portfolio statistics and industry diversification - (unaudited)¹

As a percentage of net assets as of October 31, 2021

Common stocks
Aerospace & defense	1.0	%
Air freight & logistics	0.3
Auto components	1.5
Automobiles	3.3
Banks	11.7
Beverages	1.2
Biotechnology	1.4
Building products	2.0
Capital markets	1.9
Chemicals	3.3
Commercial services & supplies	1.1
Communications equipment	0.4
Construction & engineering	0.4
Construction materials	0.8
Diversified financial services	0.0	†
Diversified telecommunication services	3.4
Electric utilities	2.9
Electrical equipment	1.0
Electronic equipment, instruments & components	2.7
Energy equipment & services	0.2
Entertainment	0.7
Equity real estate investment trusts	0.7
Food & staples retailing	1.6
Food products	1.9
Gas utilities	0.9
Health care equipment & supplies	1.8
Health care providers & services	0.3
Health care technology	0.0	†
Hotels, restaurants & leisure	0.7
Household durables	3.7
Independent power and renewable electricity producers	0.3
Industrial conglomerates	2.7
Insurance	5.0
Interactive media & services	0.4
Internet & direct marketing retail	1.0
IT services	2.9
Leisure products	0.7
Life sciences tools & services	0.6
Machinery	4.5
Marine	0.4
Media	1.2
Metals & mining	1.9
Multi-utilities	0.2
Multiline retail	0.3
Oil, gas & consumable fuels	4.9
Personal products	0.9
Pharmaceuticals	10.0
Professional services	2.0
Real estate management & development	1.3
Road & rail	0.2
Semiconductors & semiconductor equipment	5.6
Software	3.1
Specialty retail	1.8
Technology hardware, storage & peripherals	1.4
Textiles, apparel & luxury goods	1.9
Tobacco	0.8
Trading companies & distributors	1.3
Transportation infrastructure	0.0	†
Wireless telecommunication services	0.5
Total common stocks	110.6
Preferred stocks
Automobiles	0.2
Chemicals	0.1
Total preferred stocks	0.3

PACE International Equity Investments

Portfolio statistics and industry diversification - (unaudited)¹

As a percentage of net assets as of October 31, 2021

Rights
Australia	0.0	†
Short-term investments	0.8
Investment of cash collateral from securities loaned	0.8
Total investments before investments sold short	112.5
Investments sold short
Common stocks
Aerospace & defense	(0.2	)
Airlines	(0.7	)
Auto components	(0.0	)†
Beverages	(0.3	)
Biotechnology	(0.3	)
Capital markets	(0.1	)
Chemicals	(0.7	)
Construction & engineering	(0.1	)
Diversified financial services	(0.2	)
Diversified telecommunication services	(0.3	)
Electric utilities	(0.9	)
Electrical equipment	(0.2	)
Electronic equipment, instruments & components	(0.0	)†
Entertainment	(0.4	)
Equity real estate investment trusts	(0.3	)
Food & staples retailing	(0.3	)
Food products	(0.2	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.2	)
Health care providers & services	(0.2	)
Hotels, restaurants & leisure	(1.2	)
Household products	(0.1	)
Industrial conglomerates	(0.1	)
Insurance	(0.4	)
Interactive media & services	(0.2	)
Internet & direct marketing retail	(0.1	)
IT services	(0.7	)
Life sciences tools & services	(0.0	)†
Machinery	(0.9	)
Media	(0.2	)
Metals & mining	0.0	†
Multi-utilities	0.0	†
Multiline retail	(0.2	)
Oil, gas & consumable fuels	(0.2	)
Paper & forest products	(0.1	)
Personal products	(0.2	)
Pharmaceuticals	(0.3	)
Real estate management & development	(0.5	)
Road & rail	(0.8	)
Semiconductors & semiconductor equipment	(0.2	)
Software	(0.1	)
Specialty retail	(0.0	)†
Trading companies & distributors	(0.0	)†
Transportation infrastructure	(0.3	)
Wireless telecommunication services	(0.0	)†
Total common stocks	(12.5	)
Preferred stock
Household products	(0.1	)
Total investments sold short	(12.6	)
Other assets in excess of liabilities	0.1
Net assets	100.0	%

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

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

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—110.6%
Australia—5.1%
Aristocrat Leisure Ltd.1		84,748		2,975,929
ASX Ltd.2		47,247		2,950,661
Aurizon Holdings Ltd.1		963,823		2,443,371
Australia & New Zealand Banking Group Ltd.		43,949		930,327
BHP Group Ltd.1,2		199,654		5,493,941
BHP Group PLC1		111,603		2,955,410
Commonwealth Bank of Australia1		6,100		480,348
CSL Ltd.1		3,097		700,057
Dexus		209,076		1,709,606
Endeavour Group Ltd.1		30,963		158,385
Fortescue Metals Group Ltd.		7,774		81,463
Goodman Group1		63,394		1,044,370
Macquarie Group Ltd.1		14,743		2,194,019
Medibank Pvt. Ltd.		1,007,956		2,517,340
National Australia Bank Ltd.		130,995		2,829,112
Northern Star Resources Ltd.		6,941		48,245
REA Group Ltd.1		28,955		3,488,074
Rio Tinto PLC1		86,427		5,394,147
Sonic Healthcare Ltd.		109,786		3,305,939
Stockland		851,939		2,915,964
Telstra Corp. Ltd.		456,071		1,310,564
Wesfarmers Ltd.1		60,154		2,590,612
Westpac Banking Corp.		95,734		1,848,649
WiseTech Global Ltd.		77,468		2,976,703
				53,343,236
Austria—1.0%
Erste Group Bank AG		103,646		4,445,128
OMV AG		45,456		2,753,469
Raiffeisen Bank International AG		43,499		1,272,206
voestalpine AG		48,733		1,850,053
				10,320,856
Belgium—0.0%†
KBC Group N.V.		1,993		185,603
Canada—1.5%
Constellation Software, Inc.		5,435		9,551,609

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Canada—(concluded)
Fairfax Financial Holdings Ltd.		15,145		6,133,994
				15,685,603
China—1.8%
Alibaba Group Holding Ltd., ADR*		21,031		3,468,853
BeiGene Ltd., ADR*		7,432		2,658,575
BOC Hong Kong Holdings Ltd.		124,000		393,651
Chow Tai Fook Jewellery Group Ltd.		393,400		804,952
Prosus N.V.*		57,838		5,095,455
Sinopharm Group Co. Ltd., Class H		108,250		258,225
SITC International Holdings Co. Ltd.		7,000		23,707
Wuxi Biologics Cayman, Inc.*,3		411,284		6,258,727
				18,962,145
Denmark—4.9%
AP Moller - Maersk A/S, Class B1		499		1,441,943
Carlsberg A/S, Class B1		8,922		1,471,749
Coloplast A/S, Class B		29,809		4,859,307
Danske Bank A/S		39,257		664,349
Demant A/S*		12,110		586,587
DSV A/S1		7,877		1,830,622
Genmab A/S*		23,878		10,701,500
GN Store Nord A/S		9,437		572,673
ISS A/S*		232,319		4,624,719
Novo Nordisk A/S, ADR		87,013		9,582,742
Novo Nordisk A/S, Class B		91,411		10,004,781
Novozymes A/S, Class B		27,874		2,049,724
Pandora A/S		11,070		1,545,843
Tryg A/S		52,158		1,236,473
Vestas Wind Systems A/S		6,618		286,214
				51,459,226
Finland—1.4%
Kesko Oyj, B Shares1		15,666		508,707
Kone Oyj, Class B		62,072		4,230,688
Neste Oyj		9,973		555,572
Nokia Oyj*		359,234		2,063,914
Nordea Bank Abp		413,086		5,053,425
Orion Oyj, Class B		33,319		1,441,683

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Finland—(concluded)
Sampo Oyj, Class A1		15,377		817,687
				14,671,676
France—7.4%
Aeroports de Paris*,1		1,263		167,757
Air Liquide SA1		4,192		698,980
Airbus SE*,1		20,761		2,654,368
AXA SA		135,967		3,954,594
Bouygues SA		21,656		876,202
Bureau Veritas SA		5,897		187,193
Capgemini SE1		3,454		803,755
Cie de Saint-Gobain1		129,833		8,939,178
Cie Generale des Etablissements Michelin SCA		6,810		1,068,279
Dassault Aviation SA		43,175		4,504,404
Edenred1		802		43,361
Eiffage SA		3,304		339,776
Engie SA1		61,725		877,370
EssilorLuxottica SA1		1,492		308,558
Faurecia SE		13,702		713,570
Hermes International		2,976		4,714,870
Ipsen SA		3,959		409,148
Kering SA1		361		270,504
L'Oreal SA1		11,985		5,471,897
Legrand SA1		9,826		1,070,459
LVMH Moet Hennessy Louis Vuitton SE		9,208		7,208,419
Pernod Ricard SA1		4,580		1,052,013
Renault SA*		1,283		46,067
Sanofi1		173,392		17,324,127
Sartorius Stedim Biotech		137		75,417
SCOR SE		7,469		251,254
SEB SA		2,065		322,980
Societe Generale SA		185,854		6,195,119
Thales SA		6,575		605,472
TotalEnergies SE1		80,450		4,033,418
Valeo		15,446		452,282
Vinci SA1		10,859		1,159,521
Wendel SE		1,717		228,457
				77,028,769
Germany—7.4%
adidas AG		7,200		2,357,962

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Germany—(concluded)
Allianz SE1		62,365		14,501,694
Aroundtown SA1		66,485		461,908
BASF SE1		86,254		6,209,915
Bayerische Motoren Werke AG		50,846		5,127,790
Continental AG*		81,351		9,547,118
Daimler AG1		59,093		5,857,028
Deutsche Post AG1		23,628		1,461,843
Deutsche Telekom AG1		136,121		2,529,968
Evonik Industries AG		287,723		9,319,669
GEA Group AG		48,499		2,387,801
Hannover Rueck SE		2,404		439,086
HeidelbergCement AG		9,921		747,070
HelloFresh SE*		43,536		3,522,933
Infineon Technologies AG		41,250		1,926,235
Knorr-Bremse AG		2,845		299,743
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		8,968		2,656,027
Puma SE		2,952		366,163
RWE AG1		30,529		1,174,149
SAP SE1		29,372		4,255,119
TeamViewer AG*,3		7,493		111,739
Vitesco Technologies Group AG, Class A*		16,185		927,986
Vonovia SE1		6,643		402,856
				76,591,802
Hong Kong—2.5%
AIA Group Ltd.1		94,400		1,065,875
CK Asset Holdings Ltd.		627,000		3,872,161
Hong Kong Exchanges & Clearing Ltd.		44,298		2,680,483
Jardine Matheson Holdings Ltd.1		92,400		5,352,732
Link REIT1		15,000		133,025
Melco Resorts & Entertainment Ltd., ADR*,1		100,182		1,084,971
New World Development Co. Ltd.1		54,000		234,240
Sun Hung Kai Properties Ltd.1		244,500		3,252,458
Swire Pacific Ltd., Class A		25,000		157,284
Swire Properties Ltd.1		139,000		372,489
Techtronic Industries Co. Ltd.		57,500		1,183,182
WH Group Ltd.3		8,862,689		6,219,431

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Hong Kong—(concluded)
Xinyi Glass Holdings Ltd.		62,000		174,912
				25,783,243
India—1.0%
HDFC Bank Ltd., ADR		83,743		6,021,959
Tata Consultancy Services Ltd.		91,489		4,151,330
				10,173,289
Indonesia—0.4%
Bank Rakyat Indonesia Persero Tbk. PT		15,484,954		4,645,213
Israel—0.7%
Azrieli Group Ltd.		1,711		159,726
Bank Hapoalim BM		265,010		2,604,582
Bank Leumi Le-Israel BM		223,762		2,133,424
ICL Group Ltd.		192,957		1,649,466
Israel Discount Bank Ltd., Class A*		132,500		798,932
Teva Pharmaceutical Industries Ltd., ADR*		8,524		74,500
				7,420,630
Italy—3.9%
DiaSorin SpA		3,642		822,453
Enel SpA1		1,773,962		14,838,864
Eni SpA		615,707		8,828,637
Ferrari N.V.		13,642		3,232,881
Intesa Sanpaolo SpA		788,571		2,240,227
Moncler SpA		15,118		1,085,634
Snam SpA		1,586,777		8,982,636
				40,031,332
Japan—28.9%
Advantest Corp.		7,600		622,136
Aisin Corp.		18,000		657,776
Ajinomoto Co., Inc.		2,100		62,756
Asahi Kasei Corp.		35,700		374,776
Astellas Pharma, Inc.		66,200		1,113,449
Bridgestone Corp.		13,600		598,889
Brother Industries Ltd.		23,900		460,910
Canon, Inc.		72,000		1,615,933
Casio Computer Co. Ltd.2		80,600		1,135,719
Chugai Pharmaceutical Co. Ltd.		72,000		2,682,904

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(continued)
Coca-Cola Bottlers Japan Holdings, Inc.2		323,100		4,433,678
CyberAgent, Inc.1		10,400		173,371
Dai-ichi Life Holdings, Inc.		145,400		3,063,638
Daiichi Sankyo Co. Ltd.		9,000		226,392
Daikin Industries Ltd.1		20,400		4,454,977
Daito Trust Construction Co. Ltd.		21,300		2,638,789
Daiwa House Industry Co. Ltd.1		31,800		1,046,561
Dentsu Group, Inc.1		21,400		782,961
Disco Corp.		6,300		1,691,424
Eisai Co. Ltd.		12,300		866,261
FANUC Corp.1		38,509		7,537,932
FUJIFILM Holdings Corp.		143,600		11,088,604
Fujitsu Ltd.		28,500		4,907,326
Hikari Tsushin, Inc.		2,400		369,555
Hirose Electric Co. Ltd.		3,400		566,493
Hitachi Ltd.1		105,500		6,066,655
Honda Motor Co. Ltd.		431,000		12,664,347
Hoshizaki Corp.		5,400		452,941
Hoya Corp.1		22,600		3,316,385
Iida Group Holdings Co. Ltd.		14,100		346,763
Inpex Corp.		166,000		1,386,550
Isuzu Motors Ltd.		190,800		2,559,624
ITOCHU Techno-Solutions Corp.		61,000		1,921,386
Japan Exchange Group, Inc.		14,500		342,669
Japan Tobacco, Inc.1		13,800		270,673
JFE Holdings, Inc.		64,700		989,446
Kajima Corp.		23,200		284,975
Kakaku.com, Inc.		30,100		994,310
Kansai Paint Co. Ltd.		54,400		1,256,725
KDDI Corp.		89,300		2,764,206
Keyence Corp.1		20,523		12,336,308
Konami Holdings Corp.1		17,900		983,145
Kubota Corp.1		36,300		771,544
Kyocera Corp.		171,500		10,013,885
Lawson, Inc.1		100		4,834
Lixil Corp.		5,200		133,405
M3, Inc.1		1,100		64,740
Marubeni Corp.		132,300		1,115,743
Mazda Motor Corp.*		80,100		716,139
MISUMI Group, Inc.		65,000		2,714,630
Mitsubishi Chemical Holdings Corp.		14,300		118,277

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(continued)
Mitsubishi Corp.1		31,900		1,010,948
Mitsubishi Electric Corp.1		561,700		7,515,617
Mitsubishi Heavy Industries Ltd.		56,400		1,439,505
Mitsubishi UFJ Financial Group, Inc.1		43,300		236,493
Mitsui & Co. Ltd.1		28,800		654,965
Mitsui Chemicals, Inc.		27,700		821,461
Mizuho Financial Group, Inc.		22,300		294,464
MonotaRO Co. Ltd.		46,800		1,059,390
Murata Manufacturing Co. Ltd.		900		68,328
Nintendo Co. Ltd.1		13,200		5,813,907
Nippon Paint Holdings Co. Ltd.		119,600		1,279,161
Nippon Steel Corp.		80,600		1,413,638
Nippon Telegraph & Telephone Corp.1		651,700		18,228,731
Nissan Chemical Corp.		54,500		3,026,848
Nitto Denko Corp.		41,700		3,248,923
Nomura Holdings, Inc.		38,100		183,856
Nomura Research Institute Ltd.1		134,600		5,361,562
NTT Data Corp.1		53,500		1,071,643
Olympus Corp.1		106,700		2,303,447
Omron Corp.		10,200		972,792
Otsuka Corp.		41,900		2,058,697
Otsuka Holdings Co. Ltd.		143,700		5,666,048
Panasonic Corp.		192,600		2,353,108
PeptiDream, Inc.*		5,700		137,680
Recruit Holdings Co. Ltd.1		158,832		10,552,103
Renesas Electronics Corp.*		39,100		480,967
Resona Holdings, Inc.		34,100		128,053
Ricoh Co. Ltd.		21,600		209,604
Rinnai Corp.		9,000		920,728
Santen Pharmaceutical Co. Ltd.		173,300		2,434,335
SCSK Corp.		81,600		1,646,677
Secom Co. Ltd.		31,600		2,145,667
Seiko Epson Corp.		66,400		1,180,315
Sekisui Chemical Co. Ltd.		440,800		7,212,915
Sekisui House Ltd.		8,700		180,259
Seven & I Holdings Co. Ltd.1		400		16,783
Shimadzu Corp.		91,800		3,717,105
Shimano, Inc.		23,200		6,428,217
Shin-Etsu Chemical Co. Ltd.1		6,900		1,226,229
Shionogi & Co. Ltd.		4,000		259,952
SMC Corp.1		1,800		1,072,972

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(concluded)
SoftBank Corp.1		137,200		1,871,265
SoftBank Group Corp.1		4,500		243,369
Sohgo Security Services Co. Ltd.		4,100		174,828
Sony Group Corp.1		186,700		21,524,352
Square Enix Holdings Co. Ltd.		4,800		262,373
Subaru Corp.		7,800		152,476
Sumitomo Chemical Co. Ltd.		193,400		950,243
Sumitomo Corp.		176,900		2,509,737
Sumitomo Mitsui Financial Group, Inc.		80,800		2,637,919
Suntory Beverage & Food Ltd.		6,300		244,040
Suzuki Motor Corp.		75,617		3,367,021
Takeda Pharmaceutical Co. Ltd.		379,000		10,650,906
Terumo Corp.1		1,000		44,027
Tokio Marine Holdings, Inc.1		174,400		9,177,900
Tokyo Electron Ltd.		12,000		5,564,378
Toray Industries, Inc.		93,900		584,038
Toyota Industries Corp.		102,700		8,704,383
Trend Micro, Inc.		25,000		1,410,397
USS Co. Ltd.		72,300		1,160,860
Yamada Holdings Co. Ltd.		322,100		1,229,335
Yamaha Corp.		16,900		1,064,637
Yamaha Motor Co. Ltd.		26,700		741,439
ZOZO, Inc.		68,300		2,184,282
				300,251,813
Luxembourg—0.2%
Tenaris SA		205,679		2,289,676
Netherlands—5.4%
Adyen N.V.*,3		2,755		8,313,867
ASML Holding N.V.1		18,152		14,699,089
ASML Holding N.V. NY Registered Shares		10,972		8,918,920
ING Groep N.V.		8,811		133,634
Koninklijke Ahold Delhaize N.V.1		69,014		2,244,216
Koninklijke KPN N.V.		341,112		1,019,331
Randstad N.V.		40,938		2,943,573
Royal Dutch Shell PLC, A Shares4		208,024		4,785,662

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Netherlands—(concluded)
Royal Dutch Shell PLC, B Shares		568,282		13,104,628
				56,162,920
New Zealand—0.3%
Fisher & Paykel Healthcare Corp. Ltd.		25,107		561,520
Spark New Zealand Ltd.		205,370		671,822
Xero Ltd.*,1		16,938		1,904,999
				3,138,341
Norway—0.2%
DNB Bank ASA		47,152		1,120,766
Gjensidige Forsikring ASA		30,099		748,565
Telenor ASA		35,390		558,631
				2,427,962
Poland—0.0%†
InPost SA*		11,280		160,857
Portugal—0.1%
Jeronimo Martins, SGPS SA		39,799		901,750
Russia—0.3%
Coca-Cola HBC AG		90,463		3,135,935
Singapore—3.7%
Ascendas REIT		98,800		226,394
DBS Group Holdings Ltd.		609,248		14,245,153
Mapletree Commercial Trust		100,600		162,631
Mapletree Logistics Trust		668,500		1,001,387
Oversea-Chinese Banking Corp. Ltd.		458,800		4,014,713
Singapore Technologies Engineering Ltd.		88,100		250,221
Singapore Telecommunications Ltd.		1,815,700		3,366,147
United Overseas Bank Ltd.		741,698		14,712,956
				37,979,602
Spain—2.2%
Banco Bilbao Vizcaya Argentaria SA		156,319		1,095,432
Banco Santander SA2		3,704,248		14,030,334
CaixaBank SA		763,686		2,193,810
Industria de Diseno Textil SA1,2		108,075		3,902,960

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Spain—(concluded)
Red Electrica Corp. SA		77,951		1,622,905
				22,845,441
Sweden—3.3%
Alfa Laval AB		72,540		3,105,841
Assa Abloy AB, Class B1,2		115,464		3,381,369
Atlas Copco AB, Class A1		19,815		1,273,162
Boliden AB		29,523		1,041,280
Epiroc AB, Class A		57,868		1,439,962
EQT AB1		1,077		56,759
Fastighets AB Balder, Class B*,1		18,592		1,346,989
H & M Hennes & Mauritz AB, Share B1		4,672		87,597
Husqvarna AB, Class B		69,577		989,617
Industrivarden AB, Class A2		1,587		52,329
Lundin Energy AB		60,783		2,400,745
Sandvik AB		258,204		6,539,284
Skanska AB, Class B		38,931		988,235
Svenska Handelsbanken AB, Class A2		103,147		1,181,122
Swedbank AB, Class A		27,876		604,521
Telefonaktiebolaget LM Ericsson, Class B		184,707		2,021,711
Telia Co. AB2		1,876,724		7,385,176
				33,895,699
Switzerland—7.8%
ABB Ltd.1		44,774		1,481,219
Banque Cantonale Vaudoise		4,355		350,550
Cie Financiere Richemont SA, Class A		14,904		1,841,025
Geberit AG		4,771		3,724,673
Givaudan SA1		13		61,181
Holcim Ltd.*		84,847		4,235,863
Julius Baer Group Ltd.		82,139		5,937,046
Kuehne & Nagel International AG1		6,999		2,203,814
Logitech International SA, Registered Shares		2,514		209,280
Nestle SA Registered Shares1		98,274		12,967,960
Novartis AG1		163,910		13,541,014
Partners Group Holding AG1		1,037		1,809,314
Roche Holding AG1		16,548		6,398,885
Schindler Holding AG		9,834		2,558,387
SGS SA		559		1,653,311
Sika AG1		2,995		1,014,034
Sonova Holding AG1		13,645		5,637,728

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Switzerland—(concluded)
STMicroelectronics N.V.		139,148		6,581,385
Temenos AG		39,603		6,049,017
Zurich Insurance Group AG		6,892		3,055,333
				81,311,019
Taiwan—1.4%
Sea Ltd., ADR*,1		839		288,255
Taiwan Semiconductor Manufacturing Co. Ltd.		410,000		8,698,779
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		48,018		5,459,647
				14,446,681
United Kingdom—15.3%
3i Group PLC		130,125		2,429,047
Associated British Foods PLC		27,124		663,716
AstraZeneca PLC		45,600		5,675,194
BAE Systems PLC		369,908		2,793,420
Barclays PLC		751		2,079
Barratt Developments PLC		95,300		864,704
Berkeley Group Holdings PLC		3,634		216,588
BP PLC1		2,628,753		12,598,731
British American Tobacco PLC1		1,807		62,974
Bunzl PLC		5,323		196,835
CK Hutchison Holdings Ltd.		2,253,500		15,162,358
CNH Industrial N.V.		26,956		465,236
Coca-Cola Europacific Partners PLC		15,748		829,132
Compass Group PLC*,1		117,441		2,491,221
DCC PLC		20,063		1,676,539
Diageo PLC1		20,213		1,004,702
Direct Line Insurance Group PLC		125,570		502,486
Experian PLC		46,185		2,115,522
GlaxoSmithKline PLC1		744,074		15,362,119
Halma PLC		13,735		556,768
Hargreaves Lansdown PLC		31,214		656,575
HSBC Holdings PLC1		793,494		4,794,411
Imperial Brands PLC		396,840		8,374,535
InterContinental Hotels Group PLC*,1		3,738		261,819
Intertek Group PLC		21,954		1,470,711
JD Sports Fashion PLC		133,045		1,981,018
Kingfisher PLC		1,878,270		8,611,201
Legal & General Group PLC		22,366		88,429
Lloyds Banking Group PLC		24,913,811		17,122,918

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United Kingdom—(concluded)
M&G PLC		45,382		124,091
Next PLC		8,988		979,860
Persimmon PLC		63,972		2,382,206
Prudential PLC1		72,977		1,492,598
RELX PLC		46,979		1,455,597
Sage Group PLC1		4,391		42,714
Smith & Nephew PLC		17,949		308,280
SSE PLC		621,420		13,977,060
Tesco PLC		2,494,237		9,213,009
Travis Perkins PLC		179,356		3,787,413
Unilever PLC1		69,655		3,729,169
Wickes Group PLC		210,766		618,424
WPP PLC		790,745		11,427,764
				158,569,173
United States—2.5%
Aptiv PLC*		9,357		1,617,732
Atlassian Corp. PLC, Class A*		12,494		5,723,876
Brookfield Renewable Corp., Class A		79,198		3,279,589
Ferguson PLC		20,848		3,137,044
James Hardie Industries PLC		96,366		3,744,178
SolarEdge Technologies, Inc.*		9,956		3,531,194
Waste Connections, Inc.		34,322		4,668,135
				25,701,748
Total common stocks  (cost—$944,407,399)				1,149,521,240
Preferred stocks—0.3%
Germany—0.3%
FUCHS PETROLUB SE		16,093		770,929

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Preferred stocks—(concluded)
Germany—(concluded)
Volkswagen AG1		9,645		2,161,019
Total preferred stocks  (cost—$3,373,050)				2,931,948

	Number of rights
Rights—0.0%†
Australia—0.0%†
Aristocrat Leisure Ltd.* (cost—$0)		4,122	14,667

	Number of shares
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 0.030%5 (cost—$8,373,614)		8,373,614		8,373,614
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%5 (cost—$8,604,649)		8,604,649		8,604,649
Total investments before investments sold short    (cost—$964,758,712)6—112.5%				1,169,446,118
Investments sold short—(12.6)%
Common stocks—(12.5)%
Australia—(1.0)%
Afterpay Ltd.		(7,215	)	(669,155	)
APA Group		(45,280	)	(279,308	)
AusNet Services Ltd.		(551,698	)	(1,025,087	)
Crown Resorts Ltd.		(88,230	)	(661,055	)
Qantas Airways Ltd.		(498,346	)	(2,005,613	)
Sydney Airport		(317,725	)	(1,957,481	)
Tabcorp Holdings Ltd.		(532,560	)	(1,987,067	)
Vicinity Centres		(333,420	)	(432,656	)

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Australia—(concluded)
Washington H Soul Pattinson & Co. Ltd.		(60,458	)		(1,477,175	)
					(10,494,597	)
Belgium—(0.0)%†
Groupe Bruxelles Lambert SA		(1,438	)		(166,648	)
China—(0.0)%†
Wilmar International Ltd.		(20,300	)		(65,032	)
Denmark—(0.2)%
Ambu A/S, Class B		(26,627	)		(758,466	)
Chr Hansen Holding A/S		(15,042	)		(1,196,815	)
					(1,955,281	)
Finland—(0.1)%
Stora Enso Oyj, Class R		(65,097	)		(1,082,126	)
France—(0.9)%
Adevinta ASA		(53,526	)		(881,023	)
Atos SE		(45,773	)		(2,380,053	)
Bollore SA		(280,835	)		(1,626,473	)
Covivio		(4,280	)		(370,086	)
Dassault Aviation SA		(8,130	)		(848,195	)
Electricite de France SA		(11,124	)		(163,699	)
Orange SA		(12,089	)		(131,853	)
Remy Cointreau SA		(12,612	)		(2,545,575	)
Veolia Environnement SA		(7,429	)		(242,437	)
					(9,189,394	)
Germany—(0.6)%
Deutsche Wohnen SE		(5,851	)		(299,567	)
Fresenius Medical Care AG & Co. KGaA		(19,230	)		(1,277,329	)
Fresenius SE & Co. KGaA		(4,180	)		(189,732	)
KION Group AG		(25,828	)		(2,818,516	)
LANXESS AG		(4,397	)		(296,131	)
Telefonica Deutschland Holding AG		(546,886	)		(1,424,347	)
					(6,305,622	)
Hong Kong—(0.4)%
CK Infrastructure Holdings Ltd.		(4,500	)		(27,126	)

PACE International Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Hong Kong—(concluded)
CLP Holdings Ltd.		(23,000	)		(225,108	)
Hang Lung Properties Ltd.		(86,000	)		(199,622	)
HK Electric Investments & HK Electric Investments Ltd.		(228,000	)		(227,106	)
MTR Corp. Ltd.		(420,000	)		(2,288,799	)
Wharf Real Estate Investment Co. Ltd.		(139,000	)		(784,281	)
					(3,752,042	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(6,304	)		(846,070	)
Italy—(0.1)%
Atlantia SpA		(40,972	)		(791,210	)
Telecom Italia SpA		(465,099	)		(165,651	)
					(956,861	)
Japan—(4.9)%
ABC-Mart, Inc.		(500	)		(23,909	)
ANA Holdings, Inc.		(41,900	)		(975,308	)
Asahi Intecc Co. Ltd.		(53,000	)		(1,394,578	)
Capcom Co. Ltd.		(6,700	)		(179,882	)
Chubu Electric Power Co., Inc.		(20,600	)		(213,094	)
Daifuku Co. Ltd.		(30,900	)		(2,833,121	)
Daiwa House REIT Investment Corp.		(202	)		(579,548	)
Fuji Electric Co. Ltd.		(6,000	)		(292,169	)
Fujitsu Ltd.		(6,000	)		(1,033,121	)
GLP J-Reit		(338	)		(551,298	)
GMO Payment Gateway, Inc.		(18,400	)		(2,331,178	)
Hakuhodo DY Holdings, Inc.		(53,200	)		(867,257	)
Hankyu Hanshin Holdings, Inc.		(3,700	)		(114,433	)
Harmonic Drive Systems, Inc.		(6,000	)		(270,586	)
Hisamitsu Pharmaceutical Co., Inc.		(16,900	)		(573,836	)
Hitachi Construction Machinery Co. Ltd.		(25,600	)		(814,214	)
Hulic Co. Ltd.		(74,700	)		(716,360	)
Japan Airlines Co. Ltd.		(76,500	)		(1,645,111	)
Japan Post Insurance Co. Ltd.		(19,400	)		(314,894	)
JSR Corp.		(94,800	)		(3,418,539	)
Kansai Electric Power Co., Inc.		(49,200	)		(452,394	)
Keio Corp.		(37,200	)		(1,873,463	)
Keisei Electric Railway Co. Ltd.		(26,700	)		(856,227	)
Kintetsu Group Holdings Co. Ltd.		(10,200	)		(319,939	)

PACE International Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
Kobe Bussan Co. Ltd.		(35,400	)		(1,215,977	)
Koei Tecmo Holdings Co. Ltd.		(17,200	)		(796,806	)
Koito Manufacturing Co. Ltd.		(5,900	)		(333,371	)
Kose Corp.		(8,500	)		(983,681	)
Kurita Water Industries Ltd.		(32,100	)		(1,577,188	)
Kyowa Kirin Co. Ltd.		(55,800	)		(1,831,033	)
Lasertec Corp.		(10,500	)		(2,305,900	)
NEC Corp.		(5,900	)		(301,277	)
NH Foods Ltd.		(23,400	)		(822,259	)
Nippon Sanso Holdings Corp.		(80,800	)		(1,903,470	)
Nomura Real Estate Holdings, Inc.		(9,500	)		(230,801	)
Obayashi Corp.		(33,400	)		(280,739	)
Odakyu Electric Railway Co. Ltd.		(128,800	)		(2,783,368	)
Oriental Land Co. Ltd.		(23,600	)		(3,714,709	)
Rakuten Group, Inc.		(43,300	)		(474,885	)
Ryohin Keikaku Co. Ltd.		(103,100	)		(2,024,460	)
Shiseido Co. Ltd.		(11,500	)		(764,312	)
Sumitomo Dainippon Pharma Co. Ltd.		(900	)		(12,690	)
Sumitomo Metal Mining Co. Ltd.		(3,700	)		(143,585	)
Taisho Pharmaceutical Holdings Co. Ltd.		(20,400	)		(1,091,818	)
TDK Corp.		(2,100	)		(76,096	)
Tobu Railway Co. Ltd.		(11,300	)		(280,678	)
Toho Co. Ltd.		(14,300	)		(671,244	)
Toho Gas Co. Ltd.		(12,900	)		(381,426	)
Tohoku Electric Power Co., Inc.		(54,500	)		(353,371	)
Tokyo Century Corp.		(12,200	)		(695,767	)
Toyota Industries Corp.		(11,700	)		(991,638	)
Z Holdings Corp.		(142,700	)		(883,932	)
					(50,570,940	)
Luxembourg—(0.0)%†
Eurofins Scientific SE		(475	)		(55,975	)
Macau—(0.3)%
Galaxy Entertainment Group Ltd.		(421,000	)		(2,278,016	)
Sands China Ltd.		(172,400	)		(393,968	)

PACE International Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Macau—(concluded)
SJM Holdings Ltd.		(252,000	)		(188,178	)
					(2,860,162	)
Netherlands—(0.6)%
Aegon N.V.		(693,476	)		(3,515,271	)
Argenx SE		(8,739	)		(2,615,481	)
Koninklijke Vopak N.V.		(15,541	)		(618,010	)
					(6,748,762	)
New Zealand—(0.1)%
Mercury NZ Ltd.		(242,725	)		(1,067,102	)
Ryman Healthcare Ltd.		(40,216	)		(416,431	)
					(1,483,533	)
Portugal—(0.4)%
EDP - Energias de Portugal SA		(755,794	)		(4,267,140	)
Singapore—(0.7)%
CapitaLand Integrated Commercial Trust		(33,887	)		(54,028	)
Capitaland Investment Ltd.		(219,100	)		(558,920	)
City Developments Ltd.		(196,200	)		(1,065,023	)
Genting Singapore Ltd.		(1,752,500	)		(1,013,682	)
Singapore Airlines Ltd.		(713,700	)		(2,752,125	)
UOL Group Ltd.		(258,500	)		(1,385,951	)
					(6,829,729	)
Spain—(0.5)%
ACS Actividades de Construccion y Servicios SA		(19,457	)		(509,001	)
Amadeus IT Group SA		(13,540	)		(905,325	)
Red Electrica Corp. SA		(64,065	)		(1,333,805	)
Siemens Gamesa Renewable Energy SA		(81,407	)		(2,204,915	)
Telefonica SA		(119,814	)		(521,402	)
					(5,474,448	)
Sweden—(0.4)%
Embracer Group AB		(105,371	)		(979,602	)
Essity AB, B Shares		(30,529	)		(987,536	)
Hexagon AB		(8,629	)		(138,659	)
Kinnevik AB, Class B		(27,595	)		(1,081,725	)

PACE International Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Sweden—(concluded)
Svenska Cellulosa AB SCA, Class B		(5,714	)		(89,090	)
Tele2 AB		(25,941	)		(365,947	)
Telia Co. AB		(139,762	)		(549,983	)
					(4,192,542	)
Switzerland—(0.1)%
Barry Callebaut AG		(104	)		(240,577	)
Credit Suisse Group AG		(81,994	)		(853,611	)
					(1,094,188	)
United Kingdom—(1.1)%
Ashtead Group PLC		(649	)		(54,393	)
AVEVA Group PLC		(21,078	)		(1,026,352	)
British Land Co. PLC		(7,068	)		(47,813	)
BT Group PLC		(333,472	)		(633,902	)
Croda International PLC		(3,827	)		(495,357	)
Entain PLC		(86,719	)		(2,430,553	)
Informa PLC		(37,235	)		(264,676	)
Land Securities Group PLC		(92,290	)		(867,705	)
Melrose Industries PLC		(438,844	)		(947,716	)
Ocado Group PLC		(83,915	)		(2,070,600	)
Pearson PLC		(125,271	)		(1,032,753	)
Rolls-Royce Holdings PLC		(663,418	)		(1,197,003	)

PACE International Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Common stocks—(concluded)
United Kingdom—(concluded)
SSE PLC		(19,984	)		(449,483	)
					(11,518,306	)
United States—(0.0)%†
QIAGEN N.V.		(2,356	)		(129,613	)
Total common stocks  (cost—$(127,933,946))					(130,039,011	)
Preferred stock—(0.1)%
Germany—(0.1)%
Henkel AG & Co. KGaA (cost—$(1,139,160.00))		(11,613	)		(1,038,798	)
Total investments sold short (proceeds—$129,073,106)					(131,077,809	)
Other assets in excess of liabilities—0.1%					718,225
Net assets—100.0%				$	1,039,086,534

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		1,147,327,221			2,194,019		—		1,149,521,240
Preferred stocks		2,931,948			—		—		2,931,948
Rights		14,667			—		—		14,667
Short-term investments		—			8,373,614		—		8,373,614
Investment of cash collateral from securities loaned		—			8,604,649		—		8,604,649
Total		1,150,273,836			19,172,282		—		1,169,446,118
Liabilities
Investments sold short		(131,077,809	)		—		—		(131,077,809	)

PACE International Equity Investments
Portfolio of investments – October 31, 2021 (unaudited)

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, pledged as collateral for investments sold short.
2	Security, or portion thereof, was on loan at the period end.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $20,903,764, represented 2.0% of the Portfolio's net assets at period end.
4	Security is traded on the Amsterdam Exchange.
5	Rates shown reflect yield at October 31, 2021.
6	Includes $34,749,964 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $21,083,190 and cash collateral of $8,604,649.

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of October 31, 2021

Common stocks
Airlines	1.3	%
Auto components	0.8
Automobiles	1.3
Banks	11.3
Beverages	0.5
Biotechnology	0.1
Capital markets	0.5
Chemicals	1.9
Construction materials	0.6
Consumer finance	0.9
Diversified financial services	0.1
Electrical equipment	0.9
Electronic equipment, instruments & components	2.2
Entertainment	1.7
Food & staples retailing	1.5
Food products	3.3
Gas utilities	0.5
Health care providers & services	1.0
Hotels, restaurants & leisure	2.6
Household durables	2.0
Independent power and renewable electricity producers	0.3
Insurance	4.6
Interactive media & services	9.9
Internet & direct marketing retail	6.7
IT services	4.3
Life sciences tools & services	0.3
Machinery	0.3
Metals & mining	5.2
Multiline retail	0.1
Oil, gas & consumable fuels	6.6
Paper & forest products	0.5
Personal products	1.0
Pharmaceuticals	1.2
Professional services	0.7
Real estate management & development	0.3
Road & rail	0.7
Semiconductors & semiconductor equipment	10.2
Software	1.1
Specialty retail	0.6
Technology hardware, storage & peripherals	1.5
Textiles, apparel & luxury goods	0.7
Thrifts & mortgage finance	1.8
Transportation infrastructure	1.6
Wireless telecommunication services	0.7
Total common stocks	95.9
Preferred stocks
Banks	0.7
Chemicals	0.6
Technology hardware, storage & peripherals	0.3
Total preferred stocks	1.6
Short-term investments	2.2
Investment of cash collateral from securities loaned	1.3
Total investments	101.0
Liabilities in excess of other assets	(1.0	)
Net assets	100.0	%

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

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—95.9%
Argentina—0.9%
MercadoLibre, Inc.*		2,429		3,597,398
Austria—0.4%
Mondi PLC		55,531		1,386,945
Brazil—4.8%
B3 SA - Brasil Bolsa Balcao		832,900		1,757,652
Banco do Brasil SA		709,800		3,584,340
Diagnosticos da America SA		49,800		309,099
Hapvida Participacoes e Investimentos SA1		400,100		818,093
Hypera SA		171,100		850,680
Itau Unibanco Holding SA, ADR		99,453		404,774
Locaweb Servicos de Internet SA1		244,200		791,818
Notre Dame Intermedica Participacoes SA		19,100		217,201
Petroleo Brasileiro SA, ADR		404,510		3,972,288
Raia Drogasil SA		199,000		819,793
Rumo SA*		929,185		2,632,565
Suzano SA*		87,500		763,249
TOTVS SA		279,200		1,620,644
XP, Inc., Class A*		2,296		75,332
				18,617,528
Canada—0.8%
Barrick Gold Corp.		43,326		795,899
Ivanhoe Mines Ltd., Class A*,2		209,354		1,642,556
Pan American Silver Corp.2		28,648		733,675
				3,172,130
Chile—0.7%
Sociedad Quimica y Minera de Chile SA, ADR		46,454		2,549,860
China—31.1%
Aier Eye Hospital Group Co. Ltd., Class A		143,831		1,090,763
Alibaba Group Holding Ltd.*		721,232		15,109,674
Autohome, Inc., ADR		34,013		1,338,412
Baidu, Inc., ADR*		45,544		7,389,059
Bilibili, Inc., ADR*,2		11,417		836,866
Bilibili, Inc., Class Z*		14,240		1,077,082
China Medical System Holdings Ltd.		261,000		444,812
China Merchants Bank Co. Ltd., Class H		217,500		1,832,418
China Merchants Port Holdings Co. Ltd.		1,742,962		2,912,217

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(continued)
China Resources Power Holdings Co. Ltd.		516,000		1,333,025
China Shenhua Energy Co. Ltd., Class H		1,051,000		2,263,962
China Southern Airlines Co. Ltd., Class H*,2		1,874,000		1,141,670
China Tourism Group Duty Free Corp. Ltd., Class A		53,419		2,241,005
CSPC Pharmaceutical Group Ltd.		1,316,400		1,377,225
Dongfeng Motor Group Co. Ltd., Class H		1,986,000		1,855,693
Foshan Haitian Flavouring & Food Co. Ltd., Class A		132,050		2,414,716
Fujian Sunner Development Co. Ltd., Class A		342,800		1,202,074
Geely Automobile Holdings Ltd.		601,000		2,089,461
Ginlong Technologies Co. Ltd., Class A		24,100		1,049,933
Gree Electric Appliances, Inc. of Zhuhai, Class A		690,700		3,955,769
Hello Group Inc.,ADR		153,100		1,906,095
Hengan International Group Co. Ltd.		126,000		658,300
Huazhu Group Ltd.*		52,800		247,357
Huazhu Group Ltd., ADR*		42,880		1,987,917
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		3,600		104,738
Jiangsu Zhongtian Technology Co. Ltd., Class A		172,900		273,158
Kunlun Energy Co. Ltd.		2,096,000		1,918,067
Kweichow Moutai Co. Ltd., Class A		6,000		1,712,137
Lenovo Group Ltd.		1,192,000		1,296,102
LONGi Green Energy Technology Co. Ltd., Class A		324,280		4,950,372
Luxshare Precision Industry Co. Ltd., Class A		215,700		1,302,431
Meituan, Class B*,1		102,700		3,558,630
Midea Group Co. Ltd., Class A		377,300		4,054,650
NetEase, Inc.		59,975		1,184,777
Ningbo Huaxiang Electronic Co. Ltd., Class A		140,900		521,827
PICC Property & Casualty Co. Ltd., Class H		3,898,000		3,647,251
Ping An Insurance Group Co. of China Ltd., Class A		262,501		2,033,375
Ping An Insurance Group Co. of China Ltd., Class H		704,000		5,057,978
QuakeSafe Technologies Co. Ltd., Class A		51,500		795,923
Raytron Technology Co. Ltd., Class A		83,988		949,824
Sangfor Technologies, Inc., Class A		47,397		1,502,131
Shanghai Mechanical and Electrical Industry Co. Ltd.,Class A		558,100		1,263,711
Shenzhen Kangtai Biological Products Co. Ltd., Class A		30,700		548,103
Shenzhou International Group Holdings Ltd.		53,700		1,158,134
Sinopharm Group Co. Ltd., Class H		610,000		1,455,125
Songcheng Performance Development Co. Ltd., Class A		428,900		938,321
Tencent Holdings Ltd.		242,202		14,973,223
Tingyi Cayman Islands Holding Corp.		588,000		1,100,351
Travelsky Technology Ltd., Class H		760,000		1,422,222

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(concluded)
Weibo Corp. ADR*,2		30,035		1,350,974
Wingtech Technology Co. Ltd., Class A		82,400		1,413,315
Yuan Longping High-tech Agriculture Co. Ltd.,Class A*		486,500		1,595,742
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		32,100		2,071,278
				121,909,375
Czech Republic—0.4%
Komercni banka A.S.*		35,418		1,374,213
Greece—0.1%
Eurobank Ergasias Services and Holdings SA, Class A*		549,330		573,682
Hong Kong—0.7%
WH Group Ltd.1		4,034,686		2,831,359
India—12.8%
Asian Paints Ltd.		39,083		1,618,045
Bajaj Finance Ltd.		17,967		1,775,603
Britannia Industries Ltd.		25,125		1,233,329
DLF Ltd.		81,964		436,302
Havells India Ltd.		80,578		1,359,032
HCL Technologies Ltd.		53,821		822,072
HDFC Bank Ltd.		169,395		3,580,695
Housing Development Finance Corp. Ltd.		187,796		7,134,273
ICICI Lombard General Insurance Co. Ltd.1		47,969		949,082
Indian Hotels Co. Ltd.		64,484		169,345
Infosys Ltd.		175,682		3,912,777
Infosys Ltd., ADR		27,444		611,452
InterGlobe Aviation Ltd.*,1		131,929		3,832,361
Motherson Sumi Systems Ltd.		886,180		2,644,413
Reliance Industries Ltd.		352,474		11,938,398
Reliance Industries Ltd.		9,958		252,995
SBI Cards & Payment Services Ltd.*		117,666		1,657,950
State Bank of India		25,611		1,731,304
Tata Consultancy Services Ltd.		40,426		1,834,337
UPL Ltd.		290,839		2,874,939
				50,368,704
Indonesia—1.5%
Bank Central Asia Tbk. PT		5,950,000		3,139,315
Bank Mandiri Persero Tbk. PT		2,192,300		1,110,270

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Indonesia—(concluded)
Bank Rakyat Indonesia Persero Tbk. PT		5,485,688		1,645,610
				5,895,195
Kazakhstan—0.1%
NAC Kazatomprom JSC, GDR		6,595		286,223
Macau—1.8%
Galaxy Entertainment Group Ltd.*		590,000		3,192,468
Sands China Ltd.*		1,631,200		3,727,619
				6,920,087
Mexico—2.0%
Cemex SAB de CV, ADR*		242,885		1,561,750
Grupo Aeroportuario del Pacifico SAB de CV, Class B		256,200		3,229,628
Grupo Financiero Banorte SAB de CV, Class O		112,150		710,062
Wal-Mart de Mexico SAB de CV		714,700		2,492,841
				7,994,281
Peru—0.7%
Credicorp Ltd.		21,004		2,723,379
Philippines—0.1%
Monde Nissin Corp.*,1		1,820,200		581,337
Poland—1.3%
Allegro.eu SA*,1		98,847		1,117,887
Powszechna Kasa Oszczednosci Bank Polski SA*		99,204		1,213,429
Powszechny Zaklad Ubezpieczen SA		273,013		2,730,369
				5,061,685
Russia—5.5%
Alrosa PJSC		1,839,700		3,241,515
Fix Price Group Ltd.		61,297		533,897
Gazprom PJSC, ADR3,4		111,460		1,092,977
HeadHunter Group PLC, ADR		50,577		2,673,500
LUKOIL PJSC, ADR3,4		23,530		2,400,060
LUKOIL PJSC, ADR3		11,992		1,223,544
Polymetal International PLC		35,165		652,095
Rosneft Oil Co. PJSC		282,375		2,535,490
Sberbank of Russia PJSC, ADR		109,736		2,196,915

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Russia—(concluded)
Yandex N.V., Class A*		60,016		4,971,725
				21,521,718
Saudi Arabia—0.9%
Delivery Hero SE*,1		14,630		1,818,915
Saudi National Bank		102,103		1,793,860
				3,612,775
South Africa—2.5%
Absa Group Ltd.		150,023		1,375,006
Capitec Bank Holdings Ltd.2		24,407		2,727,161
Clicks Group Ltd.		92,372		1,686,220
FirstRand Ltd.		103,605		393,461
Gold Fields Ltd., ADR		224,331		2,081,792
Sibanye Stillwater Ltd.		474,538		1,657,077
				9,920,717
South Korea—10.5%
Coupang, Inc.*		39,566		1,177,484
DB Insurance Co. Ltd.		49,808		2,523,327
Doosan Fuel Cell Co. Ltd.*		19,394		866,344
Douzone Bizon Co. Ltd.		16,745		1,165,007
Fila Holdings Corp.		44,559		1,414,693
Hana Financial Group, Inc.		48,651		1,873,514
Kakao Corp.		19,193		2,061,291
KakaoBank Corp.*,2		34,662		1,871,698
KB Financial Group, Inc.		38,144		1,847,546
Kia Corp.		18,081		1,316,754
LG Chem Ltd.		392		280,443
LG Household & Health Care Ltd.		2,117		2,121,439
NAVER Corp.		13,379		4,659,837
POSCO		10,723		2,716,194
Samsung Biologics Co. Ltd.*,1		1,859		1,385,640
Samsung Electronics Co. Ltd.		75,141		4,488,333
Samsung Fire & Marine Insurance Co. Ltd.		5,070		1,002,242
Shinhan Financial Group Co. Ltd.		30,839		1,009,449
SK Hynix, Inc.		46,359		4,086,241
SK Telecom Co. Ltd.*,5		9,968		2,640,106

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
South Korea—(concluded)
WONIK IPS Co. Ltd.		24,214		838,181
				41,345,763
Taiwan—10.5%
Alchip Technologies Ltd.		20,000		740,781
ASE Technology Holding Co. Ltd.		139,000		498,847
CTBC Financial Holding Co. Ltd.		926,934		773,320
Delta Electronics, Inc.		121,000		1,066,041
E. Sun Financial Holding Co. Ltd.		1,499,483		1,431,622
eMemory Technology, Inc.		22,000		1,819,588
FLEXium Interconnect, Inc.		231,000		798,285
HON HAI Precision Industry Co. Ltd.		557,000		2,143,194
MediaTek, Inc.		178,469		5,859,439
Sea Ltd., ADR*		10,646		3,657,646
Taiwan Semiconductor Manufacturing Co. Ltd.		500,231		10,613,168
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		94,680		10,765,116
Zhen Ding Technology Holding Ltd.		242,000		835,428
				41,002,475
Thailand—0.9%
Bangkok Bank PCL NVDR		722,800		2,668,364
CP ALL PCL		467,500		901,681
				3,570,045
Turkey—0.3%
Turkiye Garanti Bankasi A.S.		1,293,140		1,324,883
United Arab Emirates—0.4%
Network International Holdings PLC*,1		312,597		1,382,665
United Kingdom—0.3%
Unilever PLC		1,339		71,687
Unilever PLC		22,136		1,185,036
				1,256,723
United States—1.8%
Cognizant Technology Solutions Corp., Class A		19,638		1,533,531
Globant SA*		10,735		3,426,505

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
JBS SA		309,600		2,142,153
				7,102,189
Uruguay—0.2%
Dlocal Ltd.*		19,772		959,140
Vietnam—0.5%
Hoa Phat Group JSC		589,243		1,478,838
Vincom Retail JSC*		452,720		620,832
				2,099,670
Zambia—1.4%
First Quantum Minerals Ltd.		224,308		5,310,459
Total common stocks (cost—$322,855,551)				376,252,603
Preferred stocks—1.6%
Brazil—0.8%
Banco Bradesco SA		673,890		2,376,132
Itausa SA		283,390		514,679
				2,890,811
Chile—0.3%
Sociedad Quimica y Minera de Chile SA, Class B		23,573		1,280,215
South Korea—0.5%
LG Chem Ltd.		2,798		918,260
Samsung Electronics Co. Ltd.		20,792		1,138,752
				2,057,012
Total preferred stocks (cost—$6,416,772)				6,228,038
Short-term investments—2.2%
Investment companies—2.2%
State Street Institutional U.S. Government Money Market Fund, 0.030%6 (cost—$8,532,026)		8,532,026		8,532,026

PACE International Emerging Markets Equity Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Investment of cash collateral from securities loaned—1.3%
Money market funds—1.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%6 (cost—$5,089,337)		5,089,337		5,089,337
Total investments (cost—$342,893,686)7—101.0%				396,102,004
Liabilities in excess of other assets—(1.0)%				(4,061,287	)
Net assets—100.0%			$	392,040,717

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		373,612,497		2,640,106		—		376,252,603
Preferred stocks		6,228,038		—		—		6,228,038
Short-term investments		—		8,532,026		—		8,532,026
Investment of cash collateral from securities loaned		—		5,089,337		—		5,089,337
Total		379,840,535		16,261,469		—		396,102,004

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $19,067,787, represented 4.9% of the Portfolio's net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	Security is traded on the Turquoise Exchange.
4	Security is traded on the over-the-counter ("OTC") market.
5	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.
6	Rates shown reflect yield at October 31, 2021.
7	Includes $9,333,955 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $4,826,323 and cash collateral of 5,089,337.

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)¹
As a percentage of net assets as of October 31, 2021

Common stocks
Apartments	10.9	%
Building & Construct-Misc	2.1
Building-Heavy Construction	3.7
Diversified	19.6
Health care	3.6
Hotels	1.8
Manufactured homes	5.1
Office property	5.0
Physical Therapy/Rehabilitation Centers	1.0
Real estate management/service	4.0
Real estate operations/development	8.5
Regional malls	3.3
Shopping centers	5.1
Single Tenant	3.5
Storage	6.5
Warehouse/industrial	15.1
Total common stocks	98.8
Short-term investments	1.3
Investment of cash collateral from securities loaned	0.7
Total investments	100.8
Liabilities in excess of other assets	(0.8	)
Net assets	100.0	%

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

PACE Global Real Estate Securities Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of  shares		Value ($)
Common stocks—98.8%
Australia—4.2%
Goodman Group		182,714		3,010,081
National Storage REIT		966,032		1,736,808
				4,746,889
Belgium—3.9%
Shurgard Self Storage SA		27,188		1,665,754
Warehouses De Pauw CVA		59,423		2,706,504
				4,372,258
Brazil—0.2%
Multiplan Empreendimentos Imobiliarios SA		68,502		224,788
Canada—2.8%
Allied Properties REIT		22,948		793,056
Granite REIT		28,404		2,302,431
				3,095,487
China—1.7%
ESR Cayman Ltd.*,1		589,200		1,912,126
Germany—3.8%
LEG Immobilien SE		11,985		1,782,402
Vonovia SE		42,098		2,552,980
				4,335,382
Hong Kong—3.5%
Link REIT		160,300		1,421,593
Sino Land Co. Ltd.2		818,000		1,074,476
Swire Properties Ltd.		530,400		1,421,353
				3,917,422
Japan—4.8%
Advance Residence Investment Corp.		523		1,716,184
Japan Logistics Fund, Inc.		461		1,377,236
Katitas Co. Ltd.		65,100		2,367,532
				5,460,952
Mexico—1.3%
Corp Inmobiliaria Vesta SAB de CV		394,482		686,722

PACE Global Real Estate Securities Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Mexico—(concluded)
Fibra Uno Administracion SA de CV		824,401		819,276
				1,505,998
Singapore—4.8%
Ascendas India Trust		859,700		886,157
Mapletree Commercial Trust		1,681,500		2,718,332
Mapletree Logistics Trust		1,194,600		1,789,464
				5,393,953
Spain—2.2%
Cellnex Telecom SA1		40,907		2,514,802
Tanzania, United Republic Of—1.5%
Helios Towers PLC*,2		781,465		1,651,269
United Kingdom—6.0%
Big Yellow Group PLC		99,429		2,012,529
Grainger PLC		448,078		1,893,616
Shaftesbury PLC2		243,331		2,079,652
UNITE Group PLC		55,503		826,810
				6,812,607
United States—58.1%
Alexandria Real Estate Equities, Inc.		10,977		2,240,845
American Homes 4 Rent, Class A		80,429		3,265,417
American Tower Corp.		5,905		1,665,033
AvalonBay Communities, Inc.		15,155		3,586,885
Boston Properties, Inc.		11,891		1,351,293
Brixmor Property Group, Inc.		81,207		1,903,492
CoreSite Realty Corp.		13,108		1,867,366
Douglas Emmett, Inc.		39,325		1,285,141
Encompass Health Corp.		17,352		1,102,893
Equinix, Inc.		3,353		2,806,696
Equity Lifestyle Properties, Inc.		34,107		2,882,383
Extra Space Storage, Inc.		18,420		3,635,555
Host Hotels & Resorts, Inc.*		122,145		2,055,700
Medical Properties Trust, Inc.		86,443		1,843,829
Mid-America Apartment Communities, Inc.		14,472		2,955,327
National Retail Properties, Inc.		39,605		1,796,483
Phillips Edison & Co., Inc.		30,199		910,198
Prologis, Inc.		55,280		8,013,389

PACE Global Real Estate Securities Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of  shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Rayonier, Inc.		55,237		2,061,997
Simon Property Group, Inc.		25,660		3,761,243
STAG Industrial, Inc.		53,110		2,311,878
STORE Capital Corp.		61,407		2,108,102
Sun Communities, Inc.		14,701		2,881,102
Urban Edge Properties		85,712		1,502,531
VICI Properties, Inc.2		78,250		2,296,638
Welltower, Inc.		27,340		2,198,136
Weyerhaeuser Co.		38,619		1,379,471
				65,669,023
Total common stocks (cost—$98,772,847)				111,612,956
Short-term investments—1.3%
Investment companies—1.3%
State Street Institutional U.S. Government Money Market Fund, 0.030%3 (cost—$1,482,854)		1,482,854		1,482,854
Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%3 (cost—$789,443)		789,443		789,443
Total investments     (cost—$101,045,144)4—100.8%				113,885,253
Liabilities in excess of other assets—(0.8)%				(864,783	)
Net assets—100.0%			$	113,020,470

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

PACE Global Real Estate Securities Investments

Portfolio of investments – October 31, 2021 (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		111,612,956	—	—	111,612,956
Short-term investments		—	1,482,854	—	1,482,854
Investment of cash collateral from securities loaned		—	789,443	—	789,443
Total		111,612,956	2,272,297	—	113,885,253

At October 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,426,928, represented 3.9% of the Portfolio's net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	Rates shown reflect yield at October 31, 2021.
4	Includes $4,275,116 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $3,742,054 and cash collateral of $789,443.

PACE Alternative Strategies Investments 

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of October 31, 2021

Common stocks
Aerospace & defense	0.1	%
Air freight & logistics	0.2
Airlines	0.6
Auto components	0.1
Banks	1.8
Beverages	0.7
Biotechnology	1.1
Building products	0.9
Capital markets	1.2
Chemicals	1.3
Commercial services & supplies	0.8
Communications equipment	0.3
Construction & engineering	0.6
Construction materials	0.1
Consumer finance	0.0	†
Containers & packaging	0.2
Distributors	0.2
Diversified consumer services	0.0	†
Diversified financial services	0.5
Diversified telecommunication services	0.6
Electric utilities	0.3
Electrical equipment	0.5
Electronic equipment, instruments & components	1.0
Energy equipment & services	0.4
Entertainment	0.5
Equity real estate investment trusts	2.4
Financial services	0.1
Food & staples retailing	1.9
Food products	0.4
Gas utilities	0.1
Health care equipment & supplies	1.7
Health care providers & services	0.3
Health care technology	0.0	†
Hotels, restaurants & leisure	2.3
Household durables	0.3
Household products	0.1
Independent power and renewable electricity producers	0.4
Industrial conglomerates	0.5
Insurance	0.6	%
Interactive media & services	1.4
Internet & direct marketing retail	0.2
IT services	1.2
Leisure products	0.1
Life sciences tools & services	1.1
Machinery	1.6
Marine	0.2
Media	0.4
Metals & mining	1.5
Multiline retail	0.5
Oil, gas & consumable fuels	2.0
Paper & forest products	0.0	†
Personal products	0.1
Pharmaceuticals	1.1
Professional services	1.6
Real estate management & development	0.6
Road & rail	0.7
Semiconductors & semiconductor equipment	1.5
Software	4.3
Specialty retail	1.2
Technology hardware, storage & peripherals	0.3
Textiles, apparel & luxury goods	0.5
Thrifts & mortgage finance	0.3
Tobacco	0.0	†
Trading companies & distributors	2.5
Transportation infrastructure	0.1
Water utilities	0.1
Wireless telecommunication services	0.1
Total common stocks	50.3
Preferred stocks
Automobiles	0.0	†
Chemicals	0.0	†
Health care equipment & supplies	0.1
Total preferred stocks	0.1

PACE Alternative Strategies Investments 

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of October 31, 2021

Investment companies	6.2	%
Warrants
Financial services	0.0	†
Pharmaceuticals	0.0	†
Total warrants	0.0	†
Corporate bonds
Airlines	1.2
Entertainment	0.8
Internet	1.2
Iron & steel	1.4
Leisure Time	4.9
Media	2.1
Retail	0.9
Software	0.7
Transportation	0.0	†
Total corporate bonds	13.2
Short-term investments	25.8
Short-term U.S. Treasury obligations	6.9
Equity and foreign exchange options purchased
Call options	0.4
Put options	0.0	†
Total equity and foreign exchange options purchased	0.4
Investments sold short
Common stocks
Aerospace & defense	(0.3	)%
Airlines	(0.8	)
Auto components	0.0	†
Automobiles	(0.1	)
Banks	(0.3	)
Biotechnology	(0.3	)
Building products	(0.2	)
Capital markets	(1.0	)
Chemicals	(0.2	)
Commercial services & supplies	(0.4	)
Construction & engineering	(0.3	)
Diversified telecommunication services	(0.6	)
Electric utilities	(0.1	)
Electrical equipment	(0.9	)
Electronic equipment, instruments & components	0.0	†
Energy equipment & services	(0.1	)
Entertainment	(1.6	)
Equity real estate investment trusts	(1.0	)
Food & staples retailing	(0.8	)
Food products	(0.5	)
Health care providers & services	(0.4	)
Hotels, restaurants & leisure	(5.7	)
Household durables	(0.5	)
Household products	(0.3	)
Independent power and renewable electricity producers	(0.5	)
Industrial conglomerates	(0.1	)
Insurance	(0.4	)
Internet & direct marketing retail	(1.1	)
IT services	(0.2	)
Leisure products	(0.1	)
Machinery	(0.5	)
Marine	0.0	†
Media	(1.1	)
Metals & mining	(2.7	)
Multi-utilities	(0.2	)
Multiline retail	(0.5	)
Oil, gas & consumable fuels	(1.4	)

PACE Alternative Strategies Investments 

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of October 31, 2021

Investments sold short—(concluded)
Personal products	(0.1	)%
Pharmaceuticals	(0.2	)
Real estate management & development	(0.2	)
Semiconductors & semiconductor equipment	0.0	†
Software	(0.8	)
Specialty retail	(0.7	)
Textiles, apparel & luxury goods	(0.1	)
Trading companies & distributors	(0.3	)
Transportation infrastructure	(0.1	)
Total common stocks	(27.7	)
Corporate bonds
Iron & steel	(0.4	)
Investment companies	(5.7	)
Total investments sold short	(33.8	)
Other assets in excess of liabilities	30.9
Net assets	100.0	%

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

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—50.3%
Australia—0.3%
BlueScope Steel Ltd.		30,774		477,348
Dexus		10,963		89,644
Rio Tinto Ltd.		330		22,414
Rio Tinto PLC		477		29,771
Sonic Healthcare Ltd.		20,353		612,881
				1,232,058
Belgium—0.0%†
Etablissements Franz Colruyt N.V.		558		27,376
Sofina SA		75		33,154
Solvay SA		739		87,820
				148,350
Canada—12.4%
AirBoss of America Corp.1		15,330		398,857
Alamos Gold, Inc., Class A1		70,576		525,085
Algoma Steel Group, Inc.*		21,830		244,496
Arizona Metals Corp.*		95,900		333,201
ATS Automation Tooling Systems, Inc.*,1		126,300		4,297,425
AutoCanada, Inc.*,1		39,240		1,413,794
Aya Gold & Silver, Inc.*,1		76,850		572,525
Bank of Nova Scotia		3,100		203,243
Boralex, Inc., Class A1		31,000		959,357
Brookfield Business Pt Unit Ltd.*,1		23,870		1,159,843
Canadian Apartment Properties REIT		12,000		585,941
Canadian Imperial Bank of Commerce		1,200		145,608
Canadian Tire Corp. Ltd., Class A		3,600		511,319
Capstone Mining Corp.*,1		218,480		916,218
CareRx Corp.*		97,010		383,306
Cenovus Energy, Inc.1		62,390		747,432
CES Energy Solutions Corp.		254,150		396,339
CGI, Inc.*		700		62,534
Colliers International Group, Inc.1		7,620		1,107,719
Constellation Software, Inc.		400		702,970
Crescent Point Energy Corp.1		200,850		1,010,276
Dexterra Group, Inc.		34,390		248,700
Dream Industrial REIT1		127,380		1,744,579
Dye & Durham Ltd.1		29,390		899,321
Empire Co. Ltd., Class A		20,000		597,931
Fairfax Financial Holdings Ltd.		3,000		1,215,053
Finning International, Inc.1		119,870		3,548,834
George Weston Ltd.1		22,050		2,382,455

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Canada—(continued)
GFL Environmental, Inc.1		17,460		718,479
Gildan Activewear, Inc.		2,700		99,177
Granite REIT1		21,780		1,765,489
GURU Organic Energy Corp.*		128,670		1,663,478
Hardwoods Distribution, Inc.1		64,270		2,149,431
HLS Therapeutics, Inc.		17,570		269,740
Home Capital Group, Inc.*,1		37,950		1,231,474
i-80 Gold Corp.*		87,210		210,696
IA Financial Corp., Inc.1		13,090		774,337
IBI Group, Inc.*		30,220		293,507
InterRent REIT1		54,560		799,267
Intertape Polymer Group, Inc.1		26,360		598,936
K-Bro Linen, Inc.		56,720		1,697,567
Kirkland Lake Gold Ltd.1		34,880		1,470,890
Leaf Mobile, Inc.*		129,215		266,240
Loblaw Cos. Ltd.		4,300		323,403
MAG Silver Corp.*,1		20,830		414,883
NanoXplore, Inc.*,1		109,170		665,993
Neo Performance Materials, Inc.1		30,550		470,987
NuVista Energy Ltd.*,1		91,530		453,360
Open Text Corp.		3,800		191,412
Osisko Mining, Inc.*,1		65,050		140,339
Parkit Enterprise, Inc.*		330,060		410,708
Payfare, Inc.*		65,690		473,461
Precision Drilling Corp.*,1		8,710		385,602
Premium Brands Holdings Corp.1		7,680		829,994
Profound Medical Corp.*		13,320		179,523
Recipe Unlimited Corp.*,1		57,420		898,231
Rivalry Corp.*		174,444		341,107
Sangoma Technologies Corp.*		108,480		349,738
SNC-Lavalin Group, Inc.1		78,110		2,101,068
Stantec, Inc.1		8,720		481,939
Suncor Energy, Inc.1		27,500		723,250
Superior Plus Corp.1		21,180		235,657
Tamarack Valley Energy Ltd.*,1		399,620		1,162,437
Thomson Reuters Corp.		8,600		1,034,488
TransAlta Corp.1		35,000		392,700
Tricon Residential, Inc.1		28,720		417,944
Uni-Select, Inc.*,1		50,990		733,785

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Canada—concluded)
Wesdome Gold Mines Ltd.*,1		70,560		634,561
				55,769,639
Cayman Islands—0.1%
Black Spade Acquisition Co.*		27,200		272,000
China—0.0%†
Yum China Holdings, Inc.		477		27,227
Denmark—0.3%
A.P. Moller - Maersk A/S, Class A		155		424,414
A.P. Moller - Maersk A/S, Class B		92		265,849
Coloplast A/S, Class B		183		29,832
Demant A/S*		5,315		257,449
Genmab A/S*		72		32,269
GN Store Nord A/S		426		25,851
Netcompany Group A/S2		252		28,627
Novo Nordisk A/S, Class B		315		34,476
Novozymes A/S, Class B		426		31,326
Pandora A/S		237		33,095
Royal Unibrew A/S		252		31,266
SimCorp A/S		243		29,356
				1,223,810
Finland—0.1%
Kesko Oyj, Class B		10,653		345,925
Kone Oyj, Class B		426		29,035
Nokia Oyj *		4,646		26,693
Orion Oyj, Class B		765		33,101
Valmet Oyj		819		33,231
				467,985
France—1.2%
Accor SA*		11,630		415,563
Aeroports de Paris*		3,066		407,240
Airbus SE *		3,207		410,026
BioMerieux		246		31,296
Capgemini SE		1,631		379,538
Carrefour SA		46,361		839,003
Cie de Saint-Gobain		3,971		273,409
Dassault Systemes SE		6,592		383,913
Electricite de France SA		66,343		976,296

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
France—(concluded)
Hermes International		21		33,270
L'Oreal SA		72		32,873
Sartorius Stedim Biotech		54		29,726
TotalEnergies SE		23,565		1,181,448
				5,393,601
Germany—0.4%
Bechtle AG		426		31,911
Beiersdorf AG		264		28,046
Carl Zeiss Meditec AG		138		27,750
Commerzbank AG*		24,081		175,822
Deutsche Bank AG*		54,350		700,287
HelloFresh SE*		5,080		411,074
Kloeckner & Co. SE*		3,749		50,446
Nemetschek SE		300		34,403
Rational AG		30		29,811
SAP SE		219		31,727
Uniper SE		605		26,723
				1,548,000
Hong Kong—0.3%
CK Asset Holdings Ltd.		126,000		778,137
Jardine Matheson Holdings Ltd.		2,400		139,032
Xinyi Glass Holdings Ltd.		114,000		321,612
				1,238,781
Ireland—0.5%
AerCap Holdings NV*		34,840		2,056,954
Israel—0.2%
Check Point Software Technologies Ltd.*,1		7,191		860,044
Cognyte Software Ltd.*		6,780		134,990
				995,034
Italy—0.4%
DiaSorin SpA		1,797		405,807
Eni SpA		86,260		1,236,884
Esprinet SpA		764		9,909
Moncler SpA		489		35,115
Recordati Industria Chimica e Farmaceutica SpA		531		33,221
Reply SpA		153		29,661

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Italy—(concluded)
Telecom Italia SpA		82,378		29,340
				1,779,937
Japan—1.6%
AGC, Inc.		5,300		263,663
Allegro MicroSystems, Inc.*		957		31,926
CyberAgent, Inc.		2,100		35,008
Daikin Industries Ltd.		1,400		305,734
Disco Corp.		1,400		375,872
Ferrotec Holdings Corp.		2,400		80,018
Fujitsu Ltd.		1,900		327,155
Iida Group Holdings Co. Ltd.		10,500		258,228
McDonald's Holdings Co. Japan Ltd.		8,000		357,271
Mitsubishi Electric Corp.		38,400		513,797
Mitsui Chemicals, Inc.		1,300		38,552
Murata Manufacturing Co. Ltd.		3,500		265,721
NGK Insulators Ltd.		700		11,620
Nintendo Co. Ltd.		1,400		616,626
Nisshinbo Holdings, Inc.		7,600		58,546
Oji Holdings Corp.		24,600		121,732
Oracle Corp.		6,300		594,209
SUMCO Corp.		19,000		360,746
Toyota Tsusho Corp.		8,700		376,319
Trend Micro, Inc.		15,700		885,729
Yamada Holdings Co. Ltd.		313,200		1,195,367
				7,073,839
Luxembourg—0.1%
Eurofins Scientific SE		5,355		631,047
Malta—0.0%†
Kindred Group PLC		1,656		23,139
Netherlands—0.6%
Adyen N.V.*,2		9		27,160
ASM International N.V.		75		33,934
ASML Holding N.V.		36		29,152
BE Semiconductor Industries N.V.		336		30,669
EXOR N.V.		3,447		324,756
Randstad N.V.		14,133		1,016,208

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Netherlands—(concluded)
Royal Dutch Shell PLC, Class A		50,050		1,155,304
				2,617,183
New Zealand—0.0%†
Fletcher Building Ltd.		36,326		186,644
Norway—0.0%†
Nordic Semiconductor ASA*		954		28,232
TOMRA Systems ASA		552		35,624
				63,856
Philippines—0.0%†
TELUS International CDA, Inc.*		4,920		187,649
Poland—0.0%†
CD Projekt SA		660		28,765
Singapore—0.1%
Kulicke & Soffa Industries, Inc.1		8,127		463,239
Spain—0.2%
Amadeus IT Group SA*		5,980		399,841
Banco Santander SA		121,779		461,254
				861,095
Sweden—0.4%
Boliden AB		972		34,283
Electrolux AB		21,172		480,487
Epiroc AB, Class A		1,494		37,176
EQT AB		750		39,526
Evolution AB2		183		29,602
Getinge AB, Class B		723		32,353
Hexagon AB, Class B		1,884		30,274
Hexpol AB		2,682		31,323
ICA Gruppen AB		4,052		209,489
Industrivarden AB, Class A		957		31,558
Industrivarden AB, Class C		8,642		280,654
Lifco AB, Class B		1,107		32,238
Telefonaktiebolaget LM Ericsson, Class B		27,736		303,585

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Sweden—(concluded)
Thule Group AB2		579		33,359
				1,605,907
Switzerland—0.9%
Adecco Group AG, Registered Shares		21,352		1,074,363
Alcon, Inc.		16,655		1,388,361
Bucher Industries AG, Registered Shares		63		31,761
Dufry AG, Registered Shares*		7,716		407,711
EMS-Chemie Holding AG, Registered Shares		30		29,734
Kuehne & Nagel International AG, Registered Shares		84		26,449
Logitech International SA, Registered Shares		315		26,222
Partners Group Holding AG		18		31,406
Roche Holding AG		84		32,482
Schindler Holding AG		108		28,097
Straumann Holding AG, Registered Shares		12		24,928
Swatch Group AG		8,373		980,850
Tecan Group AG, Registered Shares		48		29,358
VAT Group AG2		66		31,515
				4,143,237
Taiwan—0.1%
MediaTek, Inc.		9,000		295,485
Yageo Corp.		20,000		312,135
				607,620
Thailand—0.0%†
Fabrinet *		285		27,360
United Kingdom—2.3%
Ashmore Group PLC		6,660		30,753
Auto Trader Group PLC2		3,774		31,279
Barratt Developments PLC		3,378		30,650
BP PLC		243,909		1,168,974
Drax Group PLC		49,664		360,569
easyJet PLC*		123,086		1,049,440
Games Workshop Group PLC		216		28,511
Halma PLC		750		30,402
Hargreaves Lansdown PLC		1,629		34,265
Howden Joinery Group PLC		2,412		30,362
HSBC Holdings PLC		268,420		1,621,834
IG Group Holdings PLC		2,808		30,493
Imperial Brands PLC		6,293		132,802

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United Kingdom—(concluded)
International Consolidated Airlines Group SA*		364,709		817,563
Kingfisher PLC		82,588		378,637
Liberty Global PLC, Class C*,1		20,437		589,403
London Stock Exchange Group PLC		18,040		1,752,895
Man Group PLC		11,214		35,712
Natwest Group PLC		148,697		449,937
Pennon Group PLC		38,422		613,111
Persimmon PLC		840		31,280
Rightmove PLC		3,186		30,146
Rotork PLC		6,402		31,033
Softcat PLC		1,062		28,240
Spectris PLC		570		29,362
Spirax-Sarco Engineering PLC		144		30,753
Standard Chartered PLC		118,855		805,000
Taylor Wimpey PLC		13,899		29,398
				10,232,804
United States—27.8%
3M Co.1		1,375		245,685
A.O. Smith Corp.1		10,924		798,217
A10 Networks, Inc.*		2,196		41,043
Abbott Laboratories1		8,236		1,061,538
AbbVie, Inc.1		4,907		562,686
ABIOMED, Inc.*		78		25,899
Accenture PLC, Class A1		3,763		1,350,127
Activision Blizzard, Inc.1		1,147		89,684
Acuity Brands, Inc.		1,630		334,851
Acushnet Holdings Corp.		603		30,717
AECOM *,1		5,970		408,169
Agilent Technologies, Inc.1		3,709		584,130
agilon health, Inc.*		5,852		143,374
Alkermes PLC*,1		6,672		202,095
Allegion PLC		2,237		287,007
Allison Transmission Holdings, Inc.		11,401		380,337
Alphabet, Inc., Class A*,1		638		1,889,067
Alphabet, Inc., Class C*,1		520		1,542,013
Amazon.com, Inc.*,1		242		816,128
Amdocs Ltd.		384		29,891
Amedisys, Inc.*		165		27,941
AMERCO1		1,837		1,353,851
American Campus Communities, Inc.1		18,070		970,720

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
American Homes 4 Rent, Class A1		43,580		1,769,348
American Public Education, Inc.*		1,125		28,114
AMERISAFE, Inc.		531		31,483
AMETEK, Inc.		225		29,790
AMMO, Inc.*		72,945		440,588
Analog Devices, Inc.		7,954		1,379,939
ANSYS, Inc.*		81		30,746
Anterix, Inc.*		2,570		164,737
APA Corp.		6,654		174,401
Apple, Inc.1		6,865		1,028,377
Aptiv PLC*,1		1,600		276,624
Argan, Inc.		633		26,118
Arista Networks, Inc.*		84		34,414
Arrow Electronics, Inc.*,1		11,150		1,290,612
Artisan Partners Asset Management, Inc., Class A		588		29,130
Aspen Technology, Inc.*		234		36,665
AT&T, Inc.		34,813		879,376
Atrion Corp.		42		30,576
Autodesk, Inc.*		1,161		368,745
Avantor, Inc.*,1		4,616		186,394
Aviat Networks, Inc.*		843		24,110
Avid Bioservices, Inc.*,1		6,900		211,692
Badger Meter, Inc.		288		29,448
Baker Hughes Co.		14,353		359,973
Balchem Corp.		216		33,067
Bank of America Corp.1		17,480		835,194
Bausch Health Cos., Inc.*		32,058		900,189
Baxter International, Inc.1		4,798		378,850
Becton Dickinson and Co.1		3,262		781,543
Bentley Systems, Inc., Class B1		2,685		158,818
Berkshire Hathaway, Inc., Class B*,1		5,819		1,670,111
Bio-Rad Laboratories, Inc., Class A*,1		820		651,638
Bio-Techne Corp.1		493		258,159
Bloomin' Brands, Inc.*		40,662		879,112
Blueprint Medicines Corp.*		312		35,097
Booking Holdings, Inc.*,1		360		871,481
Booz Allen Hamilton Holding Corp.		4,319		375,148
Boston Beer Co., Inc., Class A*		54		26,594
Boston Scientific Corp.*		9,237		398,392
Brady Corp., Class A		582		30,316
Brinker International, Inc.*		10,184		427,321

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Broadcom, Inc.		618		328,572
Bruker Corp.1		3,534		283,780
Brunswick Corp.		312		29,044
Bunge Ltd.1		9,552		884,897
Cadence Design Systems, Inc.*		180		31,160
Calix, Inc.*		657		41,122
Cargurus, Inc.*		1,002		33,607
Carlyle Group, Inc.1		13,030		731,634
Carnival Corp.*		27,528		610,020
Catalyst Pharmaceuticals, Inc.*,1		23,989		141,535
Caterpillar, Inc.1		373		76,096
Cavco Industries, Inc.*		120		28,846
Cerner Corp.		393		29,196
ChannelAdvisor Corp.*		1,155		29,464
Charles Schwab Corp.1		4,360		357,651
Chemed Corp.		63		30,382
Cincinnati Financial Corp.		249		30,239
Cintas Corp.		75		32,483
Cirrus Logic, Inc.*		351		28,364
Clearfield, Inc.*		666		37,622
Coca-Cola Co.1		914		51,522
Cognex Corp.		339		29,693
Cohen & Steers, Inc.		342		32,452
Colgate-Palmolive Co.1		3,712		282,817
Columbia Sportswear Co.		297		30,840
Comfort Systems USA, Inc.		399		36,497
Constellation Brands, Inc., Class A		5,828		1,263,569
Copart, Inc.*		207		32,145
Corcept Therapeutics, Inc.*		1,392		25,056
CorVel Corp. *		177		32,430
Costco Wholesale Corp.1		1,704		837,584
Coty, Inc., Class A *		31,620		268,138
Crocs, Inc.*,1		5,449		879,741
Cummins, Inc.1		3,882		931,059
CyberArk Software Ltd.*		1,108		199,562
D.R. Horton, Inc.		1,535		137,029
Danaher Corp.		1,932		602,340
Deckers Outdoor Corp.*		72		28,462
Dick's Sporting Goods, Inc.		213		26,457
Dillard's, Inc., Class A1		1,830		422,986
DISH Network Corp., Class A*		24,525		1,007,242

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Dolby Laboratories, Inc., Class A		315		27,830
Donaldson Co., Inc.		489		29,345
Dow, Inc.1		17,924		1,003,206
Dropbox, Inc., Class A*		2,356		71,834
Dynavax Technologies Corp.*,1		15,383		307,199
Eagle Pharmaceuticals, Inc.*,1		7,061		369,785
Eli Lilly & Co.		2,321		591,298
Enstar Group Ltd.*		132		30,463
EPAM Systems, Inc.*		48		32,316
ePlus, Inc.*		273		30,186
Erie Indemnity Co., Class A		168		34,576
Essent Group Ltd.		642		30,816
Ethan Allen Interiors, Inc.1		697		16,177
Evercore, Inc., Class A		216		32,797
ExlService Holdings, Inc.*		243		29,799
eXp World Holdings, Inc.		591		30,496
Expeditors International of Washington, Inc.1		8,894		1,096,274
Exponent, Inc.		261		29,963
F5 Networks, Inc.*		147		31,039
FactSet Research Systems, Inc.		78		34,623
Fair Isaac Corp.*,1		138		54,952
Fastenal Co.		552		31,508
Federated Hermes, Inc.		942		31,378
First American Financial Corp.		441		32,255
First Republic Bank1		3,050		659,806
Flex Ltd.*		64,279		1,086,315
FMC Corp.		7,214		656,546
Fortinet, Inc.*,1		2,314		778,291
Franklin Electric Co., Inc.		357		30,838
Full House Resorts, Inc.*		43,793		435,740
Garmin Ltd.		171		24,556
Gartner, Inc.*,1		2,626		871,596
Gatos Silver, Inc.*		19,672		238,031
Generac Holdings, Inc.*,1		1,006		501,551
Gentex Corp.		966		34,187
Gentherm, Inc.*		360		26,507
Globus Medical, Inc., Class A*		360		27,781
Graco, Inc.		387		29,095
Grand Canyon Education, Inc.*		333		26,540
Halozyme Therapeutics, Inc.*,1		10,387		395,433
Hamilton Lane, Inc., Class A		342		35,742

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Healthcare Services Group, Inc.		1,131		21,704
HEICO Corp.		243		33,872
HEICO Corp., Class A		267		33,557
Helmerich & Payne, Inc.		5,289		164,171
Henry Schein, Inc.*		378		28,860
Herc Holdings, Inc.1		3,280		597,091
Hilton Grand Vacations, Inc.*,1		21,920		1,102,138
Hologic, Inc.*		375		27,491
Houlihan Lokey, Inc.		333		37,323
HP, Inc.		1,041		31,574
Hubbell, Inc.		1,637		326,369
ICU Medical, Inc.*		144		33,715
IDEX Corp.		138		30,715
IDT Corp., Class B*		675		32,650
IHS Markit Ltd.		17,090		2,234,005
Incyte Corp.*,1		11,347		760,022
Innospec, Inc.		327		29,629
Innoviva, Inc.*		1,938		33,818
Insteel Industries, Inc.		846		34,407
IPG Photonics Corp.*		171		27,191
iRobot Corp.*		360		30,031
Iron Mountain, Inc.1		1,917		87,492
Ironwood Pharmaceuticals, Inc.*,1		25,747		328,789
Jack Henry & Associates, Inc.		171		28,468
Janus Henderson Group PLC		699		32,504
John B Sanfilippo & Son, Inc.		354		29,913
Johnson & Johnson1		5,387		877,435
Johnson Controls International PLC		9,355		686,376
Johnson Outdoors, Inc., Class A		270		28,669
Joint Corp.*		282		24,669
KeyCorp		11,920		277,378
Keysight Technologies, Inc.*		1,305		234,926
Kimco Realty Corp.		61,968		1,400,477
Kinsale Capital Group, Inc.		174		32,564
Knight-Swift Transportation Holdings, Inc.1		12,620		715,428
Kroger Co.1		21,660		866,833
Laboratory Corp. of America Holdings*		99		28,415
Lancaster Colony Corp.		171		29,070
Landstar System, Inc.		180		31,646
LeMaitre Vascular, Inc.		501		26,057
Lennar Corp., Class A		285		28,480

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Lennar Corp., Class B		348		28,564
Lennox International, Inc.1		146		43,695
Liquidity Services, Inc.*		1,215		26,827
Louisiana-Pacific Corp.		471		27,756
Lowe's Cos., Inc.1		2,789		652,124
Lululemon Athletica, Inc.*		728		339,255
Lumentum Holdings, Inc.*		3,717		306,950
Mandiant, Inc.*		83,928		1,463,704
Manhattan Associates, Inc.*		183		33,222
ManTech International Corp., Class A		384		33,108
Maravai LifeSciences Holdings, Inc., Class A*,1		1,270		53,708
Marcus & Millichap, Inc.*		738		34,760
MarketAxess Holdings, Inc.		66		26,972
Marriott Vacations Worldwide Corp.1		10,990		1,727,848
Marvell Technology, Inc.		6,005		411,343
Masimo Corp.*		108		30,622
Medifast, Inc.		126		24,730
Medpace Holdings, Inc.*		153		34,662
Medtronic PLC		6,211		744,450
Meta Platforms, Inc. Class A*,1		8,624		2,790,468
Methode Electronics, Inc.		699		29,407
Mettler-Toledo International, Inc.*,1		452		669,358
MGP Ingredients, Inc.		453		29,087
Microsoft Corp.1		12,468		4,134,638
MiMedx Group, Inc.*,1		49,664		340,198
Mission Advancement Corp., Class A*		27,523		268,349
MKS Instruments, Inc.		198		29,710
Moderna, Inc.*,1		1,245		429,786
Moelis & Co., Class A		480		34,915
Molina Healthcare, Inc.*,1		89		26,319
Monolithic Power Systems, Inc.		60		31,528
Morgan Stanley1		10,930		1,123,385
Morningstar, Inc.		108		34,209
Mosaic Co.1		17,420		724,149
Motorola Solutions, Inc.		1,436		356,975
MYR Group, Inc.*		273		27,887
Neogen Corp.*		687		29,067
NETGEAR, Inc.*		879		25,342
New York Times Co., Class A		582		31,771
News Corp., Class A		28,358		649,398
Nordson Corp.		123		31,268

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
NortonLifeLock, Inc.1		512		13,030
NRG Energy, Inc.1		11,820		471,500
Nucor Corp.1		3,427		382,625
NVR, Inc.*		6		29,369
O'Reilly Automotive, Inc.*,1		870		541,418
O-I Glass, Inc.*		25,945		338,582
Old Dominion Freight Line, Inc.		948		323,600
Olin Corp.1		23,971		1,365,868
ON24, Inc.*		14,890		284,846
Opendoor Technologies, Inc.*		15,174		359,776
Option Care Health, Inc. *		6,545		178,875
Organogenesis Holdings, Inc.*,1		18,619		204,437
Oshkosh Corp.		267		28,569
Otis Worldwide Corp.		3,572		286,867
Owens Corning1		6,624		618,748
PACCAR, Inc.		6,770		606,727
Papa John's International, Inc.		1,136		140,955
Park Hotels & Resorts, Inc.*		71,671		1,328,064
Paychex, Inc.		267		32,916
Paycom Software, Inc.*		63		34,515
Pentair PLC		390		28,848
Perdoceo Education Corp.*		2,766		29,375
PerkinElmer, Inc.		156		27,595
PetMed Express, Inc.		1,065		30,278
Pfizer, Inc.1		38,969		1,704,504
Pool Corp.		60		30,910
Portillo's, Inc., Class A*		3,688		140,144
Power Integrations, Inc.		273		28,176
PROG Holdings, Inc.		651		26,333
Progyny, Inc.*		507		31,145
Proto Labs, Inc.*		387		23,146
PS Business Parks, Inc.		189		33,585
PTC, Inc.*,1		7,335		934,112
PulteGroup, Inc.		564		27,117
Qorvo, Inc.*,1		3,379		568,449
QUALCOMM, Inc.1		11,829		1,573,730
Qualys, Inc.*		255		31,742
Quest Diagnostics, Inc.		192		28,182
RBC Bearings, Inc.*		132		30,879
Regeneron Pharmaceuticals, Inc.*,1		222		142,067
Regions Financial Corp.		4,898		115,985

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
ResMed, Inc.		102		26,817
Revolve Group, Inc.*		468		35,119
Robert Half International, Inc.1		6,056		684,752
Rogers Corp.*		144		28,961
Rollins, Inc.		774		27,268
Roper Technologies, Inc.		872		425,423
Royal Caribbean Cruises Ltd.*		2,615		220,784
Royal Gold, Inc.		270		26,735
S&P Global, Inc.1		37		17,544
Safety Insurance Group, Inc.		378		29,639
Sage Therapeutics, Inc.*		651		26,274
Saia, Inc.*		120		37,517
Salesforce.com, Inc.*		6,769		2,028,602
Sanderson Farms, Inc.		153		28,986
Schlumberger N.V.		9,237		297,986
Schneider Electric SE		1,713		294,856
Seagen, Inc.*		198		34,913
SeaWorld Entertainment, Inc.*,1		4,360		276,860
SEI Investments Co.		501		31,583
Semtech Corp.*		384		32,652
Sherwin-Williams Co.		517		163,687
Shutterstock, Inc.		264		31,984
Shyft Group, Inc.		678		27,940
Simpson Manufacturing Co., Inc.		270		28,644
Simulations Plus, Inc.		651		32,876
Skyline Champion Corp.*		474		30,014
Skyworks Solutions, Inc.		1,779		297,324
Snap-on, Inc.		135		27,436
Sonos, Inc.*		762		24,856
Southwest Airlines Co.*		14,367		679,272
Splunk, Inc.*		922		151,964
SPS Commerce, Inc.*		222		33,906
SS&C Technologies Holdings, Inc.1		33,760		2,682,907
STAAR Surgical Co.*		183		21,678
Stewart Information Services Corp.		486		34,589
Stryker Corp.1		4,360		1,160,065
Synopsys, Inc.*		90		29,986
Synovus Financial Corp.		9,123		425,041
T-Mobile U.S., Inc.*		2,180		250,765
T. Rowe Price Group, Inc.		138		29,929
Take-Two Interactive Software, Inc.*		3,884		703,004

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Target Corp.1		5,246		1,361,967
Teradyne, Inc.		249		34,422
Tetra Tech, Inc.		201		35,308
Texas Pacific Land Corp.		24		30,568
Texas Roadhouse, Inc.		9,871		876,644
Toro Co.		279		26,636
Trade Desk, Inc., Class A*		396		29,664
Tradeweb Markets, Inc., Class A		348		31,007
Trane Technologies PLC		1,686		305,048
Trimble, Inc.*		4,112		359,265
TrueCar, Inc.*		7,254		30,394
Turtle Beach Corp.*		1,038		29,853
Tyson Foods, Inc., Class A1		798		63,816
Uber Technologies, Inc.*,1		6,610		289,650
Ubiquiti, Inc.		93		28,414
Ulta Beauty, Inc.*		78		28,654
UniFirst Corp.		132		26,131
United Rentals, Inc.*,1		6,550		2,483,170
United Therapeutics Corp.*,1		2,671		509,520
Universal Display Corp.		144		26,381
Universal Logistics Holdings, Inc.1		14,590		307,557
US Physical Therapy, Inc.		258		27,828
USANA Health Sciences, Inc.*		300		29,118
Vail Resorts, Inc.		3,138		1,081,700
Veeva Systems, Inc., Class A*		96		30,433
Verizon Communications, Inc.		16,778		889,066
Verra Mobility Corp.*		17,496		260,340
Viatris, Inc.		65,595		875,693
Vicor Corp.*		237		35,927
VMware, Inc., Class A*,1		455		69,024
Vonage Holdings Corp.*		28,236		455,164
Vontier Corp.		13,030		440,805
Voya Financial, Inc.1		135		9,419
Vulcan Materials Co.1		2,600		494,312
W. R. Berkley Corp.1		4,360		347,056
Walgreens Boots Alliance, Inc.1		11,133		523,474
Walmart, Inc.1		5,640		842,729
Waste Connections, Inc.		1,562		212,448
Waters Corp.*,1		3,487		1,281,647
Watsco, Inc.		105		30,406
WD-40 Co.		129		29,283

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Wells Fargo & Co.		25,368		1,297,827
West Pharmaceutical Services, Inc.		66		28,372
Western Digital Corp.*		8,459		442,321
Western Union Co.1		45,877		835,879
Weyerhaeuser Co.		825		29,469
Williams-Sonoma, Inc.		3,843		713,760
Xilinx, Inc.		192		34,560
XPEL, Inc.*		390		29,601
YETI Holdings, Inc.*		306		30,089
Zebra Technologies Corp., Class A*		51		27,231
Zions Bancorp N.A.		6,072		382,475
Zoom Video Communications, Inc., Class A*,1		1,286		353,200
				124,630,493
Total common stocks (cost—$215,300,194)				225,537,253
Preferred stocks—0.1%
Germany—0.1%
Bayerische Motoren Werke AG		1,207		102,693
Draegerwerk AG & Co. KGaA		1,823		143,513
FUCHS PETROLUB SE		648		31,042
Porsche Automobil Holding SE		318		33,019
Total preferred stocks (cost—$311,318)				310,267
Investment companies—6.2%
AlphaSimplex Managed Futures Strategy Fund, Class Y		608,589		6,822,281
Carillon Reams Unconstrained Bond Fund, Class I		1,446,174		18,511,022
Invesco DB Gold Fund*		48,000		2,455,397
Total investment companies (cost—$25,703,175)				27,788,700

	Number of warrants
Warrants—0.0%†
Canada—0.0%†
Medexus Pharmaceuticals, Inc. expires 02/23/23*		12,500	2,020

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

	Number of warrants		Value ($)
Warrants—(concluded)
United States — 0.0%†
Mission Advancement Corp., Class A expires 12/31/28*		11,947		6,690
Total warrants (cost—$8,302)				8,710

	Face amount($)
Corporate bonds—13.2%
Canada—0.4%
Chorus Aviation, Inc.
6.000%, due 06/30/261,2	CAD	2,188,000	1,816,556
Hong Kong—0.0%†
Seaspan Corp.
3.750%, due 12/15/252	125,000		153,282
United States—12.8%
Bloomin' Brands, Inc.
5.000%, due 05/01/25	1,500,000		3,005,100
Carnival Corp.
5.750%, due 04/01/23	5,540,000		12,810,641
Cinemark Holdings, Inc.
4.500%, due 08/15/25	2,140,000		3,373,689
Coupa Software, Inc.
0.125%, due 06/15/25	2,000,000		3,122,980
Guess?, Inc.
2.000%, due 04/15/24	1,000,000		1,108,600
Liberty Media Corp.
1.375%, due 10/15/23	4,867,000		6,994,317
NCL Corp. Ltd.
6.000%, due 05/15/24	4,480,000		9,238,029
Pandora Media LLC
1.750%, due 12/01/23	828,000		940,964
Southwest Airlines Co.
1.250%, due 05/01/25	2,500,000		3,509,975
United States Steel Corp.
5.000%, due 11/01/26	3,000,000		6,506,100
Wayfair, Inc.
1.000%, due 08/15/26	2,450,000		4,406,349

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
World Wrestling Entertainment, Inc.
3.375%, due 12/15/23		978,000		2,444,423
				57,461,167
Total corporate bonds (cost—$49,759,284)				59,431,005

	Number of shares
Short-term investments—25.8%
Investment companies—25.8%
State Street Institutional U.S. Government Money Market Fund, 0.030% 3 (cost — $115,747,578)		115,747,578	115,747,578

	Face amount($)
Short-term U.S. Treasury obligations—6.9%
U.S. Treasury Bills
0.036%, due 01/13/221,4		5,500,000	5,499,307
0.041%, due 12/16/211,4		5,500,000	5,499,467
0.043%, due 11/18/211,4		20,000,000	19,999,528
Total short-term U.S. Treasury obligations (cost—$30,998,933)			30,998,302

	Number of contracts	Notional amount
Equity and foreign exchange options purchased—0.4%
Call options—0.4%
Call Euro STOXX 50, strike @ $4,250 expires 11/19/21 (Counterparty: JPMCB)	2	7,650,000	104,040
Call FTSE 100 Index, strike @ $7,150 expires 11/19/21 (Counterparty: JPMCB)	1	5,791,500	150,760
Call NIKKEI 225 Index, strike @ $31,000 expires 11/12/21 (Counterparty: JPMCB)	1	2,232,000,000	4,422
Call S&P 500 Index, strike @ $4,475 expires 11/19/21 (Counterparty: JPMCB)	0	19,110,000	371,070
Call S&P 500 Index, strike @ $4,475 expires 12/17/21 (Counterparty: JPMCB)	0	17,452,500	698,880

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of contracts		Notional amount		Value ($)
Equity and foreign exchange options purchased—(concluded)
Call options—(concluded)
Call NIKKEI 225 Index, strike @ $29,000 expires 12/10/21 (Counterparty: JPMCB)		0		928,000,000		162,843
Call Euro STOXX 50, strike @ $4,200 expires 12/17/21 (Counterparty: JPMCB)		3		12,348,000		389,484
Total						1,881,499
Put options—0.0%†
Put Euro STOXX 50, strike @ $3,300 expires 12/17/21 (Counterparty: JPMCB)		2		5,676,000		10,140
Put United States Steel Corp., strike @ $5, expires 01/21/22 (Counterparty: MSCI)		11		525,000		1,050
Put S&P 500 Index, strike @ $3,500 expires 12/17/21 (Counterparty: JPMCB)		0		6,650,000		8,360
Put Euro STOXX 50, strike @ $3,400 expires 11/19/21 (Counterparty: JPMCB)		2		5,678,000		2,896
Put S&P 500 Index, strike @ $3,600 expires 11/19/21 (Counterparty: JPMCB)		0		6,840,000		2,470
Put United States Steel Corp., strike @ $12, expires 01/20/23 (Counterparty: MSCI)		1		120,000		5,800
Put United States Steel Corp., strike @ $3, expires 01/21/22 (Counterparty: MSCI)		3		79,500		265
Put Carnival Corp., strike @ $7.50 expires 01/21/22 (Counterparty: MSCI)		1		56,250		75
Total						31,056
Total equity and foreign exchange options purchased (cost—$1,661,012)						1,912,555
Total investments before investments sold short    (cost—$439,489,796)—102.9%						461,734,370

	Number of shares
Investments sold short—(33.8)%
Common stocks—(27.7)%
Australia—(0.2)%
Bellevue Gold Ltd.		(370,669	)	(239,799	)
Northern Star Resources Ltd.		(28,303	)	(196,728	)
PointsBet Holdings Ltd.		(40,398	)	(250,713	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Australia—(concluded)
Qantas Airways Ltd.		(27,968	)		(112,558	)
					(799,798	)
Belgium—(0.0)%†
Euronav N.V.		(20,754	)		(220,483	)
Burkina Faso — (0.1)%
IAMGOLD Corp.		(164,910	)		(454,382	)
Canada — (8.4)%
Ag Growth International, Inc.		(13,530	)		(297,363	)
Altus Group Ltd.		(7,960	)		(417,488	)
Atco Ltd., Class I		(22,060	)		(748,642	)
Atlas Corp.		(4,800	)		(67,200	)
B2Gold Corp.		(73,630	)		(304,015	)
Badger Infrastructure Solutions Ltd.		(8,110	)		(223,785	)
Ballard Power Systems, Inc.		(62,600	)		(1,134,549	)
Barrick Gold Corp.		(82,980	)		(1,522,686	)
BCE, Inc.		(28,430	)		(1,463,539	)
Birchcliff Energy Ltd.		(100,400	)		(539,480	)
Brookfield Renewable Partners LP		(24,670	)		(988,913	)
CAE, Inc.		(24,850	)		(753,572	)
Calian Group Ltd.		(5,680	)		(282,715	)
Cameco Corp.		(14,600	)		(354,737	)
Canada Goose Holdings, Inc.		(8,770	)		(325,261	)
Canadian Tire Corp. Ltd., Class A		(12,680	)		(1,800,978	)
Canadian Utilities Ltd., Class A		(11,010	)		(318,931	)
Canopy Growth Corp.		(50,500	)		(638,595	)
Capital Power Corp.		(14,980	)		(492,031	)
Choice Properties Real Estate Investment Trust		(48,520	)		(583,761	)
CI Financial Corp.		(13,030	)		(297,113	)
Crombie Real Estate Investment Trust		(12,200	)		(182,172	)
DIRTT Environmental Solutions		(8,740	)		(28,248	)
Emera, Inc.		(11,020	)		(512,711	)
Enghouse Systems Ltd.		(6,700	)		(290,553	)
Extendicare, Inc.		(48,210	)		(282,030	)
First Capital Real Estate Investment Trust		(56,650	)		(809,286	)
Hut 8 Mining Corp.		(39,160	)		(525,888	)
IGM Financial, Inc.		(13,510	)		(536,426	)
International Petroleum Corp.		(1	)		(6	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Ivanhoe Mines Ltd., Class A		(118,400	)		(928,946	)
Keyera Corp.		(32,400	)		(830,420	)
Kinross Gold Corp.		(65,380	)		(393,041	)
Labrador Iron Ore Royalty Corp.		(13,110	)		(379,550	)
Lightspeed Commerce, Inc.		(2,850	)		(277,792	)
Lithium Americas Corp.		(17,000	)		(493,132	)
Loblaw Cos., Ltd.		(20,930	)		(1,574,147	)
Manulife Financial Corp.		(26,760	)		(521,318	)
Maple Leaf Foods, Inc.		(15,340	)		(334,416	)
Metro, Inc.		(15,340	)		(771,834	)
NFI Group, Inc.		(30,040	)		(608,761	)
North West Co., Inc.		(15,710	)		(426,897	)
Northland Power, Inc.		(18,720	)		(601,866	)
Novagold Resources, Inc.		(21,340	)		(155,877	)
Pan American Silver Corp.		(14,000	)		(358,258	)
Parkland Corp.		(13,200	)		(384,076	)
Pembina Pipeline Corp.		(21,900	)		(724,986	)
PrairieSky Royalty Ltd.		(77,210	)		(950,152	)
RioCan Real Estate Investment Trust		(43,890	)		(790,488	)
Ritchie Bros Auctioneers, Inc.		(13,480	)		(921,358	)
Rogers Sugar, Inc.		(99,000	)		(451,163	)
Saputo, Inc.		(29,420	)		(702,695	)
Secure Energy Services, Inc.		(43,580	)		(201,772	)
SilverCrest Metals, Inc.		(1,700	)		(15,302	)
Sleep Country Canada Holdings, Inc.2		(13,110	)		(367,898	)
SmartCentres Real Estate Investment Trust		(34,910	)		(879,802	)
Sun Life Financial, Inc.		(8,750	)		(498,657	)
TELUS Corp.		(60,610	)		(1,390,367	)
TMX Group Ltd.		(5,650	)		(611,703	)
Toronto-Dominion Bank		(10,960	)		(795,610	)
Vermilion Energy, Inc.		(44,530	)		(482,864	)
Westshore Terminals Investment Corp.		(17,700	)		(382,861	)
Whitecap Resources, Inc.		(127,420	)		(764,973	)
WSP Global, Inc.		(8,730	)		(1,183,516	)
					(37,879,172	)
Colombia—(0.1)%
Ecopetrol SA, ADR		(22,000	)		(333,300	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Finland—(0.0)%†
Neste Oyj		(802	)		(44,678	)
France—(0.0)%†
Getlink SE		(3,913	)		(60,094	)
Germany—(0.1)%
Bechtle AG		(5,524	)		(413,796	)
Italy—(0.0)%†
Saipem SpA		(16,274	)		(35,678	)
Japan—(0.4)%
Fast Retailing Co. Ltd.		(200	)		(132,503	)
Japan Post Holdings Co. Ltd.		(38,100	)		(292,498	)
MonotaRO Co. Ltd.		(8,600	)		(194,674	)
Nippon Paint Holdings Co. Ltd.		(70,400	)		(752,951	)
Oriental Land Co. Ltd.		(2,200	)		(346,287	)
					(1,718,913	)
Netherlands—(0.1)%
Argenx SE		(1,590	)		(475,868	)
Saudi Arabia—(0.2)%
Delivery Hero SE2		(5,485	)		(681,938	)
Sweden—(0.1)%
Embracer Group AB		(39,363	)		(365,946	)
PowerCell Sweden AB		(3,208	)		(71,646	)
					(437,592	)
United Kingdom—(0.7)%
Berkeley Group Holdings PLC		(11,230	)		(669,312	)
Ceres Power Holdings PLC		(4,692	)		(79,945	)
Informa PLC		(12,720	)		(90,417	)
ITM Power PLC		(65,191	)		(436,272	)
JET2 PLC		(14,233	)		(237,541	)
Just Eat Takeaway.com N.V.2		(5,218	)		(374,708	)
Ocado Group PLC		(23,548	)		(581,046	)
Prudential PLC		(12,271	)		(250,979	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
United Kingdom—(concluded)
Whitbread PLC	(10,094	)		(451,723	)
				(3,171,943	)
United States—(17.3)%
3M Co.	(2,150	)		(384,162	)
Accolade, Inc.	(10,484	)		(417,158	)
Aclaris Therapeutics, Inc.	(16,763	)		(290,838	)
Activision Blizzard, Inc.	(5,664	)		(442,868	)
Air Lease Corp.	(10,980	)		(439,749	)
Alnylam Pharmaceuticals, Inc.	(489	)		(78,025	)
American Airlines Group, Inc.	(34,880	)		(669,696	)
American Eagle Outfitters, Inc.	(18,587	)		(441,255	)
Aptiv PLC	(189	)		(32,676	)
BigCommerce Holdings, Inc.	(468	)		(21,626	)
Bloomin' Brands, Inc.	(114,826	)		(2,482,538	)
Boeing Co.	(1,168	)		(241,811	)
Boise Cascade Co.	(4,440	)		(251,393	)
BRP, Inc.	(1,530	)		(134,530	)
Builders FirstSource, Inc.	(10,980	)		(639,805	)
Caesars Entertainment, Inc.	(2,660	)		(291,164	)
Carnival Corp.	(533,701	)		(11,826,814	)
Caterpillar, Inc.	(2,200	)		(448,822	)
Charles Schwab Corp.	(2,694	)		(220,989	)
Cheesecake Factory, Inc.	(21,850	)		(887,984	)
Church & Dwight Co., Inc.	(6,640	)		(580,070	)
Cinemark Holdings, Inc.	(128,231	)		(2,410,743	)
Citi Trends, Inc.	(3,004	)		(232,389	)
Citigroup, Inc.	(4,380	)		(302,921	)
Coinbase Global, Inc., Class A	(640	)		(204,429	)
Container Store Group, Inc.	(19,430	)		(214,896	)
Coupa Software, Inc.	(10,400	)		(2,368,080	)
Darden Restaurants, Inc.	(3,930	)		(566,470	)
Deluxe Corp.	(14,700	)		(524,349	)
Dollar Tree, Inc.	(5,250	)		(565,740	)
East West Bancorp, Inc.	(2,570	)		(204,264	)
Estee Lauder Cos., Inc., Class A	(1,367	)		(443,359	)
Evercore, Inc., Class A	(1,426	)		(216,524	)
Exact Sciences Corp.	(8,020	)		(763,664	)
Fastenal Co.	(8,520	)		(486,322	)
Fastly, Inc., Class A	(1,175	)		(59,467	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Fisker, Inc.	(21,855	)		(350,773	)
Gevo, Inc.	(49,253	)		(356,099	)
Goldman Sachs Group, Inc.	(1,077	)		(445,178	)
GoPro, Inc., Class A	(11,750	)		(101,167	)
Guess?, Inc.	(20,945	)		(433,771	)
Hess Corp.	(1,501	)		(123,938	)
Home Depot, Inc.	(1,300	)		(483,262	)
Hudson Pacific Properties, Inc.	(8,000	)		(206,000	)
Iron Mountain, Inc.	(18,820	)		(858,945	)
J.M. Smucker Co.	(5,130	)		(630,272	)
Janus Henderson Group PLC	(8,730	)		(405,945	)
KB Home	(5,486	)		(220,263	)
Kimberly-Clark Corp.	(4,420	)		(572,346	)
Kroger Co.	(6,430	)		(257,329	)
Lemonade, Inc.	(6,265	)		(389,432	)
Lennar Corp., Class A	(2,211	)		(220,945	)
Liberty Media Corp.-Liberty Braves, Class A	(9,637	)		(294,603	)
Liberty Media Corp.-Liberty Formula One, Class A	(22,161	)		(1,155,696	)
Liberty Media Corp.-Liberty SiriusXM, Class A	(90,102	)		(4,485,278	)
Live Nation Entertainment, Inc.	(3,372	)		(341,078	)
Luminar Technologies, Inc.	(4,249	)		(69,641	)
MicroVision, Inc.	(25,313	)		(192,632	)
Newmont Corp.	(13,080	)		(706,210	)
Norwegian Cruise Line Holdings Ltd.	(298,400	)		(7,674,848	)
Oak Street Health, Inc.	(24,632	)		(1,163,369	)
Okta, Inc.	(881	)		(217,766	)
Otis Worldwide Corp.	(13,170	)		(1,057,683	)
Peloton Interactive, Inc., Class A	(3,930	)		(359,359	)
Plug Power, Inc.	(32,809	)		(1,255,600	)
Provention Bio, Inc.	(22,961	)		(143,736	)
Redfin Corp.	(9,327	)		(478,848	)
RH	(675	)		(445,250	)
Royal Caribbean Cruises Ltd.	(1,987	)		(167,762	)
SEI Investments Co.	(23,630	)		(1,489,635	)
Sirius XM Holdings, Inc.	(57,300	)		(348,957	)
Skillz, Inc.	(2,394	)		(26,765	)
SolarEdge Technologies, Inc.	(278	)		(98,601	)
Southwest Airlines Co.	(48,730	)		(2,303,954	)
Splunk, Inc.	(1,184	)		(195,147	)
Sunrun, Inc.	(19,406	)		(1,119,338	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares		Value ($)
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
Tesla, Inc.	(220	)		(245,080	)
Tri Pointe Homes, Inc.	(3,654	)		(88,390	)
Tupperware Brands Corp.	(11,150	)		(247,976	)
Twilio, Inc., Class A	(700	)		(203,952	)
United Airlines Holdings, Inc.	(4,802	)		(221,564	)
United States Steel Corp.	(217,315	)		(5,734,943	)
Virgin Galactic Holdings, Inc.	(7,058	)		(132,337	)
Vroom, Inc.	(17,274	)		(330,452	)
Vuzix Corp.	(33,898	)		(362,370	)
Wayfair, Inc., Class A	(16,190	)		(4,032,929	)
Weyerhaeuser Co.	(4,240	)		(151,453	)
Whirlpool Corp.	(2,180	)		(459,609	)
Williams Cos., Inc.	(975	)		(27,388	)
Wingstop, Inc.	(1,421	)		(245,080	)
World Wrestling Entertainment, Inc., Class A	(36,510	)		(2,230,396	)
Wynn Resorts Ltd.	(3,716	)		(333,697	)
				(77,682,627	)
Total common stocks (cost—$(112,956,797))				(124,410,262	)

	Face amount($)
Corporate bonds—(0.4)%
United States—(0.4)%
United States Steel Corp.
6.250%, due 03/15/26		(1,500,000	)	(1,546,875	)

	Number of shares
Investment companies—(5.7)%
Industrial Select Sector SPDR Fund		(4,600	)	(480,654	)
Invesco QQQ Trust, Series 1		(2,920	)	(1,127,441	)
iShares Core S&P Small-Cap ETF		(32,440	)	(3,667,666	)
iShares Core S&P/TSX Capped Composite Index ETF		(158,970	)	(4,303,083	)
iShares MSCI USA Momentum Factor ETF		(6,570	)	(1,252,768	)
iShares Russell 2000 ETF		(10,201	)	(2,326,338	)
iShares S&P/TSX 60 Index ETF		(147,407	)	(3,816,193	)
SPDR Bloomberg Barclays High Yield Bond ETF		(17,200	)	(1,868,264	)
SPDR S&P 500 ETF Trust		(14,288	)	(6,561,764	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Investment companies—(concluded)
SPDR S&P Oil & Gas Exploration & Production ETF		(3,440	)		(365,878	)
Total investment companies (cost—$(22,546,395))					(25,770,049	)
Total investments sold short (proceeds—$136,590,692)					(151,727,186	)
Other assets in excess of liabilities — 30.9%					138,610,144
Net assets—100.0%				$	448,617,328

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

Equity options written—(0.3)%

Notional amount		Number of contracts	Call options	Counterparty	Expiration date	Premiums received($)	Current value($)		Unrealized appreciation (depreciation) ($)
EUR	7,830,000	180	Call Euro STROXX 50, strike @ 4,350.00	JPMCB	11/19/21	50,855	(19,976	)	30,879
JPY	2,268,000,000	72	Call NIKKEI 225 Index, strike @ 31,500.00	GS	11/12/21	186,237	(1,896	)	184,341
USD	19,530,000	42	Call S&P 500 Index, strike @ 4,650.00	JPMCB	11/19/21	220,849	(110,040	)	110,809
USD	17,647,500	39	Call S&P 500 Index, strike @ 4,525.00	JPMCB	12/17/21	207,414	(548,456	)	(341,042	)
JPY	944,000,000	32	Call NIKKEI 225 Index, strike @ 29,500.00	JPMCB	12/10/21	100,200	(108,094	)	(7,894	)
GBP	5,872,500	81	Call FTSE 100 Index, strike @ 7,250.00	JPMCB	11/19/21	71,363	(75,379	)	(4,016	)
EUR	12,495,000	294	Call Euro STROXX 50, strike @ 4,250.00	JPMCB	12/17/21	142,149	(278,689	)	(136,540	)
Total						979,067	(1,142,530	)	(163,463	)
			Put options
GBP	1,260,000	18	Put FTSE 100 Index, strike @ 7,000.00	JPMCB	11/19/21	43,169	(6,405	)	36,764
JPY	194,250,000	7	Put NIKKEI 225 Index, strike @ 27,750.00	JPMCB	12/10/21	69,069	(21,496	)	47,573
JPY	270,000,000	9	Put NIKKEI 225 Index, strike @ 30,000.00	JPMCB	11/12/21	88,615	(99,495	)	(10,880	)
USD	3,062,500	7	Put S&P 500 Index, strike @ 4,375.00	JPMCB	12/17/21	70,468	(29,260	)	41,208
USD	6,090,000	14	Put S&P 500 Index, strike @ 4,350.00	JPMCB	11/19/21	115,038	(17,360	)	97,678

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Equity options written—(concluded)
Put options—(concluded)
EUR	2,430,000	60	Put Euro STROXX 50, strike @ 4,050.00	JPMCB	11/19/21	61,103	(10,751	)	50,352
EUR	2,021,250	49	Put Euro STROXX 50, strike @ 4,125.00	JPMCB	12/17/21	64,562	(33,986	)	30,576
Total						512,024	(218,753	)	293,271
Total equity options written (cost—(1,491,091))							(1,361,283	)

Futures contracts

 

Number of contracts	Currency		Expiration date	Current notional  amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
75	USD	Mini MSCI Emerging Markets (EM) Index Futures	December 2021	4,846,926		4,732,500		(114,426	)
46	USD	S&P 500 E-Mini Industrial Sector Futures	December 2021	4,713,003		4,830,000		116,997
55	USD	S&P 500 Health Care Sector Futures	December 2021	7,357,411		7,420,600		63,189
Total				16,917,340		16,983,100		65,760
Index futures sell contracts:
100	EUR	EURO STOXX 50 Index Futures	December 2021	(4,715,980	)	(4,897,971	)	(181,991	)
232	EUR	EURO STOXX 600 Index Futures	December 2021	(6,144,791	)	(6,360,173	)	(215,382	)
89	USD	MSCI World Index Futures	December 2021	(8,457,624	)	(8,502,170	)	(44,546	)
53	USD	Russell 2000 Mini Index Futures	December 2021	(5,889,122	)	(6,082,545	)	(193,423	)
26	USD	S&P 500 E-Mini Index Futures	December 2021	(5,690,205	)	(5,976,100	)	(285,895	)
U.S. Treasury futures sell contracts:
94	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2021	(13,621,040	)	(13,632,938	)	(11,898	)
Total				(44,518,762	)	(45,451,897	)	(933,135	)
Net unrealized appreciation (depreciation)								(867,375	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Centrally cleared credit default swap agreements on corporate issues—sell protection⁶

 

Referenced obligations	Notional amount (000)		Maturity date	Payment  frequency	Payments received by the Portfolio5(%)	Upfront payments received (made) 5($)		Value($)	Unrealized appreciation (depreciation)($)
CDX North America High Yield Series 37 Index	USD	1,082	12/20/26	Quarterly	5.000	(98,765	)	102,338	3,573
iTraxx Europe Crossover Series 36 Index	EUR	895	12/20/26	Quarterly	5.000	(127,900	)	121,722	(6,178	)
Total						(226,665	)	224,060	(2,605	)

Centrally cleared interest rate swap agreements

 

Notional amount (000)		Maturity date	Payment  frequency	Payments made by the Portfolio5(%)	Payments received by the Portfolio5(%)	Value($)		Unrealized appreciation (depreciation)($)
CNY	172,760	06/16/26	Quarterly	3 Month GBP LIBOR	2.860	299,664		299,664
CNY	79,700	09/15/26	Quarterly	3 Month GBP LIBOR	2.511	(68,754	)	(68,754	)
CNY	85,000	09/15/26	Quarterly	3 Month GBP LIBOR	2.496	(82,461	)	(82,461	)
CNY	88,587	12/15/26	Quarterly	3 Month GBP LIBOR	2.658	(504	)	(504	)
GBP	17,618	12/21/24	Annual	12 Month SONIA	1.127	(59,986	)	(59,986	)
GBP	26,369	12/21/24	Annual	12 Month SONIA	1.103	(106,569	)	(106,569	)
GBP	21,955	12/21/24	Annual	12 Month SONIA	1.130	(72,700	)	(72,700	)
GBP	21,955	12/21/24	Annual	12 Month SONIA	1.140	(66,834	)	(66,834	)
GBP	10,600	12/21/24	Annual	12 Month SONIA	1.143	(31,418	)	(31,418	)
GBP	4,529	12/15/31	Annual	1.040	12 Month SONIA	(33,039	)	(33,039	)
GBP	2,277	12/15/31	Annual	1.062	12 Month SONIA	(22,979	)	(22,979	)
GBP	3,770	12/21/32	Annual	1.110	12 Month SONIA	(60,300	)	(60,300	)
GBP	5,491	12/21/32	Annual	1.110	12 Month SONIA	(87,824	)	(87,824	)
GBP	4,618	12/21/32	Annual	0.973	12 Month SONIA	7,265		7,265
GBP	4,618	12/21/32	Annual	0.957	12 Month SONIA	16,740		16,740
GBP	1,800	12/21/32	Annual	0.933	12 Month SONIA	12,064		12,064
PLN	3,530	06/16/26	Semi-Annual	1.528	6 month WIBOR	38,694		38,694
PLN	7,860	09/15/26	Semi-Annual	1.543	6 month WIBOR	94,777		94,777
USD	222	06/25/51	Quarterly	1.772	3 Month USD LIBOR	(3,422	)	(3,422	)
USD	4,599	07/30/51	Quarterly	1.650	3 Month USD LIBOR	74,493		74,493
Total						(153,093	)	(153,093	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio5(% )	Payments received by the Portfolio5(%)	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
BB	USD	1	12/17/2021	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(357,665	)	(357,665	)
BB	USD	2	6/17/2022	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(402,607	)	(402,607	)
BB	USD	3	7/8/2022	At maturity	Barclays EB03 Desk Strategy	12 Month USD LIBOR	—	(11,532	)	(11,532	)
BB	USD	2	8/11/2022	At maturity	Barclays EB03 Desk Strategy	0.000	—	(409	)	(409	)
BB	USD	2	8/15/2022	At maturity	Barclays EB03 Desk Strategy	0.000	—	(1,497	)	(1,497	)
BOA	USD	4	11/19/2021	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(81,724	)	(81,724	)
BOA	USD	1	4/14/2022	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(179,183	)	(179,183	)
BOA	USD	6	5/11/2022	Monthly	BofA BAEISTN1 Strategy	1 Month USD LIBOR	—	(6,398	)	(6,398	)
JPMCB	USD	39	12/23/2021	Monthly	0.386	Aerojet Rocketdyne Holdings, Inc.	—	(332,845	)	(332,845	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

JPMCB	USD	17	1/6/2022	Monthly	0.386	Magellan Health, Inc.	—	14,693		14,693
JPMCB	USD	84	1/10/2022	Monthly	0.386	Change Healthcare, Inc.	—	(202,587	)	(202,587	)
JPMCB	USD	9	1/21/2022	Monthly	0.386	Coherent, Inc.	—	(77,408	)	(77,408	)
JPMCB	CAD	16	2/22/2022	Monthly	0.728	Cineplex, Inc.	—	17,816		17,816
JPMCB	EUR	12	2/22/2022	Monthly	Siltronic AG	-0.262	—	(193,321	)	(193,321	)
JPMCB	USD	91	2/24/2022	Monthly	0.386	People's United Financial, Inc.	—	(91,910	)	(91,910	)
JPMCB	USD	11	2/24/2022	Monthly	M&T Bank Corp.	-0.230	—	81,748		81,748
JPMCB	USD	25	3/10/2022	Monthly	0.386	Athene Holding Ltd.	—	620,542		620,542
JPMCB	USD	28	3/10/2022	Monthly	Apollo Global Management, Inc.	-0.230	—	(800,891	)	(800,891	)
JPMCB	CAD	71	3/17/2022	Monthly	0.828	Shaw Communications, Inc.	—	130,493		130,493
JPMCB	USD	7	3/24/2022	Monthly	0.386	Kansas City Southern	—	445,419		445,419
JPMCB	USD	7	3/29/2022	Monthly	II-VI, Inc.	-0.230	—	44,882		44,882
JPMCB	USD	39	4/14/2022	Monthly	0.386	Nuance Communications, Inc.	—	79,688		79,688
JPMCB	USD	47	4/19/2022	Monthly	0.386	PPD, Inc.	—	53,782		53,782
JPMCB	USD	91	4/25/2022	Monthly	0.386	Welbilt, Inc.	—	152,526		152,526
JPMCB	USD	1	4/28/2022	Monthly	New York Community Bancorp, Inc.	-0.230	—	209		209
JPMCB	USD	—	4/28/2022	Monthly	0.386	Flagstar Bancorp, Inc.	—	(310	)	(310	)
JPMCB	USD	18	4/28/2022	Monthly	0.386	Meridian Bancorp, Inc.	—	20,840		20,840

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

JPMCB	USD	5	4/28/2022	Monthly	Independent Bank Corp.	-0.230	—	(13,048	)	(13,048	)
JPMCB	USD	43	5/3/2022	Monthly	0.386	VEREIT, Inc.	—	137,649		137,649
JPMCB	USD	30	5/3/2022	Monthly	Realty Income Corp.	-0.230	—	(98,578	)	(98,578	)
JPMCB	USD	82	5/13/2022	Monthly	0.386	Ferro Corp.	—	(48,867	)	(48,867	)
JPMCB	USD	32	5/13/2022	Monthly	0.386	Domtar Corp.	—	2,912		2,912
JPMCB	EUR	71	5/19/2022	Monthly	Suez SA	-0.262	—	(116,575	)	(116,575	)
JPMCB	USD	32	6/23/2022	Monthly	0.386	Raven Industries, Inc.	—	4,182		4,182
JPMCB	EUR	3	7/6/2022	Monthly	GrandVision N.V.	-0.262	—	(1,953	)	(1,953	)
JPMCB	USD	36	7/27/2022	Monthly	0.386	Veoneer, Inc.	—	28,794		28,794
JPMCB	EUR	1,263	8/2/2022	Monthly	Europcar Mobility Group	-0.262	—	4,390		4,390
JPMCB	GBP	147	8/4/2022	Monthly	0.364	Meggitt PLC	—	13,929		13,929
JPMCB	AUD	23	8/5/2022	Monthly	0.310	Afterpay Ltd.	—	(71,462	)	(71,462	)
JPMCB	USD	8	8/5/2022	Monthly	Square, Inc.	-0.230	—	123,625		123,625
JPMCB	USD	63	8/8/2022	Monthly	VICI Properties, Inc.	-0.230	—	51,697		51,697
JPMCB	USD	47	8/8/2022	Monthly	0.386	MGM Growth Properties LLC	—	(36,771	)	(36,771	)
JPMCB	USD	11	8/11/2022	Monthly	0.386	Sanderson Farms, Inc.	—	(64,314	)	(64,314	)
JPMCB	USD	2	8/11/2022	Monthly	0.386	American National Group, Inc.	—	1,373		1,373

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

JPMCB	USD	1	8/15/2022	Monthly	NortonLifeLock, Inc.	-0.230	—	893		893
JPMCB	GBP	15	8/15/2022	Monthly	0.364	Avast PLC	—	(7,923	)	(7,923	)
JPMCB	GBP	33	8/18/2022	Monthly	0.364	Ultra Electronics Holdings PLC	—	(47,443	)	(47,443	)
JPMCB	USD	46	8/25/2022	Monthly	0.386	Trillium Therapeutics, Inc.	—	24,160		24,160
JPMCB	USD	0	8/26/2022	Monthly	0.386	Santander Consumer USA Holdings, Inc.	—	95		95
JPMCB	USD	14	9/7/2022	Monthly	0.386	Hill-Rom Holdings, Inc.	—	47,477		47,477
JPMCB	USD	140	9/12/2022	Monthly	0.386	Kadmon Holdings, Inc.	—	44,711		44,711
JPMCB	USD	21	9/19/2022	Monthly	Canadian Pacific Railway Ltd.	-0.230	—	(177,143	)	(177,143	)
JPMCB	USD	15	9/20/2022	Monthly	0.386	Great Western Bancorp, Inc.	—	24,404		24,404
JPMCB	USD	12	9/20/2022	Monthly	First Interstate BancSystem, Inc.	-0.230	—	(21,821	)	(21,821	)
JPMCB	USD	29	9/29/2022	Monthly	0.386	Kraton Corp.	—	6,847		6,847
JPMCB	USD	20	10/14/2022	Monthly	0.387	Umpqua Holdings Corp.	—	2,958		2,958
JPMCB	USD	12	10/14/2022	Monthly	Columbia Banking System, Inc.	-0.230	—	1,584		1,584
JPMCB	USD	—	10/19/2022	Monthly	0.380	Penn National Gaming, Inc.	—	1		1

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

JPMCB	USD	—	10/20/2022	Monthly	First Citizens BancShares, Inc.	-0.230	—	7,108		7,108
JPMCB	USD	3	10/20/2022	Monthly	0.386	CIT Group, Inc.	—	(8,214	)	(8,214	)
JPMCB	USD	13	10/31/2022	Monthly	0.387	Xilinx, Inc.	—	734,871		734,871
JPMCB	USD	19	10/31/2022	Monthly	Advanced Micro Devices, Inc.	-0.230	—	(736,240	)	(736,240	)
MSCI	USD	14	3/31/2022	At Maturity	MSAVL3NQ INDEX	12 Month USD LIBOR	—	(8,550	)	(8,550	)
MSCI	USD	29	3/31/2022	At Maturity	MSAVL3ES INDEX	12 Month USD LIBOR	—	(22,883	)	(22,883	)
MSCI	USD	14	4/8/2022	At Maturity	MSAVL3ES INDEX	0.000	—	(10,278	)	(10,278	)
MSCI	USD	18	3/31/2022	At Maturity	MSAVL1NQ INDEX	12 Month USD LIBOR	—	(45,741	)	(45,741	)
MSCI	USD	262	10/27/2022	At maturity	Aflac, Inc. Common Stock	1 Day Federal Fund Rate minus 30 bps	—	(10,974	)	(10,974	)
MSCI	USD	421	10/27/2022	At maturity	Walmart, Inc., Common Stock	1 Day Federal Fund Rate minus 30 bps	—	(20,489	)	(20,489	)
MSCI	USD	104	10/27/2022	At maturity	Dow Jones U.S. Real Estate Index	1 Day Federal Fund Rate minus 20 bps	—	(16,312	)	(16,312	)
MSCI	USD	126	10/27/2022	At maturity	Home Depot, Common Stock	1 Day Federal Fund Rate minus 30 bps	—	(10,820	)	(10,820	)
MSCI	USD	1,315	10/27/2022	At maturity	S&P 500 Equal Weight Information Technology CME Index	1 Day Federal Fund Rate minus 35 bps	—	(119,726	)	(119,726	)
MSCI	USD	241	10/27/2022	At maturity	S&P 500 Equal Weight Consumer Discretionary CME Index	1 Day Federal Fund Rate minus 35 bps	—	(36,029	)	(36,029	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

MSCI	USD	962	12/19/2022	At maturity	1 Day Federal Fund Rate plus 55 bps	Cellnex Telecom SA, Common Stock	—	156,672		156,672
MSCI	USD	718	12/5/2023	At maturity	S&P Pharmaceuticals Select Industry Index	1 Day Federal Fund Rate minus 35 bps	—	(17,715	)	(17,715	)
MSCI	USD	938	2/20/2024	At maturity	S&P 500 Equal Weight Communication Services Index	1 Day Federal Fund Rate minus 35 bps	—	26,152		26,152
MSCI	USD	867	7/29/2024	At maturity	S&P 500 Equal Weight Health Care Index	1 Day Federal Fund Rate minus 35 bps	—	(46,820	)	(46,820	)
MSCI	USD	464	7/22/2024	At maturity	S&P Retail Select Industry Index	1 Day Federal Fund Rate minus 127 bps	—	(17,742	)	(17,742	)
MSCI	USD	249	7/22/2024	At maturity	Dow Jones U.S. Select Home Builders Total Return Swaps	1 Day Federal Fund Rate minus 35 bps	—	(19,931	)	(19,931	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(continued) 

OTC total return swaps—(continued)

MSCI	USD	680	7/29/2024	At maturity	S&P 500 Equal Weights Financials Index	1 Day Federal Fund Rate minus 35 bps	—	(38,541	)	(38,541	)
MSCI	USD	743	10/27/2022	At maturity	S&P 500 Index	1 Day Federal Fund Rate minus 25 bps	—	(91,043	)	(91,043	)
MSCI	USD	897	4/9/2024	At maturity	S&P Semiconductors Select Industry Total Return Index	1 Day Federal Fund Rate minus 7 bps	—	(307,525	)	(307,525	)
MSCI	USD	677	4/9/2024	At maturity	S&P Software & Service Select Industry Total Return Index	1 Day Federal Fund Rate plus 7 bps	—	(88,130	)	(88,130	)
MSCI	USD	1,813	11/29/2024	At maturity	Industrial Select Sector Index	1 Day Federal Fund Rate minus 35 bps	—	(924	)	(924	)
SG	USD	1	3/18/2022	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(121,820	)	(121,820	)
SG	USD	1	3/18/2022	At maturity	S&P 500 Index	USAA 500 Index Fund Member Shares	—	(194,517	)	(194,517	)

PACE Alternative Strategies Investments

Portfolio of investments – October 31, 2021 (unaudited)

Swaps—(concluded) 

OTC total return swaps—(concluded)

SG	USD	2	3/31/2022	At Maturity	Advised Intraday Trend Index	1 Month USD LIBOR	—	(147	)	(147	)
							—	(2,328,174	)	(2,328,174	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	AUD	31,729,251	USD	23,494,147	12/15/21	(378,168	)
BB	AUD	1,186,222	USD	893,769	12/15/21	1,285
BB	CAD	12,408,245	USD	9,887,839	12/15/21	(138,889	)
BB	CAD	3,714,273	USD	3,007,575	12/15/21	6,182
BB	CHF	20,822,067	USD	22,499,414	12/15/21	(270,986	)
BB	EUR	2,455,807	USD	2,875,695	12/15/21	33,841
BB	EUR	141,029	USD	163,046	12/15/21	(152	)
BB	GBP	10,191,795	USD	14,068,552	12/15/21	118,483
BB	GBP	457,568	USD	622,333	12/15/21	(3,964	)
BB	GBP	567,000	USD	782,510	01/21/22	6,331
BB	JPY	373,430,858	USD	3,334,662	12/15/21	56,702
BB	JPY	58,694,618	USD	513,656	12/15/21	(1,562	)
BB	NOK	226,415,983	USD	26,100,552	12/15/21	(692,287	)
BB	NZD	48,029,569	USD	33,982,927	12/15/21	(412,958	)
BB	NZD	10,654,852	USD	7,641,882	12/15/21	11,518
BB	SEK	87,102,900	USD	10,105,789	12/15/21	(42,604	)
BB	SEK	27,742,151	USD	3,246,917	12/15/21	14,669
BB	SGD	2,249,224	USD	1,672,300	12/15/21	4,674
BB	SGD	7,796,847	USD	5,743,259	12/15/21	(37,505	)
BB	USD	13,161,199	AUD	17,929,515	12/15/21	328,530
BB	USD	12,104,138	CAD	15,340,821	12/15/21	292,316
BB	USD	1,069,174	CAD	1,320,545	12/15/21	(2,081	)
BB	USD	4,205,658	CHF	3,835,036	12/15/21	(11,774	)
BB	USD	22,245,046	CHF	20,428,790	12/15/21	95,280
BB	USD	41,339,804	EUR	34,916,029	12/15/21	(935,044	)
BB	USD	470,028	EUR	406,822	12/15/21	746
BB	USD	3,455,115	GBP	2,509,811	12/15/21	(19,799	)
BB	USD	18,337,831	GBP	13,603,111	12/15/21	281,494
BB	USD	6,070,762	JPY	671,767,300	12/15/21	(174,018	)

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	USD	374,470	JPY	42,767,148	12/15/21		938
BB	USD	4,764,248	NOK	40,846,286	12/15/21	69,280
BB	USD	13,909,124	NOK	116,430,151	12/15/21	(131,414		)
BB	USD	6,689	NOK	56,026	01/21/22	(63		)
BB	USD	8,236,796	NZD	11,782,836	12/15/21	201,360
BB	USD	18,969,518	SEK	163,560,129	12/15/21	86,932
BB	USD	97,908	SEK	838,242	12/15/21	(244		)
BB	USD	6,758,740	SGD	9,095,440	12/15/21	(15,170		)
BB	USD	2,195,663	SGD	2,973,485	12/15/21	8,948
BNP	CAD	30,000	EUR	20,848	01/21/22	(93		)
BNP	EUR	412,000	USD	480,689	01/21/22	3,432
BNP	NOK	332,000	USD	39,826	01/21/22	556
BNP	PLN	43,000	USD	10,860	01/21/22	102
BNP	TWD	16,487,300	USD	591,664	01/21/22	(1,417		)
BNP	ZAR	51,992,609	USD	3,554,000	11/26/21	160,066
BOA	BRL	20,375,082	USD	3,554,000	11/26/21	(39,573		)
BOA	CHF	509,000	USD	553,671	01/21/22	(3,622		)
BOA	GBP	325,000	USD	448,405	01/21/22	3,506
BOA	NOK	166,000	USD	19,880	01/21/22	246
BOA	SEK	10,480,298	NOK	10,218,500	01/21/22	(13,242		)
BOA	USD	1,213,958	CAD	1,501,000	01/21/22	(966		)
BOA	USD	629,147	GBP	456,000	01/21/22	(4,919		)
CITI	SEK	941,000	USD	109,616	01/21/22	(94		)
GS	KRW	2,824,876,984	USD	2,356,000	01/04/22	(58,378		)
GSI	KRW	2,817,551,088	USD	2,376,000	01/04/22	(32,117		)
JPMCB	CAD	133,572	USD	108,226	06/30/22	491
JPMCB	CHF	86,000	USD	93,962	01/21/22	(197		)
JPMCB	DKK	559,000	USD	87,678	01/21/22	620
JPMCB	GBP	144,438	USD	200,405	08/31/22	3,397
JPMCB	USD	2,201,204	AUD	3,014,108	02/28/22	66,419
JPMCB	USD	110,641	GBP	80,385	06/30/22	(866		)
JPMCB	USD	172,282	GBP	125,040	08/31/22	(1,732		)
MSCI	AUD	41,166,911	USD	30,261,305	12/15/21	(711,674		)
MSCI	CAD	5,509,315	USD	4,416,090	12/15/21	(35,821		)
MSCI	CAD	30,000	USD	24,310	01/21/22	67
MSCI	CHF	407,312	USD	446,252	12/15/21	828
MSCI	CHF	12,288,670	USD	13,349,342	12/15/21	(89,188		)
MSCI	CHF	59,440	USD	65,026	01/21/22	(54		)
MSCI	DKK	1,118,000	USD	175,325	01/21/22	1,208
MSCI	EUR	1,043,599	CAD	1,501,000	01/21/22	4,100
MSCI	EUR	8,435,761	USD	10,002,047	12/15/21	240,202

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
MSCI	EUR	30,000	USD	34,650	12/15/21		(66	)
MSCI	EUR	5,469,950	USD	6,359,031	01/21/22	22,707
MSCI	GBP	17,123,662	USD	23,640,095	12/15/21	201,998
MSCI	GBP	603,943	USD	820,415	12/15/21	(6,236		)
MSCI	GBP	2,150,681	USD	2,948,662	01/21/22	4,548
MSCI	JPY	4,100,984,567	USD	37,210,617	12/15/21	1,212,356
MSCI	JPY	67,690,538	USD	593,321	01/21/22	(1,197		)
MSCI	NOK	535,000	SEK	549,569	01/21/22	794
MSCI	NOK	121,453,984	USD	14,074,787	12/15/21	(297,417		)
MSCI	NZD	3,436,244	USD	2,423,559	12/15/21	(37,271		)
MSCI	PLN	86,000	USD	21,727	01/21/22	212
MSCI	SEK	10,479,593	NOK	10,218,500	01/21/22	(13,160		)
MSCI	SEK	47,460,750	USD	5,506,459	12/15/21	(23,209		)
MSCI	SEK	33,345,769	USD	3,890,122	12/15/21	4,994
MSCI	SEK	1,882,000	USD	219,845	01/21/22	426
MSCI	SGD	5,373,532	USD	3,991,915	12/15/21	7,854
MSCI	USD	20,862,412	AUD	28,425,276	12/15/21	524,071
MSCI	USD	23,293,625	CAD	29,489,978	12/15/21	536,336
MSCI	USD	1,460,054	CHF	1,340,241	12/15/21	5,594
MSCI	USD	456,062	CHF	415,985	12/15/21	(1,153		)
MSCI	USD	3,607,509	EUR	3,084,182	12/15/21	(38,499		)
MSCI	USD	4,073,633	GBP	2,994,985	12/15/21	25,767
MSCI	USD	752,194	GBP	548,499	12/15/21	(1,434		)
MSCI	USD	182,047	JPY	20,680,614	12/15/21	(514		)
MSCI	USD	31,329,534	NOK	271,330,716	12/15/21	778,270
MSCI	USD	852,137	NOK	7,137,636	01/21/22	(7,903		)
MSCI	USD	21,122,515	NZD	29,972,798	12/15/21	342,198
MSCI	USD	19,335,575	SEK	165,944,319	12/15/21	(1,342		)
MSCI	USD	8,529,196	SEK	74,709,774	12/15/21	175,267
MSCI	USD	1,262,671	SGD	1,698,871	12/15/21	(3,088		)
MSCI	USD	331,219	SGD	448,409	12/15/21	1,242
SG	NOK	7,193,662	USD	852,283	01/21/22	1,422
Net unrealized appreciation (depreciation)						1,255,681

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of October 31, 2021 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

PACE Alternative Strategies Investments
Portfolio of investments – October 31, 2021 (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		225,537,253			—			—		225,537,253
Preferred stocks		310,267			—			—		310,267
Investment companies		27,788,700			—			—		27,788,700
Warrants		8,710			—			—		8,710
Corporate bonds		—			59,431,005			—		59,431,005
Short-term investments		—			115,747,578			—		115,747,578
Short-term U.S. Treasury obligations		—			30,998,302			—		30,998,302
Equity and foreign exchange options purchased		1,912,555			—			—		1,912,555
Futures contracts		180,186			—			—		180,186
Swap agreements		—			3,876,879			—		3,876,879
Forward foreign currency contracts		—			5,950,805			—		5,950,805
Total		255,737,671			216,004,569			—		471,742,240
Liabilities
Investments sold short		(150,122,548	)		(1,604,638	)		—		(151,727,186	)
Equity options written		(1,361,283	)		—			—		(1,361,283	)
Futures contracts		(1,047,561	)		—			—		(1,047,561	)
Swap agreements		—			(6,134,086	)		—		(6,134,086	)
Forward foreign currency contracts		—			(4,695,124	)		—		(4,695,124	)
Total		(152,531,392	)		(12,433,848	)		—		(164,965,240	)

At October 31, 2021, 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 $726,838, represented 0.2% of the Portfolio's net assets at period end.
	3	Rates shown reflect yield at October 31, 2021.
	4	Rate shown is the discount rate at the date of purchase unless otherwise noted.
	5	Payments made or received are based on the notional amount.
	6	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.

PACE Select Advisors Trust
Glossary of terms used in the Portfolio of investments
October 31, 2021 (unaudited)
Portfolio acronyms:
ABS	Asset-backed Security
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal
AMBAC	American Municipal Bond Assurance Corporation
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
DIP	Debtor-in-possession
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GDR	Global Depositary Receipt
GMAC	General Motors Acceptance Corporation
GNMA	Government National Mortgage Association
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
MSCI	Morgan Stanley Capital International
MTA	Monthly Treasury Average Index
NVDR	Non-Voting Depository Receipt
OAT	Obligation Assimilables du Trésor (French Government Bonds)
OTC	Over The Counter
PJSC	Private Joint Stock Company
PO	Principal Only
PSF	Permanent School Fund
RASC	Retirement Administration Service Center
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RPI	Retail Price Index
SBA	Small Business Administration
SIFMA	Municipal Swap Index Yield
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
SPDR	Standard and Poor’s Depository Receipts
STRIP	Separate Trading of Registered Interest and Principal of Securities
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage Backed Securities
VRD	Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.
WIBOR	Warsaw Interbank Offered Rate

Currency type abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Counterparty acronyms:
ANZ	Australia and New Zealand Banking Group
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CITI	Citibank NA
DB	Deutsche Bank AG
GS	Goldman Sachs
GSB	Goldman Sachs Bank USA
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) 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 portfolio of investments.

For more information regarding the Portfolios’ other significant accounting policies, please refer to the Portfolio’s Annual report to shareholders dated July 31, 2021.