PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—14.6%
Ameriquest Mortgage Securities, Inc.,
Series 2005-R1, Class M4,
1 mo. USD LIBOR + 1.110%,
1.199%, due 03/25/351		200,000		197,947
AMMC CLO 16 Ltd.,
Series 2015-16A, Class AR2,
3 mo. USD LIBOR + 0.980%,
1.107%, due 04/14/291,2		1,639,504		1,633,755
Amortizing Residential Collateral Trust,
Series 2004-1, Class A5,
1 mo. USD LIBOR + 1.000%,
1.089%, due 10/25/341		93,742		92,105
Anchorage Capital CLO 6 Ltd.,
Series 2015-6A, Class ARR,
3 mo. USD LIBOR + 1.050%,
1.174%, due 07/15/301,2		900,000		895,967
Arbor Realty Commercial Real Estate Notes Ltd.,
Series 2021-FL4, Class A,
1 mo. USD LIBOR + 1.350%,
1.440%, due 11/15/361,2		3,900,000		3,870,016
Bear Stearns Asset-Backed Securities Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 1.200%,
1.289%, due 08/25/341		2,796,399		2,806,822
Chase Funding Trust,
Series 2002-3, Class 2A1,
1 mo. USD LIBOR + 0.640%,
0.729%, due 08/25/32 1		125,924		120,631
Series 2002-4, Class 2A1,
1 mo. USD LIBOR + 0.740%,
0.829%, due 10/25/32 1		7,423		7,249
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A,
1 mo. USD LIBOR + 1.350%,
1.439%, due 10/25/371,2		374,841		374,875
Countrywide Asset-Backed Certificates,
Series 2004-2, Class 3A4,
1 mo. USD LIBOR + 0.500%,
0.589%, due 07/25/341		70,893		67,814
CWABS, Inc. Asset-Backed Certificates Trust,
Series 2004-4, Class M1,
1 mo. USD LIBOR + 0.720%,
0.809%, due 07/25/341		54,193		53,491
Series 2004-6, Class M1,
1 mo. USD LIBOR + 0.900%,
0.989%, due 10/25/341		94,238		92,370

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (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		1,768,549	1,761,413
EMC Mortgage Loan Trust,
Series 2003-A, Class A2,
1 mo. USD LIBOR + 1.500%,
1.589%, due 08/25/401,2		49,903	49,102
Equifirst Loan Securitization Trust,
Series 2007-1, Class A1,
1 mo. USD LIBOR + 0.170%,
0.259%, due 04/25/371,2		1,433,326	1,340,259
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A1R,
3 mo. USD LIBOR + 1.090%,
1.774%, due 07/15/311,2		1,400,000	1,389,364
JP Morgan Mortgage Acquisition Trust,
Series 2006-ACC1, Class M1,
1 mo. USD LIBOR + 0.405%,
0.494%, due 05/25/361		44,218	44,439
KGS Alpha SBA COOF Trust,
Series 2012-5, Class A,
1.101%, due 04/25/382,3,4,5		8,898,542	168,238
KVK CLO Ltd.,
Series 2013-1A, Class AR,
3 mo. USD LIBOR + 0.900%,
1.027%, due 01/14/281,2		159,129	158,979
LCM XV LP,
Series 15A, Class AR2,
3 mo. USD LIBOR + 1.000%,
1.132%, due 07/20/301,2		4,900,000	4,864,421
LCM XX LP,
Series 20A, Class AR,
3 mo. USD LIBOR + 1.040%,
1.172%, due 10/20/271,2		99,024	98,808
Magnetite XVIII Ltd.,
Series 2016-18A, Class AR2,
3 mo. USD LIBOR + 0.880%,
1.081%, due 11/15/281,2		2,932,263	2,914,188
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2,
1 mo. USD LIBOR + 0.180%,
0.269%, due 04/25/371		51,261	33,725
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		67,410	67,453

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(continued)
PRET LLC,
Series 2021-RN2, Class A1,
1.744%, due 07/25/512,6		6,298,278		5,925,717
Series 2022-RN1, Class A1,
3.721%, due 07/25/512,3,6		1,574,285		1,530,008
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
0.719%, due 12/25/351		161,376		160,840
Renaissance Home Equity Loan Trust,
Series 2003-2, Class A,
1 mo. USD LIBOR + 0.880%,
0.969%, due 08/25/331		112,466		108,624
Saxon Asset Securities Trust,
Series 2005-3, Class M3,
1 mo. USD LIBOR + 0.750%,
0.839%, due 11/25/351		1,540,070		1,519,114
Sound Point CLO XII Ltd.,
Series 2016-2A, Class AR2,
3 mo. USD LIBOR + 1.050%,
1.182%, due 10/20/281,2		1,016,145		1,013,211
Sound Point CLO XIV Ltd.,
Series 2016-3A, Class AR2,
3 mo. USD LIBOR + 0.990%,
1.114%, due 01/23/291,2		719,655		715,363
Soundview Home Loan Trust,
Series 2007-OPT1, Class 1A1,
1 mo. USD LIBOR + 0.200%,
0.289%, due 06/25/371		620,750		482,164
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		75,024		74,061
Structured Asset Securities Corp. Trust,
Series 2005-AR1, Class M2,
1 mo. USD LIBOR + 0.690%,
0.779%, due 09/25/351		1,144,328		1,112,217
Symphony CLO XIV Ltd.,
Series 2014-14A, Class AR,
3 mo. USD LIBOR + 0.950%,
1.077%, due 07/14/261,2		118,995		118,847
Symphony CLO XVII Ltd.,
Series 2016-17A, Class AR,
3 mo. USD LIBOR + 0.880%,
1.004%, due 04/15/281,2		256,760		255,861

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(concluded)
Telos CLO Ltd.,
Series 2014-5A, Class A1R,
3 mo. USD LIBOR + 0.950%,
1.072%, due 04/17/281,2		105,699		105,587
Venture 33 CLO Ltd.,
Series 2018-33A, Class A1LR,
3 mo. USD LIBOR + 1.060%,
1.184%, due 07/15/311,2		500,000		495,816
Venture 36 CLO Ltd.,
Series 2019-36A, Class A1AR,
3 mo. USD LIBOR + 1.130%,
1.262%, due 04/20/321,2		800,000		792,922
Venture XXI CLO Ltd.,
Series 2015-21A, Class AR,
3 mo. USD LIBOR + 0.880%,
1.004%, due 07/15/271,2		144,619		144,392
Vibrant CLO VI Ltd.,
Series 2017-6A, Class AR,
3 mo. USD LIBOR + 0.950%,
1.072%, due 06/20/291,2		1,445,162		1,436,107
Total asset-backed securities  (cost—$39,171,326)				39,094,282
Mortgage-backed securities—22.2%
Adjustable Rate Mortgage Trust,
Series 2005-8, Class 3A21,
2.608%, due 11/25/355		316,318		268,176
AREIT Trust,
Series 2021-CRE5, Class A,
1 mo. USD LIBOR + 1.080%,
1.190%, due 07/17/261,2		1,600,000		1,590,479
BCAP LLC,
Series 2013-RR1, Class 3A4,
6.000%, due 10/26/372,5		155,071		137,564
BCAP LLC Trust,
Series 2010-RR1, Class 1A4,
3.110%, due 03/26/372,5		58,997		49,608
Bear Stearns ARM Trust,
Series 2002-11, Class 1A2,
2.833%, due 02/25/335		2,346		2,117
Series 2004-2, Class 12A2,
2.480%, due 05/25/345		23,030		21,984
Bear Stearns Asset-Backed Securities I Trust,
Series 2004-AC3, Class A2,
5.500%, due 06/25/346		379,384		374,473

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
Bear Stearns Asset-Backed Securities Trust,
Series 2003-AC5, Class A1,
5.750%, due 10/25/336		219,886		226,878
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		20,775		20,562
CHL Mortgage Pass-Through Trust,
Series 2003-HYB1, Class 1A1,
2.943%, due 05/19/335		3,243		3,104
Series 2007-15, Class 2A2,
6.500%, due 09/25/37		24,825		12,867
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class A,
4.149%, due 01/10/362		3,200,000		3,219,460
Citigroup Mortgage Loan Trust,
Series 2021-INV2, Class A3A,
2.500%, due 05/25/512,5		366,365		323,986
Series 2021-INV3, Class A3A,
2.500%, due 05/25/512,5		3,155,400		2,790,396
Series 2022-INV1, Class A3B,
3.000%, due 11/27/512,5		3,406,580		3,109,815
CSMC Trust,
Series 2013-MH1, Class A,
4.787%, due 05/27/532,5		980,263		990,155
Series 2021-INV1, Class A3,
2.500%, due 07/25/562,5		271,819		240,376
FHLMC GNMA,
Series 13, Class B,
7.000%, due 06/25/23		2,643		64
Series 23, Class KZ,
6.500%, due 11/25/23		1,653		1,686
FHLMC Multifamily Structured Pass-Through Certificates,
Series K027, Class X1,
0.719%, due 01/25/235		5,912,716		20,593
FHLMC REMIC,
Series 1349, Class PS,
7.500%, due 08/15/22		5		5
Series 1502, Class PX,
7.000%, due 04/15/23		8,990		9,140
Series 1534, Class Z,
5.000%, due 06/15/23		3,608		3,631
Series 1573, Class PZ,
7.000%, due 09/15/23		1,536		1,573

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 1658, Class GZ,
7.000%, due 01/15/24		1,048		1,077
Series 1694, Class Z,
6.500%, due 03/15/24		11,864		12,241
Series 1775, Class Z,
8.500%, due 03/15/25		652		697
Series 2136, Class GD,
7.000%, due 03/15/29		1,070		136
Series 2178, Class PI,
7.500%, due 08/15/29		6,103		952
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
0.589%, due 01/15/321		38,187		38,363
Series 2411, Class FJ,
1 mo. USD LIBOR + 0.350%,
0.439%, due 12/15/291		7,869		7,856
Series 2513, Class AS,
1 mo. USD LIBOR + 8.000%,
7.911%, due 02/15/321		163,942		24,924
Series 2614, Class WO,
0.010%, due 05/15/337		450,243		384,035
Series 3096, Class FL,
1 mo. USD LIBOR + 0.400%,
0.489%, due 01/15/361		79,899		79,917
Series 3114, Class PF,
1 mo. USD LIBOR + 0.400%,
0.489%, due 02/15/361		422,473		422,578
Series 3153, Class UF,
1 mo. USD LIBOR + 0.430%,
0.519%, due 05/15/361		100,779		100,951
Series 3339, Class LI,
1 mo. USD LIBOR + 6.480%,
6.391%, due 07/15/371		515,743		79,839
Series 3442, Class MT,
1 mo. USD LIBOR,
0.089%, due 07/15/341		39,107		36,729
Series 3598, Class JI,
1.384%, due 10/15/375		19,645		546
Series 3621, Class WI,
1.607%, due 05/15/375		35,627		1,358
Series 3635, Class IB,
1.269%, due 10/15/375		63,932		2,267
Series 3667, Class FW,
1 mo. USD LIBOR + 0.550%,
0.639%, due 02/15/381		17,478		17,616

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 3671, Class FQ,
1 mo. USD LIBOR + 0.850%,
0.939%, due 12/15/361		625,429		638,101
Series 3684, Class JI,
1.973%, due 11/15/365		171,831		10,397
Series 3864, Class NT,
1 mo. USD LIBOR + 60.500%,
5.500%, due 03/15/391		284,540		294,521
Series 3962, Class KS,
2.038%, due 06/15/385		135,343		7,441
Series 4037, Class PI,
3.000%, due 04/15/27		771,552		28,132
Series 4068, Class UF,
1 mo. USD LIBOR + 0.500%,
0.589%, due 06/15/421		517,487		520,076
Series 4076, Class SW,
1 mo. USD LIBOR + 6.050%,
5.961%, due 07/15/421		1,195,853		200,439
Series 4100, Class HI,
3.000%, due 08/15/27		163,728		8,804
Series 4131, Class AI,
2.500%, due 10/15/22		23,196		54
Series 4156, Class SA,
1 mo. USD LIBOR + 6.200%,
6.111%, due 01/15/331		934,463		97,767
Series 4165, Class TI,
3.000%, due 12/15/42		688,383		51,816
Series 4182, Class QI,
3.000%, due 02/15/33		86,007		6,013
Series 4182, Class YI,
2.500%, due 03/15/28		1,733,275		91,534
Series 4255, Class SN,
1 mo. USD LIBOR + 12.267%,
12.036%, due 05/15/351		305,434		289,816
Series 4263, Class SD,
1 mo. USD LIBOR + 12.267%,
12.029%, due 11/15/431		376,696		359,512
Series 4265, Class ES,
1 mo. USD LIBOR + 13.760%,
13.484%, due 11/15/431		828,981		758,207
Series 4324, Class IO,
1.848%, due 08/15/365		76,340		2,111
Series 4338, Class SB,
1.681%, due 10/15/415		88,298		3,398
Series 4367, Class GS,
1.796%, due 03/15/375		55,446		2,755

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 4394, Class WI,
1.789%, due 08/15/415		48,583		1,907
Series 4438, Class WI,
1.870%, due 11/15/385		154,741		6,297
Series 4457, Class DI,
4.000%, due 08/15/24		166,423		4,946
Series 4463, Class IO,
1.873%, due 02/15/385		104,175		4,077
Series 4544, Class IP,
4.000%, due 01/15/46		1,209,654		199,713
Series 4832, Class FW,
1 mo. USD LIBOR + 0.350%,
0.432%, due 04/15/381		1,127,516		1,120,387
Series 4836, Class PO,
0.010%, due 10/15/587		824,099		642,208
Series 4839, Class UO,
0.010%, due 08/15/567		510,512		430,222
Series 4940, Class FE,
1 mo. USD LIBOR + 0.550%,
0.639%, due 01/25/501		316,211		318,507
Series 4945, Class F,
1 mo. USD LIBOR + 0.500%,
0.582%, due 12/15/461		169,807		170,479
FHLMC STRIPs,
Series 303, Class C19,
3.500%, due 01/15/43		489,929		84,805
Series 326, Class F2,
1 mo. USD LIBOR + 0.550%,
0.639%, due 03/15/441		313,558		315,632
Series 330, Class F4,
1 mo. USD LIBOR + 0.350%,
0.432%, due 10/15/371		251,587		252,334
Series 345, Class C13,
3.500%, due 08/15/45		659,742		110,561
FHLMC Whole Loan Securities Trust,
Series 2015-SC02, Class 1A,
3.000%, due 09/25/45		245,662		235,688
Series 2017-SC01, Class 1A,
3.000%, due 12/25/46		395,474		374,242
Series 2017-SC01, Class 2A,
3.500%, due 12/25/46		485,944		470,918
FNMA Aces,
Series 2016-M11, Class AL,
2.944%, due 07/25/39		829,895		797,289
Series 2020-M33, Class X2,
2.358%, due 01/25/315		599,957		71,583

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
FNMA REMIC,
Series 1992-129, Class L,
6.000%, due 07/25/22		1		1
Series 1993-37, Class PX,
7.000%, due 03/25/23		5,685		5,748
Series 1997-22, Class F,
0.646%, due 03/25/275		751		748
Series 2002-60, Class F1,
1 mo. USD LIBOR + 0.400%,
0.489%, due 06/25/321		41,745		41,778
Series 2003-70, Class SH,
1 mo. USD LIBOR + 14.000%,
13.822%, due 07/25/231		25,631		25,837
Series 2007-67, Class FB,
1 mo. USD LIBOR + 0.320%,
0.409%, due 07/25/371		47,326		47,107
Series 2009-33, Class FB,
1 mo. USD LIBOR + 0.820%,
0.909%, due 03/25/371		355,560		363,162
Series 2010-141, Class FA,
1 mo. USD LIBOR + 0.500%,
0.589%, due 12/25/401		148,086		149,184
Series 2010-76, Class SA,
1 mo. USD LIBOR + 6.500%,
6.411%, due 07/25/401		559,524		71,947
Series 2012-111, Class HS,
1 mo. USD LIBOR + 3.667%,
3.592%, due 10/25/421		39,116		33,221
Series 2012-122, Class LI,
4.500%, due 07/25/41		435,323		39,190
Series 2012-128, Class FK,
1 mo. USD LIBOR + 0.350%,
0.439%, due 11/25/421		148,239		147,683
Series 2012-77, Class IO,
1.540%, due 07/25/525		156,972		5,537
Series 2012-90, Class FB,
1 mo. USD LIBOR + 0.440%,
0.529%, due 08/25/421		54,755		54,901
Series 2013-116, Class IY,
3.000%, due 09/25/43		193,284		14,129
Series 2013-28, Class YS,
1 mo. USD LIBOR + 6.150%,
6.061%, due 07/25/421		417,992		72,904
Series 2013-30, Class GI,
3.000%, due 01/25/43		723,781		69,957
Series 2013-30, Class JI,
3.000%, due 04/25/43		345,786		50,349

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2013-34, Class PS,
1 mo. USD LIBOR + 6.150%,
5.693%, due 08/25/421		428,358		41,088
Series 2013-45, Class IK,
3.000%, due 02/25/43		564,476		70,471
Series 2014-42, Class SA,
1.692%, due 07/25/445		168,341		5,898
Series 2014-43, Class BS,
1.508%, due 07/25/445		278,464		11,595
Series 2014-45, Class SA,
1.789%, due 08/25/445		128,729		5,732
Series 2014-47, Class BI,
1.741%, due 08/25/545		266,482		16,457
Series 2014-84, Class AI,
1 mo. USD LIBOR + 6.150%,
0.200%, due 02/25/431		306,698		2,194
Series 2014-92, Class SB,
1.572%, due 01/25/455		166,563		7,641
Series 2015-10, Class SA,
1.564%, due 03/25/455		317,697		13,854
Series 2015-19, Class AI,
1.707%, due 04/25/555		255,967		10,262
Series 2015-47, Class GI,
4.000%, due 06/25/44		62,011		7,219
Series 2015-50, Class SB,
1.897%, due 07/25/455		833,046		40,778
Series 2015-58, Class AI,
1.679%, due 08/25/555		150,481		7,604
Series 2015-64, Class KS,
1.889%, due 09/25/455		218,394		9,471
Series 2015-73, Class ES,
1 mo. USD LIBOR + 9.333%,
9.132%, due 10/25/451		176,805		130,547
Series 2016-14, Class IO,
3.000%, due 03/25/46		423,487		56,513
Series 2016-17, Class CS,
1.443%, due 04/25/465		129,515		6,993
Series 2016-52, Class PI,
3.000%, due 04/25/46		452,030		57,494
Series 2016-63, Class YI,
3.500%, due 04/25/46		67,594		4,540
Series 2016-64, Class IA,
3.000%, due 05/25/46		340,722		44,559
Series 2016-76, Class CS,
1.453%, due 10/25/465		56,554		2,293

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2018-28, Class CA,
3.000%, due 05/25/48		317,421		303,474
Series 2018-85, Class FE,
1 mo. USD LIBOR + 0.300%,
0.389%, due 12/25/481		1,881,720		1,875,107
Series 2019-10, Class FA,
1 mo. USD LIBOR + 0.400%,
0.489%, due 03/25/491		3,064,753		3,065,506
Series 2019-62, Class SN,
1 mo. USD LIBOR + 6.000%,
5.911%, due 11/25/491		231,571		44,306
Series 2020-54, Class WF,
1 mo. USD LIBOR + 0.450%,
0.532%, due 08/25/501		674,425		673,219
Series 2020-70, Class IO,
1.692%, due 10/25/505		14,319,301		615,371
Series 2022-3, Class SD,
30-Day Average SOFR + 2.550%,
2.500%, due 02/25/521		4,247,491		159,085
Series G92-40, Class ZC,
7.000%, due 07/25/22		14		14
Series G94-6, Class PJ,
8.000%, due 05/17/24		597		616
FNMA STRIPs,
Series 386, Class 14,
6.500%, due 04/25/38		39,986		12,009
Series 413, Class 111,
4.000%, due 07/25/425		539,685		78,024
Series 419, Class C3,
3.000%, due 11/25/43		104,357		15,248
Fremont Home Loan Trust,
Series 2004-A, Class M1,
1 mo. USD LIBOR + 0.825%,
0.914%, due 01/25/341		372,204		360,418
GNMA,
Series 2007-18, Class CO,
0.010%, due 03/20/357		19,671		18,109
Series 2010-H01, Class FA,
1 mo. USD LIBOR + 0.820%,
0.905%, due 01/20/601		1,121,166		1,123,100
Series 2013-23, Class IP,
3.500%, due 08/20/42		606,385		79,542
Series 2013-77, Class GI,
3.000%, due 02/20/43		888,961		104,075
Series 2013-H19, Class DF,
1 mo. USD LIBOR + 0.650%,
0.733%, due 05/20/631		529,697		528,844

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2013-H20, Class FB,
1 mo. USD LIBOR + 1.000%,
1.083%, due 08/20/631		879,605		881,495
Series 2013-H23, Class TA,
1 mo. USD LIBOR + 0.720%,
0.803%, due 09/20/631		464,860		464,603
Series 2014-158, Class IA,
3.500%, due 10/20/29		417,493		35,291
Series 2015-126, Class GS,
1 mo. USD LIBOR + 9.333%,
9.141%, due 09/20/451		323,052		247,917
Series 2015-127, Class AS,
1.687%, due 06/20/435		194,989		6,269
Series 2015-165, Class IB,
3.500%, due 11/20/42		224,687		23,682
Series 2015-166, Class SA,
1.489%, due 06/20/425		199,705		5,073
Series 2015-180, Class SA,
1.439%, due 06/20/425		216,382		7,034
Series 2015-H27, Class FA,
1 mo. USD LIBOR + 0.750%,
0.833%, due 09/20/651		1,856,907		1,859,594
Series 2015-H29, Class FA,
1 mo. USD LIBOR + 0.700%,
0.783%, due 10/20/651		3,670		3,667
Series 2015-H29, Class FJ,
1 mo. USD LIBOR + 0.680%,
0.763%, due 11/20/651		1,445,583		1,445,382
Series 2015-H30, Class FA,
1 mo. USD LIBOR + 0.680%,
0.763%, due 08/20/611		4,313		4,315
Series 2016-118, Class IE,
3.500%, due 09/20/46		37,383		6,524
Series 2016-138, Class WI,
1.601%, due 08/20/455		179,697		3,438
Series 2016-180, Class WI,
1.502%, due 09/20/455		330,556		6,244
Series 2016-H14, Class FA,
1 mo. USD LIBOR + 0.800%,
0.883%, due 06/20/661		386,694		387,791
Series 2017-15, Class WI,
1.457%, due 11/20/455		215,727		4,924
Series 2017-57, Class WI,
1.545%, due 12/20/455		90,727		2,556
Series 2017-H23, Class MA,
3.000%, due 11/20/67		736,210		719,803

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3,
3.119%, due 05/10/50		4,727,688		4,618,393
GS Mortgage-Backed Securities Trust,
Series 2021-GR2, Class A2,
2.500%, due 02/25/522,5		833,346		736,948
Series 2021-INV1, Class A2,
2.500%, due 12/25/512,5		372,162		329,112
GS Mortgage-Backed Securities Trust,
Series 2022-MM1, Class A2,
2.500%, due 07/25/522,5		1,733,494		1,523,848
GSR Mortgage Loan Trust,
Series 2004-14, Class 2A1,
1 mo. USD LIBOR + 0.330%,
0.419%, due 12/25/341		3,023		2,961
Indymac Index Mortgage Loan Trust,
Series 2005-AR2, Class 2A1A,
1 mo. USD LIBOR + 0.640%,
0.729%, due 02/25/351		204,412		194,352
JP Morgan Alternative Loan Trust,
Series 2008-R4, Class 2A1,
1 mo. USD LIBOR + 0.500%,
0.586%, due 06/27/371,2		516,906		404,624
JP Morgan Mortgage Trust,
Series 2019-6, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 12/25/49 1,2		592,316		591,388
Series 2021-INV4, Class A2,
3.000%, due 01/25/522,5		1,383,732		1,263,163
Series 2021-INV6, Class A2,
3.000%, due 04/25/522,5		1,383,241		1,262,478
Series 2021-INV8, Class A2,
3.000%, due 05/25/522,5		4,274,835		3,902,435
LUXE Trust,
Series 2021-MLBH, Class A,
1 mo. USD LIBOR + 0.980%,
1.070%, due 11/15/381,2		200,000		195,635
Merrill Lynch Mortgage Investors Trust,
Series 2004-1, Class 2A2,
2.052%, due 12/25/345		87,803		87,013
Series 2004-A, Class A1,
1 mo. USD LIBOR + 0.460%,
0.549%, due 04/25/291		16,598		15,970
Morgan Stanley Mortgage Loan Trust,
Series 2004-11AR, Class 1A1,
1 mo. USD LIBOR + 0.320%,
0.409%, due 01/25/351		20,378		19,973

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(concluded)
Morgan Stanley Re-REMIC Trust,
Series 2010-R4, Class 4B,
1 mo. USD LIBOR + 0.230%,
0.648%, due 02/26/371,2		115,450		112,206
Mortgage Equity Conversion Asset Trust,
Series 2007-FF3, Class A,
1 year CMT + 0.500%,
0.620%, due 05/25/421,2		2,260,258		1,995,344
OBX Trust,
Series 2022-INV2, Class A1,
3.000%, due 01/25/522,3,5		615,377		563,406
Pepper Residential Securities Trust,
Series 22A, Class A1U,
1 mo. USD LIBOR + 1.000%,
1.086%, due 06/20/601,2		515,990		514,519
Residential Asset Securitization Trust,
Series 2006-A7CB, Class 1A1,
1 mo. USD LIBOR + 0.500%,
0.589%, due 07/25/361		226,744		171,923
Sequoia Mortgage Trust,
Series 11, Class A,
1 mo. USD LIBOR + 0.900%,
0.986%, due 12/20/321		122,610		119,012
Series 5, Class A,
1 mo. USD LIBOR + 0.700%,
0.780%, due 10/19/261		36,129		35,480
Structured ARM Loan Trust,
Series 2007-4, Class 1A2,
1 mo. USD LIBOR + 0.440%,
0.529%, due 05/25/371		98,257		94,230
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
0.509%, due 04/25/361		237,740		218,942
Thornburg Mortgage Securities Trust,
Series 2005-1, Class A3,
2.059%, due 04/25/455		25,129		25,232
Washington Mutual Mortgage Pass-Through Certificates,
Series 2003-AR9, Class 2A,
2.368%, due 09/25/335		48,495		47,275
Total mortgage-backed securities
(cost—$64,278,058)				59,577,580
U.S. government agency obligations—160.8%
FHLMC
2.000%, due 04/01/36		870,493		817,321
2.500%, due 01/01/31		125,751		122,121

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
2.500%, due 11/01/31		36,193		35,175
2.500%, due 07/01/32		68,447		66,564
2.500%, due 08/01/32		281,630		273,883
2.500%, due 09/01/32		375,836		365,498
2.500%, due 11/01/32		12,346		12,006
2.500%, due 12/01/32		342,940		333,506
2.500%, due 01/01/33		84,180		81,864
2.500%, due 12/01/50		1,212,656		1,111,696
2.500%, due 08/01/51		5,664,161		5,191,177
2.500%, due 09/01/51		959,430		877,797
2.500%, due 03/01/52		1,454,467		1,328,198
2.500%, due 04/01/52		107,523		98,135
3.000%, due 01/01/33		963,557		954,785
3.000%, due 02/01/40		1,308,072		1,262,190
3.000%, due 04/01/43		147,536		142,342
3.000%, due 05/01/43		82,102		79,212
3.000%, due 12/01/44		138,928		133,846
3.000%, due 04/01/45		723,763		695,329
3.000%, due 08/01/46		141,097		134,088
3.000%, due 12/01/46		715,523		685,817
3.000%, due 06/01/50		636,959		604,060
3.000%, due 04/01/51		1,762,125		1,664,595
3.000%, due 06/01/51		900,680		850,795
3.000%, due 07/01/51		4,537,063		4,303,610
3.000%, due 10/01/51		189,988		179,878
3.000%, due 12/01/51		1,497,250		1,413,985
3.000%, due 02/01/52		515,197		486,180
3.000%, due 03/01/52		1,212,057		1,144,204
3.000%, due 04/01/52		3,104,732		2,931,089
3.500%, due 09/01/32		261,980		262,853
3.500%, due 12/01/33		160,390		160,962
3.500%, due 06/01/34		95,586		95,914
3.500%, due 07/01/34		40,610		40,750
3.500%, due 03/01/35		528,280		530,097
3.500%, due 04/01/35		286,149		287,151
3.500%, due 05/01/48		783,531		768,354
3.500%, due 02/01/50		319,870		312,533
3.500%, due 11/01/51		262,091		254,997
3.500%, due 01/01/52		237,753		231,318
3.500%, due 04/01/52		498,672		484,295
4.000%, due 01/01/37		189,874		193,523
4.000%, due 07/01/43		109,111		111,415
4.000%, due 08/01/44		1,481,885		1,504,841

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 11/01/47		162,425		163,274
4.000%, due 01/01/48		455,537		457,893
4.000%, due 02/01/48		21,581		21,692
4.000%, due 03/01/48		15,915		15,976
4.000%, due 04/01/48		29,452		29,568
4.000%, due 06/01/48		143,384		143,785
4.000%, due 10/01/48		2,001,568		2,007,784
4.000%, due 12/01/48		173,913		174,024
4.000%, due 04/01/49		729,554		731,181
4.500%, due 09/01/34		748,569		772,916
4.500%, due 01/01/36		11,304		11,784
4.500%, due 05/01/37		1,189		1,227
4.500%, due 05/01/38		30,165		31,031
4.500%, due 02/01/49		64,474		65,869
4.500%, due 06/01/50		463,923		472,651
5.000%, due 10/01/25		13,721		14,209
5.000%, due 11/01/27		2,078		2,174
5.000%, due 09/01/33		120,321		126,800
5.000%, due 06/01/34		4,421		4,689
5.000%, due 04/01/35		28,534		30,263
5.000%, due 05/01/35		42,118		44,671
5.000%, due 07/01/35		75,504		80,081
5.000%, due 08/01/35		11,734		12,445
5.000%, due 10/01/35		10,442		11,076
5.000%, due 12/01/35		313		332
5.000%, due 07/01/38		143,825		153,075
5.000%, due 11/01/38		100,406		106,684
5.000%, due 06/01/39		22,875		24,356
5.000%, due 03/01/40		2,549		2,713
5.000%, due 07/01/40		130,848		139,289
5.000%, due 09/01/40		92,041		97,960
5.000%, due 11/01/40		32,575		34,672
5.000%, due 02/01/41		149,261		158,884
5.000%, due 03/01/41		19,617		20,384
5.000%, due 04/01/41		50,583		53,844
5.000%, due 05/01/41		30,227		32,176
5.000%, due 07/01/41		18,725		19,933
5.000%, due 08/01/44		27,899		29,640
5.000%, due 03/01/49		815,900		852,705
5.500%, due 06/01/28		652		683
5.500%, due 02/01/32		736		781
5.500%, due 12/01/32		1,733		1,845
5.500%, due 02/01/33		30,865		32,005

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
5.500%, due 05/01/33		304		325
5.500%, due 06/01/33		120,560		129,574
5.500%, due 12/01/33		24,730		26,406
5.500%, due 12/01/34		19,996		21,400
5.500%, due 06/01/35		330,996		354,401
5.500%, due 07/01/35		2,634		2,812
5.500%, due 10/01/35		99,748		106,660
5.500%, due 12/01/35		47,066		50,429
5.500%, due 06/01/36		185,911		199,347
5.500%, due 12/01/36		277,421		297,838
5.500%, due 03/01/37		39,040		41,640
5.500%, due 07/01/37		50,407		53,101
5.500%, due 10/01/37		1,478		1,588
5.500%, due 04/01/38		52,501		56,284
5.500%, due 05/01/38		7,161		7,649
5.500%, due 12/01/38		1,039		1,109
5.500%, due 01/01/39		26,263		28,256
5.500%, due 09/01/39		79,687		85,724
5.500%, due 02/01/40		3,379		3,638
5.500%, due 03/01/40		3,440		3,698
5.500%, due 05/01/40		48,026		51,694
5.500%, due 03/01/41		49,096		52,828
6.000%, due 11/01/37		511,938		558,403
7.000%, due 08/01/25		48		50
FHLMC ARM
12 mo. USD LIBOR + 1.762%,		234,241		242,038
2.024%, due 11/01/361
12 mo. USD LIBOR + 1.776%,		668,269		688,556
2.094%, due 10/01/391
12 mo. USD LIBOR + 1.868%,		608,939		637,615
2.117%, due 11/01/411
1 year CMT + 2.134%,		33,539		33,908
2.258%, due 11/01/271
1 year CMT + 2.137%,		7,207		7,271
2.262%, due 01/01/281
1 year CMT + 2.250%,		378,842		395,262
2.279%, due 09/01/341
1 year CMT + 2.193%,		8,539		8,519
2.283%, due 04/01/291
1 year CMT + 2.274%,		1,167		1,165
2.317%, due 10/01/231
1 year CMT + 2.227%,		11,438		11,380
2.331%, due 07/01/241
1 year CMT + 2.244%,		56,053		56,697
2.333%, due 11/01/291

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 2.282%,
2.361%, due 06/01/281		40,011		40,566
1 year CMT + 2.282%,
2.407%, due 07/01/281		39,048		39,474
1 year CMT + 2.525%,
2.523%, due 12/01/291		4,545		4,631
1 year CMT + 2.456%,
2.524%, due 10/01/271		35,325		35,474
1 year CMT + 2.470%,
2.526%, due 10/01/271		44,044		44,509
1 year CMT + 2.415%,
2.540%, due 11/01/251		27,879		27,871
1 year CMT + 2.415%,
2.540%, due 01/01/291		40,883		41,187
1 year CMT + 2.625%,
2.750%, due 01/01/301		17,542		17,931
FNMA
12 mo. MTA + 1.200%,
1.284%, due 03/01/441		88,723		86,693
2.000%, due 05/01/28		109,710		104,489
2.000%, due 09/01/31		86,591		81,287
2.000%, due 11/01/31		316,179		296,810
2.000%, due 01/01/32		61,444		57,680
12 mo. USD LIBOR + 1.731%,
2.024%, due 05/01/381		613,188		631,948
1 year CMT + 2.095%,
2.095%, due 09/01/261		7		7
12 mo. USD LIBOR + 1.790%,
2.165%, due 02/01/421		114,848		119,183
1 year CMT + 2.163%,
2.206%, due 09/01/411		172,846		178,746
1 year CMT + 2.228%,
2.291%, due 10/01/371		1,027,338		1,070,905
1 year CMT + 2.237%,
2.329%, due 01/01/361		206,925		214,873
1 year CMT + 2.280%,
2.403%, due 05/01/351		93,228		96,427
2.500%, due 06/01/28		89,959		88,592
2.500%, due 07/01/28		756,629		745,133
2.500%, due 08/01/28		212,263		209,038
2.500%, due 09/01/30		17,041		16,549
2.500%, due 11/01/30		27,720		26,920
2.500%, due 01/01/33		264,006		241,799
2.500%, due 11/01/50		475,521		436,030
2.500%, due 01/01/51		1,257,244		1,152,351
2.500%, due 09/01/51		1,916,041		1,754,060

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
2.500%, due 03/01/52		823,700		752,173
2.500%, due 04/01/52		1,521,808		1,389,499
1 year CMT + 2.505%,
2.631%, due 12/01/271		10,895		11,047
1 year CMT + 2.325%,
2.825%, due 03/01/251		4,447		4,439
3.000%, due 11/01/26		180,082		179,211
3.000%, due 05/01/28		88,586		88,465
3.000%, due 02/01/30		122,662		121,859
3.000%, due 04/01/30		35,569		35,360
3.000%, due 05/01/30		45,605		45,336
3.000%, due 10/01/30		15,068		14,979
3.000%, due 04/01/31		1,113,355		1,106,792
3.000%, due 01/01/38		328,542		316,050
3.000%, due 04/01/38		306,321		294,569
3.000%, due 10/01/42		300,119		288,948
3.000%, due 01/01/43		1,157,930		1,114,830
3.000%, due 04/01/43		355,055		342,280
3.000%, due 05/01/43		377,753		364,161
3.000%, due 06/01/43		49,490		47,710
3.000%, due 09/01/43		551,491		531,649
3.000%, due 11/01/46		30,690		29,390
3.000%, due 12/01/46		3,206,439		3,070,593
3.000%, due 09/01/49		905,272		857,245
3.000%, due 11/01/49		272,423		259,157
3.000%, due 02/01/50		1,788,253		1,701,171
3.000%, due 03/01/50		4,239,397		4,032,953
3.000%, due 07/01/50		682,500		647,155
3.000%, due 12/01/50		562,439		532,871
3.000%, due 04/01/51		3,762,100		3,554,182
3.000%, due 05/01/51		3,971,994		3,752,303
3.000%, due 07/01/51		6,985,789		6,599,167
3.000%, due 08/01/51		481,854		455,167
3.000%, due 10/01/51		206,051		194,599
3.000%, due 11/01/51		274,752		259,399
3.000%, due 12/01/51		480,128		453,444
3.000%, due 02/01/52		137,662		130,148
3.000%, due 03/01/52		1,083,417		1,022,385
3.000%, due 04/01/52		4,536,367		4,280,434
3.000%, due 02/01/57		668,951		635,483
3.000%, due 05/01/58		768,352		728,882
3.500%, due 11/01/25		102,611		103,037
3.500%, due 08/01/26		355,302		356,757
3.500%, due 06/01/28		154,580		156,164

PACE Mortgage-Backed Securities Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
3.500%, due 08/01/29		21,888		22,080
3.500%, due 09/01/32		888,470		892,109
3.500%, due 11/01/33		54,509		54,704
3.500%, due 02/01/34		96,072		96,415
3.500%, due 01/01/35		177,799		178,411
3.500%, due 02/01/35		181,958		182,584
3.500%, due 04/01/35		169,067		169,658
3.500%, due 05/01/35		1,210,575		1,221,291
3.500%, due 03/01/42		223,143		221,393
3.500%, due 04/01/42		14,323		14,210
3.500%, due 12/01/42		886,748		879,792
3.500%, due 03/01/43		555,072		549,353
3.500%, due 07/01/43		216,441		214,211
3.500%, due 06/01/45		1,512,706		1,490,773
3.500%, due 08/01/45		28,496		28,083
3.500%, due 09/01/46		742,939		728,809
3.500%, due 08/01/47		171,617		167,745
3.500%, due 09/01/47		254,084		249,246
3.500%, due 11/01/47		313,537		306,868
3.500%, due 12/01/47		327,118		319,737
3.500%, due 02/01/48		265,788		260,622
3.500%, due 03/01/48		979,608		960,565
3.500%, due 02/01/50		118,842		116,122
3.500%, due 03/01/50		4,876,309		4,750,849
3.500%, due 04/01/50		398,682		388,425
3.500%, due 04/01/52		1,000,000		970,321
3.500%, due 06/01/56		911,210		899,996
3.500%, due 01/01/57		800,283		788,679
3.500%, due 01/01/59		1,281,098		1,256,195
3.575%, due 02/01/26		500,000		500,534
4.000%, due 07/01/25		2,134		2,173
4.000%, due 09/01/25		1,316		1,340
4.000%, due 10/01/25		2,157		2,197
4.000%, due 11/01/25		3,675		3,743
4.000%, due 01/01/26		84,309		85,868
4.000%, due 02/01/26		187,348		190,811
4.000%, due 03/01/26		18,689		19,037
4.000%, due 04/01/26		415,155		422,882
4.000%, due 08/01/32		2,083		2,132
4.000%, due 06/01/33		77,944		79,679
4.000%, due 07/01/33		290,641		297,112
4.000%, due 08/01/33		1,153,857		1,189,959
4.000%, due 07/01/34		392,000		400,677

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 07/01/35		938,692		959,566
4.000%, due 04/01/37		737,742		755,523
4.000%, due 03/01/38		537,087		552,350
4.000%, due 07/01/38		663,837		668,890
4.000%, due 08/01/38		286,440		290,197
4.000%, due 09/01/38		349,695		352,357
4.000%, due 05/01/39		63,478		64,531
4.000%, due 09/01/39		169,206		172,015
4.000%, due 09/01/40		1,150,564		1,169,463
4.000%, due 12/01/40		928,300		943,548
4.000%, due 11/01/41		334,332		339,787
4.000%, due 12/01/41		468,085		475,723
4.000%, due 07/01/42		2,031,907		2,068,009
4.000%, due 09/01/42		2,848,331		2,893,021
4.000%, due 10/01/42		2,294,430		2,330,430
4.000%, due 08/01/44		127,013		129,140
4.000%, due 12/01/44		14,396		14,597
4.000%, due 06/01/45		12,328		12,465
4.000%, due 08/01/45		966,051		976,776
4.000%, due 02/01/47		99,249		99,898
4.000%, due 03/01/47		37,325		37,489
4.000%, due 04/01/47		202,602		203,493
4.000%, due 05/01/47		379,385		381,052
4.000%, due 06/01/47		6,813		6,843
4.000%, due 11/01/47		28,237		28,361
4.000%, due 01/01/48		121,673		122,209
4.000%, due 02/01/48		249,953		250,087
4.000%, due 03/01/48		145,041		145,183
4.000%, due 12/01/48		289,369		289,326
4.000%, due 06/01/49		948,002		951,085
4.500%, due 06/01/29		8,897		9,254
4.500%, due 06/01/35		14,110		14,696
4.500%, due 12/01/38		187,427		194,206
4.500%, due 01/01/39		1,070		1,112
4.500%, due 02/01/39		77,390		79,572
4.500%, due 03/01/39		4,511		4,691
4.500%, due 06/01/39		27,183		28,270
4.500%, due 07/01/39		2,521		2,622
4.500%, due 08/01/39		69,502		73,638
4.500%, due 10/01/39		2,186		2,274
4.500%, due 12/01/39		190,803		198,430
4.500%, due 01/01/40		1,927		2,004
4.500%, due 02/01/40		1,944		2,021

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.500%, due 03/01/40		38,738		40,273
4.500%, due 08/01/40		31,623		32,875
4.500%, due 11/01/40		305,352		317,446
4.500%, due 07/01/41		208,238		216,495
4.500%, due 08/01/41		400,840		416,732
4.500%, due 09/01/41		695		722
4.500%, due 01/01/42		997,930		1,037,452
4.500%, due 08/01/42		2,077		2,161
4.500%, due 09/01/43		174,511		181,531
4.500%, due 11/01/43		32,054		33,343
4.500%, due 07/01/44		151,848		157,558
4.500%, due 12/01/44		1,083		1,117
4.500%, due 09/01/48		208,031		212,516
4.500%, due 01/01/49		192,148		196,632
4.500%, due 04/01/59		903,495		919,911
5.000%, due 03/01/25		4,613		4,771
5.000%, due 03/01/33		6,715		6,908
5.000%, due 05/01/37		3,679		3,842
5.000%, due 09/01/37		8,839		9,128
5.000%, due 06/01/38		35,138		36,347
5.000%, due 06/01/48		122,289		127,220
5.000%, due 07/01/48		110,281		114,495
5.000%, due 03/01/49		35,412		36,757
5.500%, due 11/01/32		22,673		23,664
5.500%, due 12/01/33		517		547
5.500%, due 04/01/34		12,795		13,469
5.500%, due 01/01/35		67,890		71,513
5.500%, due 05/01/37		89,098		95,564
5.500%, due 07/01/37		44,540		47,830
5.500%, due 06/01/38		65,776		70,770
5.500%, due 11/01/39		172,997		186,210
5.500%, due 07/01/40		205,112		220,948
5.500%, due 02/01/42		118,065		126,662
6.000%, due 01/01/23		10,255		10,265
6.000%, due 03/01/23		2,236		2,245
6.000%, due 11/01/26		8,206		8,613
6.000%, due 09/01/29		306,925		319,868
6.000%, due 12/01/32		5,758		6,208
6.000%, due 02/01/33		10,410		11,051
6.000%, due 09/01/34		57,971		62,790
6.000%, due 05/01/35		14,364		15,223
6.000%, due 06/01/35		7,595		8,244
6.000%, due 07/01/35		20,137		21,276

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
6.000%, due 09/01/35		805		878
6.000%, due 01/01/36		12,403		13,512
6.000%, due 06/01/36		204		217
6.000%, due 09/01/36		21,149		23,017
6.000%, due 12/01/36		66,793		72,642
6.000%, due 03/01/37		6,724		7,319
6.000%, due 10/01/37		20,169		21,852
6.000%, due 11/01/38		179,194		195,388
6.000%, due 05/01/39		22,219		24,198
6.000%, due 11/01/40		260,789		284,177
6.000%, due 05/01/49		420,193		454,065
6.500%, due 10/01/36		201,443		217,023
6.500%, due 02/01/37		2,849		3,090
6.500%, due 07/01/37		28,568		30,817
6.500%, due 08/01/37		25,018		26,944
6.500%, due 09/01/37		23,025		25,133
6.500%, due 12/01/37		42,792		46,208
6.500%, due 05/01/40		474,380		529,345
7.500%, due 11/01/26		4,093		4,101
8.000%, due 11/01/26		1,017		1,018
FNMA ARM
1 year CMT + 2.103%,
2.661%, due 05/01/301		20,044		20,183
FNMA TBA
3.000%		17,100,000		16,079,899
4.000%		2,500,000		2,539,600
GNMA
3.000%, due 11/15/42		36,775		35,947
3.000%, due 02/15/43		422,972		413,449
3.000%, due 05/15/43		447,726		437,053
3.000%, due 06/15/43		155,535		151,827
3.000%, due 07/15/43		34,393		33,573
3.000%, due 01/15/45		280,567		271,950
3.000%, due 02/15/45		25,199		24,451
3.000%, due 07/15/45		424,557		411,949
3.000%, due 10/15/45		715,378		694,133
3.500%, due 11/15/42		374,880		377,967
3.500%, due 03/15/45		166,262		166,014
3.500%, due 04/15/45		169,316		169,063
4.000%, due 12/15/41		804,663		822,011
4.000%, due 01/15/47		38,255		38,921
4.000%, due 02/15/47		231,889		235,926
4.000%, due 04/15/47		394,847		400,707
4.000%, due 05/15/47		64,316		65,271

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 06/15/47		45,259		45,931
4.000%, due 07/15/47		90,438		91,780
4.000%, due 08/15/47		107,176		108,766
4.000%, due 12/15/47		33,763		34,264
4.000%, due 07/15/49		91,292		92,490
4.500%, due 09/15/39		273,594		289,874
4.500%, due 06/15/40		135,493		143,574
4.500%, due 12/15/45		10,205		10,940
4.500%, due 07/15/46		2,339		2,507
4.500%, due 08/15/46		8,197		8,784
4.500%, due 09/15/46		183,827		196,990
4.500%, due 10/15/46		304,019		325,789
4.500%, due 01/15/47		293,885		314,929
5.000%, due 12/15/34		14,982		15,171
5.000%, due 04/15/38		51,964		54,171
5.000%, due 12/15/39		4,073		4,293
5.000%, due 05/15/40		110,665		116,818
5.000%, due 05/15/41		33,202		34,316
5.500%, due 08/15/35		14,233		15,274
5.500%, due 02/15/38		1,099		1,185
5.500%, due 04/15/38		106,602		114,087
5.500%, due 05/15/38		90,589		97,112
5.500%, due 06/15/38		55,374		59,474
5.500%, due 10/15/38		287,849		309,051
5.500%, due 11/15/38		15,534		16,647
5.500%, due 12/15/38		3,357		3,606
5.500%, due 03/15/39		29,192		30,170
5.500%, due 05/15/39		25,490		27,326
5.500%, due 09/15/39		129,988		139,437
5.500%, due 01/15/40		4,372		4,648
5.500%, due 03/15/40		162,422		173,667
6.500%, due 02/15/29		227		238
6.500%, due 01/15/36		8,959		9,387
6.500%, due 09/15/36		77,600		83,823
6.500%, due 02/15/37		3,946		4,137
6.500%, due 04/15/37		4,756		5,232
6.500%, due 01/15/38		5,529		5,987
6.500%, due 06/15/38		18,881		20,588
6.500%, due 07/15/38		1,555		1,632
6.500%, due 11/15/38		2,940		3,375
8.000%, due 02/15/23		19		19
GNMA II
1 year CMT + 1.500%,
1.625%, due 08/20/251		4,229		4,198

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 1.500%,
1.625%, due 09/20/251		6,056		6,022
1 year CMT + 1.500%,
1.625%, due 08/20/261		6,351		6,317
1 year CMT + 1.500%,
1.625%, due 07/20/271		2,830		2,830
1 year CMT + 1.500%,
1.625%, due 07/20/301		14,772		14,848
1 year CMT + 1.500%,
1.875%, due 06/20/221		203		203
1 year CMT + 1.500%,
1.875%, due 04/20/241		6,082		6,054
1 year CMT + 1.500%,
1.875%, due 04/20/261		29,591		29,497
1 year CMT + 1.500%,
1.875%, due 06/20/261		12,700		12,673
1 year CMT + 1.500%,
1.875%, due 04/20/271		7,711		7,697
1 year CMT + 1.500%,
1.875%, due 04/20/301		2,411		2,431
1 year CMT + 1.500%,
1.875%, due 05/20/301		29,564		29,821
1 year CMT + 1.500%,
2.000%, due 01/20/231		1,824		1,818
1 year CMT + 1.500%,
2.000%, due 03/20/231		1,063		1,058
1 year CMT + 1.500%,
2.000%, due 01/20/241		5,770		5,740
1 year CMT + 1.500%,
2.000%, due 01/20/251		957		956
1 year CMT + 1.500%,
2.000%, due 02/20/251		1,741		1,733
1 year CMT + 1.500%,
2.000%, due 05/20/251		1,336		1,334
1 year CMT + 1.500%,
2.000%, due 03/20/261		3,839		3,826
1 year CMT + 1.500%,
2.000%, due 09/20/261		942		937
1 year CMT + 1.500%,
2.000%, due 01/20/271		39,739		39,631
1 year CMT + 1.500%,
2.000%, due 02/20/271		2,698		2,691
1 year CMT + 1.500%,
2.000%, due 04/20/271		1,232		1,231
1 year CMT + 1.500%,
2.000%, due 08/20/271		10,290		10,249

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(continued)
1 year CMT + 1.500%,
2.000%, due 01/20/281		3,830		3,837
1 year CMT + 1.500%,
2.000%, due 02/20/281		2,307		2,302
1 year CMT + 1.500%,
2.000%, due 04/20/301		2,425		2,439
1 year CMT + 1.500%,
2.000%, due 05/20/301		118,128		119,276
1 year CMT + 1.500%,
2.000%, due 07/20/301		5,584		5,622
1 year CMT + 1.500%,
2.000%, due 08/20/301		27,468		27,654
1 year CMT + 1.500%,
2.500%, due 03/20/251		3,821		3,801
1 year CMT + 1.500%,
2.500%, due 07/20/301		7,878		7,895
1 year CMT + 1.500%,
2.500%, due 08/20/301		1,302		1,305
1 year CMT + 1.500%,
2.500%, due 10/20/301		9,117		9,118
3.000%, due 09/20/47		574,698		554,755
3.000%, due 02/20/48		349,980		337,835
1 year CMT + 1.500%,
3.000%, due 05/20/251		6,746		6,735
1 year CMT + 1.500%,
3.000%, due 06/20/251		5,844		5,834
3.500%, due 04/20/45		4,485		4,461
3.500%, due 11/20/45		374,540		372,552
3.500%, due 04/20/46		425,678		422,677
3.500%, due 05/20/46		388,090		385,354
3.500%, due 04/20/47		357,099		354,389
3.500%, due 07/20/47		2,864,984		2,844,427
3.500%, due 08/20/47		287,197		285,018
3.500%, due 09/20/47		112,013		111,163
3.500%, due 11/20/47		388,104		385,160
3.500%, due 12/20/47		96,595		95,862
3.500%, due 01/20/48		1,747,822		1,734,335
3.500%, due 02/20/48		1,442,378		1,429,173
3.500%, due 03/20/48		2,170,448		2,147,428
3.500%, due 09/20/48		633,244		626,528
3.750%, due 05/20/30		402,101		402,851
4.000%, due 12/20/40		146,918		147,846
4.000%, due 07/20/41		45,618		46,740
4.000%, due 12/20/47		58,228		59,014
4.000%, due 01/20/48		150,608		152,641

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations—(continued)
4.000%, due 03/20/48	255,768	260,969
4.000%, due 04/20/48	529,157	534,439
4.000%, due 05/20/48	169,532	171,501
4.000%, due 06/20/48	167,625	169,848
4.000%, due 07/20/48	49,675	50,341
4.500%, due 10/20/44	56,612	58,147
4.500%, due 08/20/45	91,246	95,661
4.500%, due 04/20/48	27,149	28,065
4.500%, due 05/20/48	76,463	79,041
4.500%, due 06/20/48	188,661	193,310
4.500%, due 10/20/48	173,390	174,044
4.500%, due 01/20/49	182,210	186,489
4.500%, due 02/20/49	316,016	323,803
5.000%, due 12/20/33	93,361	98,985
5.000%, due 01/20/34	49,690	52,684
5.000%, due 02/20/38	58,215	62,499
5.000%, due 04/20/38	69,102	74,278
5.000%, due 08/20/41	9,491	10,201
5.000%, due 12/20/42	12,607	13,539
5.000%, due 08/20/43	1,043,887	1,120,912
5.000%, due 09/20/48	123,157	129,580
5.000%, due 10/20/48	169,406	178,241
5.000%, due 11/20/48	289,956	304,864
5.000%, due 12/20/48	251,602	264,723
5.500%, due 09/20/48	34,285	35,363
6.000%, due 10/20/38	1,950	2,144
6.500%, due 09/20/32	681	710
6.500%, due 12/20/38	4,828	5,247
7.000%, due 03/20/28	26,311	26,865
9.000%, due 04/20/25	1,851	1,893
9.000%, due 12/20/26	1,271	1,308
9.000%, due 01/20/27	5,847	6,022
9.000%, due 09/20/30	844	870
9.000%, due 10/20/30	2,700	2,888
9.000%, due 11/20/30	3,323	3,446
GNMA II TBA
2.000%	6,700,000	6,058,756
3.000%	17,550,000	16,683,083
4.000%	1,550,000	1,545,685
4.500%	12,910,000	13,087,125
GNMA TBA
4.000%	2,000,000	2,012,840
UMBS TBA
1.500%	5,500,000	4,780,388

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(concluded)
2.000%		51,650,000		45,646,872
2.500%8		114,525,000		104,556,728
3.000%8		5,450,000		5,281,488
3.500%8		46,500,000		44,966,523
4.000%8		1,700,000		1,684,238
5.000%		200,000		206,908
Total U.S. government agency obligations (cost—$446,215,912)				431,963,333
U.S. Treasury obligations —2.3%
U.S. Treasury Notes
1.375%, due 10/31/288		2,400,000		2,174,250
1.375%, due 12/31/288		3,200,000		2,895,000
1.875%, due 02/15/328		1,100,000		1,004,437
Total U.S. Treasury obligations (cost—$6,592,675)				6,073,687

	Number of shares
Short-term investments—0.9%
Investment companies —0.9%
State Street Institutional U.S. Government Money Market Fund, 0.290%9 (cost —$2,400,184)		2,400,184	2,400,184

	Face amount($)
Short-term U.S. Treasury obligations —5.2%9
U.S. Treasury Bills
0.515%, due 06/21/228		3,334,000	3,331,567
0.553%, due 06/14/228		4,900,000	4,896,736

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Short-term U.S. Treasury obligations9—(concluded)
0.813%, due 07/28/228		5,700,000	5,688,846
Total short-term U.S. Treasury obligations  (cost—$13,917,149)			13,917,149

	Number of contracts		Notional amount
Options purchased—0.4%
Put options—0.4%
UMBS TBA, 2.500%, strike @ 69.00, expires 05/05/22 (Counterparty JPMCB)		20,000,000	USD	1,380,000,000	0
UMBS TBA, 2.500%, strike @ 94.84, expires 06/06/22 (Counterparty BOA)		2,000,000	USD	189,680,000	78,669
UMBS TBA, 2.500%, strike @ 94.89, expires 06/06/22 (Counterparty BOA)		2,000,000	USD	189,780,000	79,512
UMBS TBA, 2.500%, strike @ 96.52, expires 05/05/22 (Counterparty CITI)		3,000,000	USD	289,560,000	157,967
UMBS TBA, 2.500%, strike @ 96.72, expires 05/05/22 (Counterparty CITI)		2,500,000	USD	241,800,000	136,717
UMBS TBA, 2.500%, strike @ 96.75, expires 05/05/22 (Counterparty BOA)		2,500,000	USD	241,875,000	137,498
UMBS TBA, 2.500%, strike @ 97.16, expires 05/05/22 (Counterparty BOA)		3,000,000	USD	291,480,000	177,185
UMBS TBA, 2.500%, strike @ 97.25, expires 05/05/22 (Counterparty BOA)		2,500,000	USD	243,125,000	149,998
UMBS TBA, 2.500%, strike @ 97.30, expires 05/05/22 (Counterparty MSCI)		2,500,000	USD	243,250,000	151,169
UMBS TBA, 3.000%, strike @ 100.54, expires 05/05/22 (Counterparty CITI)		1,000,000	USD	100,540,000	62,500
UMBS TBA, 3.500%, strike @ 70.00, expires 06/06/22 (Counterparty JPMCB)		10,000,000	USD	700,000,000	0
UMBS TBA, 3.500%, strike @ 77.00, expires 06/06/22 (Counterparty CITI)		10,000,000	USD	770,000,000	0
Total options purchased (cost—$135,977)					1,131,215
Swaptions purchased—1.2%
Call swaptions—0.0%†
3 Month USD SOFR Interest Rate Swap, strike @ 1.795% expires 06/06/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/32		2,100,000	USD	2,100,000	306
3 Month USD SOFR Interest Rate Swap, strike @ 1.812% expires 06/06/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/32		1,000,000	USD	1,000,000	162

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD SOFR Interest Rate Swap, strike @ 1.821% expires 06/06/22 (Counterparty: DB; pay floating rate); underlying swap terminates 06/08/32	900,000	USD	900,000	155
3 Month USD SOFR Interest Rate Swap, strike @ 2.030% expires 06/06/22 (Counterparty: GSI; pay floating rate); underlying swap terminates 06/08/32	1,800,000	USD	1,800,000	1,088
				1,711
Put swaptions—1.2%
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	1,222,857
3 Month USD SOFR Interest Rate Swap, strike @ 2.240% expires 05/10/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 05/12/32	10,000,000	USD	10,000,000	416,397
3 Month USD SOFR Interest Rate Swap, strike @ 2.313% expires 07/06/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/08/32	27,400,000	USD	27,400,000	1,167,928
3 Month USD SOFR Interest Rate Swap, strike @ 2.314% expires 06/06/22 (Counterparty: GSI; pay floating rate); underlying swap terminates 06/08/32	1,900,000	USD	1,900,000	73,962
3 Month USD SOFR Interest Rate Swap, strike @ 2.314% expires 06/06/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/32	2,200,000	USD	2,200,000	85,641
3 Month USD SOFR Interest Rate Swap, strike @ 2.373% expires 06/06/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/32	1,900,000	USD	1,900,000	65,766
3 Month USD SOFR Interest Rate Swap, strike @ 2.385% expires 06/06/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/08/32	800,000	USD	800,000	26,980
3 Month USD SOFR Interest Rate Swap, strike @ 2.436% expires 06/06/22 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/32	1,000,000	USD	1,000,000	30,205
3 Month USD SOFR Interest Rate Swap, strike @ 2.451% expires 06/06/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/08/32	1,400,000	USD	1,400,000	40,884
3 Month USD SOFR Interest Rate Swap, strike @ 2.553% expires 06/13/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/15/32	4,000,000	USD	4,000,000	96,723
3 Month USD SOFR Interest Rate Swap, strike @ 3.200% expires 04/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/25/53	600,000	USD	600,000	17,047
3 Month USD SOFR Interest Rate Swap, strike @ 3.225% expires 04/20/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/24/53	600,000	USD	600,000	16,403
3 Month USD SOFR Interest Rate Swap, strike @ 3.273% expires 04/20/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/24/53	600,000	USD	600,000	15,356

PACE Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD SOFR Interest Rate Swap, strike @ 3.348% expires 04/13/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/17/53	600,000	USD	600,000	13,543
30 Year USD SOFR Interest Rate Swap, strike @ 3.285% expires 04/14/23 (Counterparty: CITI; pay floating rate); underlying swap terminates 04/18/53	600,000	USD	600,000	14,859
				3,304,551
Total swaptions purchased
(cost—$418,425)				3,306,262
Total investments before investments sold short
(cost — $573,129,706) — 207.6%				557,463,692

	Face amount ($)			Value ($)
Investments sold short—(32.1)%
U.S. government agency obligations—(30.1)%
GNMA II TBA
2.500%		(8,900,000	)		(8,239,053	)
UMBS TBA
2.500%		(54,550,000	)		(49,738,635	)
3.000%		(4,100,000	)		(3,864,238	)
3.500%		(500,000	)		(500,240	)
4.000%		(17,575,000	)		(17,467,634	)
4.500%		(1,100,000	)		(1,118,150	)
Total U.S. government agency obligations (proceeds—$81,579,058)					(80,927,950	)
U.S. Treasury obligations—(2.0)%
U.S. Treasury Notes
1.375%		(5,800,000	)		(5,247,188	)
Total U.S. Treasury obligations (proceeds—$5,451,513)					(5,247,188	)
Total investments sold short (proceeds—$87,030,571)					(86,175,138	)
Liabilities in excess of other assets—(75.5)%					(202,721,589	)
Net assets—100.0%				$	268,566,965

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 Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

Options written

									Unrealized
Notional		Number of			Expiration	Premiums	Current		appreciation
amount		contracts	Call options	Counterparty	date	received($)	value($)		(depreciation)($)
USD	327,005,000	3,500,000	UMBS TBA, 2.500%, strike @ 93.43	MSCI	06/06/22	25,156	(12,869	)	12,287
USD	378,000,000	4,000,000	UMBS TBA, 2.500%, strike @ 94.50	BOA	06/06/22	27,500	(7,720	)	19,780
USD	378,000,000	4,000,000	UMBS TBA, 2.500%, strike @ 94.50	JPMCB	06/06/22	28,438	(7,721	)	20,717
USD	233,600,000	2,500,000	UMBS TBA, 2.500%, strike @ 93.44	CITI	06/06/22	17,578	(9,111	)	8,467
USD	208,318,000	2,200,000	UMBS TBA, 2.500%, strike @ 94.69	MSCI	06/06/22	15,125	(3,768	)	11,357
USD	388,640,000	4,000,000	UMBS TBA, 3.000%, strike @ 97.16	JPMCB	06/06/22	25,938	(6,313	)	19,625
USD	213,994,000	2,200,000	UMBS TBA, 3.000%, strike @ 97.27	MSCI	06/06/22	13,578	(3,147	)	10,431
USD	388,640,000	4,000,000	UMBS TBA, 3.000%, strike @ 97.16	BOA	06/06/22	25,000	(6,312	)	18,688
USD	196,900,000	2,000,000	UMBS TBA, 3.500%, strike @ 98.45	CITI	06/06/22	7,812	(5,251	)	2,561
USD	150,435,000	1,500,000	UMBS TBA, 4.000%, strike @ 100.29	CITI	07/07/22	7,266	(6,924	)	342
USD	404,560,000	4,000,000	UMBS TBA, 4.000%, strike @ 101.14	BOA	07/07/22	21,250	(9,566	)	11,684
USD	200,600,000	2,000,000	UMBS TBA, 4.100%, strike @ 100.30	BOA	07/07/22	9,687	(9,181	)	506
USD	150,330,000	1,500,000	UMBS TBA, 4.100%, strike @ 100.22	JPMCB	07/07/22	7,383	(7,273	)	110
USD	357,980,000	3,500,000	UMBS TBA, 4.500%, strike @ 102.28	CITI	07/07/22	10,937	(11,048	)	(111	)
Total						242,648	(106,204	)	136,444

									Unrealized
Notional		Number of			Expiration	Premiums	Current		appreciation
amount		contracts	Put options	Counterparty	date	received($)	value($)		(depreciation)($)
USD	144,510,000	1,500,000	UMBS TBA, 2.500%, strike @ 96.34	CITI	05/05/22	8,672	(76,406	)	(67,734	)
USD	99,590,000	1,000,000	UMBS TBA, 3.000%, strike @ 99.59	CITI	05/05/22	3,906	(53,048	)	(49,142	)
USD	447,120,000	4,500,000	UMBS TBA, 3.000%, strike @ 99.36	BOA	05/05/22	17,578	(228,176	)	(210,598	)
USD	247,625,000	2,500,000	UMBS TBA, 3.000%, strike @ 99.05	CITI	05/05/22	11,719	(118,958	)	(107,239	)
USD	148,365,000	1,500,000	UMBS TBA, 3.000%, strike @ 98.91	JPMCB	05/05/22	7,969	(69,385	)	(61,416	)
USD	100,040,000	1,000,000	UMBS TBA, 3.000%, strike @ 100.04	CITI	05/05/22	6,328	(57,500	)	(51,172	)
USD	98,770,000	1,000,000	UMBS TBA, 3.000%, strike @ 98.77	JPMCB	05/05/22	5,312	(44,773	)	(39,461	)

PACE Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

Options written—(concluded)
Put options written—(concluded)
USD	147,945,000	1,500,000	UMBS TBA, 3.000%, strike @ 98.63	MSCI	05/05/22	8,320	(65,054	)	(56,734	)
USD	197,060,000	2,000,000	UMBS TBA, 3.000%, strike @ 98.53	MSCI	05/05/22	11,094	(84,868	)	(73,774	)
USD	99,100,000	1,000,000	UMBS TBA, 3.000%, strike @ 99.10	JPMCB	05/05/22	5,313	(48,130	)	(42,817	)
USD	98,780,000	1,000,000	UMBS TBA, 3.000%, strike @ 98.78	CITI	05/05/22	5,156	(44,929	)	(39,773	)
USD	99,540,000	1,000,000	UMBS TBA, 3.000%, strike @ 99.54	CITI	05/05/22	4,687	(52,501	)	(47,814	)
USD	195,240,000	2,000,000	UMBS TBA, 3.000%, strike @ 97.62	JPMCB	06/06/22	11,875	(72,867	)	(60,992	)
USD	194,900,000	2,000,000	UMBS TBA, 3.000%, strike @ 97.45	MSCI	06/06/22	11,875	(69,938	)	(58,063	)
USD	530,255,000	5,500,000	UMBS TBA, 3.000%, strike @ 96.41	JPMCB	06/06/22	34,160	(144,254	)	(110,094	)
USD	457,245,000	4,500,000	UMBS TBA, 3.500%, strike @ 101.61	CITI	05/05/22	18,281	(208,476	)	(190,195	)
USD	295,020,000	3,000,000	UMBS TBA, 3.500%, strike @ 98.34	BOA	06/06/22	13,828	(56,853	)	(43,025	)
USD	96,450,000	1,000,000	UMBS TBA, 3.500%, strike @ 96.45	CITI	06/06/22	5,391	(7,929	)	(2,538	)
USD	793,120,000	8,000,000	UMBS TBA, 3.500%, strike @ 99.14	BOA	06/06/22	33,750	(203,664	)	(169,914	)
USD	199,000,000	2,000,000	UMBS TBA, 3.500%, strike @ 99.50	CITI	06/06/22	8,438	(57,235	)	(48,797	)
USD	395,120,000	4,000,000	UMBS TBA, 3.500%, strike @ 98.78	BOA	06/06/22	17,188	(89,776	)	(72,588	)
USD	246,575,000	2,500,000	UMBS TBA, 3.500%, strike @ 98.63	JPMCB	06/06/22	14,453	(52,964	)	(38,511	)
USD	147,780,000	1,500,000	UMBS TBA, 3.500%, strike @ 98.52	BOA	06/06/22	8,320	(30,488	)	(22,168	)
USD	197,260,000	2,000,000	UMBS TBA, 3.500%, strike @ 98.63	CITI	06/06/22	11,563	(42,372	)	(30,809	)
USD	196,080,000	2,000,000	UMBS TBA, 3.500%, strike @ 98.04	JPMCB	06/06/22	12,031	(33,585	)	(21,554	)
USD	196,660,000	2,000,000	UMBS TBA, 3.500%, strike @ 98.33	CITI	06/06/22	9,531	(37,784	)	(28,253	)
USD	196,600,000	2,000,000	UMBS TBA, 4.000%, strike @ 98.30	BOA	07/07/22	12,500	(17,436	)	(4,936	)
USD	396,560,000	4,000,000	UMBS TBA, 4.000%, strike @ 99.14	BOA	07/07/22	27,500	(49,089	)	(21,589	)
USD	350,980,000	3,500,000	UMBS TBA, 4.500%, strike @ 100.28	CITI	07/07/22	17,227	(24,518	)	(7,291	)
Total						363,965	(2,142,956	)	(1,778,991	)
Total options written						606,613	(2,249,160	)	(1,642,547	)

PACE Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

Swaptions written

Notional amount (000)		Number of contracts	Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)	Current value($)		Unrealized appreciation (depreciation)($)
USD	1,600	1,600,000	10 Year USD SOFR Interest Rate Swap strike @ 1.760%, terminating 05/09/32	GSI	Pay	05/05/22	16,800	(133,324	)	(116,524	)
USD	1,600	1,600,000	10 Year USD SOFR Interest Rate Swap strike @ 1.767%, terminating 05/09/32	CITI	Pay	05/05/22	16,960	(132,343	)	(115,383	)
USD	1,700	1,700,000	10 Year USD SOFR Interest Rate Swap strike @ 1.788%, terminating 05/09/32	CITI	Pay	05/05/22	18,020	(137,561	)	(119,541	)
USD	1,500	1,500,000	10 Year USD SOFR Interest Rate Swap strike @ 1.869%, terminating 05/09/32	CITI	Pay	05/05/22	15,150	(110,669	)	(95,519	)
USD	1,500	1,500,000	10 Year USD SOFR Interest Rate Swap strike @ 1.875%, terminating 05/09/32	CITI	Pay	05/05/22	15,150	(109,880	)	(94,730	)
USD	1,300	1,300,000	10 Year USD SOFR Interest Rate Swap strike @ 2.198%, terminating 06/08/32	CITI	Pay	06/06/22	13,793	(62,268	)	(48,475	)
USD	1,300	1,300,000	10 Year USD SOFR Interest Rate Swap strike @ 2.204%, terminating 06/08/32	CITI	Pay	06/06/22	13,793	(61,596	)	(47,803	)
USD	3,400	3,400,000	2 Year USD LIBOR Interest Rate Swap strike @ 3.750%, terminating 04/18/25	CITI	Pay	04/14/23	14,552	(19,965	)	(5,413	)
USD	3,400	3,400,000	2 Year USD SOFR Interest Rate Swap strike @ 3.750%, terminating 04/17/25	MSCI	Pay	04/13/23	12,240	(19,812	)	(7,572	)
USD	3,300	3,300,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/24/25	MSCI	Pay	04/20/23	13,200	(15,220	)	(2,020	)
USD	3,300	3,300,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/24/25	MSCI	Pay	04/20/23	14,520	(15,220	)	(700	)
USD	3,600	3,600,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/25/25	MSCI	Pay	04/21/23	19,152	(16,666	)	2,486
Total swaptions written							183,330	(834,524	)	(651,194	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)10	Payments received by the Portfolio(%)10	Value($)	Unrealized appreciation (depreciation)($)
USD	36,100	06/16/23	Quarterly	0.250	3 Month USD LIBOR	963,671	638,715
USD	29,000	06/16/24	Quarterly	0.250	3 Month USD LIBOR	1,672,348	964,515

PACE Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)10	Payments received by the Portfolio(%)10	Value($)		Unrealized appreciation (depreciation)($)
USD	10,800	04/29/23	At Maturity	0.200	12 Month US Federal Funds Effective Rate	219,148		145,752
USD	800	02/09/32	Quarterly	1.988	3 Month USD LIBOR	64,540		64,540
USD	27,000	03/03/25	Quarterly	1.350	3 Month USD LIBOR	1,216,191		1,216,191
USD	14,700	06/15/32	Annual	1.750	12 Month SOFR	1,245,217		142,279
USD	27,000	04/05/25	Quarterly	0.962	3 Month USD LIBOR	1,248,991		1,248,991
USD	1,900	06/16/28	Semi-Annual	3 Month USD LIBOR	0.500	(265,328	)	(125,744	)
USD	6,871	12/15/28	Annual	12 Month SOFR	1.250	(580,254	)	(459,000	)
USD	1,000	06/15/29	Annual	12 Month SOFR	1.750	(63,483	)	(31,330	)
USD	500	06/15/32	Annual	12 Month SOFR	1.750	(43,115	)	(16,147	)
USD	4,300	12/15/28	Semi-Annual	3 Month USD LIBOR	1.500	(368,680	)	(294,110	)
Total						5,309,246		3,494,652

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—		38,926,044			168,238		39,094,282
Mortgage-backed securities		—		59,577,580			—		59,577,580
U.S. government agency obligations		—		431,963,333			—		431,963,333
U.S. Treasury obligations		—		6,073,687			—		6,073,687
Short-term investments		—		2,400,184			—		2,400,184
Short-term U.S. Treasury obligations		—		13,917,149			—		13,917,149
Options purchased		—		1,131,215			—		1,131,215
Swaptions purchased		—		3,306,262			—		3,306,262
Swap agreements		—		6,630,106			—		6,630,106
Total		—		563,925,560			168,238		564,093,798
Liabilities
Investments sold short		—		(86,175,138	)		—		(86,175,138	)
Options written		—		(2,249,160	)		—		(2,249,160	)
Swaptions written		—		(834,524	)		—		(834,524	)
Swap agreements		—		(1,320,860	)		—		(1,320,860	)
Total		—		(90,579,682	)		—		(90,579,682	)

At April 30, 2022, there were no transfers in or out of Level 3.

PACE Mortgage-Backed Securities Fixed Income Investments 

Portfolio of investments – April 30, 2022 (unaudited)

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

Portfolio footnotes  

†	Amount represents less than 0.05% or (0.05%).
1	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 $57,994,784, represented 21.6% of the Portfolio's net assets at period end.
3	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
4	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
5	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	Rate shown reflects annualized yield at the period end on zero coupon bond.
8	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
9	Rates shown reflect yield at April 30, 2022.
10	Payments made or received are based on the notional amount.

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—4.8%
American Homes 4 Rent Trust,
Series 2014-SFR3, Class A,
3.678%, due 12/17/362		435,810		430,896
CarMax Auto Owner Trust
2.810%, due 05/15/25		416,000		415,966
Cloud Pass-Through Trust,
Series 2019-1A, Class CLOU,
3.554%, due 12/05/222,3		9,899		9,900
College Avenue Student Loans LLC,
Series 2021-A, Class A1,
1 mo. USD LIBOR + 1.100%,
1.189%, due 07/25/512,4		69,961		69,580
Series 2021-B, Class A2,
1.760%, due 06/25/522		87,435		80,753
Series 2021-C, Class A1,
1 mo. USD LIBOR + 0.900%,
0.993%, due 07/26/552,4		252,807		250,822
Series 2021-C, Class A2,
2.320%, due 07/26/552		127,347		117,216
Series 2021-C, Class B,
2.720%, due 07/26/552		100,000		91,478
Credit Acceptance Auto Loan Trust,
Series 2019-3A, Class A,
2.380%, due 11/15/282		277,831		278,152
Series 2020-2A, Class A,
1.370%, due 07/16/292		180,000		177,988
Series 2021-2A, Class A,
0.960%, due 02/15/302		540,000		519,276
Series 2021-3A, Class A,
1.000%, due 05/15/302		280,000		268,010
Series 2021-4, Class A,
1.260%, due 10/15/302		395,000		376,441
Credit Suisse ABS Repackaging Trust,
Series 2013-A, Class B,
2.500%, due 01/25/302		23,270		22,708
Credit Suisse Seasoned Loan Trust,
Series 2006-1, Class A,
1 mo. USD LIBOR + 0.480%,
0.569%, due 10/25/342,4		19,599		19,586
Drive Auto Receivables Trust,
Series 2021-3, Class A2,
0.520%, due 01/15/25		1,199,201		1,190,846
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class A,
1.800%, due 11/25/452		76,973		69,916

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
Elara HGV Timeshare Issuer LLC,
Series 2016-A, Class A,
2.730%, due 04/25/282		34,067		33,827
Ford Credit Auto Lease Trust
2.780%, due 10/15/24		482,000		482,154
GoodLeap Sustainable Home Solutions Trust,
Series 2021-4GS, Class A,
1.930%, due 07/20/482		206,912		182,482
Series 2021-5CS, Class A,
2.310%, due 10/20/482		114,460		102,658
Lehman XS Trust,
Series 2005-6, Class 1A1,
1 mo. USD LIBOR + 0.520%,
0.609%, due 11/25/354		82,093		74,862
Lendmark Funding Trust,
Series 2021-1A, Class A,
1.900%, due 11/20/312		210,000		187,137
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/362		180,000		161,732
Mosaic Solar Loans,
Series 2017-2A, Class C,
2.000%, due 06/22/432		90,873		89,077
Series 2022-1A, Class A,
2.640%, due 01/20/532		199,407		183,971
Navient Private Education Loan Trust,
Series 2020-IA, Class B,
2.950%, due 04/15/692		100,000		86,756
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B,
1 mo. USD LIBOR + 1.050%,
1.140%, due 12/15/592,4		182,988		181,871
Series 2021-A, Class A,
0.840%, due 05/15/692		75,610		70,276
Series 2021-DA, Class A,
1.260%, due 04/15/602,4		408,224		391,154
Navient Student Loan Trust,
Series 2018-EA, Class A2,
4.000%, due 12/15/592		38,061		38,297
Nelnet Student Loan Trust,
Series 2021-A, Class APT2,
1.360%, due 04/20/622		562,646		521,114
Series 2021-BA, Class AFL,
1 mo. USD LIBOR + 0.780%,
0.866%, due 04/20/622,4		803,754		796,157

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(continued)
Series 2021-CA, Class AFL,
1 mo. USD LIBOR + 0.740%,
0.826%, due 04/20/622,4		522,079		515,520
Prodigy Finance Ltd.,
Series 2021-1A, Class A,
1 mo. USD LIBOR + 1.250%,
1.339%, due 07/25/512,4		316,091		313,242
Regional Management Issuance Trust,
Series 2021-2, Class A,
1.900%, due 08/15/332		245,000		216,465
Sesac Finance LLC,
Series 2019-1, Class A2,
5.216%, due 07/25/492		116,700		113,402
SLM Private Education Loan Trust,
Series 2010-C, Class A5,
1 mo. USD LIBOR + 4.750%,
4.839%, due 10/15/412,4		453,318		501,604
SMB Private Education Loan Trust,
Series 2017-B, Class A2B,
1 mo. USD LIBOR + 0.750%,
0.840%, due 10/15/352,4		101,150		100,702
Series 2018-A, Class A2B,
1 mo. USD LIBOR + 0.800%,
0.890%, due 02/15/362,4		355,399		351,851
Series 2018-C, Class A2B,
1 mo. USD LIBOR + 0.750%,
0.840%, due 11/15/352,4		449,609		449,431
Series 2021-A, Class A2A1,
1 mo. USD LIBOR + 0.730%,
0.814%, due 01/15/532,4		640,000		631,116
Series 2021-A, Class B,
2.310%, due 01/15/532		100,000		91,905
Series 2021-C, Class APT1,
1.390%, due 01/15/532		217,429		197,752
SoFi Professional Loan Program LLC,
Series 2016-B, Class A1,
1 mo. USD LIBOR + 1.200%,
1.289%, due 06/25/332,4		14,699		14,706
Series 2018-A, Class A2B,
2.950%, due 02/25/422		92,023		91,668
SoFi Professional Loan Program Trust,
Series 2020-C, Class AFX,
1.950%, due 02/15/462		122,030		118,213

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Asset-backed securities—(concluded)
Westlake Automobile Receivables Trust,
Series 2021-3A, Class A2,
0.570%, due 09/16/242		1,372,621		1,360,069
Total asset-backed securities (cost—$13,379,530)				13,040,705
Commercial paper—13.1%
Australia & New Zealand Banking Group Ltd.
0.731%, due 05/26/225		1,750,000		1,749,130
Bank of Montreal
0.234%, due 05/13/225		3,155,000		3,154,279
Bank of Nova Scotia
0.250%, due 05/31/22		3,160,000		3,158,569
Canadian Imperial Bank of Commerce
0.250%, due 05/18/22		3,135,000		3,135,000
0.254%, due 05/16/225		3,145,000		3,144,158
Credit Suisse AG
0.300%, due 06/01/22		3,140,000		3,138,550
DBS Bank Ltd.
0.254%, due 06/01/225		2,500,000		2,498,240
MUFG Bank Ltd.
0.234%, due 05/13/225		3,155,000		3,154,342
National Bank of Canada
0.254%, due 05/19/225		3,145,000		3,143,850
Nordea Bank ABP
0.210%, due 06/17/22		3,005,000		3,002,541
Skandinaviska Enskilda Banken AB
0.250%, due 05/31/22		3,160,000		3,158,586
Svenska Handelsbanken AB
0.255%, due 05/24/22		3,130,000		3,129,210
Total commercial paper (cost—$35,577,392)				35,566,455
Corporate bonds—34.3%
Aerospace & defense—1.7%
BAE Systems Holdings, Inc.
3.800%, due 10/07/242		316,000		314,839
3.850%, due 12/15/252		82,000		80,992
General Dynamics Corp.
3.500%, due 04/01/27		226,000		223,835
3.750%, due 05/15/28		58,000		57,772
L3Harris Technologies, Inc.
3.850%, due 12/15/26		213,000		211,853

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
4.400%, due 06/15/28		250,000		249,995
Lockheed Martin Corp.
3.800%, due 03/01/45		139,000		128,817
3.900%, due 06/15/32		30,000		29,767
Series B,
6.150%, due 09/01/36		65,000		76,066
Northrop Grumman Corp.
2.930%, due 01/15/25		41,000		40,269
3.850%, due 04/15/45		66,000		59,069
4.030%, due 10/15/47		166,000		152,932
4.750%, due 06/01/43		27,000		27,419
Raytheon Technologies Corp.
2.375%, due 03/15/32		62,000		53,289
2.820%, due 09/01/51		10,000		7,400
3.030%, due 03/15/52		160,000		123,422
3.750%, due 11/01/46		28,000		24,764
4.125%, due 11/16/28		242,000		242,167
4.200%, due 12/15/44		75,000		70,384
4.500%, due 06/01/42		18,000		17,835
4.625%, due 11/16/48		224,000		228,211
7.000%, due 11/01/28		24,000		27,397
7.200%, due 08/15/27		54,000		61,538
TransDigm, Inc.
8.000%, due 12/15/252		1,949,000		2,028,558
				4,538,590
Agriculture—0.5%
Altria Group, Inc.
4.800%, due 02/14/29		49,000		48,531
5.800%, due 02/14/39		351,000		347,639
6.200%, due 02/14/59		13,000		12,985
BAT Capital Corp.
2.764%, due 08/15/22		195,000		195,254
3.215%, due 09/06/26		41,000		38,755
5.282%, due 04/02/50		247,000		219,423
BAT International Finance PLC
1.250%, due 03/13/276	EUR	100,000		97,199
Imperial Brands Finance Netherlands BV
1.750%, due 03/18/336	EUR	100,000		85,639
Philip Morris International, Inc.
1.875%, due 11/06/37	EUR	200,000		163,672

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Agriculture—(concluded)
Viterra Finance BV
0.375%, due 09/24/256	EUR		120,000		116,901
					1,325,998
Airlines—0.6%
Air Canada Pass-Through Trust,
Series 2017-1AA,
3.300%, due 01/15/302		45,965			43,434
Series 2017-1B,
3.700%, due 01/15/262		657			625
American Airlines Pass-Through Trust,
Series AA,
3.000%, due 10/15/28		96,336			88,529
Series AA,
3.150%, due 02/15/32		106,989			96,316
Series AA,
3.200%, due 06/15/28		42,048			39,428
Series AA,
3.575%, due 01/15/28		51,669			48,999
Series AA,
3.600%, due 09/22/27		40,084			38,273
Series AA,
3.650%, due 02/15/29		31,058			29,429
Series B,
4.375%, due 06/15/242		71,500			67,783
Series B,
4.400%, due 09/22/23		135,837			131,936
Series B,
4.950%, due 02/15/25		362,245			344,640
Series B,
5.250%, due 01/15/24		36,962			36,149
Delta Airlines Pass-Through Trust,
Series AA,
2.000%, due 06/10/28		59,170			52,986
Series AA,
3.204%, due 04/25/24		101,000			99,417
United Airlines Pass-Through Trust,
Series 20-1,
5.875%, due 10/15/27		101,621			103,734
Series AA,
2.700%, due 05/01/32		46,779			41,649
Series AA,
2.875%, due 10/07/28		57,159			52,986

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Series AA,
3.100%, due 07/07/28		4,575			4,270
Series AA,
3.450%, due 12/01/27		34,501			33,432
Series AA,
3.500%, due 03/01/30		16,678			15,448
Series AA,
4.150%, due 08/25/31		59,725			58,373
Series B,
3.500%, due 05/01/28		68,518			62,409
Series B,
3.650%, due 10/07/25		6,760			6,311
Series B,
4.600%, due 03/01/26		47,631			45,597
Series B,
4.625%, due 09/03/22		167,858			168,520
Series B,
4.875%, due 01/15/26		33,200			32,083
					1,742,756
Apparel—0.1%
Hanesbrands, Inc.
4.875%, due 05/15/262,7		160,000			156,400
Auto manufacturers—0.7%
American Honda Finance Corp.
1.375%, due 11/10/22	EUR		120,000		127,571
General Motors Financial Co., Inc.
4.000%, due 01/15/25		113,000			112,638
4.350%, due 04/09/25		53,000			53,198
Hyundai Capital America
2.375%, due 02/10/232		365,000			363,094
Hyundai Capital Services, Inc.
3.000%, due 08/29/222		200,000			199,725
3.750%, due 03/05/232		350,000			351,487
Nissan Motor Co. Ltd.
4.810%, due 09/17/302		461,000			431,984
Traton Finance Luxembourg SA
0.125%, due 11/10/246	EUR		100,000		101,207

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Volkswagen Group of America Finance LLC
2.700%, due 09/26/222		290,000			289,910
					2,030,814
Banks—9.3%
Banco de Sabadell SA
(fixed, converts to FRN on 03/11/26),
1.125%, due 03/11/276	EUR		200,000		200,387
Bank of America Corp.
(fixed, converts to FRN on 04/22/24),
0.976%, due 04/22/25		88,000			83,133
(fixed, converts to FRN on 10/24/25),
1.197%, due 10/24/26		264,000			238,223
(fixed, converts to FRN on 06/19/25),
1.319%, due 06/19/26		849,000			777,972
(fixed, converts to FRN on 07/22/26),
1.734%, due 07/22/27		387,000			347,287
(fixed, converts to FRN on 07/23/30),
1.898%, due 07/23/31		78,000			63,734
(fixed, converts to FRN on 10/24/30),
1.922%, due 10/24/31		136,000			110,584
(fixed, converts to FRN on 02/13/25),
2.015%, due 02/13/26		181,000			171,257
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/31		70,000			60,034
(fixed, converts to FRN on 02/04/27),
2.551%, due 02/04/28		223,000			205,974
(fixed, converts to FRN on 10/20/31),
2.572%, due 10/20/32		10,000			8,448
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/31		127,000			109,655
(fixed, converts to FRN on 10/22/29),
2.884%, due 10/22/30		106,000			94,695
(fixed, converts to FRN on 02/04/32),
2.972%, due 02/04/33		398,000			346,320
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23		549,000			547,713
(fixed, converts to FRN on 07/23/29),
3.194%, due 07/23/30		836,000			764,397
(fixed, converts to FRN on 01/23/25),
3.366%, due 01/23/26		366,000			357,982
(fixed, converts to FRN on 04/02/25),
3.384%, due 04/02/26		391,000			382,505
(fixed, converts to FRN on 12/20/27),
3.419%, due 12/20/28		263,000			248,848

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 03/05/23),
3.550%, due 03/05/24		160,000		160,102
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/28		840,000		816,640
(fixed, converts to FRN on 03/05/28),
3.970%, due 03/05/29		144,000		139,246
(fixed, converts to FRN on 04/27/27),
4.376%, due 04/27/28		350,000		349,345
4.450%, due 03/03/26		62,000		62,074
(fixed, converts to FRN on 04/27/32),
4.571%, due 04/27/33		360,000		358,399
Series FF,
(fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/288		140,000		134,022
Series L,
3.950%, due 04/21/25		16,000		15,917
Bank of New York Mellon Corp.,
Series F,
(fixed, converts to FRN on 09/20/26),
4.625%, due 09/20/268		185,000		172,975
Barclays PLC
(fixed, converts to FRN on 08/09/28),
0.577%, due 08/09/296	EUR	100,000		91,287
(fixed, converts to FRN on 03/10/31),
2.667%, due 03/10/32		216,000		179,958
(fixed, converts to FRN on 04/02/24),
3.375%, due 04/02/256	EUR	100,000		108,567
BNP Paribas SA
(fixed, converts to FRN on 04/13/26),
0.250%, due 04/13/276	EUR	200,000		194,428
(fixed, converts to FRN on 01/19/29),
0.500%, due 01/19/306	EUR	200,000		182,127
(fixed, converts to FRN on 01/20/27),
2.591%, due 01/20/282		200,000		182,039
BPCE SA
0.625%, due 04/28/256	EUR	100,000		102,651
Citigroup, Inc.
(fixed, converts to FRN on 01/25/25),
2.014%, due 01/25/26		410,000		387,611
(fixed, converts to FRN on 05/01/31),
2.561%, due 05/01/32		147,000		124,084
(fixed, converts to FRN on 06/03/30),
2.572%, due 06/03/31		1,198,000		1,027,804
(fixed, converts to FRN on 01/25/32),
3.057%, due 01/25/33		42,000		36,673

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 02/18/26),
3.875%, due 02/18/268		331,000		298,999
Series VAR,
(fixed, converts to FRN on 02/24/27),
3.070%, due 02/24/28		742,000		697,046
Credit Suisse Group AG
(fixed, converts to FRN on 04/02/25),
3.250%, due 04/02/266	EUR	200,000		212,997
Credit Suisse Group Funding Guernsey Ltd.
3.800%, due 09/15/22		465,000		467,636
Danske Bank A/S
(fixed, converts to FRN on 09/10/26),
1.549%, due 09/10/272		280,000		248,040
5.375%, due 01/12/246		218,000		222,348
Deutsche Bank AG
(fixed, converts to FRN on 04/01/24),
1.447%, due 04/01/25		204,000		192,717
1.686%, due 03/19/26		210,000		191,619
4.100%, due 01/13/267		45,000		44,521
Goldman Sachs Group Inc
(fixed, converts to FRN on 02/24/27),
2.640%, due 02/24/28		275,000		252,703
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 09/10/23),
0.657%, due 09/10/24		185,000		177,531
3 mo. USD LIBOR + 1.170%,
1.326%, due 05/15/264		244,000		244,923
(fixed, converts to FRN on 10/21/31),
2.650%, due 10/21/32		33,000		27,837
3.000%, due 03/15/24		275,000		272,804
(fixed, converts to FRN on 02/24/32),
3.102%, due 02/24/33		390,000		340,824
3.500%, due 04/01/25		805,000		792,841
3.500%, due 11/16/26		109,000		106,291
(fixed, converts to FRN on 03/15/27),
3.615%, due 03/15/28		578,000		554,676
3.750%, due 05/22/25		273,000		271,872
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/38		0		—
HSBC Holdings PLC
(fixed, converts to FRN on 11/22/26),
2.251%, due 11/22/27		272,000		246,040
JPMorgan Chase & Co.
(fixed, converts to FRN on 04/22/26),
1.578%, due 04/22/27		184,000		166,450

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 03/13/25),
2.005%, due 03/13/26		502,000		472,926
(fixed, converts to FRN on 02/24/27),
2.947%, due 02/24/287		275,000		258,882
(fixed, converts to FRN on 01/25/32),
2.963%, due 01/25/33		98,000		86,218
(fixed, converts to FRN on 05/06/29),
3.702%, due 05/06/30		51,000		48,471
(fixed, converts to FRN on 02/01/27),
3.782%, due 02/01/28		793,000		769,459
(fixed, converts to FRN on 01/29/26),
3.960%, due 01/29/27		495,000		489,791
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/29		196,000		191,178
(fixed, converts to FRN on 04/26/25),
4.080%, due 04/26/26		630,000		628,402
(fixed, converts to FRN on 12/05/28),
4.452%, due 12/05/29		211,000		209,001
(fixed, converts to FRN on 04/26/32),
4.586%, due 04/26/33		110,000		110,498
KBC Group N.V.
1.125%, due 01/25/246	EUR	100,000		105,847
Lloyds Banking Group PLC
4.375%, due 03/22/28		214,000		211,683
(fixed, converts to FRN on 03/18/25),
4.500%, due 03/18/306	EUR	100,000		109,745
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 09/08/30),
1.979%, due 09/08/31		201,000		164,273
(fixed, converts to FRN on 05/25/25),
2.226%, due 05/25/26		308,000		291,251
(fixed, converts to FRN on 09/13/24),
2.555%, due 09/13/25		200,000		193,914
Morgan Stanley
(fixed, converts to FRN on 01/25/23),
0.529%, due 01/25/24		240,000		235,017
(fixed, converts to FRN on 04/05/23),
0.731%, due 04/05/24		60,000		58,421
(fixed, converts to FRN on 07/20/26),
1.512%, due 07/20/27		163,000		145,104
(fixed, converts to FRN on 05/04/26),
1.593%, due 05/04/27		621,000		558,410
(fixed, converts to FRN on 02/13/31),
1.794%, due 02/13/32		173,000		138,700

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 07/21/31),
2.239%, due 07/21/32		138,000			113,909
(fixed, converts to FRN on 10/20/31),
2.511%, due 10/20/32		25,000			21,017
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/31		70,000			61,521
(fixed, converts to FRN on 01/21/32),
2.943%, due 01/21/33		87,000			75,840
3.625%, due 01/20/27		263,000			256,474
(fixed, converts to FRN on 01/24/28),
3.772%, due 01/24/29		984,000			948,718
(fixed, converts to FRN on 01/23/29),
4.431%, due 01/23/30		894,000			884,663
OP Corporate Bank PLC
(fixed, converts to FRN on 06/09/25),
1.625%, due 06/09/306	EUR		300,000		305,055
Santander UK Group Holdings PLC
(fixed, converts to FRN on 11/15/23),
4.796%, due 11/15/24		296,000			299,659
State Street Corp.,
Series F,
3 mo. USD LIBOR + 3.597%,
3.713%, due 06/15/227,8		44,000			43,772
Series H,
(fixed, converts to FRN on 12/15/23),
5.625%, due 12/15/237,8		175,000			167,242
Sumitomo Mitsui Financial Group, Inc.
2.784%, due 07/12/22		5,000			5,012
3.544%, due 01/17/28		135,000			130,119
3.944%, due 07/19/28		47,000			45,810
Wachovia Corp.
(fixed, converts to FRN on 04/25/52),
4.611%, due 04/25/53		85,000			83,689
Wells Fargo & Co.
(fixed, converts to FRN on 10/30/29),
2.879%, due 10/30/30		50,000			44,818
(fixed, converts to FRN on 03/24/27),
3.526%, due 03/24/28		119,000			114,224
(fixed, converts to FRN on 04/25/25),
3.908%, due 04/25/26		320,000			317,750

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
4.150%, due 01/24/29		45,000		44,456
				25,416,751
Beverages—0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		877,000		867,936
Anheuser-Busch InBev Worldwide, Inc.
4.750%, due 01/23/29		111,000		114,233
Pernod Ricard SA
0.000%, due 10/24/236,9	EUR	100,000		104,455
Suntory Holdings Ltd.
2.250%, due 10/16/242		380,000		364,059
				1,450,683
Biotechnology—0.2%
Amgen, Inc.
4.200%, due 02/22/52		24,000		21,606
4.400%, due 05/01/45		146,000		135,697
Biogen, Inc.
3.150%, due 05/01/50		91,000		63,320
Gilead Sciences, Inc.
4.800%, due 04/01/44		193,000		189,582
				410,205
Building materials—0.0%†
Carrier Global Corp.
2.242%, due 02/15/25		6,000		5,744
Chemicals—0.2%
Air Products & Chemicals, Inc.
2.800%, due 05/15/50		60,000		47,005
Dow Chemical Co.
5.550%, due 11/30/48		65,000		71,009
DuPont de Nemours, Inc.
4.493%, due 11/15/25		245,000		249,297
Ecolab, Inc.
2.750%, due 08/18/55		65,000		47,579
LYB International Finance III LLC
4.200%, due 05/01/50		80,000		69,708
Sherwin-Williams Co.
4.500%, due 06/01/47		37,000		35,308

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
Westlake Corp.
3.375%, due 08/15/61		49,000		35,136
				555,042
Commercial services—0.5%
ADT Security Corp.
4.125%, due 06/15/23		355,000		352,870
Amadeus IT Group SA
2.875%, due 05/20/276	EUR	100,000		109,003
Global Payments, Inc.
2.900%, due 05/15/30		58,000		51,060
3.200%, due 08/15/29		275,000		250,154
Moody's Corp.
3.100%, due 11/29/61		70,000		49,621
3.750%, due 02/25/52		49,000		41,692
RELX Capital, Inc.
3.000%, due 05/22/30		216,000		194,725
S&P Global, Inc.
4.750%, due 08/01/282		205,000		212,621
				1,261,746
Computers—0.3%
Dell International LLC / EMC Corp.
3.450%, due 12/15/512		55,000		38,783
Dell International LLC/EMC Corp.
8.350%, due 07/15/46		11,000		14,679
HP, Inc.
2.650%, due 06/17/317		41,000		33,854
International Business Machines Corp.
3.430%, due 02/09/52		144,000		118,423
Leidos, Inc.
4.375%, due 05/15/30		451,000		435,721
Seagate HDD Cayman
4.091%, due 06/01/29		138,000		122,475
Western Digital Corp.
2.850%, due 02/01/29		198,000		175,367
				939,302
Distribution & wholesale—0.0%†
IMCD NV
2.125%, due 03/31/276	EUR	100,000		103,290

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—0.4%
Air Lease Corp.
2.625%, due 07/01/22		215,000		215,285
Capital One Financial Corp.
3.800%, due 01/31/28		79,000		75,924
Charles Schwab Corp.,
Series E,
3 mo. USD LIBOR + 3.315%,,
4.625%, due 06/01/228		190,000		187,891
Series I,
(fixed, converts to FRN on 06/01/26),
4.000%, due 06/01/267,8		165,000		149,614
Intercontinental Exchange, Inc.
2.100%, due 06/15/30		122,000		105,461
Nomura Holdings, Inc.
2.999%, due 01/22/327		344,000		297,385
				1,031,560
Electric—2.5%
AEP Texas, Inc.
3.450%, due 05/15/51		96,000		75,664
Series H,
3.450%, due 01/15/50		102,000		81,306
AEP Transmission Co. LLC
3.150%, due 09/15/49		95,000		74,220
3.750%, due 12/01/47		64,000		56,525
4.250%, due 09/15/48		25,000		23,796
Alabama Power Co.
3.450%, due 10/01/49		42,000		34,461
4.150%, due 08/15/44		97,000		90,104
Ameren Illinois Co.
3.250%, due 03/15/50		110,000		89,438
American Transmission Systems, Inc.
2.650%, due 01/15/322		106,000		92,195
Baltimore Gas & Electric Co.
3.500%, due 08/15/46		36,000		30,499
3.750%, due 08/15/47		204,000		179,851
CenterPoint Energy Houston Electric LLC,
Series AF,
3.350%, due 04/01/51		112,000		95,756
Series AH,
3.600%, due 03/01/52		20,000		17,706
Consumers Energy Co.
2.650%, due 08/15/52		5,000		3,659
3.250%, due 08/15/46		73,000		61,752

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
3.500%, due 08/01/51		191,000		165,844
DTE Electric Co.
3.950%, due 03/01/49		120,000		110,808
Series B,
3.650%, due 03/01/52		39,000		34,594
Duke Energy Carolinas LLC
3.875%, due 03/15/46		162,000		146,805
Duke Energy Florida LLC
1.750%, due 06/15/30		144,000		121,478
2.500%, due 12/01/29		438,000		395,909
3.000%, due 12/15/51		25,000		19,690
4.200%, due 07/15/48		38,000		35,736
Duke Energy Ohio, Inc.
3.650%, due 02/01/29		110,000		106,307
Duke Energy Progress LLC
2.500%, due 08/15/50		15,000		10,721
2.900%, due 08/15/51		56,000		43,120
3.700%, due 09/01/28		15,000		14,811
4.100%, due 05/15/42		131,000		122,571
4.100%, due 03/15/43		40,000		37,737
Edison International
5.750%, due 06/15/27		83,000		86,008
Entergy Louisiana LLC
1.600%, due 12/15/30		129,000		106,036
2.900%, due 03/15/51		35,000		26,861
4.200%, due 09/01/48		35,000		33,452
ESB Finance DAC
3.494%, due 01/12/246	EUR	—		0
Exelon Corp.
4.700%, due 04/15/50		70,000		68,025
5.625%, due 06/15/35		99,000		105,300
FirstEnergy Corp.
2.050%, due 03/01/25		29,000		27,332
2.650%, due 03/01/30		153,000		129,749
Series C,
3.400%, due 03/01/50		111,000		82,695
FirstEnergy Transmission LLC
4.350%, due 01/15/252		202,000		201,570
4.550%, due 04/01/492		125,000		107,722
5.450%, due 07/15/442		60,000		58,929
Florida Power & Light Co.
2.875%, due 12/04/51		60,000		46,969
3.150%, due 10/01/49		225,000		186,164

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(continued)
3.950%, due 03/01/48		97,000		91,667
5.250%, due 02/01/41		5,000		5,443
5.650%, due 02/01/37		7,000		7,875
Kallpa Generacion SA
4.125%, due 08/16/272		200,000		185,537
MidAmerican Energy Co.
3.100%, due 05/01/27		105,000		101,976
3.150%, due 04/15/50		70,000		56,744
3.650%, due 04/15/29		204,000		201,230
3.650%, due 08/01/48		34,000		30,519
NextEra Energy Operating Partners LP
4.250%, due 07/15/242		495,000		491,382
Northern States Power Co.
2.600%, due 06/01/51		121,000		90,187
2.900%, due 03/01/50		30,000		23,465
3.200%, due 04/01/52		44,000		36,609
NRG Energy, Inc.
2.450%, due 12/02/272		120,000		106,293
4.450%, due 06/15/292		74,000		70,898
Ohio Power Co.
4.000%, due 06/01/49		23,000		20,393
Series R,
2.900%, due 10/01/51		74,000		54,445
Oncor Electric Delivery Co. LLC
3.100%, due 09/15/49		50,000		40,375
3.700%, due 11/15/28		153,000		151,941
3.800%, due 09/30/47		28,000		25,836
Pacific Gas and Electric Co.
2.500%, due 02/01/31		11,000		8,706
3.250%, due 06/01/31		56,000		46,973
4.950%, due 07/01/50		81,000		67,540
PECO Energy Co.
3.050%, due 03/15/51		98,000		78,075
Public Service Electric & Gas Co.
2.050%, due 08/01/50		55,000		36,691
3.650%, due 09/01/28		42,000		41,527
Southern California Edison Co.,
Series 20C,
1.200%, due 02/01/26		50,000		44,912
Series A,
4.200%, due 03/01/29		28,000		27,510
Series E,
3.700%, due 08/01/25		422,000		420,961

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Southwestern Public Service Co.,
Series 8,
3.150%, due 05/01/50		91,000		72,897
Tampa Electric Co.
4.200%, due 05/15/45		42,000		39,107
4.450%, due 06/15/49		59,000		57,339
Virginia Electric and Power Co.,
Series A,
6.000%, due 05/15/37		144,000		164,218
Series B,
4.200%, due 05/15/45		62,000		57,764
Vistra Operations Co. LLC
4.300%, due 07/15/292		262,000		243,325
				6,840,235
Electronics—0.1%
Agilent Technologies, Inc.
2.300%, due 03/12/31		101,000		84,808
Amphenol Technologies Holding GmbH
0.750%, due 05/04/266	EUR	135,000		137,065
				221,873
Engineering & construction—0.1%
Cellnex Finance Co. SA
2.250%, due 04/12/266	EUR	200,000		205,251
Environmental control—0.0%†
Republic Services, Inc.
3.375%, due 11/15/27		88,000		85,328
Waste Management, Inc.
2.950%, due 06/01/41		19,000		15,549
				100,877
Food—0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250%, due 03/15/262		140,000		127,750
3.500%, due 02/15/232		128,000		127,667

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food—(concluded)
Mondelez International, Inc.
2.750%, due 04/13/30		33,000		29,483
				284,900
Forest Products & Paper—0.0%†
Georgia-Pacific LLC
0.950%, due 05/15/262		62,000		55,888
International Paper Co.
4.800%, due 06/15/44		54,000		53,157
				109,045
Gas—0.1%
Atmos Energy Corp.
4.125%, due 10/15/44		29,000		27,003
CenterPoint Energy Resources Corp.
1.750%, due 10/01/30		185,000		153,134
Piedmont Natural Gas Co., Inc.
2.500%, due 03/15/31		75,000		64,949
3.500%, due 06/01/29		87,000		82,548
				327,634
Healthcare-products—0.2%
Baxter International, Inc.
2.539%, due 02/01/322		36,000		30,675
Boston Scientific Corp.
2.650%, due 06/01/30		73,000		64,859
DH Europe Finance II Sarl
0.200%, due 03/18/26	EUR	130,000		129,712
Thermo Fisher Scientific, Inc.
2.000%, due 10/15/31		270,000		226,989
				452,235
Healthcare-services—1.1%
AHS Hospital Corp.,
Series 2021,
2.780%, due 07/01/51		40,000		29,753
Anthem, Inc.
2.950%, due 12/01/22		296,000		297,060
4.550%, due 03/01/48		54,000		52,441
City of Hope,
Series 2013,
5.623%, due 11/15/43		70,000		77,191

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
CommonSpirit Health
2.782%, due 10/01/30		57,000		50,363
3.910%, due 10/01/50		110,000		95,900
Duke University Health System, Inc.,
Series 2017,
3.920%, due 06/01/47		145,000		135,900
Fresenius Finance Ireland PLC
0.875%, due 10/01/36	EUR	60,000		53,551
HCA, Inc.
3.625%, due 03/15/322		596,000		534,141
4.625%, due 03/15/522		71,000		61,973
5.250%, due 04/15/25		785,000		808,640
5.250%, due 06/15/26		53,000		54,620
Humana, Inc.
1.350%, due 02/03/27		70,000		61,822
4.500%, due 04/01/25		116,000		118,293
Kaiser Foundation Hospitals
4.875%, due 04/01/42		195,000		208,798
Methodist Hospital,
Series 20A,
2.705%, due 12/01/50		32,000		23,616
Sutter Health,
Series 20A,
2.294%, due 08/15/30		20,000		17,184
UnitedHealth Group, Inc.
3.750%, due 10/15/47		77,000		68,975
4.250%, due 06/15/48		160,000		155,180
				2,905,401
Home builders—0.0%†
D.R. Horton, Inc.
1.300%, due 10/15/26		40,000		35,450
2.600%, due 10/15/25		36,000		34,465
				69,915
Insurance—0.3%
American International Group, Inc.
4.375%, due 06/30/50		78,000		75,356
4.800%, due 07/10/45		117,000		116,738
Aon Corp.
2.800%, due 05/15/30		361,000		321,124

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Aon Corp./Aon Global Holdings PLC
3.900%, due 02/28/52		5,000		4,311
Hartford Financial Services Group, Inc.
4.300%, due 04/15/43		30,000		27,746
Marsh & McLennan Cos., Inc.
2.250%, due 11/15/30		53,000		45,910
4.375%, due 03/15/29		240,000		242,442
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/472		47,000		44,338
				877,965
Internet—0.4%
Amazon.com, Inc.
4.100%, due 04/13/62		120,000		114,538
Netflix, Inc.
5.750%, due 03/01/24		484,000		502,150
Tencent Holdings Ltd.
2.985%, due 01/19/232		200,000		199,600
Twitter, Inc.
3.875%, due 12/15/272,7		286,000		280,367
				1,096,655
Investment companies—0.2%
Ares Capital Corp.
2.150%, due 07/15/26		156,000		138,368
4.250%, due 03/01/25		175,000		172,310
Blackstone Private Credit Fund
3.250%, due 03/15/272		209,000		187,401
4.000%, due 01/15/292		149,000		133,501
				631,580
Machinery-diversified—0.1%
Highland Holdings Sarl
0.318%, due 12/15/26	EUR	140,000		136,456
KION Group AG
1.625%, due 09/24/256	EUR	100,000		103,404
				239,860
Media—1.8%
AMC Networks, Inc.
5.000%, due 04/01/24		362,000		358,373

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		32,000		27,268
3.850%, due 04/01/61		32,000		21,806
3.950%, due 06/30/627		175,000		120,237
4.400%, due 04/01/33		171,000		155,879
4.400%, due 12/01/61		68,000		50,833
4.800%, due 03/01/50		376,000		308,044
6.484%, due 10/23/45		570,000		574,505
Comcast Corp.
2.650%, due 02/01/30		297,000		268,553
3.400%, due 07/15/46		172,000		142,429
3.969%, due 11/01/47		80,000		71,709
4.000%, due 08/15/47		72,000		64,992
4.200%, due 08/15/34		69,000		67,551
4.250%, due 10/15/30		20,000		20,074
Cox Communications, Inc.
3.600%, due 06/15/512		44,000		34,725
4.800%, due 02/01/352		4,000		3,913
Discovery Communications LLC
1.900%, due 03/19/27	EUR	225,000		228,524
Dish DBS Corp.
5.875%, due 07/15/22		2,151,000		2,153,560
FactSet Research Systems, Inc.
3.450%, due 03/01/32		134,000		122,942
Informa PLC
2.125%, due 10/06/256	EUR	130,000		136,478
Paramount Global
4.375%, due 03/15/43		53,000		43,806
				4,976,201
Mining—0.4%
Anglo American Capital PLC
4.000%, due 09/11/272		227,000		221,183
4.750%, due 04/10/272		220,000		220,587
Glencore Funding LLC
1.625%, due 04/27/262		248,000		224,477
2.500%, due 09/01/302		185,000		155,350
2.625%, due 09/23/312		80,000		66,793
2.850%, due 04/27/312		56,000		47,839

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
3.375%, due 09/23/512		41,000		30,320
				966,549
Miscellaneous manufacturers—0.2%
General Electric Co.
2.700%, due 10/09/22		250,000		250,598
Series A,
6.750%, due 03/15/32		78,000		91,118
Parker-Hannifin Corp.
3.250%, due 06/14/29		92,000		85,942
				427,658
Oil & gas—1.2%
BP Capital Markets America, Inc.
3.001%, due 03/17/52		100,000		74,880
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/26),
3.250%, due 03/22/266,8	EUR	135,000		136,783
Cenovus Energy, Inc.
3.750%, due 02/15/527		5,000		3,987
5.400%, due 06/15/47		24,000		24,337
Devon Energy Corp.
4.500%, due 01/15/30		15,000		14,654
4.750%, due 05/15/42		41,000		38,999
5.000%, due 06/15/457		24,000		23,364
5.850%, due 12/15/25		122,000		129,331
5.875%, due 06/15/28		2,000		2,095
Diamondback Energy, Inc.
3.125%, due 03/24/31		194,000		173,120
3.250%, due 12/01/26		228,000		221,631
3.500%, due 12/01/29		227,000		212,863
4.400%, due 03/24/517		286,000		256,785
Eni SpA,
Series NC9,
(fixed, converts to FRN on 05/11/30),
2.750%, due 02/11/306,8	EUR	100,000		88,880
Exxon Mobil Corp.
1.408%, due 06/26/39	EUR	170,000		141,804
Hess Corp.
5.800%, due 04/01/47		24,000		25,330
Marathon Oil Corp.
6.600%, due 10/01/37		79,000		88,466

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Ovintiv Exploration, Inc.
5.625%, due 07/01/24		396,000		411,528
Suncor Energy, Inc.
6.800%, due 05/15/38		24,000		27,965
TotalEnergies Capital International SA
2.125%, due 03/15/236	EUR	100,000		107,418
TotalEnergies SE
(fixed, converts to FRN on 04/04/24),
1.750%, due 04/04/246,8	EUR	100,000		102,594
Viper Energy Partners LP
5.375%, due 11/01/272		955,000		950,874
				3,257,688
Packaging & containers—0.2%
Amcor Flexibles North America, Inc.
2.690%, due 05/25/31		113,000		98,135
Ball Corp.
2.875%, due 08/15/30		195,000		163,975
Sealed Air Corp.
4.000%, due 12/01/272		155,000		145,700
				407,810
Pharmaceuticals—0.9%
AbbVie, Inc.
2.900%, due 11/06/22		555,000		556,473
4.300%, due 05/14/36		54,000		52,208
4.500%, due 05/14/35		519,000		512,754
4.625%, due 10/01/42		4,000		3,839
Becton Dickinson and Co.
1.401%, due 05/24/23	EUR	100,000		106,283
Bristol-Myers Squibb Co.
3.700%, due 03/15/52		33,000		29,244
Cigna Corp.
3.400%, due 03/01/27		146,000		141,923
CVS Health Corp.
3.000%, due 08/15/26		138,000		133,680
3.625%, due 04/01/27		69,000		67,850
5.125%, due 07/20/45		227,000		227,196
Merck KGaA,
(fixed, converts to FRN on 12/18/24),
1.625%, due 06/25/796	EUR	100,000		102,845

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Shire Acquisitions Investments Ireland DAC
3.200%, due 09/23/26		309,000		298,134
Upjohn Finance BV
1.023%, due 06/23/246	EUR	140,000		145,119
				2,377,548
Pipelines—1.7%
Cameron LNG LLC
3.302%, due 01/15/352		79,000		69,894
3.402%, due 01/15/382		145,000		125,528
Cheniere Corpus Christi Holdings LLC
3.700%, due 11/15/29		275,000		257,710
5.125%, due 06/30/27		286,000		293,756
Cheniere Energy Partners LP
4.000%, due 03/01/31		410,000		371,093
4.500%, due 10/01/29		60,000		57,450
Energy Transfer LP
2.900%, due 05/15/25		19,000		18,339
3.600%, due 02/01/23		74,000		74,133
3.900%, due 05/15/2410		75,000		74,776
4.000%, due 10/01/27		59,000		57,079
4.950%, due 06/15/28		41,000		41,368
5.000%, due 05/15/50		159,000		141,399
5.250%, due 04/15/29		233,000		236,666
5.500%, due 06/01/27		176,000		182,199
5.875%, due 01/15/24		146,000		150,424
6.100%, due 02/15/42		15,000		14,724
6.250%, due 04/15/49		50,000		50,458
8.250%, due 11/15/29		84,000		99,058
Enterprise Products Operating LLC
3.300%, due 02/15/53		48,000		36,068
4.200%, due 01/31/50		61,000		53,467
NGPL PipeCo LLC
3.250%, due 07/15/312		64,000		55,515
4.875%, due 08/15/272		100,000		101,191
7.768%, due 12/15/372		20,000		23,244
Northern Natural Gas Co.
4.300%, due 01/15/492		85,000		78,470
Northwest Pipeline LLC
4.000%, due 04/01/27		173,000		170,919
Rattler Midstream LP
5.625%, due 07/15/252		504,000		504,655

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
Sabine Pass Liquefaction LLC
4.200%, due 03/15/28		241,000		236,344
4.500%, due 05/15/30		70,000		69,456
5.000%, due 03/15/27		50,000		51,135
Targa Resources Corp.
4.950%, due 04/15/52		75,000		68,499
Texas Eastern Transmission LP
2.800%, due 10/15/222		45,000		44,990
3.500%, due 01/15/282		69,000		66,255
4.150%, due 01/15/482		171,000		152,817
Transcontinental Gas Pipe Line Co. LLC
3.950%, due 05/15/50		34,000		29,244
4.000%, due 03/15/28		330,000		326,447
7.850%, due 02/01/26		284,000		318,297
				4,703,067
Real estate—0.2%
Heimstaden Bostad Treasury BV
0.250%, due 10/13/246	EUR	270,000		272,787
Northwest Florida Timber Finance LLC
4.750%, due 03/04/292		200,000		188,512
Vonovia Finance BV
1.625%, due 10/07/396	EUR	100,000		76,472
				537,771
Real estate investment trusts—1.4%
Alexandria Real Estate Equities, Inc.
2.950%, due 03/15/34		36,000		31,241
American Tower Corp.
0.400%, due 02/15/27	EUR	110,000		104,481
0.450%, due 01/15/27	EUR	300,000		288,201
1.500%, due 01/31/28		181,000		153,067
2.100%, due 06/15/30		130,000		106,713
2.300%, due 09/15/317		64,000		52,102
3.650%, due 03/15/27		65,000		62,598
3.950%, due 03/15/29		55,000		52,256
Crown Castle International Corp.
2.250%, due 01/15/31		36,000		29,631
2.500%, due 07/15/31		343,000		287,609
3.100%, due 11/15/29		47,000		42,080
3.150%, due 07/15/23		10,000		9,993
3.300%, due 07/01/30		55,000		49,775

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
3.700%, due 06/15/26		20,000		19,665
3.800%, due 02/15/28		145,000		139,588
4.150%, due 07/01/50		70,000		60,969
4.450%, due 02/15/26		3,000		3,028
Digital Dutch Finco BV
1.000%, due 01/15/326	EUR	110,000		91,603
1.500%, due 03/15/306	EUR	100,000		91,889
Duke Realty LP
1.750%, due 07/01/30		40,000		33,286
2.875%, due 11/15/29		200,000		183,312
Equinix, Inc.
1.800%, due 07/15/27		50,000		44,023
2.000%, due 05/15/28		184,000		160,064
3.200%, due 11/18/297		194,000		175,865
3.900%, due 04/15/32		213,000		199,840
GLP Capital LP/GLP Financing II, Inc.
3.250%, due 01/15/32		313,000		263,336
4.000%, due 01/15/30		323,000		300,416
Invitation Homes Operating Partnership LP
2.300%, due 11/15/28		46,000		40,050
4.150%, due 04/15/32		135,000		129,033
Merlin Properties Socimi SA
1.875%, due 12/04/346	EUR	100,000		84,451
National Retail Properties, Inc.
3.000%, due 04/15/52		29,000		20,762
3.500%, due 04/15/51		109,000		86,563
Prologis Euro Finance LLC
1.500%, due 02/08/34	EUR	100,000		90,578
SELP Finance Sarl
0.875%, due 05/27/296	EUR	100,000		91,530
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/262		250,000		236,907
				3,816,505
Retail—0.1%
Lowe's Cos., Inc.
2.800%, due 09/15/41		68,000		51,815
3.650%, due 04/05/29		118,000		113,892

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
4.250%, due 04/01/52		28,000		25,161
				190,868
Semiconductors—0.9%
Applied Materials, Inc.
4.350%, due 04/01/47		43,000		43,234
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.875%, due 01/15/27		94,000		91,682
Broadcom, Inc.
3.459%, due 09/15/267		46,000		44,796
4.150%, due 11/15/30		132,000		125,056
4.150%, due 04/15/322		125,000		116,028
4.300%, due 11/15/32		48,000		45,008
4.926%, due 05/15/372		660,000		617,001
Intel Corp.
3.200%, due 08/12/61		114,000		86,125
KLA Corp.
3.300%, due 03/01/507		132,000		109,676
4.100%, due 03/15/29		105,000		105,536
4.650%, due 11/01/24		12,000		12,293
Lam Research Corp.
2.875%, due 06/15/50		89,000		68,468
3.750%, due 03/15/26		8,000		8,053
NVIDIA Corp.
3.500%, due 04/01/50		44,000		38,847
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.500%, due 05/11/312		64,000		53,606
2.650%, due 02/15/322		52,000		43,284
3.150%, due 05/01/272		58,000		54,694
3.400%, due 05/01/302		138,000		125,477
4.300%, due 06/18/292		502,000		488,917
QUALCOMM, Inc.
4.300%, due 05/20/47		67,000		66,418
TSMC Arizona Corp.
4.250%, due 04/22/32		200,000		198,886
				2,543,085
Shipbuilding—0.1%
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/282		44,000		37,954
3.483%, due 12/01/27		182,000		174,301

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Shipbuilding—(concluded)
3.844%, due 05/01/25		56,000		56,083
				268,338
Software—1.1%
Autodesk, Inc.
2.850%, due 01/15/30		121,000		109,634
Citrix Systems, Inc.
3.300%, due 03/01/30		118,000		116,364
Electronic Arts, Inc.
1.850%, due 02/15/31		190,000		157,247
Fidelity National Information Services, Inc.
2.950%, due 05/21/39	EUR	0		—
3.100%, due 03/01/41		82,000		64,133
Fiserv, Inc.
3.500%, due 07/01/29		72,000		67,180
MSCI, Inc.
3.875%, due 02/15/312		329,000		296,923
Oracle Corp.
2.300%, due 03/25/28		290,000		252,579
2.800%, due 04/01/27		495,000		457,790
3.600%, due 04/01/40		49,000		37,966
3.800%, due 11/15/37		434,000		355,607
3.850%, due 07/15/36		246,000		206,913
3.900%, due 05/15/35		240,000		207,384
3.950%, due 03/25/51		141,000		107,101
5.375%, due 07/15/40		176,000		168,516
6.125%, due 07/08/39		133,000		137,907
Salesforce, Inc.
3.050%, due 07/15/61		88,000		67,177
VMware, Inc.
1.800%, due 08/15/28		117,000		99,361
2.200%, due 08/15/31		94,000		76,492
3.900%, due 08/21/27		54,000		52,742
Workday, Inc.
3.800%, due 04/01/32		75,000		70,966
				3,109,982
Telecommunications—3.0%
AT&T, Inc.
2.300%, due 06/01/27		52,000		47,817
2.550%, due 12/01/33		85,000		70,533
2.750%, due 06/01/317		143,000		126,103

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
3.500%, due 02/01/61		346,000		256,237
3.650%, due 06/01/51		52,000		42,143
3.650%, due 09/15/59		69,000		53,219
4.300%, due 02/15/30		326,000		327,074
4.350%, due 03/01/29		173,000		174,651
4.500%, due 05/15/35		264,000		260,164
4.750%, due 05/15/46		48,000		47,561
5.150%, due 02/15/50		357,000		371,727
Corning, Inc.
4.375%, due 11/15/57		27,000		24,379
Level 3 Financing, Inc.
3.400%, due 03/01/272		164,000		147,600
3.625%, due 01/15/292		517,000		419,576
Motorola Solutions, Inc.
2.300%, due 11/15/30		30,000		24,548
2.750%, due 05/24/31		247,000		206,048
4.600%, due 02/23/28		125,000		124,329
4.600%, due 05/23/29		114,000		111,744
5.500%, due 09/01/44		33,000		32,829
Rogers Communications, Inc.
3.800%, due 03/15/322		239,000		220,081
Sprint Communications, Inc.
6.000%, due 11/15/22		1,780,000		1,805,098
Sprint Corp.
7.875%, due 09/15/23		302,000		317,100
T-Mobile USA, Inc.
2.250%, due 02/15/26		225,000		207,000
2.700%, due 03/15/322		64,000		54,299
3.375%, due 04/15/292		322,000		291,301
3.400%, due 10/15/522		33,000		25,004
Verizon Communications, Inc.
1.500%, due 09/18/30		322,000		260,812
2.355%, due 03/15/32		82,000		68,851
2.550%, due 03/21/31		31,000		26,986
2.650%, due 11/20/40		360,000		272,380
2.875%, due 01/15/38	EUR	100,000		103,735
2.875%, due 11/20/50		264,000		192,711
3.150%, due 03/22/30		774,000		710,848
3.700%, due 03/22/61		98,000		78,785
3.875%, due 02/08/29		524,000		516,808

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Telecommunications—(concluded)
4.125%, due 03/16/27		61,000		61,254
				8,081,335
Transportation—0.8%
Burlington Northern Santa Fe LLC
2.875%, due 06/15/52		31,000		23,801
4.150%, due 12/15/48		173,000		164,979
Cargo Aircraft Management, Inc.
4.750%, due 02/01/282		239,000		224,686
CSX Corp.
2.500%, due 05/15/51		5,000		3,492
2.600%, due 11/01/26		101,000		96,338
3.250%, due 06/01/27		29,000		28,005
4.750%, due 11/15/48		90,000		90,759
FedEx Corp.
0.450%, due 05/04/29	EUR	100,000		93,673
Norfolk Southern Corp.
2.550%, due 11/01/29		134,000		120,142
3.000%, due 03/15/32		63,000		57,170
3.050%, due 05/15/50		116,000		89,187
Ryder System, Inc.
2.500%, due 09/01/24		186,000		180,851
2.875%, due 06/01/22		310,000		310,392
2.900%, due 12/01/26		102,000		96,751
4.625%, due 06/01/25		105,000		106,686
Union Pacific Corp.
2.800%, due 02/14/32		40,000		35,989
2.891%, due 04/06/36		148,000		126,380
3.250%, due 02/05/50		182,000		148,426
4.375%, due 09/10/38		92,000		89,858
				2,087,565
Trucking & leasing—0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
1.200%, due 11/15/252		293,000		265,947
Total corporate bonds  (cost—$104,341,519)				93,350,224
Mortgage-backed securities—7.3%
Angel Oak Mortgage Trust,
Series 2022-1, Class A1,
2.881%, due 12/25/662,10		249,669		239,850

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2022-2, Class A1,
3.353%, due 01/25/672,3		298,693		290,092
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class A5,
2.756%, due 05/15/532		465,000		424,041
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		1,131,224
Barclays Commercial Mortgage Trust,
Series 2019-C3, Class B,
4.096%, due 05/15/52		90,000		87,369
Benchmark Mortgage Trust,
Series 2019-B15, Class B,
3.564%, due 12/15/72		210,000		195,026
Series 2019-B15, Class C,
3.722%, due 12/15/723		111,000		99,401
BF Mortgage Trust,
Series 2019-NYT, Class B,
1 mo. USD LIBOR + 1.400%,
1.490%, due 12/15/352,4		325,000		315,256
BFLD DPLO,
Series 2019-DPLO, Class A,
1 mo. USD LIBOR + 1.090%,
1.180%, due 10/15/342,4		350,000		345,611
BX Commercial Mortgage Trust,
Series 2019-XL, Class A,
1 mo. USD LIBOR + 0.920%,
1.010%, due 10/15/362,4		335,591		333,706
Series 2020-VIV3, Class B,
3.662%, due 03/09/442,3		185,000		169,190
Series 2020-VIV4, Class A,
2.843%, due 03/09/442		255,000		231,568
Series 2021-CIP, Class A,
1 mo. USD LIBOR + 0.921%,
1.021%, due 12/15/382,4		215,000		210,952
Series 2021-XL2, Class A,
1 mo. USD LIBOR + 0.689%,
0.789%, due 10/15/382,4		299,724		292,039
BX Trust,
Series 2021-ARIA, Class A,
1 mo. USD LIBOR + 0.899%,
0.979%, due 10/15/362,4		535,000		521,604
Cantor Commercial Real Estate Lending,
Series 2019-CF3, Class B,
3.500%, due 01/15/533		101,000		91,290

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
CD Mortgage Trust,
Series 2017-CD3, Class A4,
3.631%, due 02/10/50		300,000		295,539
Chase Home Lending Mortgage Trust,
Series 2019-ATR2, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 07/25/492,4		48,072		47,684
CIM Trust,
Series 2019-INV3, Class A11,
1 mo. USD LIBOR + 1.000%,
1.036%, due 08/25/492,4		142,780		142,400
Commercial Mortgage Pass-Through Certificates,
Series 2013-GAM, Class A2,
3.367%, due 02/10/282		636,924		631,766
Series 2014-CR16, Class A4,
4.051%, due 04/10/47		145,000		145,581
Series 2015-CR25, Class A3,
3.505%, due 08/10/48		267,710		262,940
CSMC Trust,
Series 2017-CALI, Class A,
3.431%, due 11/10/322		260,000		254,094
Series 2020-NET, Class A,
2.257%, due 08/15/372		374,893		351,842
Series 2021-980M, Class B,
2.795%, due 07/15/312		130,000		119,218
Deephaven Residential Mortgage Trust,
Series 2022-2, Class A1,
4.300%, due 03/25/672,3,11		98,785		98,311
Extended Stay America Trust,
Series 2021-ESH, Class A,
1 mo. USD LIBOR + 1.080%,
1.171%, due 07/15/382,4		407,492		401,863
FHLMC Multifamily Structured Pass-Through Certificates
2.400%, due 03/25/32		595,000		543,149
Series K038, Class X1,
1.101%, due 03/25/243		2,334,317		40,869
Series K121, Class X1,
1.028%, due 10/25/303		1,190,343		81,000
Series KC02, Class A2,
3.370%, due 07/25/25		543,683		539,710
Series KL06, Class XFX,
1.364%, due 12/25/29		720,000		54,940
FHLMC Multifamily WI Certificates
2.450%, due 07/25/32		270,000		246,033
2.580%, due 07/25/32		605,000		557,526
2.920%, due 07/25/32		170,000		161,456

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
FHLMC REMIC Trust,
Series 2626, Class A,
4.000%, due 06/15/33		56,874		57,172
Series 4248, Class FL,
1 mo. USD LIBOR + 0.450%,
0.539%, due 05/15/414		113,793		114,165
Series 4316, Class XZ,
4.500%, due 03/15/44		438,509		448,264
Series 4443, Class BA,
3.500%, due 04/15/41		19,663		19,672
Series 4447, Class PA,
3.000%, due 12/15/44		48,108		46,593
Series 4606, Class FB,
1 mo. USD LIBOR + 0.500%,
0.589%, due 08/15/464		198,990		199,724
Flagstar Mortgage Trust,
Series 2019-1INV, Class A11,
1 mo. USD LIBOR + 0.950%,
1.039%, due 10/25/492,4		111,536		110,996
Series 2020-1INV, Class A11,
1 mo. USD LIBOR + 0.850%,
0.939%, due 03/25/502,4		177,448		175,752
FNMA
4.000%, due 07/01/48		4,197		4,210
FNMA Aces,
Series 2022-M5, Class A3,
2.419%, due 01/01/343		325,000		286,282
FNMA REMIC,
Series 2011-8, Class ZA,
4.000%, due 02/25/41		642,699		637,950
Series 2013-112, Class HQ,
4.000%, due 11/25/43		35,037		35,475
Series 2014-12, Class GV,
3.500%, due 03/25/27		14,850		14,859
Series 2015-20, Class EV,
3.500%, due 07/25/26		144,708		144,862
Series 2015-28, Class IO,
5.500%, due 05/25/45		639,995		119,759
Series 2015-58, Class JP,
2.500%, due 03/25/37		56,688		54,724
Series 2015-62, Class VA,
4.000%, due 10/25/26		44,619		44,552
Series 2016-48, Class UF,
1 mo. USD LIBOR + 0.400%,
0.489%, due 08/25/464		293,884		294,215

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2016-62, Class FC,
1 mo. USD LIBOR + 0.500%,
0.589%, due 09/25/464		154,214		154,904
Series 2016-74, Class GF,
1 mo. USD LIBOR + 0.500%,
0.589%, due 10/25/464		185,335		186,090
FRESB Mortgage Trust,
Series 2019-SB60, Class A10H,
3.500%, due 01/25/393		196,946		196,555
GCAT Trust,
Series 2021-NQM7, Class A1,
1.915%, due 08/25/662,3		295,022		281,163
GNMA,
Series 2014-131, Class BW,
1.933%, due 05/20/413		26,243		26,999
Series 2015-167, Class SA,
1 mo. USD LIBOR + 6.250%,
6.164%, due 11/20/454		210,373		34,880
GS Mortgage Securities Corp. Trust,
Series 2020-TWN3, Class B,
1 mo. USD LIBOR + 2.500%,
2.590%, due 11/15/372,4		335,000		334,161
GS Mortgage-Backed Securities Corp. Trust,
Series 2022-PJ2, Class A4,
2.500%, due 06/25/522,3		452,918		398,279
J.P. Morgan Mortgage Trust,
Series 2022-INV3, Class A3B,
3.000%, due 09/25/522,3,11		294,886		268,404
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2019-BKWD, Class A,
1 mo. USD LIBOR + 1.000%,
1.090%, due 09/15/292,4		111,882		111,104
Series 2021-MHC, Class A,
1 mo. USD LIBOR + 0.800%,
0.890%, due 04/15/382,4		85,041		83,784
Series 2022-ACB, Class A,
30-Day Average SOFR + 1.400%,
1.450%, due 03/15/392,4		360,000		357,764
JP Morgan Mortgage Trust,
Series 2014-IVR26, Class B2,
2.406%, due 07/25/442,3		133,266		132,851
Series 2019-INV2, Class A11,
1 mo. USD LIBOR + 0.900%,
0.989%, due 02/25/502,4		123,951		123,349
Series 2019-LTV3, Class A11,
1 mo. USD LIBOR + 0.850%,
0.936%, due 03/25/502,4		31,402		31,341

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Mello Mortgage Capital Acceptance,
Series 2022-INV2, Class A3,
3.000%, due 04/25/522,3,11		371,098		340,555
MF1 Ltd.,
Series 2021-W10, Class A,
1 Month CME Term SOFR Rates + 1.070%,
1.123%, due 12/15/342,4		100,000		98,674
Series 2021-W10, Class B,
1 Month CME Term SOFR Rates + 1.370%,
1.423%, due 12/15/342,4		370,000		364,070
Morgan Stanley Capital I Trust,
Series 2015-MS1, Class A4,
3.779%, due 05/15/483		520,000		514,881
Series 2018-SUN, Class A,
1 mo. USD LIBOR + 0.900%,
0.990%, due 07/15/352,4		290,000		284,189
Series 2019-NUGS, Class A,
1 mo. USD LIBOR + 0.950%,
2.450%, due 12/15/362,4		241,000		237,505
New Residential Mortgage Loan Trust,
Series 2016-4A, Class A1,
3.750%, due 11/25/562,3		58,600		57,136
OBX Trust,
Series 2022-INV3, Class A1,
3.000%, due 02/25/522,3		179,146		164,289
One New York Plaza Trust,
Series 2020-1NYP, Class A,
1 mo. USD LIBOR + 0.950%,
1.040%, due 01/15/362,4		240,000		236,315
PRKCM Trust,
Series 2021-AFC2, Class A1,
2.071%, due 11/25/562,3		283,160		262,718
Rial Issuer Ltd.,
Series 2022-FL8, Class A,
1.000%, due 01/19/37		415,000		415,000
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B,
4.144%, due 01/05/432,3		515,000		463,610
Shellpoint Co-Originator Trust,
Series 2016-1, Class 2A3,
3.000%, due 10/25/312,3		87,529		82,998
Starwood Mortgage Residential Trust,
Series 2020-2, Class A1,
2.718%, due 04/25/602,3		9,043		9,028

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
Tharaldson Hotel Portfolio Trust,
Series 2018-THL, Class A,
1 mo. USD LIBOR + 1.050%,
1.140%, due 11/11/342,4		81,008		80,017
Verus Securitization Trust,
Series 2022-3, Class A1,
4.130%, due 02/25/672,10,11		339,986		335,293
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class A5,
4.212%, due 05/15/51		445,000		448,819
Series 2018-C46, Class A4,
4.152%, due 08/15/51		135,000		135,610
Total mortgage-backed securities (cost—$20,756,124)				20,015,701
Municipal bonds—0.3%
California—0.1%
Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds
6.574%, due 07/01/45		145,000		193,713
State of California, GO Bonds
7.550%, due 04/01/39		70,000		97,073
				290,786
Michigan—0.0%†
University of Michigan, Revenue Bonds,
Series B,
3.504%, due 04/01/52		93,000		83,962
Minnesota—0.0%†
University of Minnesota, Revenue Bonds
4.048%, due 04/01/52		78,000		76,008
New Jersey—0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds,
Series B,
6.561%, due 12/15/40		105,000		124,215
New Jersey Turnpike Authority, Taxable Refunding, Revenue Bonds,
Series B,
2.782%, due 01/01/40		25,000		20,218
				144,433
New York—0.1%
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds
2.052%, due 03/15/30		120,000		102,669

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Municipal bonds—(concluded)
New York—(concluded)
2.152%, due 03/15/31		165,000		139,560
				242,229
Texas—0.0%†
City of Houston TX, GO Bonds
3.961%, due 03/01/47		85,000		82,493
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds,
Series B,
2.754%, due 10/01/41		50,000		40,501
				122,994
Total municipal bonds  (cost—$1,048,370)				960,412
Non-U.S. government agency obligations—1.8%
Argentine Republic Government International Bond
1.000%, due 07/09/29		29,232		9,325
1.750%, due 07/09/3010		266,126		83,564
5.000%, due 07/09/3510		767,563		217,604
Chile Government International Bond
2.450%, due 01/31/31		145,000		126,404
2.550%, due 01/27/32		200,000		173,787
Colombia Government International Bond
3.125%, due 04/15/31		85,000		66,502
3.875%, due 04/25/27		570,000		520,766
4.500%, due 03/15/29		75,000		68,241
Indonesia Government International Bond
2.150%, due 07/28/31		200,000		172,022
2.850%, due 02/14/30		240,000		223,095
4.100%, due 04/24/28		111,000		111,714
7.750%, due 01/17/382		108,000		136,235
Mexico Government International Bond
1.450%, due 10/25/33	EUR	1,435,000		1,152,232
2.659%, due 05/24/31		200,000		167,900
4.600%, due 02/10/48		200,000		168,100
Panama Government International Bond
3.750%, due 03/16/25		250,000		248,953
4.500%, due 04/01/56		450,000		382,022
Philippine Government International Bond
1.648%, due 06/10/31		200,000		164,772
3.000%, due 02/01/28		600,000		573,816

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Uruguay Government International Bond
4.500%, due 08/14/24		85,000		86,477
Total non-U.S. government agency obligations (cost—$5,651,799)				4,853,531
U.S. government agency obligations—35.1%
FHLB
4.000%, due 09/01/28		680,000		720,736
FHLMC
2.000%, due 03/01/42		88,014		78,921
2.000%, due 08/01/50		35,538		31,503
2.000%, due 11/01/50		65,957		58,468
2.000%, due 04/01/51		259,408		229,954
2.000%, due 05/01/51		116,041		102,731
2.000%, due 07/01/51		454,473		402,436
2.000%, due 09/01/51		154,495		136,602
2.000%, due 10/01/51		424,381		375,075
2.000%, due 12/01/51		318,018		281,126
2.000%, due 01/01/52		1,726,090		1,526,493
2.000%, due 02/01/52		44,597		39,388
2.500%, due 07/01/50		66,435		60,968
2.500%, due 02/01/51		491,810		452,326
2.500%, due 05/01/51		1,398,918		1,283,262
2.500%, due 11/01/51		1,258,282		1,153,101
2.500%, due 12/01/51		567,471		519,539
2.500%, due 01/01/52		3,876,044		3,547,039
3.000%, due 09/01/27		18,256		18,244
3.000%, due 07/01/28		10,711		10,697
3.000%, due 09/01/37		9,862		9,488
3.000%, due 06/01/38		194,042		189,936
3.000%, due 08/01/50		25,084		23,784
3.500%, due 01/01/34		17,171		17,216
3.500%, due 05/01/35		64,878		64,997
3.500%, due 01/01/40		80,294		78,830
3.500%, due 02/01/40		10,359		10,170
3.500%, due 04/01/42		9,604		9,536
3.500%, due 08/01/42		9,047		8,982
3.500%, due 06/01/44		5,381		5,338
3.500%, due 03/01/46		5,208,175		5,167,275
3.500%, due 09/01/46		31,324		30,870
3.500%, due 10/01/47		49,321		48,752
3.500%, due 12/01/47		43,492		42,990
3.500%, due 01/01/48		15,392		15,167

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 09/01/40		18,798		19,122
4.000%, due 07/01/44		11,077		11,259
4.000%, due 01/01/45		1,357,200		1,379,352
4.000%, due 07/01/47		71,223		72,013
4.000%, due 04/01/48		37,355		38,059
4.500%, due 07/01/47		192,798		198,428
4.500%, due 08/01/48		93,207		95,862
5.000%, due 02/01/42		260,018		276,763
5.000%, due 09/01/43		123,173		131,397
6.250%, due 07/15/32		302,000		380,951
6.750%, due 03/15/31		82,000		104,232
FNMA
1.500%, due 11/01/41		1,810,914		1,562,601
1.500%, due 12/01/41		925,468		797,723
2.000%, due 10/01/31		10,145		9,524
2.000%, due 11/01/31		132,009		123,922
2.000%, due 12/01/31		14,117		13,252
2.000%, due 03/01/32		94,991		89,172
2.000%, due 02/01/42		637,686		571,763
2.000%, due 03/01/42		695,547		622,528
2.000%, due 04/01/42		79,637		71,391
2.000%, due 09/01/50		204,994		181,720
2.000%, due 10/01/50		280,949		249,051
2.000%, due 11/01/50		39,442		34,964
2.000%, due 12/01/50		225,980		200,324
2.000%, due 02/01/51		335,344		297,270
2.000%, due 03/01/51		173,620		153,687
2.000%, due 04/01/51		379,793		336,399
2.000%, due 11/01/51		759,073		671,024
2.000%, due 12/01/51		658,384		581,908
2.000%, due 01/01/52		726,523		642,260
2.000%, due 02/01/52		877,999		775,882
2.500%, due 04/01/32		1,850,226		1,799,217
2.500%, due 07/01/50		1,374,135		1,263,245
2.500%, due 08/01/50		924,544		849,557
2.500%, due 11/01/50		253,565		233,163
2.500%, due 01/01/51		65,383		60,018
2.500%, due 11/01/51		121,775		111,624
2.500%, due 01/01/52		2,373,782		2,173,334
2.500%, due 02/01/52		675,249		618,064
3.000%, due 07/01/29		261,230		259,520
3.000%, due 10/01/29		22,779		22,630
3.000%, due 01/01/30		156,533		155,508

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
3.000%, due 01/01/31		591,431		590,237
3.000%, due 09/01/31		23,346		23,209
3.000%, due 04/01/32		11,953		11,937
3.000%, due 09/01/32		278,738		276,796
3.000%, due 03/01/33		266,205		263,782
3.000%, due 03/01/47		3,676,675		3,520,906
3.000%, due 08/01/50		97,001		91,974
3.000%, due 11/01/51		259,261		245,170
3.000%, due 12/01/51		114,769		108,649
3.500%, due 05/01/3212		391,553		395,585
3.500%, due 05/01/3912		6,371		6,255
3.500%, due 12/01/3912		25,599		25,134
3.500%, due 01/01/4012		11,662		11,450
3.500%, due 02/01/4012		20,211		19,845
3.500%, due 04/01/4212		1,313		1,302
3.500%, due 02/01/4512		11,181		11,085
3.500%, due 12/01/4612		44,900		44,114
3.500%, due 02/01/4712		226,055		222,093
3.500%, due 03/01/4712		13,410		13,174
3.500%, due 05/01/4712		128,228		125,976
3.500%, due 06/01/4712		24,990		24,551
3.500%, due 04/01/4812		8,195		8,076
4.000%, due 09/01/33		11,391		11,680
4.000%, due 10/01/33		32,428		33,300
4.000%, due 01/01/42		329,420		334,795
4.000%, due 07/01/46		622,779		626,846
4.000%, due 05/01/47		24,538		24,670
4.000%, due 07/01/47		20,224		20,333
4.000%, due 08/01/47		51,734		52,012
4.000%, due 09/01/47		2,828		2,840
4.000%, due 02/01/48		11,246		11,325
4.000%, due 04/01/48		5,029		5,044
4.000%, due 05/01/48		5,887		5,905
4.000%, due 06/01/48		4,146		4,159
4.000%, due 10/01/48		12,501		12,539
4.000%, due 01/01/49		69,737		70,192
4.000%, due 03/01/49		182,771		183,337
4.000%, due 09/01/49		115,557		115,914
4.000%, due 03/01/50		56,206		56,012
4.000%, due 05/01/50		46,193		46,103
4.000%, due 06/01/50		91,415		91,100
4.000%, due 01/01/51		240,607		240,135
4.000%, due 03/01/51		481,781		480,835

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(continued)
4.000%, due 05/01/51		622,000		623,926
4.000%, due 10/01/51		642,764		641,503
4.500%, due 04/01/4112		1,374,551		1,429,050
4.500%, due 11/01/45		7,634		7,924
4.500%, due 12/01/45		31,503		32,770
4.500%, due 07/01/46		84,008		87,346
4.500%, due 10/01/47		21,914		22,670
4.500%, due 12/01/47		42,992		44,194
4.500%, due 05/01/48		278,883		286,547
5.000%, due 09/01/31		197,732		206,685
5.000%, due 01/01/44		45,014		48,063
5.000%, due 03/01/44		124,616		131,946
FNMA TBA
3.000%		4,121,000		3,875,162
GNMA
3.000%, due 02/15/45		55,299		53,136
4.000%, due 06/15/47		13,237		13,433
4.000%, due 09/15/47		32,340		32,820
4.000%, due 10/15/47		103,142		104,673
4.000%, due 11/15/47		23,455		23,821
4.000%, due 12/15/47		59,993		60,883
4.000%, due 01/15/48		128,154		130,056
4.500%, due 03/15/47		17,653		18,917
4.500%, due 04/15/47		43,937		46,147
4.500%, due 05/15/47		14,370		15,093
GNMA II
2.000%, due 08/20/50		770,772		703,015
2.000%, due 11/20/50		717,663		655,366
2.500%, due 10/20/51		775,083		720,767
2.500%, due 12/20/51		1,454,511		1,352,582
3.000%, due 04/20/50		92,396		88,635
3.000%, due 05/20/50		72,388		69,446
3.000%, due 08/20/50		71,589		68,691
3.500%, due 04/20/43		34,658		34,522
3.500%, due 05/20/43		35,253		35,114
3.500%, due 05/20/45		135,501		134,782
3.500%, due 03/20/46		1,311,065		1,303,394
3.500%, due 05/20/46		158,864		157,744
3.500%, due 07/20/46		58,318		57,907
4.000%, due 04/20/39		1,925		1,974
4.000%, due 04/20/42		40,214		41,144
4.000%, due 08/20/44		299,336		307,062
4.000%, due 06/20/47		231,423		233,721
4.000%, due 05/20/50		143,270		143,830

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(concluded)
4.500%, due 07/20/40		3,841		4,042
4.500%, due 08/20/40		3,637		3,827
4.500%, due 09/20/40		7,350		7,735
4.500%, due 10/20/40		7,101		7,472
4.500%, due 06/20/44		198,246		207,955
4.500%, due 09/20/48		56,301		57,688
4.500%, due 03/20/49		56,769		58,168
4.500%, due 04/20/50		70,764		72,208
GNMA II TBA
2.000%		3,043,800		2,757,552
2.500%		2,402,000		2,227,771
3.000%		2,915,000		2,777,610
3.500%		676,200		659,794
4.000%		41,000		41,032
4.500%		215,000		219,094
5.000%		172,000		176,582
UMBS TBA
1.500%		2,432,500		2,136,884
2.000%12		9,433,910		8,478,108
2.000%		2,942,000		2,588,004
2.500%		6,172,400		5,630,826
3.000%12		2,068,148		1,949,223
3.500%12		3,299,739		3,198,958
3.500%		3,515,000		3,399,082
4.000%		898,576		893,059
4.500%		332,000		336,829
5.000%		112,000		115,211
Total U.S. government agency obligations  (cost—$99,064,663)				95,513,174
U.S. Treasury obligations—20.5%
U.S. Treasury Bonds
1.125%, due 08/15/40		440,000		315,494
1.250%, due 05/15/50		730,000		486,619
1.375%, due 11/15/40		1,940,000		1,451,817
1.375%, due 08/15/50		2,245,000		1,545,104
1.625%, due 11/15/50		1,752,000		1,287,857
1.750%, due 08/15/41		4,125,000		3,267,773
1.875%, due 02/15/41		840,000		685,781
2.000%, due 11/15/41		3,690,000		3,054,051
2.000%, due 02/15/50		850,000		685,977
2.250%, due 08/15/49		45,000		38,463

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. Treasury obligations—(concluded)
2.250%, due 02/15/52		604,000		518,591
2.375%, due 02/15/4213		1,115,000		985,207
2.750%, due 11/15/47		465,000		434,611
2.875%, due 11/15/46		1,070,000		1,018,966
2.875%, due 05/15/49		605,000		586,732
3.000%, due 11/15/45		660,000		639,968
3.000%, due 02/15/47		7,494,000		7,300,795
3.000%, due 02/15/48		1,030,000		1,012,015
3.000%, due 08/15/48		695,000		683,706
3.000%, due 02/15/49		275,000		272,852
3.125%, due 11/15/41		3,015,000		2,994,390
3.625%, due 08/15/43		980,000		1,044,810
3.625%, due 02/15/44		2,035,000		2,171,488
4.375%, due 02/15/38		315,000		372,020
4.750%, due 02/15/37		590,000		721,575
U.S. Treasury Notes
0.250%, due 05/31/25		490,000		451,757
0.375%, due 04/30/25		450,800		418,399
0.375%, due 11/30/25		1,040,000		949,366
0.375%, due 07/31/27		3,168,000		2,774,104
0.500%, due 02/28/26		1,436,000		1,308,835
0.625%, due 05/15/30		5,560,000		4,652,591
1.000%, due 07/31/28		842,000		747,538
1.750%, due 03/15/25		995,000		963,906
1.875%, due 02/28/27		196,000		186,644
1.875%, due 02/15/32		1,133,000		1,034,571
2.375%, due 03/31/29		3,672,000		3,540,037
2.500%, due 03/31/27		2,127,000		2,084,294
2.625%, due 04/15/25		3,075,000		3,052,898
Total U.S. Treasury obligations  (cost—$61,920,356)				55,741,602
	Number of shares
Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 0.290%5 (cost—$1,858,869)		1,858,869		1,858,869

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investment of cash collateral from securities loaned—0.6%
Money market funds—0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%5 (cost—$1,609,813)		1,609,813			1,609,813
Total investments before investments sold short (cost—$345,208,435)14—118.5%					322,510,486
	Face amount1
Investments sold short—(5.3)%
U.S. government agency obligations—(5.3)%
FNMA TBA
1.500%		(46,000	)		(38,719	)
4.000%		(375,000	)		(371,523	)
GNMA II TBA
2.500%		(54,000	)		(49,979	)
GNMA TBA
3.500%		(46,000	)		(44,984	)
4.000%		(41,000	)		(41,031	)
4.500%		(189,000	)		(191,593	)
UMBS TBA
2.500%		(6,411,800	)		(5,840,584	)
3.000%		(481,000	)		(471,441	)
3.500%		(6,326,478	)		(6,128,625	)
4.000%		(889,576	)		(884,142	)
4.500%		(200,000	)		(203,300	)
4.500%		(132,000	)		(133,528	)
Total investments sold short (proceeds—$14,527,875)					(14,399,449	)
Liabilities in excess of other assets—(13.2)%					(35,845,408	)
Net assets—100.0%				$	272,265,629

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 Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Interest rate futures buy contracts:
7	EUR	German Euro Schatz Futures	June 2022		819,734			813,383			(6,351	)
U.S. Treasury futures buy contracts:
17	USD	U.S. Treasury Note 10 Year Futures	June 2022		2,026,816			2,025,656			(1,160	)
175	USD	U.S. Treasury Note 2 Year Futures	June 2022		37,328,792			36,892,188			(436,604	)
125	USD	U.S. Treasury Note 5 Year Futures	June 2022		14,423,965			14,083,984			(339,981	)
Total					54,599,307			53,815,211			(784,096	)
Interest rate futures sell contracts:
18	EUR	German Euro BOBL Futures	June 2022		(2,505,436	)		(2,415,034	)		90,402
29	EUR	German Euro Bund Futures	June 2022		(5,079,971	)		(4,698,865	)		381,106
2	EUR	German Euro Buxl 30 Year Futures	June 2022		(422,358	)		(360,751	)		61,607
U.S. Treasury futures sell contracts:
8	USD	U.S. Long Bond Futures	June 2022		(1,251,050	)		(1,125,500	)		125,550
29	USD	U.S. Ultra Bond Futures	June 2022		(5,302,162	)		(4,652,687	)		649,475
42	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2022		(5,870,954	)		(5,418,000	)		452,954
Total					(20,431,931	)		(18,670,837	)		1,761,094
Net unrealized appreciation (depreciation)											976,998

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁵

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio16(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America High Yield 38 Index

USD

1,900

06/20/27

Quarterly

5.000

(38,287

)

40,726

2,439

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)	Payments received by the Portfolio16(%)	Value($)			Unrealized appreciation (depreciation)($)
EUR	1,490	02/15/31	Annual	6 Month EURIBOR	0.644		(133,753	)		(133,778	)

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)	Payments received by the Portfolio(%)	Value($)			Unrealized appreciation (depreciation)($)
EUR	820	02/15/31	Annual	6 Month EURIBOR	0.690		(70,371	)		(70,300	)
Total							(204,124	)		(204,078	)

OTC credit default swap  agreements on corporate issues—sell protection¹⁵

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	%		(384	)		866		482
JPMCB	Bristol-Myers Squibb Co.	USD	25,000	12/20/22	Quarterly		1.000			(121	)		177		56
BOA	Honeywell International, Inc.	USD	40,000	12/20/22	Quarterly		1.000			(175	)		284		109
JPMCB	Johnson & Johnson	USD	65,000	12/20/22	Quarterly		1.000			(338	)		458		120
JPMCB	Pfizer, Inc.	USD	90,000	12/20/22	Quarterly		1.000			(438	)		619		181
JPMCB	The Procter & Gamble Co.	USD	90,000	12/20/22	Quarterly		1.000			(439	)		626		187
JPMCB	The Sherwin-Williams Co.	USD	40,000	12/20/22	Quarterly		1.000			(101	)		239		138
Total										(1,996	)		3,269		1,273

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BNP	EUR	9,320,000	USD	10,255,476	06/15/22		403,985
BNY	USD	1,851,236	EUR	1,673,000	06/15/22		(82,830	)
BOA	EUR	30,000	USD	32,759	06/15/22		1,048
BOA	USD	1,314,218	EUR	1,244,000	06/15/22		724
CBA	EUR	243,000	USD	260,691	06/15/22		3,833
CITI	EUR	155,000	USD	172,764	06/15/22		8,924
Net unrealized appreciation (depreciation)							335,684

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—			13,040,705			—		13,040,705
Commercial paper		—			35,566,455			—		35,566,455
Corporate bonds		—			93,350,224			—		93,350,224
Mortgage-backed securities		—			20,015,701			—		20,015,701
Municipal bonds		—			960,412			—		960,412
Non-U.S. government agency obligations		—			4,853,531			—		4,853,531
U.S. government agency obligations		—			95,513,174			—		95,513,174
U.S. Treasury obligations		—			55,741,602			—		55,741,602
Short-term investments		—			1,858,869			—		1,858,869
Investment of cash collateral from securities loaned		—			1,609,813			—		1,609,813
Futures contracts		1,761,094			—			—		1,761,094
Swap agreements		—			43,995			—		43,995
Forward foreign currency contracts		—			418,514			—		418,514
Total		1,761,094			322,972,995			—		324,734,089
Liabilities
Investments sold short		—			(14,399,449	)		—		(14,399,449	)
Futures contracts		(784,096	)		—			—		(784,096	)
Swap agreements		—			(204,124	)		—		(204,124	)
Forward foreign currency contracts		—			(82,830	)		—		(82,830	)
Total		(784,096	)		(14,686,403	)		—		(15,470,499	)

At April 30, 2022, there were no transfers in or out of Level 3.

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 $38,938,410, represented 14.3% of the Portfolio's net assets at period end.
3	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
4	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
5	Rates shown reflect yield at April 30, 2022.
6	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

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 fair valued by a Valuation Committee under the direction of the Board of Trustees.
12	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
13	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
14	Includes $$2,275,292 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio  includes cash collateral of $1,609,813 and non-cash collateral of $731,385.
15	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.
16	Payments made or received are based on the notional amount.

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—8.1%
Accredited Mortgage Loan Trust,
Series 2004-2, Class A1,
1 mo. USD LIBOR + 0.290%,
0.669%, due 07/25/342		503,352		487,688
AM Capital Funding LLC,
Series 2018-1, Class A,
4.980%, due 12/15/233		440,000		439,869
Ameriquest Mortgage Securities, Inc.,
Series 2005-R10, Class M2,
1 mo. USD LIBOR + 0.645%,
0.734%, due 01/25/362		161,457		161,331
AMMC CLO 16 Ltd.,
Series 2015-16A, Class AR2,
3 mo. USD LIBOR + 0.980%,
1.107%, due 04/14/292,3		850,113		847,132
Apres Static CLO Ltd.,
Series 2019-1A, Class A1R,
3 mo. USD LIBOR + 1.070%,
1.194%, due 10/15/282,3		730,901		729,334
CHEC Loan Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 0.960%,
1.049%, due 06/25/342		365,284		361,203
CSAB Mortgage Backed Trust,
Series 2006-1, Class A6A,
6.672%, due 06/25/364		251,200		80,750
Delta Funding Home Equity Loan Trust,
Series 1999-3, Class A1A,
1 mo. USD LIBOR + 0.820%,
0.500%, due 09/15/292		34,982		34,110
Dryden 80 CLO Ltd.,
Series 2019-80A, Class AR,
3 Month CME Term SOFR + 1.250%,
1.387%, due 01/17/332,3		1,400,000		1,381,240
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2D,
1 mo. USD LIBOR + 0.480%,
0.569%, due 10/25/362		1,118,231		853,280
FS Rialto Issuer LLC,
Series 2022-FL4, Class A,
30-Day Average SOFR + 1.900%,
2.200%, due 01/19/392,3		1,500,000		1,500,118
Gallatin CLO IX Ltd.,
Series 2018-1A, Class A,
3 mo. USD LIBOR + 1.050%,
1.180%, due 01/21/282,3		897,864		895,711

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(continued)
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A1R,
3 mo. USD LIBOR + 1.090%,
1.177%, due 07/15/312,3		1,600,000		1,587,845
GLS Auto Receivables Trust,
Series 2022-1A, Class A,
1.980%, due 08/15/253		1,320,973		1,314,952
GSAMP Trust,
Series 2006-HE4, Class A1,
1 mo. USD LIBOR + 0.280%,
0.369%, due 06/25/362		859,639		834,648
Halseypoint CLO 2 Ltd.,
Series 2020-2A, Class A1,
3 mo. USD LIBOR + 1.100%,
1.354%, due 07/20/312,3		1,300,000		1,294,764
Harvest CLO XXII DAC,
Series 22A, Class AR,
3 mo. Euribor + 0.850%,
0.850%, due 01/15/322,3	EUR	1,200,000		1,252,301
Hilton Grand Vacations Trust,
Series 2022-1D, Class D,
6.790%, due 06/20/34		142,000		141,457
Home Equity Asset Trust,
Series 2005-2, Class M5,
1 mo. USD LIBOR + 1.095%,
1.184%, due 07/25/352		143,970		143,732
Series 2006-3, Class M2,
1 mo. USD LIBOR + 0.600%,
0.689%, due 07/25/362		1,000,000		929,872
JPMorgan Mortgage Acquisition Corp.,
Series 2006-FRE1, Class M1,
1 mo. USD LIBOR + 0.585%,
0.674%, due 05/25/352		1,322,672		1,313,660
KREF Ltd.,
Series 2022-FL3, Class A,
1 Month CME Term SOFR + 1.450%,
1.500%, due 02/17/392,3		1,300,000		1,300,634
LCM XIII LP
3 mo. USD LIBOR + 0.870%,
1.045%, due 07/19/272,3		1,115,120		1,107,990
Lendmark Funding Trust,
Series 2021-1A, Class A,
1.900%, due 11/20/313		1,500,000		1,336,691
LoanCore Issuer Ltd.,
Series 2018-CRE1, Class A,
1 mo. USD LIBOR + 1.130%,
1.220%, due 05/15/282,3		247,690		247,265

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(continued)
Series 2021-CRE6, Class A,
1 mo. USD LIBOR + 1.300%,
1.390%, due 11/15/382,3		1,400,000		1,370,354
M360 Ltd.,
Series 2021-CRE3, Class A,
1 mo. USD LIBOR + 1.500%,
1.586%, due 11/22/382,3		1,400,000		1,392,033
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/363		1,300,000		1,168,068
MF1 Ltd.,
Series 2022-FL8, Class A,
30-Day Average SOFR + 1.350%,
1.400%, due 02/19/372,3		1,300,000		1,295,399
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2005-HE1, Class M2,
1 mo. USD LIBOR + 0.705%,
0.794%, due 12/25/342		155,685		149,455
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		146,010		145,501
Mosaic Solar Loans,
Series 2022-1A, Class A,
2.640%, due 01/20/533		1,289,696		1,189,863
Navient Private Education Refi Loan Trust,
Series 2021-FA, Class A,
1.110%, due 02/18/703		658,237		600,017
New Century Home Equity Loan Trust,
Series 2005-B, Class M1,
1 mo. USD LIBOR + 0.720%,
0.809%, due 10/25/352		1,335,330		1,317,183
Series 2005-D, Class A2D,
1 mo. USD LIBOR + 0.660%,
0.749%, due 02/25/362		163,096		162,778
OZLM VIII Ltd.,
Series 2014-8A, Class A1R3,
3 mo. USD LIBOR + 0.980%,
1.155%, due 10/17/292,3		1,446,695		1,438,200
OZLM XVIII Ltd.,
Series 2018-18A, Class A,
3 mo. USD LIBOR + 1.020%,
1.259%, due 04/15/312,3		1,300,000		1,287,936
Rad CLO 5 Ltd.,
Series 2019-5A, Class AR,
3 mo. USD LIBOR + 1.120%,
1.379%, due 07/24/322,3		1,400,000		1,388,380

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(continued)
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
0.719%, due 12/25/352		443,785		442,311
SASCO Mortgage Loan Trust,
Series 2005-GEL1, Class M2,
1 mo. USD LIBOR + 1.350%,
1.439%, due 12/25/342		170,134		169,633
Saxon Asset Securities Trust,
Series 2004-1, Class M1,
1 mo. USD LIBOR + 0.795%,
0.884%, due 03/25/352		100,914		97,811
Series 2006-1, Class M1,
1 mo. USD LIBOR + 0.465%,
0.554%, due 03/25/362		1,085,989		1,060,739
Securitized Asset Backed Receivables LLC Trust,
Series 2006-FR2, Class A3,
1 mo. USD LIBOR + 0.500%,
0.589%, due 03/25/362		1,645,178		1,209,203
Soundview Home Loan Trust,
Series 2006-OPT3, Class 2A4,
1 mo. USD LIBOR + 0.500%,
0.339%, due 06/25/362		2,675,000		2,636,969
Structured Asset Securities Corp.,
Series 2001-SB1, Class A2,
3.375%, due 08/25/31		76,619		75,632
Series 2005-WF1, Class M1,
1 mo. USD LIBOR + 0.660%,
0.749%, due 02/25/352		57,725		57,532
Sunrun Demeter Issuer,
Series 2021-2A, Class A,
2.270%, due 01/30/573		1,389,725		1,234,095
TICP CLO III-2 Ltd.,
Series 2018-3R, Class A,
3 mo. USD LIBOR + 0.840%,
0.972%, due 04/20/282,3		594,282		592,046
TRTX Issuer Ltd.,
Series 2019-FL3, Class A,
1 Month CME Term SOFR + 1.264%,
1.315%, due 10/15/342,3		1,115,860		1,114,817
United States Small Business Administration,
Series 2002-20K, Class 1,
5.080%, due 11/01/22		26,267		26,400
Series 2005-20H, Class 1,
5.110%, due 08/01/25		56,763		57,066
Series 2007-20D, Class 1,
5.320%, due 04/01/27		231,552		234,186

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Asset-backed securities—(concluded)
Venture XXVIII CLO Ltd.,
Series 2017-28A, Class A1R,
3 mo. USD LIBOR + 0.990%,
1.244%, due 07/20/302,3		2,600,000		2,581,823
VMC Finance LLC,
Series 2022-FL5, Class A,
30-Day Average SOFR + 1.900%,
1.950%, due 02/18/392,3		2,600,000		2,601,425
Total asset-backed securities
(cost—$47,584,789)				47,674,432
Corporate bonds—52.0%
Advertising—0.0%†
Clear Channel Outdoor Holdings, Inc.
5.125%, due 08/15/273		19,000		17,854
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.000%, due 08/15/273		16,000		15,220
				33,074
Aerospace & defense—0.9%
Boeing Co.
1.433%, due 02/04/24		1,700,000		1,633,402
2.750%, due 02/01/26		1,700,000		1,605,371
5.805%, due 05/01/50		340,000		340,020
Spirit AeroSystems, Inc.
3.950%, due 06/15/235		1,500,000		1,462,500
5.500%, due 01/15/253		85,000		84,150
7.500%, due 04/15/253		95,000		96,188
TransDigm, Inc.
6.375%, due 06/15/26		135,000		133,306
7.500%, due 03/15/27		225,000		226,687
				5,581,624
Agriculture—0.9%
BAT Capital Corp.
3.734%, due 09/25/40		220,000		164,396
Imperial Brands Finance PLC
3.500%, due 02/11/233		3,755,000		3,753,289
3.750%, due 07/21/223		1,600,000		1,600,512
				5,518,197
Airlines—1.6%
Air Canada
3.875%, due 08/15/263		110,000		101,714
American Airlines Pass-Through Trust,

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Series 2013-2,
4.950%, due 01/15/23		446,769	443,786
Series 2016-3, Class B,
3.750%, due 10/15/25		249,944	229,621
Series 2017-2, Class A,
3.600%, due 10/15/29		783,510	707,205
Series AA,
3.200%, due 06/15/28		1,376,100	1,290,376
Series AA,
3.600%, due 09/22/27		1,359,995	1,298,554
American Airlines, Inc.
11.750%, due 07/15/253		125,000	143,750
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/263		240,000	237,900
5.750%, due 04/20/293		195,000	187,897
Continental Airlines Pass-Through Trust,
Series 2012-2, Class A,
4.000%, due 10/29/24		922,039	910,286
JetBlue Pass Through Trust,
Series 2019-1, Class A,
2.950%, due 05/15/28		2,012,230	1,814,231
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, due 06/20/273		210,000	214,196
Spirit Airlines Pass Through Trust,
Series 2015-1A,
4.100%, due 04/01/28		381,397	370,855
United Airlines Holdings, Inc.
4.875%, due 01/15/255		65,000	62,725
5.000%, due 02/01/245		65,000	64,512
United Airlines Pass-Through Trust,
Series 20-1,
5.875%, due 10/15/27		135,495	138,312
Series 2012-1, Class A,
4.150%, due 04/11/24		1,281,173	1,272,283
United Airlines, Inc.
4.625%, due 04/15/293		80,000	73,400
			9,561,603
Apparel—0.0%†
Crocs, Inc.
4.125%, due 08/15/313,5		110,000	87,787
Auto manufacturers—3.3%
Daimler Trucks Finance North America LLC

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
SOFR + 0.750%,
0.800%, due 12/13/242,3		1,400,000	1,394,622
2.000%, due 12/14/263		1,300,000	1,188,105
Ford Motor Co.
4.750%, due 01/15/43		275,000	221,375
5.291%, due 12/08/46		105,000	90,300
9.625%, due 04/22/30		155,000	189,488
Ford Motor Credit Co. LLC
2.330%, due 11/25/25	EUR	1,200,000	1,197,909
3.375%, due 11/13/25		1,400,000	1,344,252
3.810%, due 01/09/24		300,000	294,750
4.000%, due 11/13/30		200,000	173,000
5.125%, due 06/16/25		1,700,000	1,695,750
General Motors Co.
5.150%, due 04/01/38		280,000	263,737
General Motors Financial Co., Inc.
3.800%, due 04/07/25		260,000	256,749
Harley-Davidson Financial Services, Inc.
2.550%, due 06/09/223		1,100,000	1,100,320
Hyundai Capital America
0.875%, due 06/14/243		1,400,000	1,314,550
5.875%, due 04/07/253		1,200,000	1,250,912
Jaguar Land Rover Automotive PLC
5.500%, due 07/15/293		340,000	283,002
Nissan Motor Acceptance LLC
2.000%, due 03/09/263		900,000	802,705
2.750%, due 03/09/283		1,400,000	1,216,633
Nissan Motor Co. Ltd.
3.522%, due 09/17/253		1,400,000	1,351,697
4.810%, due 09/17/303		1,400,000	1,311,881
Volkswagen Bank GmbH
2.500%, due 07/31/266	EUR	1,200,000	1,267,021
Volkswagen Group of America Finance LLC
2.850%, due 09/26/243		1,500,000	1,472,628
			19,681,386
Auto parts & equipment—0.1%
Clarios Global LP
6.750%, due 05/15/253		80,000	81,600
Dana, Inc.
4.500%, due 02/15/32		35,000	28,875
Goodyear Tire & Rubber Co.
5.000%, due 07/15/295		95,000	84,712

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
5.250%, due 04/30/315		155,000	134,751
IHO Verwaltungs GmbH
6.375% Cash or 7.125% PIK,
6.375%, due 05/15/293,7		270,000	256,500
Tenneco, Inc.
7.875%, due 01/15/293		60,000	60,617
			647,055
Banks—8.7%
ABN AMRO Bank NV
(fixed, converts to FRN on 03/13/32),
3.324%, due 03/13/373		200,000	168,237
Banco Santander SA
(fixed, converts to FRN on 02/08/24),
7.500%, due 02/08/246,8		200,000	201,500
Bank of America Corp.
(fixed, converts to FRN on 02/04/24),
1.843%, due 02/04/25		415,000	401,677
(fixed, converts to FRN on 09/21/31),
2.482%, due 09/21/36		440,000	352,326
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/31		290,000	248,711
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/31		1,600,000	1,381,477
4.000%, due 01/22/25		1,500,000	1,499,121
(fixed, converts to FRN on 03/20/50),
4.083%, due 03/20/51		280,000	251,475
4.125%, due 01/22/24		2,200,000	2,232,032
(fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/278		145,000	128,325
(fixed, converts to FRN on 04/27/27),
6.125%		115,000	115,000
Series FF,
(fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/288		85,000	81,370
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/248		86,000	83,828
Series MM,
(fixed, converts to FRN on 01/28/25),
4.300%, due 01/28/258		45,000	40,682
Series X,
(fixed, converts to FRN on 09/05/24),
6.250%, due 09/05/248		102,000	103,255

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Barclays Bank PLC
7.625%, due 11/21/22		391,000	397,982
Barclays PLC
4.836%, due 05/09/28		535,000	526,104
(fixed, converts to FRN on 05/16/28),
4.972%, due 05/16/29		1,100,000	1,104,013
(fixed, converts to FRN on 06/15/26),
6.125%, due 12/15/255,8		200,000	196,124
BNP Paribas SA
(fixed, converts to FRN on 01/12/27),
4.625%, due 01/12/273,8		200,000	180,908
(fixed, converts to FRN on 03/25/24),
6.625%, due 03/25/243,8		200,000	201,468
Citigroup, Inc.
(fixed, converts to FRN on 11/05/29),
2.976%, due 11/05/30		200,000	178,629
(fixed, converts to FRN on 03/17/25),
3.290%, due 03/17/26		1,640,000	1,599,276
(fixed, converts to FRN on 01/10/27),
3.887%, due 01/10/28		755,000	736,946
4.400%, due 06/10/25		980,000	985,257
Series U,
(fixed, converts to FRN on 09/12/24),
5.000%, due 09/12/248		89,000	84,216
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/258		52,000	47,216
Citizens Financial Group, Inc.,
Series B,
(fixed, converts to FRN on 07/06/23),
6.000%, due 07/06/235,8		60,000	57,228
Series C,
(fixed, converts to FRN on 04/06/24),
6.375%, due 04/06/245,8		80,000	77,400
Credit Suisse AG
6.500%, due 08/08/233		500,000	512,500
Credit Suisse Group AG
(fixed, converts to FRN on 05/14/31),
3.091%, due 05/14/323		310,000	259,255
(fixed, converts to FRN on 06/12/23),
4.207%, due 06/12/243		1,600,000	1,602,665
(fixed, converts to FRN on 08/11/27),
5.250%, due 02/11/273,8		200,000	175,750
(fixed, converts to FRN on 12/18/24),
6.250%, due 12/18/243,8		800,000	775,798

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (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	700,483
Deutsche Bank AG
3.950%, due 02/27/23		1,300,000	1,307,588
(fixed, converts to FRN on 11/26/24),
3.961%, due 11/26/25		1,500,000	1,478,524
Discover Bank
4.200%, due 08/08/23		1,600,000	1,613,153
Fifth Third Bancorp,
Series H,
(fixed, converts to FRN on 06/30/23),
5.100%, due 06/30/238		115,000	111,694
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 01/24/24),
1.757%, due 01/24/25		415,000	400,713
3 mo. USD LIBOR + 1.750%,
1.886%, due 10/28/272		1,100,000	1,119,873
(fixed, converts to FRN on 04/22/31),
2.615%, due 04/22/32		615,000	520,186
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/38		290,000	264,990
Series O,
(fixed, converts to FRN on 11/10/26),
5.300%, due 11/10/268		104,000	102,634
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/258		39,000	37,538
Series T,
(fixed, converts to FRN on 05/10/26),
3.800%, due 05/10/268		35,000	30,799
Series U,
(fixed, converts to FRN on 08/10/26),
3.650%, due 08/10/268		75,000	65,063
Series V,
(fixed, converts to FRN on 11/10/26),
4.125%, due 11/10/268		120,000	107,619
Grupo Aval Ltd.
4.375%, due 02/04/303		70,000	59,215
HSBC Holdings PLC
(fixed, converts to FRN on 09/09/31),
4.700%, due 03/09/315,8		200,000	170,000
(fixed, converts to FRN on 05/22/27),
6.000%, due 05/22/278		870,000	835,200

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (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 04/15/238		124,000		116,833
ING Groep N.V.
(fixed, converts to FRN on 11/16/27),
3.875%, due 05/16/278		227,000		183,870
(fixed, converts to FRN on 11/16/26),
5.750%, due 11/16/268		200,000		192,000
Intesa Sanpaolo SpA,
Series XR,
4.000%, due 09/23/293		1,500,000		1,379,970
JPMorgan Chase & Co.
(fixed, converts to FRN on 09/22/26),
1.470%, due 09/22/27		1,600,000		1,420,725
(fixed, converts to FRN on 12/10/24),
1.561%, due 12/10/25		320,000		301,218
(fixed, converts to FRN on 02/24/25),
2.595%, due 02/24/26		1,200,000		1,154,394
(fixed, converts to FRN on 02/24/27),
2.947%, due 02/24/285		1,300,000		1,223,804
(fixed, converts to FRN on 04/22/40),
3.109%, due 04/22/41		470,000		376,710
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/29		650,000		634,008
Series CC,
(fixed, converts to FRN on 11/01/22),
4.625%, due 11/01/228		100,000		95,750
Series FF,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/248		95,000		90,031
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/258		41,000		37,896
Lloyds Bank PLC
7.500%, due 04/02/324,6		2,200,000		1,418,681
Lloyds Banking Group PLC
4.000%, due 03/07/25	AUD	1,700,000		1,195,456
(fixed, converts to FRN on 09/27/25),
7.500%, due 09/27/258		200,000		205,520
M&T Bank Corp.
(fixed, converts to FRN on 09/01/26),
3.500%, due 09/01/268		190,000		159,602

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Series G,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/248		56,000		54,180
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 05/22/29),
3.261%, due 05/22/30		1,300,000		1,199,788
Morgan Stanley
(fixed, converts to FRN on 09/16/31),
2.484%, due 09/16/36		440,000		352,025
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/31		210,000		184,563
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/28		535,000		512,435
Natwest Group PLC
(fixed, converts to FRN on 11/28/30),
3.032%, due 11/28/35		550,000		461,047
PNC Financial Services Group, Inc.,
Series S,
(fixed, converts to FRN on 11/01/26),
5.000%, due 11/01/268		67,000		64,320
Series T,
(fixed, converts to FRN on 09/15/26),
3.400%, due 09/15/268		169,000		145,340
Royal Bank of Canada
3.375%, due 04/14/25		160,000		158,302
Santander Holdings USA, Inc.
(fixed, converts to FRN on 01/06/27),
2.490%, due 01/06/28		1,400,000		1,268,248
Skandinaviska Enskilda Banken AB
(fixed, converts to FRN on 05/13/25),
5.125%, due 05/13/256,8		200,000		191,500
Societe Generale S.A.
4.250%, due 09/14/233		1,500,000		1,512,301
Standard Chartered PLC
(fixed, converts to FRN on 05/21/24),
3.785%, due 05/21/253		1,500,000		1,487,806
(fixed, converts to FRN on 02/19/29),
4.300%, due 08/19/283,8		210,000		173,775
SVB Financial Group,
Series D,
(fixed, converts to FRN on 11/15/26),
4.250%, due 11/15/268		245,000		212,078
Truist Financial Corp.,

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
Series L,
(fixed, converts to FRN on 06/15/22),
5.050%, due 12/15/248		73,000		69,532
Series Q,
(fixed, converts to FRN on 09/01/30),
5.100%, due 03/01/308		190,000		189,287
UniCredit SpA
7.830%, due 12/04/233		3,300,000		3,464,406
US Bancorp
(fixed, converts to FRN on 01/15/27),
3.700%, due 01/15/278		205,000		175,125
Wells Fargo & Co.
3 mo. USD LIBOR + 1.230%,
1.359%, due 10/31/232		1,400,000		1,405,432
(fixed, converts to FRN on 02/11/30),
2.572%, due 02/11/31		625,000		545,308
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27		1,500,000		1,436,922
Series BB,
(fixed, converts to FRN on 03/15/26),
3.900%, due 03/15/268		135,000		123,181
Series S,
(fixed, converts to FRN on 06/15/24),
5.900%, due 06/15/248		84,000		82,215
Series U,
(fixed, converts to FRN on 06/15/25),
5.875%, due 06/15/258		69,000		69,518
				51,638,125
Beverages—0.8%
Anheuser-Busch InBev Worldwide, Inc.
4.600%, due 06/01/60		1,400,000		1,295,371
Coca-Cola Femsa SAB de CV
1.850%, due 09/01/32		1,400,000		1,109,640
Constellation Brands, Inc.
2.250%, due 08/01/31		440,000		364,823
Molson Coors Beverage Co.
4.200%, due 07/15/46		300,000		257,194

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Beverages—(concluded)
Suntory Holdings Ltd.
2.250%, due 10/16/243		1,500,000		1,437,076
				4,464,104
Biotechnology—0.2%
Regeneron Pharmaceuticals, Inc.
1.750%, due 09/15/30		1,700,000		1,380,924
Building materials—0.5%
Fortune Brands Home & Security, Inc.
3.250%, due 09/15/29		1,400,000		1,267,371
JELD-WEN, Inc.
4.875%, due 12/15/273		75,000		68,012
Masco Corp.
1.500%, due 02/15/28		1,400,000		1,191,496
Masonite International Corp.
5.375%, due 02/01/283		75,000		71,805
Standard Industries, Inc.
4.375%, due 07/15/303		60,000		50,031
4.750%, due 01/15/283		190,000		174,800
				2,823,515
Chemicals—0.7%
INEOS Quattro Finance 2 PLC
3.375%, due 01/15/263		215,000		196,295
International Flavors & Fragrances, Inc.
2.300%, due 11/01/303		1,400,000		1,174,643
NOVA Chemicals Corp.
4.250%, due 05/15/293,5		95,000		82,175
5.250%, due 06/01/273		280,000		265,300
Olympus Water US Holding Corp.
4.250%, due 10/01/283		200,000		176,732
SCIH Salt Holdings, Inc.
4.875%, due 05/01/283		100,000		86,455
Syngenta Finance N.V.
4.441%, due 04/24/233		1,600,000		1,610,791
Tronox, Inc.
4.625%, due 03/15/293		295,000		263,287

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
WR Grace Holdings LLC
5.625%, due 10/01/243		55,000		55,138
				3,910,816
Commercial services—1.5%
ADT Security Corp.
4.125%, due 08/01/293		180,000		152,825
4.875%, due 07/15/323		180,000		152,325
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.625%, due 06/01/283		200,000		177,000
APi Escrow Corp.
4.750%, due 10/15/293		70,000		63,000
APi Group DE, Inc.
4.125%, due 07/15/293		45,000		40,164
APX Group, Inc.
6.750%, due 02/15/273,5		255,000		252,769
ASGN, Inc.
4.625%, due 05/15/283		155,000		143,995
CoStar Group, Inc.
2.800%, due 07/15/303		1,300,000		1,131,480
Duke University,
Series 2020,
2.682%, due 10/01/44		1,700,000		1,388,263
Emory University,
Series 2020,
2.143%, due 09/01/30		1,400,000		1,249,076
Garda World Security Corp.
4.625%, due 02/15/273		370,000		333,000
HealthEquity, Inc.
4.500%, due 10/01/293		115,000		105,081
Korn Ferry
4.625%, due 12/15/273		200,000		189,500
MoneyGram International, Inc.
5.375%, due 08/01/263		60,000		61,204
MPH Acquisition Holdings LLC
5.500%, due 09/01/283		515,000		477,019
5.750%, due 11/01/283,5		145,000		126,293
Nielsen Finance LLC/Nielsen Finance Co.
5.625%, due 10/01/283		420,000		406,992
5.875%, due 10/01/303		165,000		158,242
PayPal Holdings, Inc.
2.850%, due 10/01/29		1,800,000		1,648,089
Prime Security Services Borrower LLC/Prime Finance, Inc.

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
5.750%, due 04/15/263		460,000		441,025
6.250%, due 01/15/283		120,000		107,562
United Rentals North America, Inc.
3.750%, due 01/15/32		110,000		95,700
5.250%, due 01/15/30		35,000		33,950
ZipRecruiter, Inc.
5.000%, due 01/15/303		60,000		56,100
				8,990,654
Computers—0.8%
Apple, Inc.
2.450%, due 08/04/26		610,000		589,127
Dell International LLC/EMC Corp.
4.900%, due 10/01/26		1,300,000		1,326,917
5.850%, due 07/15/25		1,300,000		1,364,779
Presidio Holdings, Inc.
4.875%, due 02/01/273		185,000		175,561
Western Digital Corp.
3.100%, due 02/01/32		260,000		216,528
Wipro IT Services LLC
1.500%, due 06/23/263		1,400,000		1,259,664
				4,932,576
Cosmetics & personal care—0.0%†
Edgewell Personal Care Co.
5.500%, due 06/01/283		215,000		208,013
Natura Cosmeticos SA
4.125%, due 05/03/283		40,000		35,744
				243,757
Distribution & wholesale—0.1%
IAA, Inc.
5.500%, due 06/15/273		70,000		68,425
Resideo Funding, Inc.
4.000%, due 09/01/293		140,000		124,600
Ritchie Bros Holdings, Inc.
4.750%, due 12/15/313		45,000		45,000
Univar Solutions USA, Inc.
5.125%, due 12/01/273		175,000		167,751
				405,776

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%, due 01/30/32		290,000		241,289
4.450%, due 04/03/26		1,200,000		1,171,306
Ally Financial, Inc.
2.200%, due 11/02/28		1,400,000		1,212,426
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/268		105,000		90,667
Series C,
(fixed, converts to FRN on 05/15/28),
4.700%, due 05/15/288		100,000		86,081
American Express Co.
2.550%, due 03/04/27		1,300,000		1,223,745
(fixed, converts to FRN on 09/15/26),
3.550%, due 09/15/268		305,000		262,712
BGC Partners, Inc.
5.375%, due 07/24/23		1,400,000		1,421,868
Capital One Financial Corp.
(fixed, converts to FRN on 03/03/25),
2.636%, due 03/03/26		1,300,000		1,247,059
Series M,
(fixed, converts to FRN on 09/01/26),
3.950%, due 09/01/265,8		235,000		203,862
Charles Schwab Corp.
1.950%, due 12/01/31		1,400,000		1,151,056
Series G,
(fixed, converts to FRN on 06/01/25),
5.375%, due 06/01/258		40,000		40,303
Series H,
(fixed, converts to FRN on 12/01/30),
4.000%, due 12/01/308		256,000		216,991
Discover Financial Services,
Series C,
(fixed, converts to FRN on 10/30/27),
5.500%, due 10/30/278		125,000		112,610
Doric Nimrod Air Finance Alpha Ltd.,
Series 2012-1A,
5.125%, due 11/30/223		86,287		85,269
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/243,7		551,872		475,978
Lazard Group LLC
4.375%, due 03/11/29		400,000		392,079
LeasePlan Corp. N.V.
2.875%, due 10/24/243		1,500,000		1,446,675

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
Lehman Brothers Holdings, Inc.
0.000%, due 12/30/209		1,900,000		7,600
1.000%, due 01/24/139		4,500,000		18,000
1.000%, due 12/30/169		900,000		3,600
LFS Topco LLC
5.875%, due 10/15/263		90,000		83,250
Navient Corp.,
Series A,
5.625%, due 01/25/25		500,000		477,317
OneMain Finance Corp.
3.500%, due 01/15/27		190,000		166,919
3.875%, due 09/15/28		70,000		59,325
6.875%, due 03/15/25		1,300,000		1,306,500
7.125%, due 03/15/26		260,000		263,250
World Acceptance Corp.
7.000%, due 11/01/263		120,000		104,099
XP, Inc.
3.250%, due 07/01/263,5		60,000		54,885
				13,626,721
Electric—7.0%
Adani Electricity Mumbai Ltd.
3.949%, due 02/12/303		1,800,000		1,541,587
AES Corp.
2.450%, due 01/15/31		1,400,000		1,160,894
Alabama Power Co.,
Series 20-A,
1.450%, due 09/15/30		600,000		494,098
Appalachian Power Co.,
Series AA,
2.700%, due 04/01/31		1,400,000		1,225,152
Avangrid, Inc.
3.800%, due 06/01/29		1,600,000		1,557,809
Black Hills Corp.
2.500%, due 06/15/30		1,400,000		1,215,170
Calpine Corp.
3.750%, due 03/01/313		180,000		151,650
4.500%, due 02/15/283		485,000		448,974
4.625%, due 02/01/293		223,000		194,890
5.000%, due 02/01/313		184,000		156,902
5.125%, due 03/15/283		95,000		86,296
Commonwealth Edison Co.
3.700%, due 03/01/45		745,000		655,726

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1	Value ($)
Corporate bonds—(continued)
Electric—(continued)
Dominion Energy, Inc.,
Series C,
2.250%, due 08/15/31	1,400,000	1,177,568
Series C,
(fixed, converts to FRN on 04/15/27),
4.350%, due 01/15/278	60,000	54,798
Duke Energy Progress LLC
2.000%, due 08/15/31	1,400,000	1,183,675
Edison International
2.950%, due 03/15/23	1,500,000	1,494,720
Series B,
(fixed, converts to FRN on 03/15/27),
5.000%, due 12/15/268	350,000	316,793
Entergy Gulf States Louisiana LLC
5.590%, due 10/01/24	2,207,000	2,300,841
Exelon Corp.
2.750%, due 03/15/273	1,300,000	1,228,155
4.700%, due 04/15/50	160,000	155,486
FirstEnergy Corp.,
Series C,
5.350%, due 07/15/474	145,000	135,531
Idaho Power Co.,
Series K,
4.200%, due 03/01/48	1,400,000	1,336,326
IPALCO Enterprises, Inc.
4.250%, due 05/01/30	1,200,000	1,144,257
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/293	95,000	85,025
MidAmerican Energy Co.
3.650%, due 04/15/29	1,400,000	1,380,992
Monongahela Power Co.
3.550%, due 05/15/273	1,800,000	1,748,510
New York State Electric & Gas Corp.
2.150%, due 10/01/313	1,400,000	1,176,370
NextEra Energy Capital Holdings, Inc.
3.550%, due 05/01/27	1,700,000	1,666,244
Niagara Mohawk Power Corp.
4.278%, due 12/15/283	2,100,000	2,075,081
Northern States Power Co.
2.900%, due 03/01/50	1,300,000	1,016,811
NRG Energy, Inc.
3.625%, due 02/15/313	280,000	233,100
5.250%, due 06/15/293	180,000	169,537
5.750%, due 01/15/28	150,000	146,625

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Pacific Gas and Electric Co.
1.750%, due 06/16/22		1,400,000		1,399,051
3.150%, due 01/01/26		500,000		469,888
3.400%, due 08/15/245		1,400,000		1,368,932
3.750%, due 02/15/24		1,600,000		1,591,240
4.300%, due 03/15/45		425,000		329,322
San Diego Gas & Electric Co.,
Series VVV,
1.700%, due 10/01/30		1,400,000		1,157,978
Southern California Edison Co.
SOFR + 0.470%,
0.520%, due 12/02/222		1,500,000		1,499,450
Southern Co.,
Series A,
3.700%, due 04/30/305		1,200,000		1,130,760
Series B,
(fixed, converts to FRN on 01/15/26),
4.000%, due 01/15/51		575,000		546,342
Southwestern Electric Power Co.,
Series M,
4.100%, due 09/15/28		1,200,000		1,184,084
Vistra Operations Co. LLC
4.375%, due 05/01/293		125,000		113,435
5.000%, due 07/31/273		290,000		276,225
5.500%, due 09/01/263		60,000		59,790
WEC Energy Group, Inc.
1.800%, due 10/15/30		1,300,000		1,069,031
				41,311,121
Electrical components & equipment—0.1%
Energizer Holdings, Inc.
4.375%, due 03/31/293		90,000		74,942
4.750%, due 06/15/283		245,000		215,409
				290,351
Electronics—0.0%†
Imola Merger Corp.
4.750%, due 05/15/293		245,000		227,850
Energy-Alternate Sources—0.5%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/243,5		1,500,000		1,500,281
FS Luxembourg Sarl
10.000%, due 12/15/253		20,000		20,454

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Energy-Alternate Sources—(concluded)
Greenko Solar Mauritius Ltd.
5.950%, due 07/29/263		1,300,000		1,261,000
				2,781,735
Engineering & construction—0.3%
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/293		155,000		141,263
Sydney Airport Finance Co. Pty Ltd.
3.375%, due 04/30/253		1,800,000		1,764,342
				1,905,605
Entertainment—0.6%
Caesars Entertainment, Inc.
6.250%, due 07/01/253		220,000		222,391
Caesars Resort Collection LLC/CRC Finco, Inc.
5.750%, due 07/01/253		85,000		86,806
Cedar Fair LP
5.250%, due 07/15/295		25,000		23,656
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
5.375%, due 04/15/27		35,000		34,035
5.500%, due 05/01/253		110,000		110,550
Churchill Downs, Inc.
5.500%, due 04/01/273		265,000		260,206
Live Nation Entertainment, Inc.
4.750%, due 10/15/273		65,000		61,068
4.875%, due 11/01/243		60,000		59,246
6.500%, due 05/15/273		250,000		259,325
Magallanes, Inc.
4.054%, due 03/15/293		1,700,000		1,623,276
5.141%, due 03/15/523		325,000		289,748
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/293		145,000		127,242
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/263		50,000		47,394
Six Flags Entertainment Corp.
4.875%, due 07/31/243		55,000		54,780
5.500%, due 04/15/273,5		40,000		39,200

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
Six Flags Theme Parks, Inc.
7.000%, due 07/01/253		125,000		129,844
				3,428,767
Environmental control—0.1%
GFL Environmental, Inc.
4.750%, due 06/15/293		290,000		263,175
Harsco Corp.
5.750%, due 07/31/273		230,000		207,000
				470,175
Food—0.4%
Kraft Heinz Foods Co.
7.125%, due 08/01/393		1,200,000		1,402,872
Kroger Co.
5.400%, due 01/15/49		115,000		123,952
Performance Food Group, Inc.
4.250%, due 08/01/293		110,000		97,760
5.500%, due 10/15/273		95,000		92,190
Pilgrim's Pride Corp.
3.500%, due 03/01/323		85,000		71,825
4.250%, due 04/15/313		145,000		132,313
Post Holdings, Inc.
4.500%, due 09/15/313		110,000		91,476
4.625%, due 04/15/303		115,000		98,325
5.625%, due 01/15/283		35,000		33,093
Sysco Corp.
6.600%, due 04/01/50		184,000		218,738
US Foods, Inc.
4.625%, due 06/01/303		75,000		67,125
6.250%, due 04/15/253		165,000		169,506
				2,599,175
Food Service—0.1%
Aramark Services, Inc.
5.000%, due 04/01/253		300,000		297,375
5.000%, due 02/01/283		530,000		494,251
				791,626
Gas—0.9%
National Fuel Gas Co.
2.950%, due 03/01/31		1,900,000		1,624,060

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Gas—(concluded)
NiSource, Inc.
3.600%, due 05/01/30		1,200,000		1,121,873
Southern California Gas Co.
2.950%, due 04/15/27		1,300,000		1,243,177
Southwest Gas Corp.
4.050%, due 03/15/32		1,400,000		1,323,607
				5,312,717
Healthcare-products—0.2%
Mozart Debt Merger Sub, Inc.
3.875%, due 04/01/293		105,000		91,745
Thermo Fisher Scientific, Inc.
1.750%, due 10/15/28		1,400,000		1,233,741
				1,325,486
Healthcare-services—0.5%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/293		160,000		151,600
Centene Corp.
3.000%, due 10/15/30		165,000		143,550
CHS/Community Health Systems, Inc.
5.250%, due 05/15/303		125,000		109,581
DaVita, Inc.
4.625%, due 06/01/303		130,000		113,100
HCA, Inc.
3.125%, due 03/15/273		1,300,000		1,222,574
4.125%, due 06/15/29		549,000		525,261
5.625%, due 09/01/28		30,000		31,003
5.875%, due 02/01/29		30,000		31,249
Molina Healthcare, Inc.
3.875%, due 05/15/323		165,000		144,867
Tenet Healthcare Corp.
4.625%, due 09/01/243		15,000		14,869
4.625%, due 06/15/283		365,000		344,013
5.125%, due 11/01/273		45,000		43,693
U.S. Acute Care Solutions LLC
6.375%, due 03/01/263		60,000		58,275
				2,933,635
Home builders—0.6%
D.R. Horton, Inc.
4.375%, due 09/15/22		1,400,000		1,403,556

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
NVR, Inc.
3.950%, due 09/15/22		1,800,000		1,802,632
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/283		370,000		331,150
4.750%, due 04/01/293		40,000		34,620
Taylor Morrison Communities, Inc.
5.750%, due 01/15/283		35,000		34,212
5.875%, due 06/15/273		35,000		34,744
Toll Brothers Finance Corp.
4.350%, due 02/15/28		25,000		23,842
				3,664,756
Household products/wares—0.0%†
Spectrum Brands, Inc.
5.000%, due 10/01/293		15,000		13,950
5.500%, due 07/15/303		55,000		51,183
				65,133
Insurance—1.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.250%, due 10/15/273		330,000		304,772
Corebridge Financial, Inc.
4.350%, due 04/05/42		130,000		117,562
Equitable Holdings, Inc.
4.350%, due 04/20/28		1,700,000		1,691,006
Fidelity National Financial, Inc.
3.400%, due 06/15/30		1,500,000		1,357,615
GA Global Funding Trust
0.800%, due 09/13/243		1,400,000		1,303,863
Liberty Mutual Group, Inc.
(fixed, converts to FRN on 12/15/26),
4.125%, due 12/15/513		110,000		99,825
Progressive Corp.
2.500%, due 03/15/27		1,300,000		1,231,847
Prudential Financial, Inc.
(fixed, converts to FRN on 02/28/32),
5.125%, due 03/01/52		70,000		68,075
Reliance Standard Life Global Funding II
3.850%, due 09/19/233		1,400,000		1,411,636

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Ryan Specialty Group LLC
4.375%, due 02/01/303		60,000		54,722
				7,640,923
Internet—0.5%
Cars.com, Inc.
6.375%, due 11/01/283		145,000		135,868
Expedia Group, Inc.
3.800%, due 02/15/28		1,400,000		1,333,349
6.250%, due 05/01/253		1,196,000		1,248,289
Match Group Holdings II LLC
4.625%, due 06/01/283		145,000		135,165
5.625%, due 02/15/293,5		135,000		130,275
Netflix, Inc.
5.875%, due 11/15/28		20,000		20,600
6.375%, due 05/15/29		20,000		21,200
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/273		80,000		72,774
				3,097,520
Investment companies—0.2%
Owl Rock Capital Corp.
2.875%, due 06/11/28		1,300,000		1,107,186
Iron & steel—0.1%
Allegheny Technologies, Inc.
4.875%, due 10/01/29		35,000		31,847
5.125%, due 10/01/31		35,000		31,615
Carpenter Technology Corp.
7.625%, due 03/15/30		75,000		76,367
CSN Inova Ventures
6.750%, due 01/28/283		145,000		144,030
Metinvest BV
7.650%, due 10/01/273		25,000		13,312
7.750%, due 10/17/293		110,000		58,300
				355,471
Leisure Time—0.2%
Carnival Corp.
4.000%, due 08/01/283		150,000		135,021
5.750%, due 03/01/273		260,000		235,434
7.625%, due 03/01/263		175,000		171,281
9.875%, due 08/01/273		45,000		48,499

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
Life Time, Inc.
5.750%, due 01/15/263		100,000		97,030
Lindblad Expeditions LLC
6.750%, due 02/15/273		50,000		49,063
NCL Corp. Ltd.
5.875%, due 02/15/273		75,000		71,493
Royal Caribbean Cruises Ltd.
5.500%, due 08/31/263		165,000		153,746
5.500%, due 04/01/283,5		175,000		159,687
7.500%, due 10/15/27		100,000		101,644
				1,222,898
Lodging—1.0%
Las Vegas Sands Corp.
3.200%, due 08/08/24		1,400,000		1,344,504
Marriott International, Inc.
3.600%, due 04/15/24		1,500,000		1,504,421
Melco Resorts Finance Ltd.
5.625%, due 07/17/273		105,000		89,644
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/283		175,000		163,107
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/273,5		140,000		128,754
5.500%, due 03/01/253		2,484,000		2,403,270
Wynn Macau Ltd.
5.500%, due 01/15/263		75,000		64,875
				5,698,575
Machinery-construction & mining—0.0%†
Terex Corp.
5.000%, due 05/15/293		150,000		137,841
Vertiv Group Corp.
4.125%, due 11/15/283		155,000		135,044
				272,885
Media—2.2%
AMC Networks, Inc.
4.250%, due 02/15/295		200,000		174,092
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/303		100,000		87,250
4.750%, due 03/01/303		205,000		183,219
4.750%, due 02/01/323		245,000		210,536
5.000%, due 02/01/283		210,000		200,025

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Media—(concluded)
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		1,400,000			1,192,980
3.500%, due 06/01/41		1,400,000			1,023,045
4.800%, due 03/01/50		565,000			462,886
Comcast Corp.
2.937%, due 11/01/563		685,000			489,997
CSC Holdings LLC
5.750%, due 01/15/303		810,000			672,300
7.500%, due 04/01/283		325,000			299,601
Discovery Communications LLC
4.650%, due 05/15/50		280,000			240,842
DISH DBS Corp.
5.125%, due 06/01/29		145,000			113,261
5.875%, due 11/15/24		115,000			111,550
7.375%, due 07/01/285		315,000			275,430
7.750%, due 07/01/26		30,000			28,220
Fox Corp.
5.576%, due 01/25/49		310,000			321,219
Paramount Global
4.200%, due 05/19/32		285,000			262,941
4.950%, due 01/15/31		270,000			267,440
(fixed, converts to FRN on 03/30/27),
6.375%, due 03/30/62		330,000			319,824
Radiate Holdco LLC/Radiate Finance, Inc.
4.500%, due 09/15/263		110,000			101,298
Sirius XM Radio, Inc.
4.125%, due 07/01/303		470,000			412,702
5.000%, due 08/01/273		25,000			24,125
5.500%, due 07/01/293		130,000			125,016
Time Warner Entertainment Co. LP
8.375%, due 03/15/23		1,200,000			1,253,713
Virgin Media Secured Finance PLC
5.000%, due 04/15/273	GBP		2,200,000		2,700,274
5.500%, due 05/15/293		200,000			185,000
Walt Disney Co.
3.600%, due 01/13/51		1,500,000			1,294,761
					13,033,547
Mining—0.1%
Constellium SE
5.625%, due 06/15/283		50,000			47,875
Corp. Nacional del Cobre de Chile
3.150%, due 01/14/303		125,000			112,758

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
FMG Resources August 2006 Pty Ltd.
5.875%, due 04/15/303		45,000		44,676
6.125%, due 04/15/323		40,000		39,701
Hudbay Minerals, Inc.
4.500%, due 04/01/263		250,000		231,139
6.125%, due 04/01/293,5		115,000		108,821
Joseph T Ryerson & Son, Inc.
8.500%, due 08/01/283		54,000		58,050
Volcan Cia Minera SAA
4.375%, due 02/11/263		45,000		40,297
				683,317
Office & business equipment—0.0%†
CDW LLC / CDW Finance Corp.
3.569%, due 12/01/31		175,000		153,219
Oil & gas—1.1%
Antero Resources Corp.
5.375%, due 03/01/303		110,000		107,480
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/263		85,000		85,666
BP Capital Markets America, Inc.
3.633%, due 04/06/30		225,000		216,970
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/30),
4.875%, due 03/22/308		540,000		517,698
Chesapeake Energy Corp.
6.750%, due 04/15/293		185,000		186,156
Comstock Resources, Inc.
6.750%, due 03/01/293		150,000		151,677
Continental Resources, Inc.
5.750%, due 01/15/313		1,200,000		1,226,808
CrownRock LP/CrownRock Finance, Inc.
5.625%, due 10/15/253		35,000		35,000
Ecopetrol SA
5.875%, due 05/28/45		65,000		51,350
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/293		64,000		62,720
6.000%, due 04/15/30		85,000		84,362
6.000%, due 02/01/313		71,000		68,518
6.250%, due 11/01/283		75,000		74,674
KazMunayGas National Co. JSC
5.750%, due 04/19/473		65,000		58,776

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Medco Bell Pte Ltd.
6.375%, due 01/30/273		55,000		51,425
Occidental Petroleum Corp.
3.200%, due 08/15/26		1,200,000		1,128,000
6.600%, due 03/15/46		215,000		234,350
Odebrecht Offshore Drilling Finance Ltd.
6.720%, due 12/01/226		54,055		53,245
7.720%, due 12/01/266,7		1,437,666		313,811
PDC Energy, Inc.
5.750%, due 05/15/26		195,000		189,766
Pertamina Persero PT
6.450%, due 05/30/443		40,000		42,000
Petroleos Mexicanos
6.350%, due 02/12/48		85,000		59,207
7.690%, due 01/23/50		260,000		202,930
Range Resources Corp.
4.875%, due 05/15/25		160,000		158,400
8.250%, due 01/15/29		85,000		91,137
Rio Oil Finance Trust
9.250%, due 07/06/243		614,150		637,680
Rockcliff Energy II LLC
5.500%, due 10/15/293		50,000		48,500
Southwestern Energy Co.
4.750%, due 02/01/32		210,000		198,582
				6,336,888
Oil & gas services—0.0%†
Odebrecht Oil & Gas Finance Ltd.
0.000%, due 05/30/223,8,10		174,037		631
TechnipFMC PLC
6.500%, due 02/01/263		110,000		113,850
				114,481
Packaging & containers—0.5%
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/283		115,000		108,100
Intertape Polymer Group, Inc.
4.375%, due 06/15/293		560,000		576,173
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.
4.375%, due 10/15/283		175,000		154,437
Trivium Packaging Finance BV
5.500%, due 08/15/263		200,000		193,250

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
WRKCo, Inc.
4.650%, due 03/15/26		1,200,000		1,226,925
4.900%, due 03/15/295		500,000		513,789
				2,772,674
Pharmaceuticals—1.8%
AbbVie, Inc.
3.800%, due 03/15/25		305,000		305,271
4.250%, due 11/14/28		1,200,000		1,196,104
4.700%, due 05/14/45		120,000		117,030
Bausch Health Cos., Inc.
5.000%, due 01/30/283		145,000		106,962
Bayer US Finance II LLC
3 mo. USD LIBOR + 1.010%,
1.126%, due 12/15/232,3		1,900,000		1,908,870
Cigna Corp.
3 mo. USD LIBOR + 0.890%,
1.014%, due 07/15/23 2		800,000		804,342
4.375%, due 10/15/28		1,400,000		1,404,558
CVS Health Corp.
2.125%, due 09/15/31		1,400,000		1,163,460
5.050%, due 03/25/48		270,000		271,627
CVS Pass-Through Trust
4.704%, due 01/10/363		2,652,780		2,656,744
Embecta Corp.
5.000%, due 02/15/303		255,000		230,138
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.125%, due 04/30/283		200,000		186,060
5.125%, due 04/30/313		200,000		180,750
Viatris, Inc.
4.000%, due 06/22/50		325,000		240,333
Vizient, Inc.
6.250%, due 05/15/273		55,000		56,788
				10,829,037
Pipelines—2.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/293		385,000		360,868
5.750%, due 01/15/283		93,000		90,425
7.875%, due 05/15/263		85,000		88,909
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/253		55,000		56,650
Buckeye Partners LP
5.600%, due 10/15/44		110,000		88,275

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
Cheniere Corpus Christi Holdings LLC
7.000%, due 06/30/24		1,600,000		1,677,835
Cheniere Energy Partners LP
4.500%, due 10/01/29		155,000		148,412
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/313		495,000		456,538
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.625%, due 05/01/273		10,000		9,738
DCP Midstream Operating LP
5.600%, due 04/01/44		5,000		4,780
(fixed, converts to FRN on 05/21/23),
5.850%, due 05/21/433		30,000		27,266
6.750%, due 09/15/373		30,000		33,690
DT Midstream, Inc.
4.125%, due 06/15/293		290,000		263,900
Enbridge, Inc.
2.500%, due 02/14/25		210,000		203,432
Energy Transfer LP
5.250%, due 04/15/29		1,500,000		1,523,599
Series B,
(fixed, converts to FRN on 02/15/28),
6.625%, due 02/15/288		750,000		648,750
Series G,
(fixed, converts to FRN on 05/15/30),
7.125%, due 05/15/308		760,000		717,136
Enterprise Products Operating LLC
4.200%, due 01/31/50		300,000		262,953
EQM Midstream Partners LP
4.500%, due 01/15/293		60,000		54,013
4.750%, due 01/15/313		60,000		53,496
5.500%, due 07/15/28		175,000		167,125
6.000%, due 07/01/253		40,000		39,642
6.500%, due 07/01/273		130,000		131,300
Genesis Energy LP/Genesis Energy Finance Corp.
6.250%, due 05/15/26		35,000		32,638
6.500%, due 10/01/25		40,000		38,000
7.750%, due 02/01/28		105,000		101,062
8.000%, due 01/15/27		40,000		39,230
Global Partners LP/GLP Finance Corp.
6.875%, due 01/15/29		35,000		34,127
Harvest Midstream I LP
7.500%, due 09/01/283		145,000		147,126

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
Kinder Morgan, Inc.
5.550%, due 06/01/45		320,000			321,775
7.750%, due 01/15/32		1,400,000			1,701,835
MPLX LP
4.700%, due 04/15/48		378,000			333,350
New Fortress Energy, Inc.
6.500%, due 09/30/263		375,000			362,932
6.750%, due 09/15/253		320,000			314,605
NuStar Logistics LP
5.625%, due 04/28/27		30,000			28,768
5.750%, due 10/01/25		60,000			59,700
6.000%, due 06/01/26		35,000			34,917
Plains All American Pipeline LP/PAA Finance Corp.
3.550%, due 12/15/29		185,000			168,526
Southern Gas Corridor CJSC
6.875%, due 03/24/263		45,000			47,644
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 03/01/273		55,000			52,800
6.000%, due 12/31/303		200,000			185,000
6.000%, due 09/01/313		210,000			191,625
7.500%, due 10/01/253		235,000			239,822
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.000%, due 01/15/28		10,000			9,835
6.500%, due 07/15/27		10,000			10,301
6.875%, due 01/15/29		10,000			10,547
Venture Global Calcasieu Pass LLC
3.875%, due 11/01/333		80,000			69,604
4.125%, due 08/15/313		110,000			99,825
Western Midstream Operating LP
4.550%, due 02/01/304,5		65,000			59,715
5.750%, due 02/01/504		100,000			88,116
					11,892,157
Private Equity—0.2%
Carlyle Finance Subsidiary LLC
3.500%, due 09/19/293		1,500,000			1,411,114
Real estate—0.4%
Realogy Group LLC/Realogy Co-Issuer Corp.
5.250%, due 04/15/303		75,000			60,764
Tesco Property Finance 5 PLC
5.661%, due 10/13/416	GBP		677,078		968,675

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Real estate—(concluded)
Vesteda Finance BV
2.500%, due 10/27/226	EUR	1,000,000		1,061,238
				2,090,677
Real estate investment trusts—0.6%
American Finance Trust, Inc./American Finance Operating Partner LP
4.500%, due 09/30/283	210,000			178,802
American Tower Corp.
2.400%, due 03/15/25	165,000			158,614
EPR Properties
3.750%, due 08/15/29	160,000			141,675
Iron Mountain, Inc.
4.875%, due 09/15/273	175,000			167,125
4.875%, due 09/15/293	100,000			91,605
5.000%, due 07/15/283	250,000			236,833
5.250%, due 03/15/283	380,000			361,961
5.250%, due 07/15/303	55,000			50,410
5.625%, due 07/15/323	345,000			311,956
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/293	165,000			151,139
5.875%, due 10/01/283	130,000			126,100
7.500%, due 06/01/253	140,000			144,858
RHP Hotel Properties LP/RHP Finance Corp.
4.750%, due 10/15/27	345,000			321,699
RLJ Lodging Trust LP
4.000%, due 09/15/293	140,000			124,982
Service Properties Trust
4.950%, due 02/15/27	175,000			151,650
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/283	635,000			566,737
Vici Properties, Inc.
4.500%, due 01/15/28	10,000			9,659
XHR LP
4.875%, due 06/01/293	135,000			124,316
				3,420,121
Retail—0.7%
1011778 BC ULC/New Red Finance, Inc.
4.000%, due 10/15/303		145,000		123,953
7-Eleven, Inc.
0.950%, due 02/10/263		1,578,000		1,411,280
Asbury Automotive Group, Inc.
4.625%, due 11/15/293		40,000		36,005
5.000%, due 02/15/323		25,000		22,187

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
Bath & Body Works, Inc.
6.625%, due 10/01/303		200,000		198,921
Gap, Inc.
3.625%, due 10/01/293,5		55,000		44,737
3.875%, due 10/01/313		65,000		51,818
GYP Holdings III Corp.
4.625%, due 05/01/293		80,000		70,900
Ken Garff Automotive LLC
4.875%, due 09/15/283		95,000		86,454
LCM Investments Holdings II LLC
4.875%, due 05/01/293		155,000		135,830
McDonald's Corp.
3.625%, due 09/01/49		130,000		108,706
Starbucks Corp.
2.550%, due 11/15/30		1,700,000		1,474,285
Yum! Brands, Inc.
5.375%, due 04/01/32		140,000		133,790
				3,898,866
Semiconductors—1.8%
Broadcom, Inc.
3.137%, due 11/15/353		3,762,000		3,038,652
3.419%, due 04/15/333		1,300,000		1,115,323
3.500%, due 02/15/413		285,000		221,633
4.926%, due 05/15/373		1,468,000		1,372,360
Micron Technology, Inc.
4.975%, due 02/06/26		1,400,000		1,434,286
NXP BV/NXP Funding LLC
4.875%, due 03/01/243		1,500,000		1,529,344
QUALCOMM, Inc.
4.800%, due 05/20/45		2,000,000		2,089,323
				10,800,921
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/283		1,400,000		1,207,624
Software—0.8%
Citrix Systems, Inc.
3.300%, due 03/01/305		1,100,000		1,084,749
Clarivate Science Holdings Corp.
3.875%, due 07/01/283		110,000		97,900

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Software—(concluded)
Consensus Cloud Solutions, Inc.
6.500%, due 10/15/283		90,000			84,600
Electronic Arts, Inc.
1.850%, due 02/15/315		1,700,000			1,406,949
Open Text Corp.
3.875%, due 12/01/293		95,000			84,423
Open Text Holdings, Inc.
4.125%, due 12/01/313		60,000			52,010
Oracle Corp.
3.850%, due 04/01/60		1,400,000			989,602
3.950%, due 03/25/51		375,000			284,843
4.000%, due 11/15/47		345,000			268,131
Rackspace Technology Global, Inc.
3.500%, due 02/15/283		155,000			134,055
Ziff Davis, Inc.
4.625%, due 10/15/303		303,000			270,182
					4,757,444
Telecommunications—2.0%
Altice France SA
5.125%, due 07/15/293		670,000			567,195
5.875%, due 02/01/273	EUR		1,100,000		1,163,346
AT&T, Inc.
3.500%, due 09/15/53		335,000			262,273
3.650%, due 06/01/51		115,000			93,201
4.500%, due 03/09/48		441,000			413,293
C&W Senior Financing DAC
6.875%, due 09/15/273		45,000			43,664
Ciena Corp.
4.000%, due 01/31/303		65,000			59,272
CommScope, Inc.
4.750%, due 09/01/293		655,000			547,639
Consolidated Communications, Inc.
5.000%, due 10/01/283		115,000			93,978
6.500%, due 10/01/283		105,000			91,491
Frontier Communications Holdings LLC
5.875%, due 10/15/273		230,000			220,225
Level 3 Financing, Inc.
3.750%, due 07/15/293		75,000			60,938
3.875%, due 11/15/293		1,200,000			1,058,856
4.625%, due 09/15/273		235,000			211,206
Lumen Technologies, Inc.
4.500%, due 01/15/293		105,000			82,966
5.375%, due 06/15/293		155,000			126,218

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
Motorola Solutions, Inc.
2.300%, due 11/15/30		1,400,000		1,145,562
Oztel Holdings SPC Ltd.
6.625%, due 04/24/283		110,000		113,802
Rogers Communications, Inc.
3.800%, due 03/15/323		140,000		128,918
4.550%, due 03/15/523		320,000		283,914
T-Mobile USA, Inc.
2.550%, due 02/15/31		1,300,000		1,104,148
3.400%, due 10/15/523		370,000		280,343
4.500%, due 04/15/50		285,000		259,740
Verizon Communications, Inc.
2.355%, due 03/15/32		350,000		293,878
2.550%, due 03/21/31		1,600,000		1,392,819
2.850%, due 09/03/41		1,700,000		1,326,602
Vmed O2 UK Financing I PLC
4.750%, due 07/15/313		435,000		373,012
				11,798,499
Transportation—0.3%
AP Moller - Maersk A/S
4.500%, due 06/20/293		1,500,000		1,513,274
MV24 Capital BV
6.748%, due 06/01/343		36,123		34,367
				1,547,641
Trucking & leasing—0.3%
SMBC Aviation Capital Finance DAC
4.125%, due 07/15/233		1,600,000		1,595,456

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(concluded)
Water—0.0%†
Solaris Midstream Holdings LLC
7.625%, due 04/01/263		115,000			117,875
Total corporate bonds (cost—$337,873,728)					308,492,842
Loan assignments—0.6%
Broadcast—0.6%
Hilton Worldwide Finance LLC,
2019 Term Loan B2,
1 mo. USD LIBOR + 1.750%,
0.024%, due 06/22/262
(cost — $3,505,444)		3,524,014			3,479,964
Mortgage-backed securities—13.3%
1211 Avenue of the Americas Trust,
Series 2015-1211, Class A1A1,
3.901%, due 08/10/353		1,500,000			1,488,328
Adjustable Rate Mortgage Trust,
Series 2005-5, Class 2A1,
2.595%, due 09/25/3511		42,798			39,653
Alba PLC,
Series 2007-1, Class A3,
SONIA + 0.289%,
0.241%, due 03/17/392,6	GBP		333,004		404,274
Alternative Loan Trust,
Series 2003-J3, Class 2A1,
6.250%, due 12/25/33		12,540			12,357
Series 2005-62, Class 2A1,
12 mo. MTA + 1.000%,
1.087%, due 12/25/352		94,476			84,905
Series 2006-14CB, Class A1,
6.000%, due 06/25/36		1,282,895			870,567
Series 2006-41CB, Class 1A9,
6.000%, due 01/25/37		326,646			223,375
Ashford Hospitality Trust,
Series 2018-KEYS, Class A,
1 mo. USD LIBOR + 1.000%,
1.090%, due 06/15/352,3		1,500,000			1,487,166
BAMLL Commercial Mortgage Securities Trust,
Series 2012-PARK, Class A,
2.959%, due 12/10/303		1,000,000			1,001,814

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Banc of America Funding Trust,
Series 2005-D, Class A1,
2.785%, due 05/25/3511		208,516	211,558
BANK,
Series 2022-BNK40, Class A4,
3.507%, due 03/15/6411		1,300,000	1,247,116
Bank of America Mortgage Trust,
Series 2002-G, Class 1A3,
4.126%, due 07/20/3211		82	82
BBCCRE Trust,
Series 2015-GTP, Class A,
3.966%, due 08/10/333		3,600,000	3,535,003
Bear Stearns Alternative Loan Trust-A Trust,
Series 2003-3, Class 1A,
2.169%, due 10/25/3311		2,996	3,004
Series 2004-9, Class 2A1,
2.825%, due 09/25/3411		114,673	114,525
Series 2005-7, Class 22A1,
2.894%, due 09/25/3511		285,814	207,112
Series 2006-1, Class 21A2,
3.030%, due 02/25/3611		393,211	320,269
Bear Stearns ARM Trust,
Series 2003-1, Class 6A1,
2.500%, due 04/25/3311		4,429	4,615
Series 2003-5, Class 2A1,
2.576%, due 08/25/3311		46,370	46,032
Series 2004-3, Class 1A2,
3.131%, due 07/25/3411		46,548	44,346
Series 2004-6, Class 2A1,
3.363%, due 09/25/3411		248,152	242,250
Series 2004-7, Class 1A1,
0.000%, due 10/25/3411		96,973	80,225
BPR Trust,
Series 2022-OANA, Class D,
1 Month CME Term SOFR + 3.695%,
4.045%, due 04/15/372		348,000	347,235
BX Commercial Mortgage Trust,
Series 2021-VOLT, Class D,
1 mo. USD LIBOR + 1.650%,
1.841%, due 09/15/362,3		385,000	372,813
BX Trust,
Series 2018-GW, Class A,
1 mo. USD LIBOR + 0.800%,
0.991%, due 05/15/352,3		1,200,000	1,177,379
Series 2019-OC11, Class C,
3.856%, due 12/09/413		121,000	110,460

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2019-OC11, Class D,
4.076%, due 12/09/413,11		63,000	56,279
Series 2021-SDMF, Class D,
1 mo. USD LIBOR + 1.387%,
1.784%, due 09/15/342,3		392,000	371,193
Chase Mortgage Finance Corp.,
Series 2005-S3, Class A10,
5.500%, due 11/25/35		881,944	748,074
Chase Mortgage Finance Trust,
Series 2007-S6, Class 2A1,
5.500%, due 12/25/22		492,906	251,308
CHL Mortgage Pass-Through Trust,
Series 2004-12, Class 11A1,
3.002%, due 08/25/3411		11,977	12,094
Series 2005-HYB9, Class 5A1,
12 mo. USD LIBOR + 1.750%,
1.991%, due 02/20/362		105,438	103,924
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class XA,
1.333%, due 02/10/4811		3,008,626	88,591
Citigroup Mortgage Loan Trust,
Series 2005-11, Class A1A,
1 year CMT + 2.400%,
2.470%, due 05/25/352		33,812	33,429
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-4, Class A,
2.664%, due 08/25/3511		137,489	138,958
Series 2005-6, Class A2,
1 year CMT + 2.150%,
2.210%, due 09/25/352		7,963	8,082
Series 2005-6, Class A3,
1 year CMT + 1.800%,
1.860%, due 09/25/352		1,764	1,750
COMM Mortgage Trust,
Series 2014-LC15, Class XA,
1.065%, due 04/10/4711		7,596,371	117,343
Series 2014-UBS3, Class XA,
1.066%, due 06/10/4711		2,724,822	46,704
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-12, Class 11A2,
3.002%, due 08/25/3411		7,663	7,740
CSMC Trust,
Series 2021-JR2, Class A1,
2.215%, due 11/25/613,11		989,305	956,323

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (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		110,530	104,665
Extended Stay America Trust,
Series 2021-ESH, Class A,
1 mo. USD LIBOR + 1.080%,
1.171%, due 07/15/382,3		1,391,436	1,372,216
FHLMC GNMA,
Series 23, Class KZ,
6.500%, due 11/25/23		3,757	3,832
FHLMC REMIC,
Series 1367, Class KA,
6.500%, due 09/15/22		11	11
Series 1502, Class PX,
7.000%, due 04/15/23		10,001	10,168
Series 1503, Class PZ,
7.000%, due 05/15/23		3,426	3,495
Series 1534, Class Z,
5.000%, due 06/15/23		2,887	2,905
Series 1562, Class Z,
7.000%, due 07/15/23		6,588	6,731
Series 1694, Class Z,
6.500%, due 03/15/24		3,615	3,730
Series 2061, Class Z,
6.500%, due 06/15/28		23,192	24,735
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
0.589%, due 01/15/322		12,715	12,773
Series 2764, Class LZ,
4.500%, due 03/15/34		284,207	289,481
Series 2764, Class ZG,
5.500%, due 03/15/34		985,714	1,044,283
Series 2835, Class JZ,
5.000%, due 08/15/34		166,705	174,466
Series 2921, Class PG,
5.000%, due 01/15/35		690,081	723,849
Series 2983, Class TZ,
6.000%, due 05/15/35		685,554	735,362
Series 3149, Class CZ,
6.000%, due 05/15/36		718,777	779,929
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2018-HQA1, Class M2,
1 mo. USD LIBOR + 2.300%,
2.389%, due 09/25/302		656,357	660,422

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2020-RR04, Class X,
2.126%, due 02/27/2911		3,460,000		393,082
Series 2022-DNA2, Class M2,
30-Day Average SOFR + 3.750%,
3.799%, due 02/25/422,3		326,000		321,118
Series 2022-DNA3, Class M1B,
30-Day Average SOFR + 2.900%,
3.267%, due 04/25/422		210,000		210,133
Series 2022-HQA1, Class M2,
30-Day Average SOFR + 5.250%,
5.300%, due 03/25/422,3		383,000		390,679
FHLMC Structured Pass-Through Certificates,
Series T-54, Class 2A,
6.500%, due 02/25/43		353,970		389,350
Series T-58, Class 2A,
6.500%, due 09/25/43		189,340		200,045
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3, Class 2A1,
2.754%, due 08/25/3511		8,433		5,920
FNMA,
Series 2003-W8, Class 2A,
7.000%, due 10/25/42		15,728		16,864
Series 2004-T1, Class 1A1,
6.000%, due 01/25/44		243,214		257,393
Series 2004-W8, Class 2A,
6.500%, due 06/25/44		240,165		256,625
FNMA Connecticut Avenue Securities,
Series 2017-C02, Class 2M2,
1 mo. USD LIBOR + 3.650%,
3.739%, due 09/25/292		1,001,165		1,023,442
Series 2017-C03, Class 1M2,
1 mo. USD LIBOR + 3.000%,
3.089%, due 10/25/292		470,250		482,639
Series 2017-C04, Class 2M2,
1 mo. USD LIBOR + 2.850%,
2.939%, due 11/25/292		1,012,016		1,033,978
Series 2017-C05, Class 1M2,
1 mo. USD LIBOR + 2.200%,
2.289%, due 01/25/302		303,739		306,020
Series 2017-C06, Class 1M2,
1 mo. USD LIBOR + 2.650%,
2.739%, due 02/25/302		218,815		221,517
Series 2017-C06, Class 2M2,
1 mo. USD LIBOR + 2.800%,
2.889%, due 02/25/302		243,647		249,171

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2022-R01, Class 1M2,
30-Day Average SOFR + 1.900%,
1.950%, due 12/25/41 2,3		343,000		330,570
Series 2022-R03, Class 1M2,
30-Day Average SOFR + 3.500%,
3.599%, due 03/25/422,3		475,000		483,336
Series 2022-R04, Class 1M2,
30-Day Average SOFR + 3.100%,
3.199%, due 03/25/422		191,000		191,958
FNMA REMIC,
Series 1992-129, Class L,
6.000%, due 07/25/22		1		1
Series 1993-160, Class ZB,
6.500%, due 09/25/23		1,071		1,089
Series 1993-163, Class ZA,
7.000%, due 09/25/23		274		279
Series 1993-37, Class PX,
7.000%, due 03/25/23		394		398
Series 1993-60, Class Z,
7.000%, due 05/25/23		3,080		3,130
Series 1993-70, Class Z,
6.900%, due 05/25/23		446		454
Series 1993-96, Class PZ,
7.000%, due 06/25/23		2,390		2,418
Series 2000-34, Class F,
1 mo. USD LIBOR + 0.450%,
0.539%, due 10/25/302		1,505		1,507
Series 2002-80, Class A1,
6.500%, due 11/25/42		385,028		413,953
Series 2003-64, Class AH,
6.000%, due 07/25/33		813,996		880,350
Series 2005-120, Class ZU,
5.500%, due 01/25/36		824,645		883,781
Series 2005-24, Class ZE,
5.000%, due 04/25/35		319,595		333,879
Series 2006-65, Class GD,
6.000%, due 07/25/26		206,677		215,377
FNMA REMIC Trust,
Series 1999-W4, Class A9,
6.250%, due 02/25/29		89,232		94,339
GNMA,
Series 2003-98, Class Z,
6.000%, due 11/20/33		2,298,090		2,406,323
Series 2005-26, Class ZA,
5.500%, due 01/20/35		4,546,563		4,697,721

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Series 2015-H20, Class FB,
1 mo. USD LIBOR + 0.600%,
0.683%, due 08/20/652		944,777		942,798
Series 2016-H11, Class F,
1 mo. USD LIBOR + 0.800%,
0.883%, due 05/20/662		675,281		676,897
Series 2016-H15, Class FA,
1 mo. USD LIBOR + 0.800%,
0.883%, due 07/20/662		1,251,998		1,255,123
Series 2017-182, Class FW,
1 mo. USD LIBOR + 0.350%,
0.432%, due 05/20/472		308,682		308,821
Series 2018-38, Class WF,
1 mo. USD LIBOR + 0.300%,
0.382%, due 10/20/432		909,227		903,393
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1,
2.864%, due 09/25/3511		111,081		111,578
Harborview Mortgage Loan Trust,
Series 2004-11, Class 3A1A,
1 mo. USD LIBOR + 0.700%,
0.780%, due 01/19/352		19,700		17,897
Series 2005-4, Class 3A1,
2.675%, due 07/19/3511		131,836		106,698
HGI CRE CLO Ltd.,
Series 2022-FL3, Class A,
30-Day Average SOFR + 1.700%,
1.806%, due 04/19/372,3		1,500,000		1,499,999
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class A,
1 mo. USD LIBOR + 1.060%,
2.560%, due 06/15/352,3		1,550,537		1,520,543
Series 2022-OPO, Class D,
3.450%, due 01/05/393,11		284,000		246,624
JPMorgan Mortgage Trust,
Series 2005-A8, Class 1A1,
2.745%, due 11/25/3511		335,494		296,152
Series 2006-A4, Class 2A2,
2.298%, due 06/25/3611		155,286		122,658
KREST Commercial Mortgage Securities Trust,
Series 2021-CHIP, Class A,
2.558%, due 11/05/443		1,400,000		1,223,871
Legacy Mortgage Asset Trust,
Series 2020-GS1, Class A1,
2.882%, due 10/25/593,4		1,124,637		1,118,967

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Ludgate Funding PLC,
Series 2007-1, Class A2A,
3 mo. GBP LIBOR + 0.160%,
0.245%, due 01/01/612,6	GBP	1,256,151		1,514,671
Series 2008-W1X, Class A1,
3 mo. GBP LIBOR + 0.600%,
0.685%, due 01/01/612,6	GBP	542,097		672,286
LUXE Trust,
Series 2021-MLBH, Class A,
1 mo. USD LIBOR + 0.980%,
1.070%, due 11/15/382,3	1,400,000			1,369,442
Series 2021-TRIP, Class A,
1 mo. USD LIBOR + 1.050%,
1.241%, due 10/15/382,3	1,300,000			1,274,010
Mansard Mortgages PLC,
Series 2007-1X, Class A2,
SONIA + 0.299%,
0.314%, due 04/15/472,6	GBP	774,651		941,871
MF1 Ltd.,
Series 2021-W10, Class A,
1 Month CME Term SOFR + 1.070%,
1.123%, due 12/15/342,3	1,300,000			1,282,758
Morgan Stanley Capital I Trust,
Series 2021-230P, Class A,
1 mo. USD LIBOR + 1.169%,
1.269%, due 12/15/232,3	1,400,000			1,381,966
NAAC Reperforming Loan REMIC Trust,
Series 2004-R3, Class A1,
6.500%, due 02/25/353	466,616			438,371
NYO Commercial Mortgage Trust,
Series 2021-1290, Class A,
1 mo. USD LIBOR + 1.095%,
1.175%, due 11/15/382,3	1,500,000			1,468,546
Onslow Bay Mortgage Loan Trust,
Series 2021-NQM4, Class A1,
1.957%, due 10/25/613,11	347,892			320,066
Ready Capital Mortgage Financing LLC,
Series 2021-FL7, Class A,
1 mo. USD LIBOR + 1.200%,
1.280%, due 11/25/362,3	1,298,285			1,288,564
Reperforming Loan REMIC Trust,
Series 2003-R4, Class 2A,
4.673%, due 01/25/343,11	426,522			382,751
Series 2006-R1, Class AF1,
1 mo. USD LIBOR + 0.340%,
0.429%, due 01/25/36 2,3	443,895			443,562

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(continued)
Residential Funding Mortgage Security I,
Series 2004-S9, Class 1A23,
5.500%, due 12/25/34	168,554			156,844
Sequoia Mortgage Trust,
Series 2007-3, Class 1A1,
1 mo. USD LIBOR + 0.400%,
0.486%, due 07/20/362	66,869			61,007
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			1,368,458
SGR Residential Mortgage Trust,
Series 2021-2, Class A1,
1.737%, due 12/25/613,11	577,064			540,338
SREIT Trust,
Series 2021-IND, Class A,
1 mo. USD LIBOR + 0.700%,
0.800%, due 10/15/382,3	1,400,000			1,359,696
Starwood Mortgage Residential Trust,
Series 2021-5, Class A1,
1.920%, due 09/25/663,11	1,189,886			1,103,175
Structured ARM Loan Trust,
Series 2004-8, Class 3A,
2.604%, due 07/25/3411	184,552			184,793
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
0.509%, due 04/25/362	523,027			481,673
Structured Asset Mortgage Investments, Inc.,
Series 2002-AR3, Class A1,
1 mo. USD LIBOR + 0.660%,
0.740%, due 09/19/322	35,765			35,264
Thornburg Mortgage Securities Trust,
Series 2007-4, Class 2A1,
1.961%, due 09/25/3711	269,024			266,611
Towd Point Mortgage Funding,
Series 2019-A13A, Class A1,
SONIA + 0.900%,
0.950%, due 07/20/452,3	GBP	3,895,580		4,898,949
Uropa Securities PLC,
Series 2007-1, Class A3A,
3 mo. GBP LIBOR + 0.200%,
0.318%, due 10/10/402,6	GBP	1,927,142		2,329,695
Verus Securitization Trust,
Series 2021-6, Class A1,
1.630%, due 10/25/663,11	1,187,311			1,089,996

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
Series 2021-6, Class A3,
1.887%, due 10/25/663,11		305,602		279,690
Series 2022-4, Class A3,
4.740%, due 04/25/6711,12		149,000		147,400
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR6, Class A,
12 mo. MTA + 1.400%,
1.487%, due 06/25/422		5,928		5,739
Series 2005-AR13, Class A1A1,
1 mo. USD LIBOR + 0.580%,
0.669%, due 10/25/452		252,250		247,869
Series 2006-AR2, Class 2A1,
3.178%, due 03/25/3611		386,578		373,602
Series 2006-AR9, Class 1A,
12 mo. MTA + 1.000%,
1.087%, due 08/25/462		268,529		263,179
Wells Fargo Commercial Mortgage Trust,
Series 2022-ONL, Class A,
3.862%, due 12/15/393		1,300,000		1,264,066
WFRBS Commercial Mortgage Trust,
Series 2014-C22, Class XA,
0.792%, due 09/15/5711		5,831,320		85,664
Series 2014-LC14, Class XA,
1.252%, due 03/15/4711		2,758,044		46,102
Total mortgage-backed securities (cost—$80,547,234)				78,990,840
Municipal bonds—0.4%
Colorado—0.0%†
City & County of Denver Co., GO Bonds,
Series A,
5.000%, due 08/01/33		80,000		95,013
District of Columbia—0.0%†
District of Columbia, GO Bonds,
Series D,
5.000%, due 02/01/33		50,000		57,731
Florida—0.0%†
State of Florida Department of Transportation Turnpike System Revenue, Revenue Bonds
5.000%, due 07/01/33		75,000		88,050
Illinois—0.2%
Sales Tax Securitization Corp.,
Series B,
3.057%, due 01/01/34		1,400,000		1,213,632

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Municipal bonds—(concluded)
Maryland—0.0%†
County of Montgomery MD, Refunding, GO Bonds,
Series A,
5.000%, due 08/01/31		75,000		88,737
Massachusetts—0.1%
Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds,
Series A,
5.250%, due 07/01/32		145,000		173,816
Massachusetts Development Finance Agency, President and Fellows of Harvard College, Revenue Bonds
5.000%, due 11/15/3213		150,000		181,784
				355,600
New York—0.1%
City of New York NY, Refunding, GO Bonds,
Series B-1,
5.000%, due 08/01/32		115,000		133,476
New York City Municipal Water Finance Authority, Revenue Bonds
5.000%, due 06/15/31		80,000		92,750
				226,226
Ohio—0.0%†
City of Columbus OH, GO Bonds,
Series A,
5.000%, due 04/01/3213		50,000		59,136
State of Ohio, GO Bonds,
Series A,
5.000%, due 03/01/34		75,000		87,589
				146,725
Texas—0.0%†
Texas Water Development Board, Revenue Bonds
5.000%, due 10/15/32		65,000		75,693
Virginia—0.0%†
Virginia Public Building Authority, Revenue Bonds,
Series A,
5.000%, due 08/01/33		80,000		93,625
Total municipal bonds (cost—$2,643,149)				2,441,032
Non-U.S. government agency obligations—2.3%
Colombia Government International Bond
3.000%, due 01/30/30		50,000		39,994
5.000%, due 06/15/45		90,000		67,236

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(continued)
Costa Rica Government International Bond
7.000%, due 04/04/443		40,000		37,958
Dominican Republic International Bond
6.850%, due 01/27/453		210,000		188,317
Egypt Government International Bond
5.875%, due 02/16/313		30,000		21,938
7.500%, due 02/16/613		190,000		126,825
8.500%, due 01/31/473		155,000		111,987
El Salvador Government International Bond
9.500%, due 07/15/523		25,000		10,000
Indonesia Government International Bond
4.625%, due 04/15/433		165,000		153,674
Israel Government International Bond
3.875%, due 07/03/50		1,700,000		1,606,287
4.125%, due 01/17/48		1,600,000		1,573,800
Japan Bank for International Cooperation
2.875%, due 07/21/27		2,200,000		2,157,003
Japan International Cooperation Agency
2.750%, due 04/27/27		1,300,000		1,274,729
Mexico Government International Bond
3.500%, due 02/12/34		175,000		147,875
4.400%, due 02/12/52		175,000		140,437
Mongolia Government International Bond
5.125%, due 04/07/263		55,000		51,431
Nigeria Government International Bond
7.625%, due 11/28/473		60,000		42,450
7.875%, due 02/16/323		75,000		62,813
Oman Government International Bond
6.250%, due 01/25/313		75,000		76,125
7.000%, due 01/25/513		140,000		134,400
Panama Government International Bond
2.252%, due 09/29/32		105,000		84,446
3.298%, due 01/19/33		150,000		131,475
Paraguay Government International Bond
4.950%, due 04/28/313		70,000		68,657
Peruvian Government International Bond
3.000%, due 01/15/34		250,000		208,250
6.350%, due 08/12/286	PEN	2,000,000		487,720
8.200%, due 08/12/266	PEN	2,000,000		544,339
Qatar Government International Bond
4.400%, due 04/16/503		60,000		60,600
4.500%, due 04/23/286		1,700,000		1,789,250
5.103%, due 04/23/486		1,600,000		1,780,000
Republic of South Africa Government International Bond
5.650%, due 09/27/47		90,000		70,948

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
5.750%, due 09/30/49		45,000		35,558
Romanian Government International Bond
3.000%, due 02/14/315,6		104,000		88,550
3.625%, due 03/27/323		50,000		43,041
4.000%, due 02/14/516		110,000		82,830
4.000%, due 02/14/513		60,000		45,180
Saudi Government International Bond
3.250%, due 11/17/513		65,000		52,081
3.750%, due 01/21/553		50,000		43,625
Turkey Government International Bond
5.875%, due 06/26/31		50,000		41,322
Ukraine Government International Bond
7.253%, due 03/15/333		220,000		68,200
Uruguay Government International Bond
5.100%, due 06/18/50		85,000		89,239
Total non-U.S. government agency obligations (cost—$14,721,875)				13,840,590
U.S. government agency obligations—2.1%
FHLMC
7.645%, due 05/01/25		430,945		451,313
FHLMC ARM
12 mo. USD LIBOR + 1.815%,
2.065%, due 03/01/362		1,108		1,127
FNMA
3.500%, due 03/01/35		386,737		388,090
4.500%, due 04/01/29		63,468		65,551
5.255%, due 11/01/3411		1,726,171		1,724,264
FNMA ARM
6 mo. USD LIBOR + 1.538%,
1.663%, due 01/01/362		2,821		2,883
12 mo. USD LIBOR + 1.420%,
1.795%, due 03/01/362		8,686		8,735
12 mo. USD LIBOR + 1.619%,
1.994%, due 12/01/352		18,354		18,623
12 mo. USD LIBOR + 1.780%,
2.030%, due 11/01/352		3,587		3,662
12 mo. USD LIBOR + 1.815%,
2.190%, due 03/01/362		16,728		17,074
12 mo. USD LIBOR + 1.942%,
2.192%, due 09/01/352		290		299
12 mo. USD LIBOR + 1.840%,
2.216%, due 03/01/362		16,125		16,470
12 mo. USD LIBOR + 1.912%,
2.287%, due 02/01/362		15,801		16,178

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. government agency obligations—(concluded)
1 year CMT + 2.227%,
2.346%, due 04/01/272		5,077		5,110
1 year CMT + 2.251%,
2.376%, due 05/01/272		2,808		2,805
1 year CMT + 2.103%,
2.661%, due 05/01/302		20,044		20,183
FNMA ARM COFI
3.250%, due 11/01/2612,14		6,280		5,763
FNMA TBA
3.000%		2,400,000		2,256,828
GNMA II
5.000%, due 07/20/49		2,396,410		2,521,386
5.000%, due 12/20/49		61,502		64,403
GNMA II ARM
1 year CMT + 1.500%,
1.625%, due 07/20/252		901		896
1 year CMT + 1.500%,
1.875%, due 05/20/262		3,045		3,040
1 year CMT + 1.500%,
2.000%, due 01/20/262		1,449		1,444
1 year CMT + 1.500%,
2.125%, due 11/20/232		319		317
GNMA II TBA
3.500%		750,000		733,430
UMBS TBA
3.000%		960,000		904,797
3.500%		1,660,000		1,609,300
4.000%		1,505,000		1,495,806
Total U.S. government agency obligations (cost—$12,493,563)				12,339,777
U.S. Treasury obligations—18.9%
U.S. Treasury Bonds
1.375%, due 11/15/40		8,700,000		6,510,727
1.375%, due 08/15/50		7,500,000		5,161,816
1.625%, due 11/15/50		2,500,000		1,837,695
1.875%, due 02/15/51		3,500,000		2,742,988
2.000%, due 02/15/50		645,000		520,535
2.375%, due 02/15/42		5,000,000		4,417,969
2.500%, due 02/15/45		53,400,000		47,269,430
2.750%, due 08/15/42		1,860,000		1,734,450
2.875%, due 08/15/45		2,600,000		2,463,195
3.000%, due 11/15/44		2,600,000		2,512,250
3.000%, due 05/15/45		200,000		193,438
3.000%, due 02/15/48		500,000		491,270

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
U.S. Treasury obligations—(concluded)
U.S. Treasury Inflation Index Bonds (TIPS)
0.125%, due 02/15/52		519,629		480,697
U.S. Treasury Notes
0.125%, due 11/30/22		1,640,000		1,625,970
0.125%, due 03/31/23		5,040,000		4,951,997
0.375%, due 10/31/23		1,865,000		1,805,990
0.875%, due 06/30/26		1,990,000		1,828,313
1.250%, due 03/31/28		1,975,000		1,791,078
1.625%, due 05/15/31		1,485,000		1,334,702
1.750%, due 06/30/24		5,400,000		5,283,562
1.875%, due 08/31/22		700,000		701,613
2.000%, due 10/31/2215		1,000,000		1,002,734
2.125%, due 09/30/24		10,900,000		10,721,172
2.250%, due 08/15/27		5,000,000		4,825,977
Total U.S. Treasury obligations
(cost—$126,525,301)				112,209,568

	Number of shares
Exchange traded funds—0.5%
Invesco Senior Loan ETF		128,361	2,767,463
iShares iBoxx High Yield Corporate Bond ETF5		3,896	305,953
Total exchange traded funds
(cost—$3,269,010)			3,073,416
Investment companies—0.3%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF
(cost—$1,969,180)		73,590	1,878,017
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund, 0.290%16
(cost—$1,512,401)		1,512,401	1,512,401

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Short-term U.S. Treasury obligations—1.5%
U.S. Cash Management Bills
0.683%, due 07/05/2215,16		2,500,000		2,496,793
0.747%, due 07/12/2216		2,200,000		2,196,767
1.089%, due 08/23/2216		1,900,000		1,893,643
U.S. Treasury Bills
0.091%, due 06/16/2216		145,000		144,919
0.294%, due 05/12/2215,16		689,000		688,977
0.365%, due 06/02/2216		763,000		762,783
0.457%, due 06/21/2215,16		61,000		60,952
0.472%, due 06/21/2216		81,000		80,937
0.483%, due 06/21/2216		2,000		1,998
0.513%, due 06/21/2216		48,000		47,963
0.526%, due 06/21/2216		121,000		120,906
0.566%, due 06/21/2216		41,000		40,968
Total short-term U.S. Treasury obligations
(cost—$8,537,719)				8,537,606

	Number of shares
Investment of cash collateral from securities loaned—0.9%
Money market funds—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%16
(cost—$5,560,709)		5,560,709		5,560,709
Total investments
(cost—$646,744,102)17—101.2%				600,031,194
Liabilities in excess of other assets—(1.2)%				(7,106,659	)
Net assets—100.0%			$	592,924,535

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	127,933,000	1,300,000	UMBS TBA, 3.000%, strike @ 98.41	JPMCB	06/06/22	6,906	(579	)	6,327
USD	130,052,000	1,300,000	UMBS TBA, 3.500%, strike @ 100.04	JPMCB	06/06/22	5,687	(656	)	5,031
USD	120,264,000	1,200,000	UMBS TBA, 4.100%, strike @ 100.22	JPMCB	07/07/22	5,906	(5,818	)	88
Total						18,499	(7,053	)	11,446

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Options written—(concluded) 

Notional amount		Number of contracts	Put options	Counterparty	Expiration date	Premiums received($)		Current value($)		Unrealized appreciation (depreciation) ($)
USD	125,333,000	1,300,000	UMBS TBA, 3.000%, strike @ 96.41	JPMCB	06/06/22		8,075	(34,097	)	(26,022	)
USD	127,452,000	1,300,000	UMBS TBA, 3.500%, strike @ 98.04	JPMCB	06/06/22		7,820	(21,830	)	(14,010	)
Total							15,895	(55,927	)	(40,032	)
Total options written							34,394	(62,980	)	(28,586	)

Swaptions written

Notional amount (000)		Number  of  contracts	Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)		Current value($)		Unrealized appreciation (depreciation) ($)
USD	45,600	45,600,000	3 Month USD LIBOR Interest Rate Swap, strike @ 0.870%, terminating 11/04/23	GSI	Receive	11/02/22		90,840	(501	)	90,339
USD	4,500	4,500,000	1 Year USD SOFR Interest Rate Swap strike @ 2.697%, terminating 04/04/25	GSI	Receive	04/02/24		35,297	(74,222	)	(38,925	)
Total Call interest rate swaptions								126,137	(74,723	)	51,414

Notional amount (000)		Number of contracts	Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received($)		Current value($)		Unrealized appreciation (depreciation) ($)
USD	45,600	45,600,000	3 Month USD LIBOR Interest Rate Swap, strike @ 1.270%, terminating 11/04/23	GSI	Pay	11/02/22		90,840	(964,381	)	(873,541	)
USD	4,500	4,500,000	1 Year USD SOFR Interest Rate Swap strike @ 2.697%, terminating 04/04/25	GSI	Pay	04/02/24		35,297	(84,421	)	(49,124	)
Total Put Interest rate swaptions								126,137	(1,048,802	)	(922,665	)
Total swaptions written								252,274	(1,123,525	)	(871,251	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current  notional  amount($)			Value($)			Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
3	USD	U.S. Long Bond Futures	June 2022		460,938			422,062			(38,876	)
511	USD	U.S. Treasury Note 10 Year Futures	June 2022		64,589,950			60,888,844			(3,701,106	)
25	USD	U.S. Treasury Note 2 Year Futures	June 2022		5,369,954			5,270,312			(99,642	)
306	USD	U.S. Treasury Note 5 Year Futures	June 2022		36,035,488			34,477,594			(1,557,894	)
4	USD	U.S. Ultra Bond Futures	June 2022		722,661			641,750			(80,911	)
Total					107,178,991			101,700,562			(5,478,429	)
Interest rate futures sell contracts:
13	EUR	German Euro Bund Futures	June 2022		(2,189,157	)		(2,106,387	)		82,770
6	JPY	Japan Government Bond 10 Year Futures	June 2022		(6,903,778	)		(6,917,511	)		(13,733	)
14	JPY	Japan Government Bond Mini 10 Year Futures	June 2022		(1,610,163	)		(1,612,468	)		(2,305	)
195	GBP	United Kingdom Long Gilt Bond Futures	June 2022		(29,934,163	)		(29,041,823	)		892,340
U.S. Treasury futures sell contracts:
10	USD	U.S. Long Bond Futures	June 2022		(1,421,678	)		(1,406,875	)		14,803
17	USD	U.S. Treasury Note 10 Year Futures	June 2022		(2,145,612	)		(2,025,656	)		119,956
120	USD	U.S. Treasury Note 5 Year Futures	June 2022		(14,091,607	)		(13,520,625	)		570,982
83	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2022		(11,594,503	)		(10,707,000	)		887,503
Total					(69,890,661	)		(67,338,345	)		2,552,316
Net unrealized appreciation (depreciation)											(2,926,113	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18(%)		Upfront payments received (made)($)			Value($)			Unrealized appreciation (depreciation)($)
Bank of America Corp., bond, 1.124%, due 04/24/23	USD	1,400	12/20/22	Quarterly		1.000		(6,361	)		6,919			558
Boeing Co., bond, 2.600%, due 10/30/25	USD	1,500	06/20/23	Quarterly		1.000		(2,430	)		714			(1,716	)
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	1,300	12/20/28	Quarterly		1.000		13,604			(45,526	)		(31,922	)
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	2,400	06/20/28	Quarterly		1.000		13,047			(62,655	)		(49,608	)
Citigroup, Inc., 2.876%, due on 07/24/23	USD	1,400	12/20/22	Quarterly		1.000		(6,281	)		6,240			(41	)
Comcast Corp., bond, 3.700%, due 04/15/24	USD	1,300	12/20/26	Quarterly		1.000		(30,542	)		22,428			(8,114	)
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,500	12/20/26	Quarterly		1.000		(14,794	)		(5,628	)		(20,422	)
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,200	06/20/26	Quarterly		1.000		(11,573	)		1,449			(10,124	)
General Electric Co., bond, 5.000% due 06/15/21	USD	1,000	06/20/24	Quarterly		1.000		4,983			9,931			14,914
General Motors Co., bond, 4.875%, due 10/02/23	USD	1,400	12/20/26	Quarterly		5.000		(248,946	)		185,630			(63,316	)
JPMorgan Chase & Co., bond, 3.200%, due 01/25/23	USD	1,300	12/20/22	Quarterly		1.000		(6,002	)		6,325			323
Morgan Stanley, bond, 3.750%, due 02/25/23	USD	1,400	12/20/22	Quarterly		1.000		(6,132	)		6,358			226
Rolls-Royce PLC, bond, 2.125%, due 06/08/21	EUR	1,400	06/20/24	Quarterly		1.000		(1,417	)		(11,290	)		(12,707	)
Stellantis N.V., bond, 5.250%, due 04/15/23	EUR	1,100	12/20/26	Quarterly		5.000		(226,255	)		177,737			(48,518	)
Valeo SA, bond, 3.250%, due 01/22/24	EUR	1,200	06/20/26	Quarterly		1.000		18,035			(63,799	)		(45,764	)
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly		1.000		(4,012	)		7,963			3,951
Verizon Communications, Inc., bond, 4.125%, due 03/16/27	USD	1,300	12/20/26	Quarterly		1.000		(28,159	)		3,804			(24,355	)
Williams Cos., Inc., bond, 4.550%, due 06/24/24	USD	1,400	12/20/26	Quarterly		1.000		(9,259	)		12,048			2,789
Total								(552,494	)		258,648			(293,846	)

Centrally cleared credit default swap agreements on credit indices—buy protection²⁰

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio18(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America High Yield 38 Index

USD

1,595

06/20/27

Quarterly

1.000

70,748

(34,050

)

36,698

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18(%)		Upfront payments received (made)($)			Value($)			Unrealized appreciation (depreciation)($)
CDX Emerging Markets Index Series 36	USD	1,200	12/20/26	Quarterly		1.000		53,027			(126,343	)		(73,316	)
CDX North America High Yield 38 Index	USD	7,875	06/20/27	Quarterly		1.000		(100,382	)		68,588			(31,794	)
CDX North America Investment Grade Index 18 Index	USD	5,700	06/20/27	Quarterly		1.000		(80,715	)		50,041			(30,674	)
CDX North America Investment Grade Index 35 Index	USD	100	12/20/25	Quarterly		1.000		(1,408	)		1,291			(117	)
CDX North America Investment Grade Index 36 Index	USD	500	06/20/26	Quarterly		1.000		(10,270	)		5,996			(4,274	)
CDX North America Investment Grade Index 37 Index	USD	2,500	12/20/26	Quarterly		1.000		(51,689	)		26,331			(25,358	)
iTraxx Europe Crossover Series 17	EUR	3,300	06/20/27	Quarterly		1.000		(47,639	)		20,551			(27,088	)
iTraxx Europe Crossover Series 27	EUR	9,300	06/20/27	Quarterly		5.000		(591,343	)		356,446			(234,897	)
iTraxx Europe Main Series 34 Index	EUR	7,000	12/20/25	Quarterly		1.000		(129,774	)		90,734			(39,040	)
iTraxx Europe Main Series 35 Index	EUR	900	06/20/26	Quarterly		1.000		(22,282	)		9,653			(12,629	)
iTraxx Europe Main Series 36 Index	EUR	2,700	12/20/26	Quarterly		1.000		(69,108	)		24,702			(44,406	)
Total								(1,051,583	)		527,990			(523,593	)

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	130,000		12/15/51	Annual	0.450		12 Month JPY TONA		91,221			36,597
GBP	1,100		09/21/52	Annual	0.750		12 Month GBP SONIA		300,131			229,673
JPY	140,000		06/18/22	At Maturity	0.000		12 Month JPY TONA		243			240
JPY	200,000		10/31/38	Semi-Annual	0.705		6 Month JPY TONA		(26,587	)		(41,375	)
JPY	60,000		10/22/38	Semi-Annual	0.800		6 Month JPY TONA		(13,378	)		(14,326	)
JPY	273,000		03/20/38	Semi-Annual	0.750		6 Month JPY TONA		(49,090	)		(73,305	)
JPY	387,000		03/15/42	Annual	0.500		12 Month JPY TONA		81,847			(26,618	)
JPY	940,000		09/14/32	Annual	0.250		12 Month JPY TONA		97,943			3,588
JPY	421,000		06/15/32	Annual	0.400		12 Month JPY TONA		(10,360	)		(11,129	)
JPY	184,000		04/21/32	Annual	0.374		12 Month JPY TONA		(2,508	)		(2,508	)
JPY	118,000		04/22/32	Annual	0.400		12 Month JPY TONA		(3,900	)		(3,900	)
JPY	153,000		04/25/32	Annual	0.426		12 Month JPY TONA		(8,083	)		(8,083	)
JPY	140,000		06/18/22	At Maturity	6 Month JPY LIBOR		0.000		327			549
JPY	140,000		06/18/28	Semi-Annual	6 Month JPY TONA		0.380		9,673			2,963
USD	9,900		12/21/23	At Maturity	12 Month SOFR		1.320		(177,799	)		(128,253	)
Total									289,680			(35,887	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

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

Counterparty	Referenced obligations	Notional amount (000)		Maturity date		Payment frequency		Payments received by the Portfolio(%)		Upfront payments received (made)($)		Value($)			Unrealized appreciation (depreciation) ($)
CITI	Colombia Government International Bond,10.375%, due 01/28/33	USD	200		06/20/27		Quarterly		1.000		7,108		(12,071	)		(4,963	)
MSCI	Colombia Government International Bond,10.375%, due 01/28/33	USD	300		06/20/27		Quarterly		1.000		16,571		(18,106	)		(1,535	)
GSI	Colombia Government International Bond,10.375%, due 01/28/33	USD	1,700		06/20/27		Quarterly		1.000		76,463		(102,631	)		(26,168	)
GSI	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600		06/20/24		Quarterly		1.000		27,261		(12,921	)		14,340
Total										$	127,403	$	(145,729	)	$	(18,326	)

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	05/10/22	Monthly	EQUITY TRS Index	SOFR	—	(344,950	)	(344,950	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BNP	BRL	13,549	USD	2,886	05/03/22		145
BNP	MXN	432,000	USD	20,653	07/01/22		(280	)
BNP	USD	2,754	BRL	13,549	05/03/22		(14	)
BNP	USD	2,859	BRL	13,549	06/02/22		(145	)
BNP	USD	17,056	CLP	13,969,038	06/15/22		(816	)
BNP	USD	271,150	EUR	245,000	05/03/22		(12,687	)
BOA	EUR	7,696,000	USD	8,592,893	05/03/22		473,995
BOA	JPY	232,200,000	USD	1,908,620	05/18/22		118,691
BOA	PEN	989,724	USD	236,521	06/23/22		(19,788	)
BOA	PEN	1,507,427	USD	372,978	07/26/22		(16,077	)
BOA	PEN	2,628,685	USD	635,639	11/17/22		(35,416	)
BOA	USD	1,155,049	EUR	1,058,000	05/03/22		(38,911	)
BOA	USD	530,375	GBP	407,000	05/04/22		(18,592	)
CITI	PEN	4,996,266	USD	1,348,156	05/04/22		46,362
CITI	PEN	4,996,266	USD	1,307,923	05/06/22		6,459
CITI	PEN	400,661	USD	96,940	05/31/22		(7,100	)
CITI	PEN	1,261,082	USD	335,412	08/08/22		10,346
CITI	PEN	3,140,028	USD	815,486	12/12/22		15,515
CITI	PEN	989,724	USD	255,051	12/27/22		3,209
CITI	PEN	1,652,509	USD	427,657	03/14/23		9,821
CITI	USD	3,594,338	AUD	4,798,000	05/18/22		(203,453	)
CITI	USD	325,686	BRL	1,566,345	05/09/22		(9,463	)
CITI	USD	744,678	EUR	679,509	07/20/22		(24,966	)
CITI	USD	102,803	KRW	124,335,000	05/09/22		(3,812	)
CITI	USD	629,471	MXN	12,530,854	05/09/22		(16,163	)
CITI	USD	1,347,138	PEN	4,996,266	05/04/22		(45,344	)
CITI	USD	1,347,865	PEN	4,996,266	05/06/22		(46,401	)
CITI	USD	259,804	PEN	989,724	06/23/22		(3,494	)
CITI	USD	1,294,705	PEN	4,996,266	08/08/22		(6,830	)
DB	EUR	6,393,000	USD	6,730,448	06/02/22		(22,361	)
DB	USD	6,722,029	EUR	6,393,000	05/03/22		22,268
GSI	BRL	13,549	USD	2,754	05/03/22		14
GSI	BRL	1,566,345	USD	314,052	05/09/22		(2,171	)
GSI	KRW	124,335,000	USD	97,558	05/09/22		(1,433	)
GSI	MXN	12,530,854	USD	610,234	05/09/22		(3,073	)
GSI	MYR	2,596,159	USD	617,325	06/15/22		21,371
GSI	USD	2,713	BRL	13,549	05/03/22		27
GSI	USD	311,227	BRL	1,566,345	06/07/22		2,071
GSI	USD	97,574	KRW	124,335,000	06/07/22		1,419
GSI	USD	606,841	MXN	12,530,854	06/07/22		3,112
GSI	USD	363,633	PEN	1,362,313	07/14/22		(11,626	)
HSBC	CNH	28,321,000	USD	4,361,594	05/20/22		103,391

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Forward foreign currency contracts — (concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
HSBC	GBP	12,447,000	USD	16,332,828	05/04/22		681,343
HSBC	JPY	560,600,000	USD	4,578,582	05/18/22		257,159
HSBC	USD	821,867	AUD	1,149,000	05/18/22		(9,836	)
HSBC	USD	480,087	GBP	373,000	05/04/22		(11,058	)
HSBC	USD	6,459,800	JPY	744,905,387	05/18/22		(717,648	)
HSBC	USD	1,071,463	NOK	9,530,000	05/18/22		(55,398	)
JPMCB	AUD	1,810,000	USD	1,288,858	05/18/22		9,678
JPMCB	USD	6,027,732	NOK	53,675,000	05/18/22		(305,034	)
Net unrealized appreciation (depreciation)							137,006

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—			47,674,432			—		47,674,432
Corporate bonds		—			308,492,842			—		308,492,842
Loan assignments		—			3,479,964			—		3,479,964
Mortgage-backed securities		—			78,990,840			—		78,990,840
Municipal bonds		—			2,441,032			—		2,441,032
Non-U.S. government agency obligations		—			13,840,590			—		13,840,590
U.S. government agency obligations		—			12,334,014			5,763		12,339,777
U.S. Treasury obligations		—			112,209,568			—		112,209,568
Exchange traded funds		3,073,416			—			—		3,073,416
Investment companies		1,878,017			—			—		1,878,017
Short-term investments		—			1,512,401			—		1,512,401
Short-term U.S. Treasury obligations		—			8,537,606			—		8,537,606
Investment of cash collateral from securities loaned		—			5,560,709			—		5,560,709
Futures contracts		2,568,354			—			—		2,568,354
Swap agreements		—			1,683,264			—		1,683,264
Forward foreign currency contracts		—			1,786,396			—		1,786,396
Total		7,519,787			598,543,658			5,763		606,069,208
Liabilities
Options written		—			(62,980	)		—		(62,980	)
Swaptions written		—			(1,123,525	)		—		(1,123,525	)
Futures contracts		(5,494,467	)		—			—		(5,494,467	)
Swap agreements		—			(1,131,675	)		—		(1,131,675	)
Forward foreign currency contracts		—			(1,649,390	)		—		(1,649,390	)
Total		(5,494,467	)		(3,967,570	)		—		(9,462,037	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

At April 31, 2022, there were $95,700 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 April 31, 2022.

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

Portfolio footnotes

†	Amount represents less than 0.05% 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 $200,805,870, represented 33.9% 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	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
13	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
14	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
15	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
16	Rates shown reflect yield at April 30, 2022.
17	Includes $ 7,198,928 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $ 1,839,221 and cash collateral of $ 5,560,709.
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.
20	If the Portfolio  is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio  will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—99.0%
Alabama—3.0%
Alabama Federal Aid Highway Finance Authority,Garvee, Revenue Bonds,
Series A,
5.000%, due 09/01/29		2,000,000		2,240,163
Black Belt Energy Gas District, Revenue Bonds,
Series A-1,
4.000%, due 10/01/49		2,000,000		2,032,527
Lower Alabama Gas District Gas, Revenue Bonds,
Series A,
5.000%, due 09/01/31		1,500,000		1,648,181
Lower Alabama Gas District, Gas Project, Revenue Bonds
4.000%, due 12/01/50		2,500,000		2,547,899
				8,468,770
Alaska—0.5%
City of Anchorage AK Wastewater, Refunding, Revenue Bonds,
Series B,
5.000%, due 05/01/31		1,395,000		1,539,457
Arizona—3.0%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds
4.000%, due 11/01/35		2,000,000		2,018,214
Arizona Industrial Development Authority, Revenue Bonds,
Series 2019-2, Class A,
3.625%, due 05/20/33		956,603		940,079
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		1,091,333
Maricopa County Industrial Development Authority, Banner Health, Refunding, Revenue Bonds
5.000%, due 01/01/31		3,000,000		3,285,395
Salt Verde Financial Corp., Revenue Bonds
5.000%, due 12/01/32		1,000,000		1,091,608
				8,426,629
Arkansas—1.0%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds
5.000%, due 10/01/34		1,320,000		1,444,271

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Arkansas—(concluded)
University of Arkansas, University of Arkansas Fayetteville, Refunding, Revenue Bonds
5.000%, due 11/01/29	1,385,000		1,472,981
			2,917,252
California—3.8%
California Housing Finance, Revenue Bonds,
Series 2021-1, Class A,
3.500%, due 11/20/35	1,476,577		1,476,496
California State, GO Bonds
5.000%, due 10/01/30	2,815,000		3,166,125
California State, Refunding, GO Bonds
5.000%, due 04/01/33	2,710,000		3,036,419
Los Angeles Department of Airports, Los Angeles International Airport, Revenue Bonds, AMT
5.000%, due 05/15/32	2,000,000		2,043,899
State of California, GO Bonds
5.000%, due 04/01/35	1,000,000		1,110,598
			10,833,537
Colorado—4.5%
Colorado Health Facilities Authority, Adventist Health System/Sunbelt, Refunding, Revenue Bonds
5.000%, due 11/15/49	1,500,000		1,632,447
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		1,691,133
Denver City & County Airport, Revenue Bonds, AMT,
Series A,
5.500%, due 11/15/26	7,000,000		7,277,943
University of Colorado, Refunding, Revenue Bonds,
Series A-2,
5.000%, due 06/01/30	1,750,000		1,957,559
			12,559,082
Connecticut—2.1%
Connecticut State Special Tax, Revenue Bonds,
Series B,
5.000%, due 10/01/30	2,000,000		2,237,038
State of Connecticut Special Tax Revenue, Revenue Bonds,
Series A,
4.000%, due 05/01/36	1,000,000		1,029,557

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Connecticut—(concluded)
Series A,
4.000%, due 05/01/37	2,500,000		2,570,280
			5,836,875
District of Columbia—1.0%
Metropolitan Washington Airports Authority, Refunding, Revenue Bonds, AMT
5.000%, due 10/01/28	2,500,000		2,711,697
Florida—4.6%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, AGM,
Series D,
5.000%, due 07/01/35	1,500,000		1,710,412
Citizens Property Insurance Corp., Revenue Bonds,
Series A1,
5.000%, due 06/01/25	5,250,000		5,543,435
County of Polk FL Utility System, Refunding, Revenue Bonds
5.000%, due 10/01/35	625,000		715,147
JEA Electric System, Refunding, Revenue Bonds,
Series 3-A,
5.000%, due 10/01/34	1,630,000		1,835,385
Miami Beach Redevelopment Agency Tax Increment, Refunding, Revenue Bonds
5.000%, due 02/01/28	1,000,000		1,041,164
Orange County Convention Center/Orlando, Refunding, Revenue Bonds,
Series B,
5.000%, due 10/01/30	1,885,000		2,039,100
			12,884,643
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		1,630,552
Fulton County Development Authority of Georgia, WellStar Health System, Revenue Bonds
5.000%, due 04/01/36	1,000,000		1,083,963
Main Street Natural Gas, Inc., Revenue Bonds,
Series A,
5.500%, due 09/15/28	1,500,000		1,662,905
Series B,
1 mo. USD LIBOR + 0.750%,
0.808%, due 04/01/481	1,000,000		994,405
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds
5.000%, due 01/01/33	1,000,000		1,094,895

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)	Value ($)
Municipal bonds—(continued)
Georgia—(concluded)
Savannah Economic Development Authority, International Paper Company, Refunding, Revenue Bonds
1.900%, due 08/01/24	1,000,000		978,313
			7,445,033
Hawaii—0.4%
Hawaii Airports System, Revenue Bonds, AMT,
Series A,
5.000%, due 07/01/29	1,000,000		1,085,979
Illinois—10.3%
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/35	1,750,000		1,859,177
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT
5.000%, due 01/01/29	2,500,000		2,605,898
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, AGM,
Series 2017-2,
5.000%, due 11/01/31	1,000,000		1,108,818
Chicago Waterworks Senior Lien, Revenue Bonds,
Series A-1,
5.000%, due 11/01/29	1,920,000		2,105,015
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds
5.000%, due 11/15/35	2,500,000		2,776,047
Illinois Finance Authority Unrefunded, Advocate Health Care Network, Revenue Bonds
5.000%, due 06/01/27	1,000,000		1,028,216
Illinois Municipal Electric Agency, Refunding, Revenue Bonds,
Series A,
5.000%, due 02/01/32	2,500,000		2,654,213
Illinois Sports Facilities Authority, Refunding, Revenue Bond, BAM
5.000%, due 06/15/28	1,000,000		1,114,905
Regional Transportation Authority, Refunding, Revenue Bonds, AGM
6.000%, due 06/01/25	2,000,000		2,137,745
Regional Transportation Authority, Revenue Bonds
6.500%, due 07/01/30	1,000,000		1,199,633
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/36	1,770,000		1,941,130
State of Illinois, Revenue Bonds, BAM,
Series A,
5.000%, due 06/15/27	3,000,000		3,274,214

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Illinois—(concluded)
University of Illinois, Auxiliary Facilities System, Refunding, Revenue Bonds,
Series A,
5.000%, due 04/01/27		4,000,000		4,099,356
University of Illinois, Auxiliary Facilities System, Revenue Bonds,
Series A,
5.000%, due 04/01/30		1,000,000		1,040,990
				28,945,357
Indiana—4.4%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds
4.000%, due 10/01/36		2,020,000		2,105,286
Indiana Finance Authority, Indiana University Health, Inc., Revenue Bonds
2.250%, due 12/01/58		5,250,000		5,227,653
Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds,
Series A,
5.250%, due 02/01/35		1,000,000		1,075,456
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds
5.000%, due 01/01/30		2,055,000		2,165,503
Whiting City, BP Products North America, Inc., Revenue Bonds, AMT
5.000%, due 11/01/47		1,840,000		1,930,522
				12,504,420
Iowa—0.2%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds,
Series A-2,Class 1,
5.000%, due 06/01/33		500,000		547,682
Kentucky—2.2%
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds,
Series B,
4.000%, due 01/01/49		3,750,000		3,826,073
Kentucky Public Energy Authority, Revenue Bonds,
Series A,
4.000%, due 04/01/48		1,250,000		1,267,723

PACE Municipal Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Kentucky—(concluded)
Series A,
4.000%, due 12/01/50		1,000,000		1,023,957
				6,117,753
Louisiana—1.6%
Jefferson Sales Tax District, Revenue Bonds, AGM,
Series B,
4.000%, due 12/01/32		1,895,000		1,985,507
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		1,568,286
Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds
2.200%, due 06/01/37		1,000,000		938,562
				4,492,355
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		1,413,700
Maryland State Transportation Authority, Baltimore/Washington International, Revenue Bonds, AMT
5.000%, due 06/01/24		1,700,000		1,770,322
				3,184,022
Massachusetts—0.7%
Commonwealth of Massachusetts, GO Bonds,
Series D,
4.000%, due 05/01/34		2,000,000		2,078,307
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		1,186,305
Michigan Finance Authority Prerefunded, Revenue Bonds
5.000%, due 08/01/33		50,000		52,772
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		1,577,127
Michigan Finance Authority Unrefunded, Revenue Bonds
5.000%, due 08/01/33		2,365,000		2,481,312

PACE Municipal Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Michigan—(concluded)
Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT
5.000%, due 06/30/32		3,300,000		3,436,360
Saginaw Hospital Finance Authority, Covenant Healthcare System, Refunding, Revenue Bonds
5.000%, due 07/01/28		1,000,000		1,112,551
				9,846,427
Missouri—2.2%
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Refunding, Revenue Bonds,
Series A,
5.000%, due 12/01/25		1,300,000		1,392,787
Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/34		2,000,000		2,144,819
Missouri State Health & Educational Facilities Authority, Saint Luke's Health System, Refunding, Revenue Bonds
5.000%, due 11/15/28		1,000,000		1,087,199
Missouri State Health & Educational Facilities Authority, SSM Health Care, Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/27		1,500,000		1,579,116
				6,203,921
Nebraska—1.5%
Nebraska Public Power District, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/31		1,300,000		1,450,942
Public Power Generation Agency, Whelan Energy Center Unit, Refunding, Revenue Bonds
5.000%, due 01/01/30		2,500,000		2,647,613
				4,098,555
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		536,195
New Jersey—6.5%
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		1,697,198

PACE Municipal Fixed Income Investments
Portfolio of investments – April 30, 2022 (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		2,271,904
New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds
5.000%, due 07/01/33		1,000,000		1,129,408
New Jersey State Higher Education Assistance Authority, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 12/01/23		2,000,000		2,080,075
New Jersey Transportation Trust Fund Authority, Transportation Program Notes, Revenue Bonds
5.000%, due 06/15/30		1,000,000		1,087,260
New Jersey Turnpike Authority, Refunding, Revenue Bonds,
Series E,
5.000%, due 01/01/30		1,350,000		1,483,894
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		8,000,000		8,552,216
				18,301,955
New Mexico—0.8%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds,
Series 1A,
5.000%, due 09/01/28		2,000,000		2,228,355
New York—7.0%
Metropolitan Transportation Authority, Revenue Bonds,
Series A-1,
5.000%, due 02/01/23		605,000		615,698
New York City Refunding, GO Bonds,
Series A-1,
5.000%, due 08/01/32		1,270,000		1,440,145
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,
Series B-1,
4.000%, due 08/01/38		2,500,000		2,523,853
New York City, GO Bonds
5.000%, due 04/01/32		1,750,000		1,990,058
Series H,
5.000%, due 08/01/25		2,990,000		3,126,663
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds,
Series E,
4.000%, due 03/15/38		2,600,000		2,626,215

PACE Municipal Fixed Income Investments
Portfolio of investments – April 30, 2022 (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		2,044,374
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT
5.000%, due 12/01/35		2,000,000		2,104,763
5.000%, due 12/01/36		1,000,000		1,050,008
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT
5.000%, due 07/01/34		1,000,000		1,036,188
TSASC, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		1,000,000		1,054,470
				19,612,435
North Carolina—1.1%
North Carolina Medical Care Commission, Vidant Health, Refunding, Revenue Bonds
5.000%, due 06/01/32		1,500,000		1,610,285
North Carolina Turnpike Authority Senior Lien, Refunding, Revenue Bonds, AGM
5.000%, due 01/01/26		1,250,000		1,352,856
				2,963,141
Ohio—0.7%
American Municipal Power, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 02/15/27		1,000,000		1,042,893
Sycamore Community City School District, GO Bonds
4.000%, due 12/01/26		750,000		799,273
				1,842,166
Oklahoma—0.2%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, AGM,
Series A,
4.000%, due 01/01/33		650,000		690,294
Oregon—0.7%
Multnomah County School District No. 1 Portland, GO Bonds
5.000%, due 06/15/29		1,750,000		2,008,199
Pennsylvania—6.7%
Allegheny County Hospital Development Authority, Allegheny Health Network, Refunding, Revenue Bonds
5.000%, due 04/01/29		3,190,000		3,512,282

PACE Municipal Fixed Income Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Pennsylvania—(concluded)
City of Philadelphia PA Water & Wastewater, Refunding, Revenue Bonds
5.000%, due 10/01/33		1,500,000		1,711,388
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds
5.000%, due 06/01/31		1,500,000		1,629,178
Pennsylvania Turnpike Commission, Motor License, Refunding, Revenue Bonds,
Series SPL,
5.000%, due 12/01/33		1,500,000		1,658,408
Pennsylvania Turnpike Commission, Refunding, Revenue Bonds,
Series B,
5.000%, due 06/01/28		2,000,000		2,163,945
Pennsylvania Turnpike Commission, Revenue Bonds,
Series B,
5.000%, due 12/01/32		1,250,000		1,347,246
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/32		1,250,000		1,324,476
Philadelphia School District Prerefunded, Refunding, GO Bonds,
Series F,
5.000%, due 09/01/30		10,000		11,015
Philadelphia School District Unrefunded, Refunding, GO Bonds,
Series F,
5.000%, due 09/01/30		2,640,000		2,850,552
Philadelphia School District, GO Bonds,
Series A,
4.000%, due 09/01/35		1,500,000		1,553,769
Series A,
5.000%, due 09/01/31		1,000,000		1,105,022
				18,867,281
Rhode Island—0.4%
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT
5.000%, due 12/01/30		1,125,000		1,233,098
South Carolina—0.6%
Piedmont Municipal Power Agency, Refunding, Revenue Bonds,
Series B,
4.000%, due 01/01/34		1,500,000		1,560,126
Tennessee—2.8%
City of Memphis TN, Electric System, Revenue Bonds,
Series A,
5.000%, due 12/01/31		1,400,000		1,621,544

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds—(continued)
Tennessee—(concluded)
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds
5.000%, due 10/01/35		1,350,000		1,431,971
Metropolitan Government of Nashville & Davidson County TN, GO Bonds,
Series C,
4.000%, due 01/01/32		3,000,000		3,226,105
Tennessee Energy Acquisition Corp., Revenue Bonds,
Series A,
5.250%, due 09/01/26		1,500,000		1,597,101
				7,876,721
Texas—10.0%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT
5.000%, due 04/01/30		1,000,000		1,065,752
Central Texas Regional Mobility Authority Senior Lien, Revenue Bonds,
Series A,
5.000%, due 01/01/35		1,100,000		1,184,583
Central Texas Turnpike System, Refunding, Revenue Bonds,
Series C,
5.000%, due 08/15/31		2,000,000		2,068,112
Clifton Higher Education Finance Corp., Idea Public Schools, Refunding, Revenue Bonds, PSF-GTD
5.000%, due 08/15/28		1,100,000		1,159,439
El Paso Texas, GO Bonds
5.000%, due 08/15/34		2,000,000		2,170,728
Grand Parkway Transportation Corporation, Revenue Bonds
5.000%, due 02/01/23		500,000		509,659
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds
4.000%, due 10/01/35		1,750,000		1,773,158
Harris County Toll Road Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 08/15/29		2,025,000		2,268,652
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/29		1,000,000		1,046,939
Houston Airport System, Refunding, Revenue Bonds,
Series B,
5.000%, due 07/01/29		2,000,000		2,225,943
Katy Independent School District, CIB, Refunding, GO Bonds,
Series A,
3.000%, due 02/15/32		2,375,000		2,294,115

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)	Value ($)
Municipal bonds—(continued)
Texas—(concluded)
North Texas Tollway Authority, North Texas Tollway System, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/31	2,750,000	2,888,497
Series A,
5.000%, due 01/01/34	2,775,000	2,908,227
State of Texas, Refunding, GO Bonds,
Series B,
4.000%, due 08/01/31	250,000	259,081
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Refunding, Revenue Bonds
5.000%, due 11/15/32	1,000,000	1,083,615
University of Houston, Refunding, Revenue Bonds,
Series C,
5.000%, due 02/15/29	2,000,000	2,165,633
West Travis County Public Utility Agency, Refunding, Revenue Bonds, BAM
5.000%, due 08/15/30	1,000,000	1,104,749
		28,176,882
Virginia—1.5%
Hampton Roads Transportation Accountability Commission Senior Lien, Revenue Bonds,
Series A,
5.000%, due 07/01/26	1,000,000	1,096,520
Virginia College Building Authority, 21st Century College, Revenue Bonds
5.000%, due 02/01/31	1,825,000	2,008,674
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds
5.000%, due 12/31/42	1,000,000	1,079,564
		4,184,758
Washington—3.2%
Central Puget Sound Regional Transit Authority, Green Bonds, Revenue Bonds,
Series S-1,
5.000%, due 11/01/26	800,000	883,866
Grant County Public Utility District No. 2 Electric, Refunding, Revenue Bonds,
Series R,
2.000%, due 01/01/44	1,000,000	980,512
Port of Seattle, Intermediate Lien, Revenue Bonds, AMT
5.000%, due 04/01/28	2,500,000	2,723,614
Port of Seattle, Revenue Bonds, AMT,
Series C,
5.000%, due 04/01/32	1,955,000	2,043,085
State of Washington, Refunding, GO Bonds,
Series A,
4.000%, due 02/01/37	1,500,000	1,573,955

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2022 (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	986,996	900,563
		9,105,595
Wisconsin—2.4%
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds
5.000%, due 03/01/34	1,500,000	1,602,958
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. obligation group, Revenue Bonds
5.000%, due 08/15/27	1,000,000	1,032,418
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	1,246,705
WPPI Energy, Revenue Bonds,
Series A,
5.000%, due 07/01/32	2,760,000	2,847,134
		6,729,215
Total municipal bonds  (cost—$288,217,814)		278,644,169

	Number of shares
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund, 0.29%2 (cost—$821,112)	821,112		821,112
Total investments (cost—$289,038,926)—99.3%			279,465,281
Other assets in excess of liabilities—0.7%			1,903,739
Net assets—100.0%		$	281,369,020

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 – April 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Municipal bonds		—		278,644,169		—		278,644,169
Short-term investments		—		821,112		—		821,112
Total		—		279,465,281		—		279,465,281

At April 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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

2 Rates shown reflect yield at April 30, 2022.

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—1.0%
Ireland—0.9%
Bluemountain Euro CLO DAC,
Series 2021-2A, Class A,
3 mo. Euribor + 1.000%,
1.000%, due 10/15/351,2	EUR	430,000		448,601
Invesco Euro CLO,
Series 6A, Class A,
3 mo. Euribor + 0.940%,
0.940%, due 07/15/341,2	EUR	621,000		646,387
Neuberger Berman Loan Advisers Euro CLO 2 DAC,
Series 2021-2A, Class A,
3 mo. Euribor + 1.030%,
1.030%, due 04/15/341,2	EUR	480,000		500,075
Rockfield Park CLO DAC,
Series 1A, Class A1,
3 mo. Euribor + 0.900%,
0.900%, due 07/16/341,2	EUR	670,000		695,310
				2,290,373
Netherlands—0.1%
Bavarian Sky SA,
Series UK3, Class A,
SONIA + 0.620%,
0.670%, due 04/20/282,3	GBP	296,168		372,552
Total asset-backed securities (cost—$3,008,233)				2,662,925
Corporate bonds—17.7%
Australia—0.2%
Glencore Funding LLC
2.625%, due 09/23/311	USD	413,000		344,818
Santos Finance Ltd.
3.649%, due 04/29/311	USD	135,000		118,432
				463,250
Belgium—0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36	USD	340,000		336,486
Brazil—0.2%
Braskem Netherlands Finance BV
4.500%, due 01/31/301	USD	429,000		387,816

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Canada—0.6%
Canadian Pacific Railway Co.
3.000%, due 12/02/41	USD	60,000		48,792
3.100%, due 12/02/51	USD	180,000		139,360
Emera US Finance LP
2.639%, due 06/15/31	USD	560,000		478,811
Fortis, Inc.
3.055%, due 10/04/26	USD	926,000		888,638
				1,555,601
China—0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.250%, due 05/11/411	USD	240,000		188,501
Colombia—0.3%
Ecopetrol SA
6.875%, due 04/29/30	USD	782,000		771,247
France—2.7%
Air Liquide Finance SA
2.250%, due 09/27/231	USD	410,000		406,181
BNP Paribas SA
(fixed, converts to FRN on 04/19/31),
2.871%, due 04/19/321	USD	250,000		212,085
BPCE SA
5.700%, due 10/22/231	USD	1,910,000		1,951,714
Credit Agricole SA
(fixed, converts to FRN on 12/23/27),
4.000%, due 12/23/273,4	EUR	400,000		395,385
(fixed, converts to FRN on 12/23/25),
8.125%, due 12/23/251,4	USD	700,000		752,500
Engie SA
2.875%, due 10/10/223	USD	2,369,000		2,372,221
Societe Generale SA
(fixed, converts to FRN on 01/21/32),
3.337%, due 01/21/331	USD	365,000		309,063
TotalEnergies SE
(fixed, converts to FRN on 04/04/24),
1.750%, due 04/04/243,4	EUR	625,000		641,212
				7,040,361
Germany—0.9%
Commerzbank AG
(fixed, converts to FRN on 12/05/25),
4.000%, due 12/05/303	EUR	800,000		836,530

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Germany—(concluded)
Deutsche Bank AG
(fixed, converts to FRN on 11/16/26),
2.311%, due 11/16/27	USD	435,000		384,653
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(fixed, converts to FRN on 05/26/29),
3.250%, due 05/26/493	EUR	300,000		313,397
Volkswagen International Finance N.V.
(fixed, converts to FRN on 06/17/25),
3.500%, due 06/17/253,4	EUR	100,000		102,767
(fixed, converts to FRN on 03/24/26),
4.625%, due 03/24/263,4	EUR	464,000		490,290
Volkswagen Leasing GmbH
0.625%, due 07/19/293	EUR	400,000		362,149
				2,489,786
Indonesia—0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450%, due 05/21/283	USD	202,000		208,414
Ireland—0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28	USD	165,000		143,408
4.875%, due 01/16/24	USD	160,000		160,909
6.500%, due 07/15/25	USD	150,000		155,478
Avolon Holdings Funding Ltd.
4.250%, due 04/15/261	USD	1,105,000		1,059,578
				1,519,373
Italy—0.6%
Intesa Sanpaolo SpA
(fixed, converts to FRN on 01/11/27),
7.750%, due 01/11/273,4	EUR	800,000		893,543
UniCredit SpA
(fixed, converts to FRN on 06/03/26),
7.500%, due 06/03/263,4	EUR	700,000		755,080
				1,648,623
Mexico—0.6%
Cemex SAB de CV
3.875%, due 07/11/311	USD	706,000		600,100
Petroleos Mexicanos
5.950%, due 01/28/31	USD	800,000		671,352

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Mexico—(concluded)
7.690%, due 01/23/50	USD	450,000		351,225
				1,622,677
Netherlands—0.3%
Cooperatieve Rabobank UA
(fixed, converts to FRN on 04/06/27),
3.649%, due 04/06/281	USD	500,000		482,101
Lundin Energy Finance BV
3.100%, due 07/15/311	USD	275,000		239,780
				721,881
Spain—0.2%
Banco Bilbao Vizcaya Argentaria SA
(fixed, converts to FRN on 03/29/24),
6.000%, due 03/29/243,4	EUR	600,000		632,274
Supranationals—0.6%
African Export-Import Bank
3.798%, due 05/17/311	USD	645,000		586,950
Banque Ouest Africaine de Developpement
2.750%, due 01/22/331	EUR	227,000		217,145
4.700%, due 10/22/313	USD	850,000		840,871
				1,644,966
Switzerland—0.5%
Credit Suisse AG
3.700%, due 02/21/25	USD	310,000		307,117
Credit Suisse Group AG
(fixed, converts to FRN on 04/01/30),
4.194%, due 04/01/311	USD	270,000		250,203
(fixed, converts to FRN on 12/11/23),
7.500%, due 12/11/231,4	USD	400,000		400,276
Roche Holdings, Inc.
2.076%, due 12/13/311,5	USD	420,000		361,876
				1,319,472
United Kingdom—2.2%
AstraZeneca PLC
4.000%, due 09/18/42	USD	160,000		153,121
Eversholt Funding PLC
6.359%, due 12/02/253	GBP	301,000		423,607
Gatwick Funding Ltd.
6.125%, due 03/02/263	GBP	100,000		138,321

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
Heathrow Funding Ltd.
1.875%, due 07/12/323	EUR	390,000		368,482
6.450%, due 12/10/313	GBP	350,000		534,167
6.750%, due 12/03/263	GBP	478,000		685,402
HSBC Holdings PLC
(fixed, converts to FRN on 08/17/28),
2.206%, due 08/17/29	USD	200,000		172,018
(fixed, converts to FRN on 11/22/31),
2.871%, due 11/22/32	USD	240,000		199,834
(fixed, converts to FRN on 05/18/23),
3.950%, due 05/18/24	USD	970,000		973,768
Natwest Group PLC
(fixed, converts to FRN on 03/22/24),
4.269%, due 03/22/25	USD	380,000		380,099
(fixed, converts to FRN on 11/12/27),
5.125%, due 05/12/274	GBP	476,000		568,763
NGG Finance PLC
(fixed, converts to FRN on 09/05/27),
2.125%, due 09/05/823	EUR	143,000		134,224
Santander UK Group Holdings PLC
(fixed, converts to FRN on 06/14/26),
1.673%, due 06/14/27	USD	730,000		647,796
(fixed, converts to FRN on 06/24/24),
6.750%, due 06/24/243,4	GBP	200,000		254,634
Standard Chartered PLC
(fixed, converts to FRN on 09/23/26),
1.200%, due 09/23/313	EUR	200,000		190,987
				5,825,223
United States—6.9%
AbbVie, Inc.
4.250%, due 11/21/49	USD	131,000		119,977
AES Corp.
1.375%, due 01/15/26	USD	460,000		412,098
Alexander Funding Trust
1.841%, due 11/15/231	USD	655,000		628,517
American Airlines Pass Through Trust,
Series 2021-1, Class A,
2.875%, due 07/11/34	USD	170,000		149,786
American Electric Power Co., Inc.,
Series F,
2.950%, due 12/15/22	USD	400,000		401,627
Apple, Inc.
2.650%, due 05/11/50	USD	97,000		73,947
AT&T, Inc.

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
2.300%, due 06/01/27	USD	775,000	712,662
3.500%, due 06/01/41	USD	230,000	191,134
Bank of America Corp.
(fixed, converts to FRN on 07/21/31),
2.299%, due 07/21/32	USD	190,000	156,867
(fixed, converts to FRN on 02/04/27),
2.551%, due 02/04/28	USD	240,000	221,676
(fixed, converts to FRN on 10/20/31),
2.572%, due 10/20/32	USD	230,000	194,303
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23	USD	915,000	912,855
Berkshire Hathaway Energy Co.
4.600%, due 05/01/531	USD	302,000	295,805
Berkshire Hathaway Finance Corp.
3.850%, due 03/15/52	USD	330,000	293,573
Boeing Co.
3.500%, due 03/01/39	USD	90,000	69,293
5.040%, due 05/01/27	USD	385,000	389,247
BP Capital Markets America, Inc.
2.772%, due 11/10/50	USD	190,000	137,099
3.000%, due 02/24/50	USD	60,000	45,300
Bristol-Myers Squibb Co.
2.950%, due 03/15/32	USD	230,000	211,334
3.700%, due 03/15/52	USD	190,000	168,373
CF Industries, Inc.
4.950%, due 06/01/43	USD	170,000	164,684
5.375%, due 03/15/44	USD	180,000	182,594
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500%, due 06/01/41	USD	110,000	80,382
Cheniere Corpus Christi Holdings LLC
5.125%, due 06/30/27	USD	240,000	246,508
Cheniere Energy Partners LP
3.250%, due 01/31/321	USD	435,000	371,925
Citigroup, Inc.
(fixed, converts to FRN on 06/03/30),
2.572%, due 06/03/31	USD	1,080,000	926,568
Comcast Corp.
2.937%, due 11/01/561	USD	130,000	92,992
3.900%, due 03/01/38	USD	155,000	143,765
Continental Resources, Inc.
2.268%, due 11/15/261	USD	260,000	237,518
Duke Energy Progress LLC
4.000%, due 04/01/52	USD	40,000	37,244

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Edison International
2.950%, due 03/15/23	USD	163,000	162,426
Energy Transfer LP
5.350%, due 05/15/45	USD	110,000	100,743
Entergy Louisiana LLC
4.950%, due 01/15/45	USD	208,000	208,732
Exxon Mobil Corp.
2.995%, due 08/16/39	USD	115,000	96,836
Ford Motor Credit Co. LLC
3.625%, due 06/17/31	USD	390,000	324,188
Freeport-McMoRan, Inc.
4.625%, due 08/01/30	USD	450,000	434,691
5.450%, due 03/15/43	USD	80,000	79,965
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35	USD	335,000	327,419
General Motors Financial Co., Inc.
4.300%, due 04/06/29	USD	330,000	314,742
Gilead Sciences, Inc.
2.800%, due 10/01/50	USD	225,000	161,287
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 10/21/26),
1.948%, due 10/21/27	USD	280,000	251,459
(fixed, converts to FRN on 10/21/31),
2.650%, due 10/21/32	USD	520,000	438,637
(fixed, converts to FRN on 06/05/22),
2.908%, due 06/05/23	USD	185,000	184,964
(fixed, converts to FRN on 02/24/32),
3.102%, due 02/24/33	USD	350,000	305,868
HCA, Inc.
3.500%, due 09/01/30	USD	171,000	153,187
5.250%, due 06/15/49	USD	110,000	104,843
Home Depot, Inc.
2.750%, due 09/15/51	USD	265,000	199,622
Hyundai Capital America
2.375%, due 10/15/271	USD	295,000	262,608
ITC Holdings Corp.
2.950%, due 05/14/301	USD	610,000	551,126
Jersey Central Power & Light Co.
2.750%, due 03/01/321	USD	280,000	245,902
Kansas City Southern
3.500%, due 05/01/50	USD	185,000	149,573
Kraft Heinz Foods Co.
4.625%, due 10/01/39	USD	157,000	144,906

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Lowe's Cos., Inc.
3.750%, due 04/01/32	USD	115,000	108,555
Magallanes, Inc.
5.141%, due 03/15/521	USD	155,000	138,187
MDC Holdings, Inc.
2.500%, due 01/15/31	USD	330,000	264,965
Medtronic Global Holdings SCA
1.500%, due 07/02/39	EUR	100,000	86,160
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.750%, due 02/01/27	USD	230,000	236,900
Morgan Stanley
(fixed, converts to FRN on 05/04/26),
1.593%, due 05/04/27	USD	690,000	620,456
(fixed, converts to FRN on 07/21/31),
2.239%, due 07/21/32	USD	410,000	338,427
New York Life Insurance Co.
3.750%, due 05/15/501	USD	185,000	161,228
Oracle Corp.
4.000%, due 07/15/46	USD	165,000	129,295
Raytheon Technologies Corp.
3.950%, due 08/16/25	USD	22,000	22,241
San Diego Gas & Electric Co.,
Series UUU,
3.320%, due 04/15/50	USD	80,000	65,267
Southern California Edison Co.,
Series C,
4.125%, due 03/01/48	USD	100,000	86,488
Southern Co. Gas Capital Corp.,
Series 20-A,
1.750%, due 01/15/31	USD	220,000	176,902
Southwestern Electric Power Co.,
Series J,
3.900%, due 04/01/45	USD	55,000	46,484
Take-Two Interactive Software, Inc.
3.550%, due 04/14/25	USD	100,000	99,021
3.700%, due 04/14/27	USD	170,000	166,499
4.000%, due 04/14/32	USD	110,000	104,737
TSMC Arizona Corp.
3.875%, due 04/22/27	USD	410,000	408,176
Verizon Communications, Inc.
2.550%, due 03/21/31	USD	260,000	226,333
2.987%, due 10/30/56	USD	56,000	39,651

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Vistra Operations Co. LLC
3.700%, due 01/30/271	USD	350,000	327,817
VMware, Inc.
2.200%, due 08/15/31	USD	315,000	256,330
Welltower, Inc.
3.850%, due 06/15/32	USD	110,000	104,680
WP Carey, Inc.
2.400%, due 02/01/31	USD	130,000	110,375
2.450%, due 02/01/32	USD	150,000	125,514
Zimmer Biomet Holdings, Inc.
2.600%, due 11/24/31	USD	335,000	286,858
			18,210,923
Total corporate bonds
(cost—$51,925,230)			46,586,874
Mortgage-backed securities—4.6%
Spain —0.5%
Bankinter 10 FTA,
Series 10, Class A2,
3 mo. Euribor + 0.160%,
0.000%, due 06/21/432,3	EUR	785,645	819,771
Fondo de Titulizacion de Activos Santander Hipotecario 2,
Series 2, Class A,
3 mo. Euribor + 0.150%,
0.000%, due 01/18/492,3	EUR	555,086	577,751
			1,397,522
United Kingdom—1.6%
Finsbury Square PLC,
Series 2020-1A, Class A,
SONIA + 0.800%,
0.850%, due 03/16/701,2	GBP	287,896	361,733
Series 2020-2A, Class A,
SONIA + 1.300%,
1.350%, due 06/16/701,2	GBP	254,144	320,734
Gemgarto PLC,
Series 2021-1A, Class A,
SONIA + 0.590%,
0.640%, due 12/16/671,2	GBP	554,167	694,907
Gosforth Funding PLC,
Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.450%,
0.579%, due 08/25/601,2	USD	90,142	90,137

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United Kingdom—(concluded)
Lanark Master Issuer PLC,
Series 2020-1A, Class 2A,
SONIA + 0.570%,
0.620%, due 12/22/691,2	GBP	461,250	580,887
Silverstone Master Issuer PLC,
Series 2020-1A, Class 1A,
SONIA + 0.470%,
0.520%, due 01/21/701,2	GBP	810,000	1,019,508
Series 2022-1A, Class 1A,
SOFR + 0.380%,
0.425%, due 01/21/701,2	USD	280,000	279,655
Series 2022-1A, Class 2A,
SONIA + 0.290%,
0.486%, due 01/21/701,2	GBP	600,000	750,192
			4,097,753
United States—2.5%
Angel Oak Mortgage Trust,
Series 2020-1, Class A1,
2.466%, due 12/25/591,6	USD	142,208	139,872
BANK,
Series 2019-BN16, Class C,
4.786%, due 02/15/526	USD	250,000	240,529
Series 2019-BN19, Class A3,
3.183%, due 08/15/61	USD	870,000	822,970
Series 2019-BN24, Class A3,
2.960%, due 11/15/62	USD	440,000	412,133
BX Trust,
Series 2021-LBA, Class AJV,
1 mo. USD LIBOR + 0.800%,
0.891%, due 02/15/361,2	USD	761,148	742,358
CCUBS Commercial Mortgage Trust,
Series 2017-C1, Class C,
4.391%, due 11/15/506	USD	360,000	344,729
Citigroup Commercial Mortgage Trust,
Series 2015-GC33, Class B,
4.574%, due 09/10/586	USD	470,000	461,282
COMM Mortgage Trust,
Series 2014-UBS4, Class A5,
3.694%, due 08/10/47	USD	810,000	807,411
CSAIL Commercial Mortgage Trust,
Series 2016-C6, Class C,
4.922%, due 01/15/496	USD	320,000	306,498
GS Mortgage Securities Trust,

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Series 2015-GC30, Class A3,
3.119%, due 05/10/50	USD	983,359		960,626
Series 2017-GS6, Class C,
4.322%, due 05/10/506	USD	350,000		337,087
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C7, Class C,
4.163%, due 10/15/506	USD	140,065		130,068
OBX Trust,
Series 2020-EXP1, Class 2A1,
1 mo. USD LIBOR + 0.750%,
0.839%, due 02/25/601,2	USD	123,625		122,937
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1,
2.275%, due 02/25/501,6	USD	53,636		53,311
UBS Commercial Mortgage Trust,
Series 2018-C11, Class B,
4.713%, due 06/15/516	USD	440,000		427,364
Verus Securitization Trust,
Series 2020-1, Class A1,
2.417%, due 01/25/601,7	USD	112,646		111,506
WFRBS Commercial Mortgage Trust,
Series 2013-C13, Class C,
3.910%, due 05/15/456	USD	300,000		293,153
				6,713,834
Total mortgage-backed securities (cost—$13,019,628)				12,209,109
Non-U.S. government agency obligations—45.9%
Australia—1.7%
Australia Government Bond
1.750%, due 06/21/513	AUD	3,930,000		1,910,276
3.000%, due 03/21/473	AUD	3,300,000		2,150,985
Queensland Treasury Corp.
1.750%, due 08/21/313	AUD	690,000		419,785
				4,481,046
Bermuda—0.4%
Bermuda Government International Bond
4.750%, due 02/15/291	USD	910,000		947,708
Canada—4.3%
Canadian Government Bond
0.250%, due 03/01/26	CAD	9,900,000		7,022,577

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Canada—(concluded)
Hydro-Quebec
6.500%, due 02/15/35	CAD	750,000		750,952
Province of British Columbia Canada
2.800%, due 06/18/48	CAD	300,000		198,323
Province of Ontario Canada
2.700%, due 06/02/29	CAD	1,672,000		1,244,701
Province of Quebec Canada
2.300%, due 09/01/29	CAD	1,754,000		1,270,260
5.000%, due 12/01/41	CAD	1,100,000		1,003,805
				11,490,618
China—8.1%
China Government Bond
4.290%, due 05/22/293	CNY	17,000,000		2,819,525
4.500%, due 05/22/343	CNY	6,000,000		1,038,959
Series INBK,
2.750%, due 02/17/32	CNY	117,000,000		17,629,397
				21,487,881
Czech Republic—0.3%
Czech Republic Government Bond,
Series 138,
1.750%, due 06/23/32	CZK	21,940,000		746,430
Denmark—0.6%
Denmark Government Bond
1.500%, due 11/15/23	DKK	10,250,000		1,483,040
France—7.7%
French Republic Government Bond OAT
0.010%, due 03/25/233	EUR	12,260,000		12,953,841
0.010%, due 05/25/323	EUR	8,130,000		7,416,998
				20,370,839
Germany—4.5%
Bundesrepublik Deutschland Bundesanleihe
0.010%, due 08/15/303	EUR	2,480,000		2,441,721
0.010%, due 02/15/313	EUR	1,550,000		1,516,737
0.010%, due 08/15/313	EUR	4,340,000		4,215,777
0.010%, due 08/15/503	EUR	3,860,000		3,018,336

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Germany—(concluded)
0.010%, due 08/15/523	EUR	800,000	609,356
			11,801,927
Hungary—0.5%
Hungary Government Bond
3.250%, due 10/22/31	HUF	658,150,000	1,379,414
Italy—3.3%
Italy Buoni Poliennali Del Tesoro
0.010%, due 04/15/243	EUR	5,250,000	5,438,796
0.500%, due 02/01/263	EUR	1,550,000	1,569,014
1.800%, due 03/01/413	EUR	1,160,000	1,004,071
5.000%, due 09/01/403	EUR	550,000	742,959
			8,754,840
Japan—6.1%
Japan Government Forty Year Bond
2.200%, due 03/20/51	JPY	130,000,000	1,315,497
Japan Government Thirty Year Bond
1.700%, due 06/20/44	JPY	265,300,000	2,414,143
Japan Government Twenty Year Bond
0.300%, due 12/20/39	JPY	528,700,000	3,836,747
Japan Government Two Year Bond
0.005%, due 01/01/24	JPY	227,750,000	1,757,154
Series 429,
0.005%, due 10/01/23	JPY	891,900,000	6,880,568
			16,204,109
Mexico—3.3%
Mexican Bonos
7.750%, due 05/29/31	MXN	192,200,000	8,629,739
Morocco—0.2%
Morocco Government International Bond
2.375%, due 12/15/271	USD	340,000	294,100
3.000%, due 12/15/321	USD	267,000	210,930
			505,030
Poland—1.7%
Republic of Poland Government Bond,
Series 0432,
1.750%, due 04/25/32	PLN	29,080,000	4,371,711

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
South Korea—1.8%
Korea Treasury Bond
3.000%, due 09/10/24	KRW	5,964,350,000		4,751,765
United Kingdom—1.4%
United Kingdom Gilt
0.625%, due 10/22/503	GBP	3,630,000		3,196,505
1.250%, due 07/31/513	GBP	420,000		436,219
				3,632,724
Total non-U.S. government agency obligations (cost—$138,738,860)				121,038,821
U.S. government agency obligations—11.5%
United States—11.5%
FHLMC
2.500%, due 11/01/51	USD	1,163,575		1,066,194
3.000%, due 10/01/49	USD	1,522,673		1,448,510
FNMA
2.500%, due 12/01/51	USD	874,394		801,378
3.000%, due 08/01/51	USD	2,251,498		2,131,184
3.500%, due 04/01/52	USD	5,285,812		5,150,476
3.500%, due 05/01/58	USD	1,611,505		1,584,474
GNMA II TBA
3.000%	USD	4,370,000		4,164,033
3.500%	USD	2,870,000		2,806,593
4.000%	USD	2,810,000		2,812,164
UMBS TBA
3.000%	USD	2,770,000		2,610,717
3.500%	USD	2,890,000		2,801,734
4.000%	USD	2,830,000		2,812,711
Total U.S. government agency obligations (cost—$31,135,949)				30,190,168
U.S. Treasury obligations—18.0%
United States—18.0%
U.S. Treasury Bonds
1.750%, due 08/15/41	USD	5,390,000		4,269,891
1.875%, due 11/15/51	USD	2,925,000		2,294,297
2.000%, due 08/15/51	USD	50,000		40,398
2.250%, due 02/15/52	USD	2,960,000		2,541,438
2.375%, due 02/15/42	USD	3,150,000		2,783,320
U.S. Treasury Notes

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
0.125%, due 01/31/23	USD	9,050,000		8,933,340
1.875%, due 02/28/27	USD	12,110,000		11,531,937
1.875%, due 02/15/32	USD	16,620,000		15,176,137
Total U.S. Treasury obligations (cost—$51,991,802)				47,570,758

	Number of shares
Short-term investments—7.5%
Investment companies—7.5%
State Street Institutional U.S. Government Money Market Fund, 0.290%8  (cost—$19,833,796)		19,833,796		19,833,796
Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%8 (cost—$370,388)		370,388		370,388
Total investments (cost—$310,023,886)9—106.4%				280,462,839
Liabilities in excess of other assets—(6.4)%				(16,758,572	)
Net assets—100.0%			$	263,704,267

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

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Interest rate futures buy contracts:
3	EUR	German Euro BOBL Futures	June 2022		404,154			402,505			(1,649	)
116	EUR	German Euro Bund Futures	June 2022		19,105,054			18,795,458			(309,596	)
4	JPY	Japan Government Bond 10 Year Futures	June 2022		4,644,363			4,611,674			(32,689	)
U.S. Treasury futures buy contracts:
20	USD	U.S. Ultra Bond Futures	June 2022		3,669,598			3,208,750			(460,848	)
Total					27,823,169			27,018,387			(804,782	)
Interest rate futures sell contracts:
89	AUD	Australian Bond 10 Year Futures	June 2022		(8,323,038	)		(7,806,275	)		516,763
3	EUR	German Euro Buxl 30 Year Futures	June 2022		(638,917	)		(541,126	)		97,791
39	EUR	Italian Government Bond Futures	June 2022		(5,877,043	)		(5,362,586	)		514,457
42	GBP	United Kingdom Long Gilt Bond Futures	June 2022		(6,452,680	)		(6,255,162	)		197,518
U.S. Treasury futures sell contracts:
106	USD	U.S. Treasury Note 10 Year Futures	June 2022		(13,380,262	)		(12,630,562	)		749,700
201	USD	U.S. Treasury Note 2 Year Futures	June 2022		(42,653,109	)		(42,373,313	)		279,796
280	USD	U.S. Treasury Note 5 Year Futures	June 2022		(32,627,612	)		(31,548,125	)		1,079,487
10	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2022		(1,294,041	)		(1,290,000	)		4,041
Total					(111,246,702	)		(107,807,149	)		3,439,553
Net unrealized appreciation (depreciation)											2,634,771

Forward foreign currency contracts 

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
ANZ	USD	84,071	AUD	113,087	05/24/22		(4,140	)
BB	EUR	246,217	USD	264,694	05/24/22		4,720
BB	GBP	1,183,128	CAD	1,946,849	05/24/22		27,719
BB	GBP	948,629	USD	1,243,805	05/24/22		50,972

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Forward foreign currency contracts—(continued) 

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BNP	AUD	1,401,738	NZD	1,536,944	05/24/22		1,526
BNP	CNY	44,804,882	USD	7,006,802	05/24/22		208,460
BNP	DKK	6,632,332	USD	974,100	05/24/22		32,715
BNP	EUR	143,232	USD	156,004	05/24/22		4,770
BNP	GBP	1,181,949	EUR	1,418,590	05/24/22		11,632
BNP	GBP	115,383	USD	144,796	05/24/22		(289	)
BNP	ILS	3,368,642	EUR	956,579	05/24/22		(15	)
BNP	NZD	2,292,156	AUD	2,109,620	05/24/22		11,229
BNP	NZD	3,834,508	USD	2,612,527	05/24/22		136,878
BNP	PLN	14,578,308	USD	3,403,294	05/24/22		122,168
BNP	RON	1,571,636	USD	345,751	05/24/22		11,620
BNP	USD	1,703,652	AUD	2,286,511	05/24/22		(87,525	)
BNP	USD	1,463,586	CHF	1,365,542	05/24/22		(58,426	)
BNP	USD	2,266,869	EUR	2,078,142	05/24/22		(72,617	)
BNP	USD	140,215	PLN	621,452	05/24/22		(345	)
BNP	USD	1,174,059	SEK	11,070,302	05/24/22		(46,110	)
BOA	CAD	9,221,940	USD	7,239,505	05/24/22		61,190
BOA	CHF	128,346	USD	132,411	05/24/22		341
BOA	EUR	211,940	USD	223,885	05/24/22		104
BOA	JPY	463,951,105	USD	3,707,725	05/24/22		130,643
BOA	PLN	73,745	USD	16,897	05/24/22		299
CITI	AUD	2,097,875	GBP	1,194,791	05/24/22		19,568
CITI	CAD	1,902,878	GBP	1,167,288	05/24/22		(13,410	)
CITI	CHF	1,445,097	SEK	14,685,363	05/24/22		9,262
CITI	EUR	1,420,493	AUD	2,066,249	05/24/22		(39,415	)
CITI	EUR	1,420,493	GBP	1,177,759	05/24/22		(18,911	)
CITI	EUR	956,580	USD	1,045,687	05/24/22		35,661
CITI	MXN	205,395,249	USD	10,248,501	05/24/22		224,213
CITI	SEK	9,560,190	CHF	961,190	05/24/22		14,994

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
CITI	USD	6,327,212	CAD	7,956,621	05/24/22		(133,815	)
CITI	USD	1,442,027	ILS	4,611,938	05/24/22		(59,202	)
CITI	USD	24,379,844	JPY	3,055,071,894	05/24/22		(825,113	)
CITI	USD	504,237	SGD	682,984	05/24/22		(10,402	)
GSI	HUF	486,302,972	USD	1,403,423	05/24/22		50,926
GSI	JPY	19,531,906	USD	152,559	05/24/22		1,967
GSI	USD	391,854	CZK	8,802,529	05/24/22		(15,419	)
GSI	USD	1,565,241	EUR	1,434,869	05/24/22		(50,203	)
GSI	USD	177,610	PLN	759,809	05/24/22		(6,601	)
GSI	USD	1,890,947	THB	63,774,062	05/24/22		(28,561	)
GSI	USD	1,047,311	ZAR	15,402,535	05/24/22		(74,122	)
HSBC	AUD	7,500,894	JPY	686,315,018	05/24/22		(10,184	)
HSBC	CZK	17,938,054	USD	800,523	05/24/22		33,413
HSBC	EUR	5,272,173	USD	5,741,380	05/24/22		174,641
HSBC	JPY	20,520,035	USD	159,926	05/24/22		1,715
HSBC	MXN	109,292,019	USD	5,359,764	05/24/22		25,781
HSBC	SEK	4,773,411	CHF	481,375	05/24/22		8,980
HSBC	USD	11,090,944	EUR	10,158,325	05/24/22		(365,054	)
HSBC	USD	169,528	MXN	3,391,962	05/24/22		(3,983	)
HSBC	USD	364,543	NOK	3,187,922	05/24/22		(24,650	)
HSBC	USD	498,643	ZAR	7,661,089	05/24/22		(14,587	)
RBC	JPY	447,440,910	USD	3,564,732	05/24/22		114,944
RBC	USD	1,239,290	EUR	1,133,677	05/24/22		(42,273	)
SCB	EUR	5,017,903	USD	5,394,368	05/24/22		96,105
SCB	JPY	348,102,910	AUD	3,737,970	05/24/22		(41,857	)
SCB	JPY	693,857,085	USD	5,318,575	05/24/22		(31,092	)
SCB	USD	1,370,629	EUR	1,259,778	05/24/22		(40,465	)
SCB	USD	126,482	GBP	97,297	05/24/22		(4,139	)
SSC	EUR	145,950	USD	154,480	05/24/22		376
SSC	GBP	317,882	USD	415,133	05/24/22		15,419
TD	AUD	701,560	NZD	768,127	05/24/22		52
TD	EUR	5,022,030	USD	5,486,078	05/24/22		183,457
Net unrealized appreciation (depreciation)							(294,465	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Schedule of investments: 

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2022 (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		—			2,662,925			—		2,662,925
Corporate bonds		—			46,586,874			—		46,586,874
Mortgage-backed securities		—			12,209,109			—		12,209,109
Non-U.S. government agency obligations		—			121,038,821			—		121,038,821
U.S. government agency obligations		—			30,190,168			—		30,190,168
U.S. Treasury obligations		—			47,570,758			—		47,570,758
Short-term investments		—			19,833,796			—		19,833,796
Investment of cash collateral from securities loaned		—			370,388			—		370,388
Futures contracts		3,439,553			—			—		3,439,553
Forward foreign currency contracts		—			1,828,460			—		1,828,460
Total		3,439,553			282,291,299			—		285,730,852
Liabilities
Futures contracts		(804,782	)		—			—		(804,782	)
Forward foreign currency contracts		—			(2,122,925	)		—		(2,122,925	)
Total		(804,782	)		(2,122,925	)		—		(2,927,707	)

At April 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $21,193,592, represented 8.1% of the Portfolio's net assets at period end.
2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
3	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4	Perpetual investment. Date shown reflects the next call date.
5	Security, or portion thereof, was on loan at the period end.
6	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
7	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.
8	Rates shown reflect yield at April 30, 2022.
9	Includes $361,296 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $370,388.

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—94.5%
Advertising—0.6%
Clear Channel International BV
6.625%, due 08/01/252		200,000		202,112
Clear Channel Outdoor Holdings, Inc.
5.125%, due 08/15/272		225,000		211,432
7.500%, due 06/01/292		125,000		117,963
7.750%, due 04/15/282		200,000		188,500
Lamar Media Corp.
3.750%, due 02/15/28		25,000		22,875
4.000%, due 02/15/30		150,000		134,408
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.250%, due 01/15/292		75,000		65,250
4.625%, due 03/15/302		200,000		178,960
5.000%, due 08/15/272		225,000		214,031
Summer BC Holdco B SARL
5.750%, due 10/31/263	EUR	175,000		181,934
				1,517,465
Aerospace & defense—1.4%
Bombardier, Inc.
6.000%, due 02/15/282		150,000		129,750
7.125%, due 06/15/262		25,000		23,000
7.500%, due 12/01/242		260,000		258,700
7.500%, due 03/15/252		43,000		41,710
7.875%, due 04/15/272		450,000		419,206
BWX Technologies, Inc.
4.125%, due 04/15/292		75,000		69,375
Egmv13793
10.000%, due 04/19/264,5	EUR	81,562		0
Howmet Aerospace, Inc.
5.125%, due 10/01/24		50,000		50,875
5.950%, due 02/01/37		225,000		227,376
Rolls-Royce PLC
1.625%, due 05/09/283	EUR	250,000		221,540
5.750%, due 10/15/273	GBP	150,000		190,504
Spirit AeroSystems, Inc.
4.600%, due 06/15/286		100,000		86,383
5.500%, due 01/15/252		75,000		74,250
7.500%, due 04/15/252		150,000		151,875
TransDigm, Inc.
4.625%, due 01/15/29		400,000		348,072
4.875%, due 05/01/29		175,000		153,344
5.500%, due 11/15/27		950,000		871,140
7.500%, due 03/15/27		150,000		151,125

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Aerospace & defense—(concluded)
Triumph Group, Inc.
6.250%, due 09/15/242		50,000		48,125
7.750%, due 08/15/25		75,000		72,938
8.875%, due 06/01/242		60,000		62,089
				3,651,377
Agriculture—0.2%
Camposol SA
6.000%, due 02/03/272		300,000		274,462
Darling Ingredients, Inc.
5.250%, due 04/15/272		75,000		75,000
MHP Lux SA
6.250%, due 09/19/293		500,000		255,000
				604,462
Airlines—1.2%
Air France-KLM
1.875%, due 01/16/253	EUR	200,000		185,820
3.875%, due 07/01/263	EUR	400,000		375,610
American Airlines, Inc.
11.750%, due 07/15/252		175,000		201,250
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/262		100,000		99,125
5.750%, due 04/20/292		150,000		144,536
Delta Air Lines, Inc.
7.375%, due 01/15/26		75,000		79,875
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500%, due 10/20/252		125,000		124,154
4.750%, due 10/20/282		25,000		24,708
Gol Finance SA
7.000%, due 01/31/25		430,000		369,074
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.750%, due 01/20/262		125,000		121,893
International Consolidated Airlines Group SA
1.500%, due 07/04/273	EUR	500,000		427,724
2.750%, due 03/25/253	EUR	100,000		98,631
3.750%, due 03/25/293	EUR	300,000		272,263
Singapore Airlines Ltd.
3.375%, due 01/19/293		200,000		183,922
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000%, due 09/20/252		75,000		79,201

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
Transportes Aereos Portugueses SA
5.625%, due 12/02/242	EUR	100,000		95,739
5.625%, due 12/02/243	EUR	100,000		95,739
United Airlines Holdings, Inc.
5.000%, due 02/01/24		25,000		24,813
United Airlines Pass-Through Trust,
Series 20-1,
5.875%, due 10/15/27		42,342		43,222
United Airlines, Inc.
4.375%, due 04/15/262		50,000		48,275
4.625%, due 04/15/292		125,000		114,688
				3,210,262
Apparel—0.6%
Crocs, Inc.
4.125%, due 08/15/312		50,000		39,903
CT Investment GmbH
5.500%, due 04/15/263,6	EUR	425,000		418,090
IM Group SAS
6.625%, due 03/01/253	EUR	275,000		295,188
Kontoor Brands, Inc.
4.125%, due 11/15/292		75,000		65,062
Levi Strauss & Co.
3.375%, due 03/15/27	EUR	625,000		650,215
				1,468,458
Auto manufacturers—1.5%
Ford Motor Co.
3.250%, due 02/12/32		100,000		81,270
5.291%, due 12/08/46		100,000		86,000
9.000%, due 04/22/25		300,000		334,303
Ford Motor Credit Co. LLC
2.700%, due 08/10/26		200,000		178,296
3.375%, due 11/13/25		200,000		192,036
3.625%, due 06/17/31		600,000		498,750
3.815%, due 11/02/27		200,000		182,000
4.000%, due 11/13/30		200,000		173,000
4.063%, due 11/01/24		200,000		195,632
4.134%, due 08/04/25		200,000		192,000
4.535%, due 03/06/25	GBP	150,000		184,374
5.113%, due 05/03/29		600,000		568,500
5.584%, due 03/18/24		200,000		202,248

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Jaguar Land Rover Automotive PLC
5.500%, due 07/15/292		200,000		166,472
5.875%, due 01/15/282		200,000		175,500
7.750%, due 10/15/252		200,000		200,377
Mclaren Finance PLC
7.500%, due 08/01/262		200,000		191,869
TML Holdings Pte Ltd.
5.500%, due 06/03/243		200,000		198,000
				4,000,627
Auto parts & equipment—2.2%
Clarios Global LP
6.750%, due 05/15/252		67,000		68,340
Clarios Global LP/Clarios U.S. Finance Co.
6.250%, due 05/15/262		25,000		25,250
8.500%, due 05/15/272		25,000		24,985
Cooper-Standard Automotive, Inc.
13.000%, due 06/01/242		50,000		50,501
Dana Financing Luxembourg Sarl
3.000%, due 07/15/293	EUR	275,000		240,067
Dana, Inc.
4.500%, due 02/15/32		25,000		20,625
Dealer Tire LLC/DT Issuer LLC
8.000%, due 02/01/282		125,000		122,280
Dornoch Debt Merger Sub, Inc.
6.625%, due 10/15/292		275,000		225,500
Faurecia SE
3.125%, due 06/15/263	EUR	100,000		96,846
3.750%, due 06/15/283	EUR	375,000		351,916
Goodyear Europe BV
2.750%, due 08/15/283	EUR	375,000		338,736
Goodyear Tire & Rubber Co.
5.000%, due 05/31/26		75,000		72,291
5.000%, due 07/15/29		150,000		133,755
5.250%, due 04/30/31		25,000		21,734
5.250%, due 07/15/31		350,000		301,875
9.500%, due 05/31/25		450,000		471,874
IHO Verwaltungs GmbH
3.625% Cash or 4.375% PIK,
3.625%, due 05/15/253,7	EUR	425,000		432,661
4.500% PIK,
3.750%, due 09/15/263,7	EUR	100,000		98,110
4.625% PIK,
3.875%, due 05/15/273,7	EUR	425,000		406,512

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
Iochpe-Maxion Austria GmbH/Maxion Wheels de Mexico S de RL de CV
5.000%, due 05/07/283		200,000		176,038
Mahle GmbH
2.375%, due 05/14/283	EUR	300,000		250,023
Nemak SAB de CV
2.250%, due 07/20/283	EUR	325,000		284,144
2.250%, due 07/20/282	EUR	125,000		109,286
3.625%, due 06/28/312		400,000		326,400
Schaeffler AG
3.375%, due 10/12/283	EUR	200,000		192,548
Tenneco, Inc.
5.000%, due 07/15/26		50,000		47,938
7.875%, due 01/15/292		225,000		227,315
Titan International, Inc.
7.000%, due 04/30/28		75,000		73,500
ZF Finance GmbH
2.250%, due 05/03/283	EUR	100,000		87,777
2.750%, due 05/25/273	EUR	100,000		92,599
3.750%, due 09/21/283	EUR	400,000		374,624
				5,746,050
Banks—2.8%
Akbank T.A.S.
5.000%, due 10/24/223		550,000		550,687
Banco de Bogota SA
5.375%, due 02/19/232		250,000		251,922
6.250%, due 05/12/263		500,000		496,812
Banco de Credito Social Cooperativo SA
(fixed, converts to FRN on 03/09/27),
1.750%, due 03/09/283	EUR	200,000		185,010
Banco do Brasil SA
3.250%, due 09/30/263		500,000		466,031
Banco Industrial SA
(fixed, converts to FRN on 01/29/26),
4.875%, due 01/29/312		150,000		142,125
Bangkok Bank PCL
(fixed, converts to FRN on 09/25/29),
3.733%, due 09/25/343		200,000		180,950

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (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 03/10/268		175,000		178,938
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/248		75,000		73,106
Barclays PLC
(fixed, converts to FRN on 06/15/25),
7.125%, due 06/15/258	GBP	200,000		255,841
(fixed, converts to FRN on 06/15/24),
8.000%, due 06/15/248		400,000		412,250
CaixaBank SA
(fixed, converts to FRN on 06/13/24),
6.750%, due 06/13/243,8	EUR	400,000		432,002
Citigroup, Inc.
(fixed, converts to FRN on 02/15/23),
5.900%, due 02/15/236,8		75,000		76,250
Series T,
(fixed, converts to FRN on 08/15/26),
6.250%, due 08/15/268		125,000		124,921
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/258		200,000		181,600
Freedom Mortgage Corp.
6.625%, due 01/15/272		400,000		346,200
7.625%, due 05/01/262		75,000		68,250
Goldman Sachs Group, Inc.,
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/258		75,000		72,188
HDFC Bank Ltd.
(fixed, converts to FRN on 08/25/26),
3.700%, due 08/25/263,8		200,000		183,000
Intelsat Jackson Holdings SA
0.000%, due 10/15/245,9		525,000		0
Intesa Sanpaolo SpA
2.925%, due 10/14/303	EUR	250,000		230,600
3.928%, due 09/15/263	EUR	500,000		536,662
Inversiones Atlantida SA
7.500%, due 05/19/262		200,000		195,163
Itau Unibanco Holding SA
2.900%, due 01/24/233		400,000		399,000

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
JPMorgan Chase & Co.,
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/258		75,000		69,323
Series S,
(fixed, converts to FRN on 02/01/24),
6.750%, due 02/01/248		200,000		203,517
Series U,
(fixed, converts to FRN on 04/30/24),
6.125%, due 04/30/248		150,000		150,685
Turkiye Vakiflar Bankasi TAO
8.125%, due 03/28/242		250,000		252,703
UniCredit SpA
(fixed, converts to FRN on 09/23/24),
2.000%, due 09/23/293	EUR	400,000		400,458
(fixed, converts to FRN on 01/15/27),
2.731%, due 01/15/323	EUR	325,000		307,396
				7,423,590
Beverages—0.4%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.250%, due 04/27/292		650,000		614,250
Primo Water Holdings, Inc.
3.875%, due 10/31/283	EUR	231,000		222,858
4.375%, due 04/30/292		125,000		108,802
Triton Water Holdings, Inc.
6.250%, due 04/01/292		100,000		82,774
				1,028,684
Biotechnology—0.1%
Grifols Escrow Issuer SA
4.750%, due 10/15/282		200,000		182,480
Building materials—1.8%
Builders FirstSource, Inc.
4.250%, due 02/01/322		250,000		213,437
5.000%, due 03/01/302		100,000		92,500
6.750%, due 06/01/272		127,000		130,969
Cemex SAB de CV
3.875%, due 07/11/312		500,000		425,000
(fixed, converts to FRN on 06/08/26),
5.125%, due 06/08/262,8		200,000		181,557
5.200%, due 09/17/302		200,000		188,500
5.450%, due 11/19/292		200,000		191,610

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
5.450%, due 11/19/293		200,000		191,610
Compact Bidco BV
5.750%, due 05/01/262	EUR	200,000		182,506
5.750%, due 05/01/263	EUR	100,000		91,253
CP Atlas Buyer, Inc.
7.000%, due 12/01/282		100,000		83,500
Griffon Corp.
5.750%, due 03/01/28		250,000		223,125
James Hardie International Finance DAC
3.625%, due 10/01/263	EUR	225,000		235,709
3.625%, due 10/01/262	EUR	150,000		157,140
JELD-WEN, Inc.
4.625%, due 12/15/252		125,000		117,813
6.250%, due 05/15/252		100,000		102,125
MIWD Holdco II LLC/MIWD Finance Corp.
5.500%, due 02/01/302		75,000		64,875
New Enterprise Stone & Lime Co., Inc.
5.250%, due 07/15/282		125,000		114,255
9.750%, due 07/15/282		150,000		147,375
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.500%, due 04/15/302		100,000		91,239
PGT Innovations, Inc.
4.375%, due 10/01/292		75,000		65,807
SRM Escrow Issuer LLC
6.000%, due 11/01/282		275,000		264,000
Standard Industries, Inc.
2.250%, due 11/21/263	EUR	450,000		418,894
2.250%, due 11/21/262	EUR	275,000		255,991
4.375%, due 07/15/302		100,000		83,386
Summit Materials LLC/Summit Materials Finance Corp.
5.250%, due 01/15/292		100,000		93,750
6.500%, due 03/15/272		50,000		49,810
Victors Merger Corp.
6.375%, due 05/15/292		100,000		60,000
West China Cement Ltd.
4.950%, due 07/08/263		200,000		180,668
				4,698,404
Chemicals—2.4%
ASP Unifrax Holdings, Inc.
7.500%, due 09/30/292		25,000		20,500

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(continued)
Braskem Netherlands Finance BV
(fixed, converts to FRN on 10/24/25),
8.500%, due 01/23/813		300,000		308,595
(fixed, converts to FRN on 10/24/25),
8.500%, due 01/23/812		250,000		257,162
Consolidated Energy Finance SA
5.000%, due 10/15/282	EUR	450,000		421,914
5.000%, due 10/15/283	EUR	100,000		93,759
Cornerstone Chemical Co.
6.750%, due 08/15/242		75,000		66,375
Diamond BC BV
4.625%, due 10/01/292		50,000		43,012
Herens Midco Sarl
5.250%, due 05/15/293	EUR	100,000		86,928
INEOS Finance PLC
3.375%, due 03/31/263	EUR	300,000		299,870
3.375%, due 03/31/262	EUR	100,000		99,957
INEOS Quattro Finance 2 PLC
2.500%, due 01/15/263	EUR	275,000		266,589
Innophos Holdings, Inc.
9.375%, due 02/15/282		150,000		157,500
Iris Holdings, Inc.
8.750% Cash or 9.500% PIK,
8.750%, due 02/15/262,7		125,000		119,887
LSF11 A5 HoldCo LLC
6.625%, due 10/15/292		50,000		43,500
Methanex Corp.
5.125%, due 10/15/27		75,000		72,000
Minerals Technologies, Inc.
5.000%, due 07/01/282		100,000		93,373
NOVA Chemicals Corp.
4.250%, due 05/15/292		50,000		43,250
5.000%, due 05/01/252		50,000		49,500
5.250%, due 06/01/272		150,000		142,125
OCI NV
4.625%, due 10/15/252		160,000		160,600
OCP SA
3.750%, due 06/23/312		200,000		168,980
6.875%, due 04/25/443		500,000		479,781
Olin Corp.
5.000%, due 02/01/30		75,000		70,875
5.625%, due 08/01/29		250,000		246,175
Olympus Water US Holding Corp.
3.875%, due 10/01/283	EUR	100,000		94,026

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
Polar US Borrower LLC/Schenectady International Group, Inc.
6.750%, due 05/15/262		100,000		81,000
Sasol Financing USA LLC
5.500%, due 03/18/31		300,000		268,500
5.875%, due 03/27/24		300,000		297,750
SCIH Salt Holdings, Inc.
4.875%, due 05/01/282		150,000		129,682
6.625%, due 05/01/292		175,000		139,590
SCIL IV LLC/SCIL USA Holdings LLC
5.375%, due 11/01/262		200,000		182,500
SPCM SA
2.625%, due 02/01/293	EUR	325,000		310,815
3.125%, due 03/15/272		200,000		176,500
TPC Group, Inc.
10.500%, due 08/01/242		50,000		16,260
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.125%, due 04/01/292		240,000		211,546
5.375%, due 09/01/252		250,000		241,250
Tronox, Inc.
4.625%, due 03/15/292		175,000		156,187
WR Grace Holdings LLC
4.875%, due 06/15/272		150,000		141,030
5.625%, due 08/15/292		250,000		212,975
				6,471,818
Coal—0.1%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
3.000%, due 03/15/244,5,9		550,000		5,500
Indika Energy Capital IV Pte Ltd.
8.250%, due 10/22/252		300,000		298,875
Murray Energy Corp.
0.000%, due 04/15/242,4,5,10		1,268,693		0
				304,375
Commercial services—4.0%
ADT Security Corp.
4.125%, due 08/01/292		100,000		84,903
4.875%, due 07/15/322		125,000		105,781
Adtalem Global Education, Inc.
5.500%, due 03/01/282		131,000		120,274
Ahern Rentals, Inc.
7.375%, due 05/15/232		325,000		305,500

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face  amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.000%, due 06/01/292		200,000		165,500
6.625%, due 07/15/262		300,000		289,932
9.750%, due 07/15/272		200,000		194,119
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
3.625%, due 06/01/282	EUR	250,000		226,155
4.625%, due 06/01/282		200,000		175,500
Alta Equipment Group,Inc.
5.625%, due 04/15/262		50,000		46,485
AMN Healthcare,Inc.
4.000%, due 04/15/292		600,000		543,000
4.625%, due 10/01/272		50,000		48,007
APi Group DE,Inc.
4.125%, due 07/15/292		175,000		156,193
APX Group,Inc.
5.750%, due 07/15/292		50,000		40,968
Arena Luxembourg Finance Sarl
1.875%, due 02/01/283	EUR	125,000		113,232
1.875%, due 02/01/282	EUR	100,000		90,586
ASGN,Inc.
4.625%, due 05/15/282		250,000		232,250
Atlantia SpA
1.875%, due 02/12/283	EUR	300,000		283,033
Avis Budget Car Rental LLC/Avis Budget Finance,Inc.
4.750%, due 04/01/282		50,000		46,375
5.375%, due 03/01/292,6		250,000		234,375
5.750%, due 07/15/272		25,000		24,502
BCP V Modular Services Finance II PLC
4.750%, due 11/30/282	EUR	100,000		95,201
4.750%, due 11/30/283	EUR	125,000		119,001
Carriage Services,Inc.
4.250%, due 05/15/292		75,000		65,250
EC Finance PLC
3.000%, due 10/15/262	EUR	175,000		177,693
3.000%, due 10/15/263	EUR	650,000		660,003
eHi Car Services Ltd.
7.000%, due 09/21/263		200,000		134,552
Graham Holdings Co.
5.750%, due 06/01/262		175,000		176,313
HealthEquity,Inc.
4.500%, due 10/01/292		75,000		68,531

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(continued)
Hertz Corp.
3.000%, due 01/15/28		50,000		2,750
4.625%, due 12/01/262		25,000		22,788
5.000%, due 12/01/292		125,000		109,375
Kapla Holding SAS
3.375%, due 12/15/263	EUR	250,000		240,661
La Financiere Atalian SASU
5.125%, due 05/15/253	EUR	600,000		508,541
Loxam SAS
4.500%, due 02/15/273	EUR	300,000		302,243
4.500%, due 04/15/273	EUR	100,000		95,698
Metis Merger Sub LLC
6.500%, due 05/15/292		175,000		152,250
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.
7.875%, due 10/01/222		325,000		344,500
Nassa Topco AS
2.875%, due 04/06/243	EUR	375,000		394,617
NESCO Holdings II, Inc.
5.500%, due 04/15/292		125,000		117,791
Nexi SpA
1.625%, due 04/30/263	EUR	225,000		217,471
Nielsen Co. Luxembourg SARL
5.000%, due 02/01/252		350,000		350,425
Nielsen Finance LLC/Nielsen Finance Co.
5.625%, due 10/01/282		75,000		72,677
5.875%, due 10/01/302		200,000		191,808
Paysafe Finance PLC/Paysafe Holdings US Corp.
4.000%, due 06/15/292		100,000		81,500
PECF USS Intermediate Holding III Corp.
8.000%, due 11/15/292		125,000		115,313
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/272		50,000		42,675
5.250%, due 04/15/242		75,000		74,906
6.250%, due 01/15/282		75,000		67,226
PROG Holdings, Inc.
6.000%, due 11/15/292		75,000		66,278
Q-Park Holding I BV
2.000%, due 03/01/272	EUR	100,000		92,176
2.000%, due 03/01/273	EUR	175,000		161,308
RAC Bond Co. PLC
5.250%, due 11/04/272	GBP	225,000		253,694
5.250%, due 11/04/273	GBP	100,000		112,753

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
Sabre GLBL, Inc.
7.375%, due 09/01/252		25,000		25,286
9.250%, due 04/15/252		100,000		106,653
Service Corp. International
3.375%, due 08/15/30		75,000		64,500
4.000%, due 05/15/31		150,000		135,000
Techem Verwaltungsgesellschaft 675 mbH
2.000%, due 07/15/253	EUR	450,000		439,674
United Rentals North America, Inc.
3.750%, due 01/15/32		50,000		43,500
3.875%, due 02/15/31		25,000		22,045
4.000%, due 07/15/30		300,000		268,500
4.875%, due 01/15/28		50,000		48,653
5.250%, due 01/15/30		75,000		72,750
Verscend Escrow Corp.
9.750%, due 08/15/262		125,000		128,750
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/262		100,000		97,250
				10,667,199
Computers—1.0%
Banff Merger Sub, Inc.
8.375%, due 09/01/263	EUR	175,000		181,995
CA Magnum Holdings
5.375%, due 10/31/263		200,000		192,000
Diebold Nixdorf Dutch Holding BV
9.000%, due 07/15/252	EUR	100,000		93,749
9.000%, due 07/15/253	EUR	450,000		421,871
Diebold Nixdorf, Inc.
8.500%, due 04/15/24		50,000		32,860
9.375%, due 07/15/252		100,000		88,500
Exela Intermediate LLC/Exela Finance, Inc.
11.500%, due 07/15/262		182,000		66,430
NCR Corp.
5.000%, due 10/01/282		125,000		119,375
5.125%, due 04/15/292		300,000		285,750
5.250%, due 10/01/302		25,000		23,625
5.750%, due 09/01/272		225,000		216,562
6.125%, due 09/01/292		200,000		191,500
Presidio Holdings, Inc.
4.875%, due 02/01/272		150,000		142,347
8.250%, due 02/01/282		150,000		145,675

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Computers—(concluded)
Science Applications International Corp.
4.875%, due 04/01/282		200,000		191,000
Vericast Corp.
11.000%, due 09/15/262		126,250		119,938
				2,513,177
Cosmetics & personal care—0.1%
Edgewell Personal Care Co.
4.125%, due 04/01/292		175,000		155,312
5.500%, due 06/01/282		125,000		120,938
				276,250
Distribution & wholesale—0.3%
Avient Corp.
5.750%, due 05/15/252		150,000		151,487
BCPE Empire Holdings, Inc.
7.625%, due 05/01/272		175,000		164,015
IAA, Inc.
5.500%, due 06/15/272		125,000		122,188
KAR Auction Services, Inc.
5.125%, due 06/01/252		125,000		126,406
Resideo Funding, Inc.
4.000%, due 09/01/292		50,000		44,500
Univar Solutions USA, Inc.
5.125%, due 12/01/272		225,000		215,680
				824,276
Diversified financial services—2.6%
AG Issuer LLC
6.250%, due 03/01/282		150,000		146,625
Ally Financial, Inc.,
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/268		125,000		107,938
B3 SA - Brasil Bolsa Balcao
4.125%, due 09/20/313		200,000		174,100
Bracken MidCo1 PLC
6.750% Cash or 7.500% PIK,
6.750%, due 11/01/272,7	GBP	125,000		149,637
Credito Real SAB de CV
5.000%, due 02/01/273	EUR	275,000		43,517

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(continued)
doValue SpA
3.375%, due 07/31/262	EUR	150,000		148,337
5.000%, due 08/04/252	EUR	325,000		344,479
Enact Holdings, Inc.
6.500%, due 08/15/252		325,000		323,336
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/242,7		327,679		282,617
International Personal Finance PLC
9.750%, due 11/12/25	EUR	525,000		536,513
Iqera Group SAS
6.500%, due 09/30/242	EUR	100,000		105,099
Jane Street Group/JSG Finance, Inc.
4.500%, due 11/15/292		125,000		115,753
Jefferson Capital Holdings LLC
6.000%, due 08/15/262		150,000		139,578
LFS Topco LLC
5.875%, due 10/15/262		50,000		46,250
Midcap Financial Issuer Trust
6.500%, due 05/01/282		200,000		172,500
Motion Finco Sarl
7.000%, due 05/15/253	EUR	100,000		108,528
Mulhacen Pte Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 08/01/233,7	EUR	403,886		204,518
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/302		75,000		65,234
5.500%, due 08/15/282		100,000		91,000
5.750%, due 11/15/312		50,000		44,375
6.000%, due 01/15/272		75,000		72,750
Navient Corp.
5.000%, due 03/15/27		231,000		210,276
5.500%, due 03/15/29		250,000		219,832
5.625%, due 08/01/33		150,000		118,500
6.125%, due 03/25/24		375,000		377,109
6.750%, due 06/25/25		125,000		124,687
6.750%, due 06/15/26		200,000		196,508
Newday Bondco PLC
7.375%, due 02/01/243	GBP	200,000		248,787
NFP Corp.
4.875%, due 08/15/282		300,000		273,000
OneMain Finance Corp.
5.375%, due 11/15/29		25,000		22,438

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
6.625%, due 01/15/28		100,000		98,769
6.875%, due 03/15/25		100,000		100,500
7.125%, due 03/15/26		400,000		405,000
8.875%, due 06/01/25		50,000		52,475
PennyMac Financial Services, Inc.
4.250%, due 02/15/292		175,000		140,688
5.750%, due 09/15/312		75,000		61,500
Provident Funding Associates LP/PFG Finance Corp.
6.375%, due 06/15/252		75,000		73,594
Shriram Transport Finance Co. Ltd.
5.100%, due 07/16/233		200,000		195,250
SLM Corp.
3.125%, due 11/02/26		175,000		159,904
VistaJet Malta Finance PLC/XO Management Holding, Inc.
6.375%, due 02/01/302		125,000		109,085
7.875%, due 05/01/272		125,000		117,587
World Acceptance Corp.
7.000%, due 11/01/262		100,000		86,749
				6,814,922
Electric—2.3%
AES Andres BV
5.700%, due 05/04/282		400,000		366,200
Calpine Corp.
4.500%, due 02/15/282		175,000		162,001
5.000%, due 02/01/312		25,000		21,318
5.125%, due 03/15/282		325,000		295,222
Capex SA
6.875%, due 05/15/242		225,000		213,159
6.875%, due 05/15/243		200,000		189,475
Centrais Eletricas Brasileiras SA
3.625%, due 02/04/252		200,000		193,538
Clean Renewable Power Mauritius Pte Ltd.
4.250%, due 03/25/273		196,000		179,683
4.250%, due 03/25/272		196,000		179,683
Clearway Energy Operating LLC
3.750%, due 01/15/322		50,000		42,375
4.750%, due 03/15/282		50,000		47,250
ContourGlobal Power Holdings SA
3.125%, due 01/01/283	EUR	100,000		94,576
3.125%, due 01/01/282	EUR	100,000		94,576

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Electric—(continued)
Drax Finco PLC
6.625%, due 11/01/252			200,000		201,000
Eskom Holdings SOC Ltd.
6.350%, due 08/10/283			400,000		393,750
6.750%, due 08/06/233			410,000		397,962
FirstEnergy Corp.,
Series C,
5.350%, due 07/15/4711			125,000		116,838
Greenko Power II Ltd.
4.300%, due 12/13/282			250,000		220,000
Instituto Costarricense de Electricidad
6.375%, due 05/15/43			200,000		162,663
6.750%, due 10/07/312			300,000		297,806
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/292			50,000		44,750
Mong Duong Finance Holdings BV
5.125%, due 05/07/292			375,000		334,687
Mytilineos SA
2.250%, due 10/30/263		EUR	100,000		94,355
NextEra Energy Operating Partners LP
3.875%, due 10/15/262			275,000		259,531
NRG Energy, Inc.
3.375%, due 02/15/292			125,000		105,938
3.625%, due 02/15/312			75,000		62,438
3.875%, due 02/15/322			50,000		41,737
6.625%, due 01/15/27			46,000		46,575
Pacific Gas and Electric Co.
4.550%, due 07/01/30			50,000		46,304
PG&E Corp.
5.000%, due 07/01/28			175,000		161,033
RRI Energy, Inc.
3.000%, due 06/15/174,5,9			75,000		0
SMC Global Power Holdings Corp.
(fixed, converts to FRN on 04/25/24),
6.500%, due 04/25/243,8			200,000		194,038
Star Energy Geothermal Wayang Windu Ltd.
6.750%, due 04/24/333			205,675		214,776
Talen Energy Supply LLC
6.625%, due 01/15/282			100,000		94,625
10.500%, due 01/15/262			50,000		18,500

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Vistra Corp.
(fixed, converts to FRN on 12/15/26),
7.000%, due 12/15/262,8		125,000		121,563
Vistra Operations Co. LLC
4.375%, due 05/01/292		50,000		45,374
5.500%, due 09/01/262		350,000		348,775
				6,104,074
Electrical components & equipment—0.3%
Belden, Inc.
3.875%, due 03/15/283	EUR	575,000		576,753
Energizer Holdings, Inc.
6.500%, due 12/31/272		50,000		48,000
Senvion Holding GmbH
3.875%, due 10/25/223,10	EUR	400,000		1,582
WESCO Distribution, Inc.
7.125%, due 06/15/252		125,000		129,844
7.250%, due 06/15/282		150,000		154,875
				911,054
Electronics—0.5%
II-VI, Inc.
5.000%, due 12/15/292		100,000		93,750
Imola Merger Corp.
4.750%, due 05/15/292		700,000		651,000
Likewize Corp.
9.750%, due 10/15/252		100,000		97,250
Sensata Technologies BV
4.000%, due 04/15/292		400,000		356,586
TTM Technologies, Inc.
4.000%, due 03/01/292		200,000		175,000
				1,373,586
Energy-Alternate Sources—0.7%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/242		300,000		300,056
Continuum Energy Levanter Pte Ltd.
4.500%, due 02/09/272		197,250		179,498
Cullinan Holdco Scsp
3 mo. Euribor + 4.750%,
1.000%, due 10/15/262,12	EUR	200,000		197,468
4.625%, due 10/15/262	EUR	100,000		95,884

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Energy-Alternate Sources—(concluded)
4.625%, due 10/15/263	EUR	200,000		191,769
Investment Energy Resources Ltd.
6.250%, due 04/26/292		200,000		197,300
ReNew Power Pvt Ltd.
5.875%, due 03/05/272		300,000		281,250
ReNew Power Synthetic
6.670%, due 03/12/242		200,000		202,537
TerraForm Power Operating LLC
4.750%, due 01/15/302		125,000		112,500
5.000%, due 01/31/282		50,000		46,695
				1,804,957
Engineering & construction—0.9%
Aeropuertos Argentina 2000 SA
8.500%, due 08/01/312		172,957		143,468
Aeropuertos Dominicanos Siglo XXI SA
6.750%, due 03/30/293		810,000		783,169
Arcosa, Inc.
4.375%, due 04/15/292		50,000		45,619
GMR Hyderabad International Airport Ltd.
4.750%, due 02/02/262		300,000		287,869
Mytilineos Financial Partners SA
2.500%, due 12/01/243	EUR	225,000		230,641
OHL Operaciones SA
5.100% Cash or 1.500% PIK,
6.600%, due 03/31/263,7	EUR	174,553		172,636
5.100% Cash or 1.500% PIK,
9.750%, due 03/31/262,7	EUR	195,620		193,471
Sarens Finance Co., N.V.
5.750%, due 02/21/273	EUR	338,000		299,914
TopBuild Corp.
4.125%, due 02/15/322		75,000		64,617
Weekley Homes LLC/Weekley Finance Corp.
4.875%, due 09/15/282		200,000		176,655
				2,398,059
Entertainment—3.5%
Affinity Gaming
6.875%, due 12/15/272		150,000		140,496
Allen Media LLC/Allen Media Co-Issuer, Inc.
10.500%, due 02/15/282		100,000		90,250

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(continued)
Allwyn Entertainment Financing U.K. PLC
3 mo. Euribor + 4.125%,
4.125%, due 02/15/282,12	EUR	150,000		151,913
AMC Entertainment Holdings, Inc.
10.000%, due 06/15/262		474,932		397,789
ASR Media & Sponsorship SpA
5.125%, due 08/01/242	EUR	266,300		261,380
5.125%, due 08/01/243	EUR	217,882		213,857
Boyne USA, Inc.
4.750%, due 05/15/292		150,000		139,125
Caesars Entertainment, Inc.
4.625%, due 10/15/292		475,000		407,312
8.125%, due 07/01/272		150,000		156,750
Caesars Resort Collection LLC/CRC Finco, Inc.
5.750%, due 07/01/252		100,000		102,125
CDI Escrow Issuer, Inc.
5.750%, due 04/01/302		225,000		216,880
Cedar Fair LP
5.250%, due 07/15/29		102,000		96,518
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
6.500%, due 10/01/28		175,000		175,437
Churchill Downs, Inc.
4.750%, due 01/15/282		75,000		70,221
5.500%, due 04/01/272		150,000		147,286
Cinemark USA, Inc.
5.250%, due 07/15/282		300,000		266,565
5.875%, due 03/15/262		125,000		116,563
Cirsa Finance International Sarl
6.250%, due 12/20/233	EUR	297,210		311,718
Codere Finance 2 Luxembourg SA
8.000% Cash or 3.000% PIK,
8.000%, due 09/30/262,7	EUR	60,654		67,058
8.000% Cash or 3.000% PIK,
11.000%, due 09/30/263,7	EUR	99,070		109,531
2.000% Cash or 10.750% PIK,
12.750%, due 11/30/273,7	EUR	93,336		93,699
Everi Holdings, Inc.
5.000%, due 07/15/292		100,000		90,730
Gamma Bondco Sarl
8.125%, due 11/15/262,7	EUR	300,000		294,331
Golden Entertainment, Inc.
7.625%, due 04/15/262		325,000		332,312

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(continued)
Inter Media and Communication SpA
6.750%, due 02/09/272	EUR	100,000		99,999
International Game Technology PLC
4.125%, due 04/15/262		200,000		188,604
Intralot Capital Luxembourg SA
5.250%, due 09/15/243	EUR	525,000		485,526
Jacobs Entertainment, Inc.
6.750%, due 02/15/292		225,000		220,432
Live Nation Entertainment, Inc.
3.750%, due 01/15/282		25,000		22,625
5.625%, due 03/15/262		100,000		98,750
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/292		125,000		109,691
Mohegan Gaming & Entertainment
7.875%, due 10/15/242		225,000		230,616
8.000%, due 02/01/262		200,000		177,500
Motion Bondco DAC
4.500%, due 11/15/273	EUR	550,000		516,503
6.625%, due 11/15/272,6		200,000		183,500
Penn National Gaming, Inc.
4.125%, due 07/01/292		125,000		105,469
Pinewood Finance Co. Ltd.
3.625%, due 11/15/272	GBP	100,000		114,920
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, due 09/01/292		250,000		200,000
5.875%, due 09/01/312		225,000		177,187
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/262		75,000		71,091
Sazka Group AS
3.875%, due 02/15/272	EUR	300,000		286,419
3.875%, due 02/15/273	EUR	325,000		310,287
4.125%, due 11/20/243	EUR	228,000		235,117
Scientific Games International, Inc.
7.000%, due 05/15/282		300,000		307,136
7.250%, due 11/15/292		75,000		78,728
8.625%, due 07/01/252		25,000		26,188
SeaWorld Parks & Entertainment, Inc.
5.250%, due 08/15/292,6		250,000		227,480
Six Flags Entertainment Corp.
5.500%, due 04/15/272		25,000		24,500
WMG Acquisition Corp.
2.250%, due 08/15/313	EUR	225,000		199,291

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Entertainment—(concluded)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, due 10/01/292		125,000		109,453
				9,256,858
Environmental control—0.1%
Covanta Holding Corp.
5.000%, due 09/01/30		100,000		90,250
Madison IAQ LLC
4.125%, due 06/30/282		50,000		43,875
5.875%, due 06/30/292		125,000		101,875
				236,000
Food—2.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250%, due 03/15/262		75,000		68,438
3.500%, due 03/15/292		25,000		21,060
4.625%, due 01/15/272		150,000		140,501
4.875%, due 02/15/302		75,000		67,879
Bellis Acquisition Co. PLC
3.250%, due 02/16/263	GBP	500,000		550,739
C&S Group Enterprises LLC
5.000%, due 12/15/282		100,000		85,125
Grupo KUO SAB De CV
5.750%, due 07/07/273		750,000		724,359
Iceland Bondco PLC
4.625%, due 03/15/253	GBP	300,000		323,015
Indofood CBP Sukses Makmur Tbk PT
3.541%, due 04/27/323		200,000		166,522
Ingles Markets, Inc.
4.000%, due 06/15/312		125,000		112,251
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500%, due 01/15/302		150,000		148,125
Kraft Heinz Foods Co.
4.125%, due 07/01/273	GBP	100,000		129,686
Lamb Weston Holdings, Inc.
4.125%, due 01/31/302		100,000		89,238
4.375%, due 01/31/322		100,000		89,326
MARB BondCo PLC
3.950%, due 01/29/313		400,000		331,970
Minerva Luxembourg SA
4.375%, due 03/18/312		250,000		207,231

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food—(concluded)
Nathan's Famous, Inc.
6.625%, due 11/01/252		110,000		109,862
NBM US Holdings, Inc.
7.000%, due 05/14/263		500,000		515,094
Ocado Group PLC
3.875%, due 10/08/262	GBP	175,000		189,829
3.875%, due 10/08/263	GBP	150,000		162,711
Performance Food Group, Inc.
4.250%, due 08/01/292		125,000		111,091
5.500%, due 10/15/272		100,000		97,043
Post Holdings, Inc.
4.500%, due 09/15/312		400,000		332,640
5.500%, due 12/15/292		75,000		68,250
5.625%, due 01/15/282		25,000		23,638
Premier Foods Finance PLC
3.500%, due 10/15/263	GBP	200,000		229,755
Rallye SA,
Series COFP,
5.520%, due 02/28/323,10	EUR	800,000		126,594
SEG Holding LLC/SEG Finance Corp.
5.625%, due 10/15/282		250,000		243,971
Sigma Holdco BV
5.750%, due 05/15/263	EUR	625,000		481,321
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625%, due 03/01/292		175,000		157,915
United Natural Foods, Inc.
6.750%, due 10/15/282		50,000		50,037
US Foods, Inc.
4.750%, due 02/15/292		200,000		184,740
6.250%, due 04/15/252		100,000		102,731
				6,442,687
Food Service—0.3%
Aramark Services, Inc.
5.000%, due 04/01/252		75,000		74,344
5.000%, due 02/01/282		100,000		93,255
6.375%, due 05/01/252		175,000		178,215
Elior Group SA
3.750%, due 07/15/263	EUR	350,000		313,393

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Food Service—(concluded)
TKC Holdings, Inc.
10.500%, due 05/15/292		100,000		96,250
				755,457
Forest Products & Paper—0.1%
Appvion, Inc.
9.000%, due 06/01/254,5,9		650,000		6,500
Domtar Corp.
6.750%, due 10/01/282		83,000		82,274
Glatfelter Corp.
4.750%, due 11/15/292		75,000		60,000
Mercer International, Inc.
5.125%, due 02/01/29		150,000		139,336
				288,110
Gas—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.500%, due 05/20/25		50,000		49,244
5.750%, due 05/20/27		150,000		147,347
				196,591
Hand & machine tools—0.1%
Werner FinCo LP/Werner FinCo, Inc.
8.750%, due 07/15/252		200,000		205,860
Healthcare-products—0.5%
Avantor Funding, Inc.
3.875%, due 11/01/292		150,000		134,585
4.625%, due 07/15/282		250,000		237,822
Mozart Debt Merger Sub, Inc.
3.875%, due 04/01/292		482,000		421,152
Mozart Debt Merger Sub,Inc.
5.250%, due 10/01/292		350,000		304,500
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.250%, due 02/01/282		90,000		90,900
7.375%, due 06/01/252		75,000		76,313
				1,265,272
Healthcare-services—3.5%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/292		100,000		94,750
5.500%, due 07/01/282		125,000		121,733

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(continued)
AHP Health Partners, Inc.
5.750%, due 07/15/292		75,000		67,688
Air Methods Corp.
8.000%, due 05/15/252		175,000		143,063
Catalent Pharma Solutions, Inc.
2.375%, due 03/01/283	EUR	350,000		324,925
Centene Corp.
2.450%, due 07/15/28		75,000		65,431
2.500%, due 03/01/31		100,000		83,125
3.000%, due 10/15/30		625,000		543,750
3.375%, due 02/15/30		125,000		111,681
4.250%, due 12/15/27		375,000		363,750
4.625%, due 12/15/29		25,000		24,213
Charles River Laboratories International, Inc.
4.000%, due 03/15/312		82,000		73,210
CHS/Community Health Systems, Inc.
4.750%, due 02/15/312		550,000		466,125
5.250%, due 05/15/302		300,000		262,995
5.625%, due 03/15/272		175,000		166,817
6.000%, due 01/15/292		100,000		94,519
6.125%, due 04/01/302		150,000		123,375
6.875%, due 04/01/282,6		98,000		76,906
6.875%, due 04/15/292		275,000		241,180
8.000%, due 03/15/262		250,000		258,450
8.000%, due 12/15/272		250,000		258,990
DaVita, Inc.
3.750%, due 02/15/312		475,000		387,125
4.625%, due 06/01/302		350,000		304,500
Encompass Health Corp.
4.750%, due 02/01/30		125,000		112,969
Envision Healthcare Corp.
8.750%, due 10/15/262		200,000		83,288
HCA, Inc.
3.500%, due 09/01/30		175,000		156,770
5.375%, due 02/01/25		150,000		154,312
5.375%, due 09/01/26		325,000		332,639
5.875%, due 02/15/26		100,000		103,550
IQVIA, Inc.
5.000%, due 05/15/272		425,000		421,098
Legacy LifePoint Health LLC
6.750%, due 04/15/252		100,000		102,000

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
LifePoint Health, Inc.
5.375%, due 01/15/292		100,000		85,500
MEDNAX, Inc.
5.375%, due 02/15/302		50,000		46,588
ModivCare Escrow Issuer, Inc.
5.000%, due 10/01/292		75,000		65,625
Molina Healthcare, Inc.
3.875%, due 11/15/302		200,000		180,398
3.875%, due 05/15/322		300,000		263,394
4.375%, due 06/15/282		150,000		140,196
Prime Healthcare Services, Inc.
7.250%, due 11/01/252		150,000		150,375
Rede D'or Finance Sarl
4.500%, due 01/22/303		364,000		317,908
RP Escrow Issuer LLC
5.250%, due 12/15/252		100,000		93,000
Select Medical Corp.
6.250%, due 08/15/262		150,000		148,875
Tenet Healthcare Corp.
4.250%, due 06/01/292		25,000		22,587
4.375%, due 01/15/302		150,000		136,481
4.625%, due 09/01/242		125,000		123,906
4.875%, due 01/01/262		125,000		122,397
5.125%, due 11/01/272		175,000		169,919
6.125%, due 10/01/282		800,000		767,960
6.250%, due 02/01/272		50,000		49,625
6.750%, due 06/15/23		75,000		77,153
6.875%, due 11/15/31		87,000		90,139
				9,176,953
Holding companies-divers—0.4%
KOC Holding AS
5.250%, due 03/15/233		500,000		497,125
6.500%, due 03/11/252		200,000		199,412
6.500%, due 03/11/253		400,000		398,825
				1,095,362
Home builders—1.6%
Adams Homes, Inc.
7.500%, due 02/15/252		150,000		146,143
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625%, due 08/01/292		75,000		63,108

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(continued)
4.625%, due 04/01/302		150,000		122,813
6.625%, due 01/15/282		100,000		97,233
Beazer Homes USA, Inc.
5.875%, due 10/15/27		50,000		46,125
6.750%, due 03/15/25		225,000		224,257
7.250%, due 10/15/29		100,000		95,249
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
4.875%, due 02/15/302		150,000		125,250
5.000%, due 06/15/292		125,000		110,556
Century Communities, Inc.
3.875%, due 08/15/292		75,000		63,194
Empire Communities Corp.
7.000%, due 12/15/252		125,000		118,438
Forestar Group, Inc.
3.850%, due 05/15/262		100,000		90,000
5.000%, due 03/01/282		175,000		158,114
Installed Building Products, Inc.
5.750%, due 02/01/282		150,000		142,112
KB Home
4.000%, due 06/15/31		125,000		106,875
6.875%, due 06/15/27		100,000		103,806
LGI Homes, Inc.
4.000%, due 07/15/292		50,000		41,357
Maison Finco PLC
6.000%, due 10/31/272	GBP	175,000		202,450
6.000%, due 10/31/273	GBP	675,000		780,877
Mattamy Group Corp.
4.625%, due 03/01/302		150,000		127,125
Meritage Homes Corp.
6.000%, due 06/01/25		290,000		295,072
Picasso Finance Sub, Inc.
6.125%, due 06/15/252		60,000		61,116
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/282		100,000		89,500
4.750%, due 04/01/292		125,000		108,187
STL Holding Co. LLC
7.500%, due 02/15/262		125,000		119,209
Thor Industries, Inc.
4.000%, due 10/15/292		75,000		63,383
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
5.875%, due 06/15/24		75,000		76,148

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
Tri Pointe Homes, Inc.
5.700%, due 06/15/28		75,000		71,870
Williams Scotsman International, Inc.
4.625%, due 08/15/282		125,000		118,306
Winnebago Industries, Inc.
6.250%, due 07/15/282		200,000		198,500
				4,166,373
Home Furnishings—0.0%†
Tempur Sealy International, Inc.
4.000%, due 04/15/292		100,000		86,626
Household products/wares—0.2%
Central Garden & Pet Co.
4.125%, due 10/15/30		75,000		64,833
4.125%, due 04/30/312		100,000		85,750
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
5.000%, due 12/31/262		50,000		44,250
7.000%, due 12/31/272		75,000		59,250
Spectrum Brands, Inc.
4.000%, due 10/01/262	EUR	325,000		337,602
5.500%, due 07/15/302		50,000		46,530
5.750%, due 07/15/25		5,000		5,050
				643,265
Housewares—0.3%
Newell Brands, Inc.
4.450%, due 04/01/2611		400,000		396,576
5.625%, due 04/01/3611		225,000		215,050
5.750%, due 04/01/4611		50,000		46,563
Scotts Miracle-Gro Co.
4.000%, due 04/01/31		150,000		123,375
4.375%, due 02/01/32		50,000		41,750
				823,314
Insurance—0.8%
Acrisure LLC/Acrisure Finance, Inc.
7.000%, due 11/15/252		375,000		365,081
10.125%, due 08/01/262		25,000		26,000
AssuredPartners, Inc.
5.625%, due 01/15/292		75,000		65,959
7.000%, due 08/15/252		50,000		49,308

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
BroadStreet Partners, Inc.
5.875%, due 04/15/292		75,000		65,063
HUB International Ltd.
5.625%, due 12/01/292		25,000		22,938
7.000%, due 05/01/262		250,000		247,792
MGIC Investment Corp.
5.250%, due 08/15/28		325,000		305,107
5.750%, due 08/15/23		100,000		101,250
NMI Holdings, Inc.
7.375%, due 06/01/252		175,000		182,437
Radian Group, Inc.
4.500%, due 10/01/24		200,000		194,750
4.875%, due 03/15/27		150,000		144,753
Sagicor Financial Co. Ltd.
5.300%, due 05/13/282		400,000		390,012
				2,160,450
Internet—1.2%
Arches Buyer, Inc.
4.250%, due 06/01/282		125,000		111,091
B2W Digital Lux Sarl
4.375%, due 12/20/302		200,000		165,350
Endurance International Group Holdings, Inc.
6.000%, due 02/15/292		150,000		121,407
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
3.500%, due 03/01/292		75,000		66,554
5.250%, due 12/01/272		250,000		247,322
Iliad SA
1.875%, due 04/25/253	EUR	200,000		200,470
1.875%, due 02/11/283	EUR	100,000		87,561
2.375%, due 06/17/263	EUR	200,000		196,801
Match Group Holdings II LLC
4.125%, due 08/01/302		100,000		89,375
Match Group Holdings II LLC
4.625%, due 06/01/282		100,000		93,217
5.000%, due 12/15/272		75,000		73,125
MercadoLibre, Inc.
3.125%, due 01/14/31		300,000		243,900
Millennium Escrow Corp.
6.625%, due 08/01/262		100,000		92,400
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/272		50,000		45,484

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Internet—(concluded)
Twitter, Inc.
3.875%, due 12/15/272		50,000		49,015
5.000%, due 03/01/302		325,000		331,916
Uber Technologies, Inc.
4.500%, due 08/15/292		250,000		215,315
6.250%, due 01/15/282		125,000		123,750
7.500%, due 05/15/252		100,000		103,251
7.500%, due 09/15/272		100,000		102,897
8.000%, due 11/01/262		300,000		314,250
United Group BV
3 mo. Euribor + 3.250%,
3.250%, due 02/15/262,12	EUR	100,000		98,042
				3,172,493
Investment companies—0.6%
Compass Group Diversified Holdings LLC
5.000%, due 01/15/322		75,000		63,750
5.250%, due 04/15/292		125,000		112,187
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, due 02/01/29		125,000		107,841
4.750%, due 09/15/24		425,000		414,375
5.250%, due 05/15/27		475,000		443,731
6.250%, due 05/15/26		300,000		297,426
6.375%, due 12/15/25		25,000		24,813
				1,464,123
Iron & steel—1.0%
ABJA Investment Co. Pte Ltd.
5.450%, due 01/24/283		300,000		295,500
Allegheny Technologies, Inc.
4.875%, due 10/01/29		75,000		68,243
5.125%, due 10/01/31		100,000		90,329
5.875%, due 12/01/276		150,000		144,750
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/262		175,000		177,844
Big River Steel LLC/BRS Finance Corp.
6.625%, due 01/31/292		140,000		143,150
Carpenter Technology Corp.
6.375%, due 07/15/28		200,000		199,272
Cleveland-Cliffs, Inc.
4.625%, due 03/01/292		25,000		23,432
4.875%, due 03/01/312,6		100,000		92,500

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Iron & steel—(concluded)
5.875%, due 06/01/27		225,000		223,875
6.750%, due 03/15/262		100,000		104,810
Commercial Metals Co.
4.125%, due 01/15/30		50,000		45,500
4.375%, due 03/15/32		50,000		44,625
CSN Inova Ventures
6.750%, due 01/28/283		250,000		248,328
JSW Steel Ltd.
5.050%, due 04/05/322		200,000		172,500
Mineral Resources Ltd.
8.000%, due 11/01/272		300,000		298,875
8.125%, due 05/01/272		148,000		150,254
8.500%, due 05/01/302		75,000		74,063
TMS International Corp.
6.250%, due 04/15/292		75,000		65,250
United States Steel Corp.
6.875%, due 03/01/29		25,000		25,433
				2,688,533
Leisure Time—3.8%
Carnival Corp.
5.750%, due 03/01/272		2,550,000		2,309,063
6.000%, due 05/01/292		725,000		650,687
6.650%, due 01/15/28		100,000		92,500
7.625%, due 03/01/262		500,000		489,375
10.500%, due 02/01/262		250,000		275,000
Carnival PLC
1.000%, due 10/28/29	EUR	1,275,000		930,110
Codere New Holdco SA
3.000%, due 11/30/274	EUR	117,189		115,129
Deuce Finco PLC
5.500%, due 06/15/272	GBP	125,000		143,179
5.500%, due 06/15/273	GBP	100,000		114,543
Life Time, Inc.
5.750%, due 01/15/262		250,000		242,575
8.000%, due 04/15/262		875,000		854,302
Lindblad Expeditions LLC
6.750%, due 02/15/272		50,000		49,063
MajorDrive Holdings IV LLC
6.375%, due 06/01/292		125,000		99,063
NCL Corp. Ltd.
3.625%, due 12/15/242		75,000		69,750

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
5.875%, due 03/15/262		475,000		438,810
7.750%, due 02/15/292		75,000		72,750
NCL Finance Ltd.
6.125%, due 03/15/282		125,000		112,500
Pinnacle Bidco PLC
5.500%, due 02/15/252	EUR	100,000		105,365
5.500%, due 02/15/253	EUR	275,000		289,753
Royal Caribbean Cruises Ltd.
3.700%, due 03/15/28		175,000		146,527
4.250%, due 07/01/262		75,000		67,890
5.250%, due 11/15/22		175,000		175,219
5.375%, due 07/15/272		600,000		551,367
5.500%, due 08/31/262		75,000		69,885
5.500%, due 04/01/282		400,000		365,000
7.500%, due 10/15/27		50,000		50,822
9.125%, due 06/15/232		125,000		129,042
11.500%, due 06/01/252		104,000		113,069
TUI Cruises GmbH
6.500%, due 05/15/263	EUR	200,000		191,354
Viking Cruises Ltd.
5.875%, due 09/15/272		375,000		317,599
6.250%, due 05/15/252		75,000		68,625
13.000%, due 05/15/252		150,000		164,160
Viking Ocean Cruises Ship VII, Ltd.
5.625%, due 02/15/292		75,000		66,188
VOC Escrow Ltd.
5.000%, due 02/15/282		150,000		136,500
				10,066,764
Lodging—1.2%
Accor SA
(fixed, converts to FRN on 01/30/25),
2.625%, due 01/30/253,8	EUR	400,000		381,069
Boyd Gaming Corp.
4.750%, due 12/01/27		50,000		47,257
Fortune Star BVI Ltd.
3.950%, due 10/02/263	EUR	325,000		295,351
6.850%, due 07/02/243		200,000		188,000
Full House Resorts, Inc.
8.250%, due 02/15/282		250,000		247,547
Hilton Domestic Operating Co., Inc.
3.750%, due 05/01/292		75,000		67,952

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Lodging—(concluded)
4.000%, due 05/01/312		325,000		290,664
4.875%, due 01/15/30		75,000		72,353
5.750%, due 05/01/282		125,000		126,781
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/312		200,000		174,660
5.000%, due 06/01/292		275,000		248,187
MGM Resorts International
4.750%, due 10/15/28		75,000		68,891
5.500%, due 04/15/27		75,000		73,051
6.000%, due 03/15/23		375,000		379,219
Station Casinos LLC
4.625%, due 12/01/312		25,000		20,951
Travel + Leisure Co.
4.625%, due 03/01/302		75,000		66,750
6.625%, due 07/31/262		200,000		204,756
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/272		250,000		229,918
				3,183,357
Machinery-construction & mining—0.1%
Manitowoc Co., Inc.
9.000%, due 04/01/262		75,000		77,603
Terex Corp.
5.000%, due 05/15/292		150,000		137,841
				215,444
Machinery-diversified—0.4%
Galapagos SA,
5.375%, due 06/15/213,10	EUR	27,500		36
Husky III Holding Ltd.
13.000% Cash or 13.750% PIK,
13.000%, due 02/15/252,7		75,000		76,875
JPW Industries Holding Corp.
9.000%, due 10/01/242		150,000		150,484
OT Merger Corp.
7.875%, due 10/15/292		50,000		42,500
Selecta Group BV
3.500% Cash or 4.500% PIK,
8.000%, due 04/01/262,7	EUR	198,839		208,855
3.500% Cash or 4.500% PIK,
8.000%, due 04/01/263,7	EUR	18,122		19,035
10.000%, due 07/01/262,7	EUR	73,175		73,499

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Machinery-diversified—(concluded)
10.000% PIK,
10.000%, due 07/01/263,7	EUR	255,218		256,347
Titan Acquisition Ltd./Titan Co-Borrower LLC
7.750%, due 04/15/262		300,000		289,500
				1,117,131
Media—5.7%
Altice Financing SA
2.250%, due 01/15/253	EUR	100,000		97,913
4.250%, due 08/15/292	EUR	225,000		201,759
5.000%, due 01/15/282		200,000		166,946
AMC Networks, Inc.
4.250%, due 02/15/29		150,000		130,569
Audacy Capital Corp.
6.750%, due 03/31/292		75,000		64,960
Cable Onda SA
4.500%, due 01/30/302		300,000		279,322
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/312		325,000		273,910
4.250%, due 01/15/342		600,000		477,000
4.500%, due 08/15/302		100,000		87,250
4.500%, due 05/01/32		700,000		588,808
4.500%, due 06/01/332		675,000		552,231
4.750%, due 03/01/302		325,000		290,469
4.750%, due 02/01/322		850,000		730,430
5.000%, due 02/01/282		200,000		190,500
5.375%, due 06/01/292		50,000		47,375
CSC Holdings LLC
4.500%, due 11/15/312		400,000		328,548
4.625%, due 12/01/302		900,000		688,500
5.000%, due 11/15/312		200,000		154,666
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375%, due 08/15/262		250,000		92,500
6.625%, due 08/15/272		125,000		25,938
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
5.875%, due 08/15/272		625,000		588,281
DISH DBS Corp.
5.125%, due 06/01/29		150,000		117,167
5.250%, due 12/01/262		275,000		252,491
5.750%, due 12/01/282		225,000		201,258
5.875%, due 11/15/24		50,000		48,500
7.375%, due 07/01/28		175,000		153,016

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(continued)
GCI LLC
4.750%, due 10/15/282		150,000		139,125
Gray Escrow II, Inc.
5.375%, due 11/15/312		250,000		215,490
Gray Television, Inc.
4.750%, due 10/15/302		350,000		304,500
iHeartCommunications, Inc.
4.750%, due 01/15/282		75,000		67,969
5.250%, due 08/15/272		125,000		116,875
6.375%, due 05/01/26		130,233		130,559
McGraw-Hill Education, Inc.
8.000%, due 08/01/292		200,000		179,000
Midcontinent Communications/Midcontinent Finance Corp.
5.375%, due 08/15/272		125,000		122,188
News Corp.
3.875%, due 05/15/292		225,000		203,450
5.125%, due 02/15/322		125,000		119,375
Nexstar Media, Inc.
4.750%, due 11/01/282		150,000		136,125
5.625%, due 07/15/272		200,000		194,626
RCS & RDS SA
3.250%, due 02/05/283	EUR	300,000		284,105
Scripps Escrow II, Inc.
5.375%, due 01/15/312		50,000		44,507
Scripps Escrow, Inc.
5.875%, due 07/15/272		75,000		71,625
Sinclair Television Group, Inc.
4.125%, due 12/01/302		125,000		103,681
5.125%, due 02/15/272		150,000		131,405
5.500%, due 03/01/302		50,000		40,884
Sirius XM Radio, Inc.
3.125%, due 09/01/262		500,000		460,625
3.875%, due 09/01/312		550,000		464,480
4.000%, due 07/15/282		275,000		248,531
5.000%, due 08/01/272		75,000		72,375
5.500%, due 07/01/292		200,000		192,332
Summer BidCo BV
9.000% Cash or 9.750% PIK,
9.000%, due 11/15/253,7	EUR	209,750		214,033
9.000% Cash or 9.750% PIK,
9.000%, due 11/15/252,7	EUR	256,703		260,857
TEGNA, Inc.
4.625%, due 03/15/28		175,000		168,385
5.000%, due 09/15/29		100,000		97,000

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Media—(concluded)
Univision Communications, Inc.
4.500%, due 05/01/292		475,000		426,312
5.125%, due 02/15/252		100,000		98,250
6.625%, due 06/01/272		200,000		200,500
9.500%, due 05/01/252		100,000		104,233
UPC Broadband Finco BV
4.875%, due 07/15/312		400,000		351,500
UPC Holding BV
3.875%, due 06/15/293	EUR	100,000		96,053
UPCB Finance VII Ltd.
3.625%, due 06/15/293	EUR	200,000		195,166
Videotron Ltd.
3.625%, due 06/15/292		100,000		87,000
Virgin Media Finance PLC
5.000%, due 07/15/302		200,000		174,000
Virgin Media Secured Finance PLC
5.000%, due 04/15/273	GBP	200,000		245,479
Virgin Media Vendor Financing Notes III DAC
4.875%, due 07/15/283	GBP	100,000		113,956
VTR Finance N.V.
6.375%, due 07/15/282		200,000		181,000
6.375%, due 07/15/283		250,000		226,250
VZ Vendor Financing II BV
2.875%, due 01/15/293	EUR	250,000		223,859
2.875%, due 01/15/292	EUR	300,000		268,631
Ziggo Bond Co. BV
6.000%, due 01/15/272		350,000		343,000
				14,949,603
Metal Fabricate/Hardware—0.1%
Advanced Drainage Systems, Inc.
5.000%, due 09/30/272		75,000		72,469
Park-Ohio Industries, Inc.
6.625%, due 04/15/27		150,000		112,500
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/292		75,000		67,500
				252,469
Mining—1.6%
Alcoa Nederland Holding BV
4.125%, due 03/31/292		200,000		187,236

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(continued)
Arconic Corp.
6.000%, due 05/15/252		100,000		100,341
6.125%, due 02/15/282		25,000		24,219
China Hongqiao Group Ltd.
6.250%, due 06/08/243		200,000		195,090
Coeur Mining, Inc.
5.125%, due 02/15/292,6		100,000		80,250
Compass Minerals International, Inc.
6.750%, due 12/01/272		25,000		25,309
Constellium SE
3.125%, due 07/15/292	EUR	175,000		161,225
3.125%, due 07/15/293	EUR	200,000		184,258
3.750%, due 04/15/292		250,000		216,207
First Quantum Minerals Ltd.
6.500%, due 03/01/242		600,000		601,500
6.875%, due 10/15/272		200,000		199,163
7.500%, due 04/01/253		400,000		404,000
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/312		300,000		265,476
5.875%, due 04/15/302		25,000		24,820
6.125%, due 04/15/322		100,000		99,252
Freeport-McMoRan, Inc.
4.125%, due 03/01/28		50,000		48,347
4.375%, due 08/01/28		225,000		217,856
IAMGOLD Corp.
5.750%, due 10/15/282		100,000		85,074
Novelis Corp.
3.250%, due 11/15/262		100,000		91,245
4.750%, due 01/30/302		100,000		91,973
Novelis Sheet Ingot GmbH
3.375%, due 04/15/293	EUR	250,000		237,364
Petra Diamonds US Treasury PLC
10.500% PIK,
9.750%, due 03/08/262,7		109,744		115,231
Taseko Mines Ltd.
7.000%, due 02/15/262		100,000		99,250
Vedanta Resources Finance II PLC
13.875%, due 01/21/242		200,000		208,662

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Mining—(concluded)
Vedanta Resources Ltd.
6.375%, due 07/30/222		300,000		298,650
				4,261,998
Miscellaneous manufacturers—0.2%
FXI Holdings, Inc.
7.875%, due 11/01/242		175,000		172,494
12.250%, due 11/15/262		244,000		259,860
LSB Industries, Inc.
6.250%, due 10/15/282		25,000		24,498
				456,852
Office & business equipment—0.2%
CDW LLC/CDW Finance Corp.
3.250%, due 02/15/29		75,000		66,000
4.125%, due 05/01/25		75,000		74,025
Xerox Holdings Corp.
5.000%, due 08/15/252		175,000		168,000
5.500%, due 08/15/282		150,000		135,000
				443,025
Oil & gas—10.6%
Aethon United BR LP/Aethon United Finance Corp.
8.250%, due 02/15/262		175,000		180,343
Antero Resources Corp.
5.375%, due 03/01/302		25,000		24,427
7.625%, due 02/01/292		83,000		87,947
Apache Corp.
4.750%, due 04/15/43		75,000		64,875
5.100%, due 09/01/40		125,000		113,125
5.350%, due 07/01/49		125,000		109,688
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
8.250%, due 12/31/282		50,000		52,000
9.000%, due 11/01/272		150,000		208,702
Athabasca Oil Corp.
9.750%, due 11/01/262		250,000		265,200
Callon Petroleum Co.
6.125%, due 10/01/24		450,000		444,267
8.250%, due 07/15/25		25,000		25,063
Centennial Resource Production LLC
5.375%, due 01/15/262		150,000		146,250

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Chaparral Energy, Inc.
10.000%, due 02/14/254		22,253		85,006
Chesapeake Energy Corp.
5.875%, due 02/01/292		100,000		98,872
6.750%, due 04/15/292		50,000		50,313
Citgo Holding, Inc.
9.250%, due 08/01/242,6		250,000		248,437
CITGO Petroleum Corp.
7.000%, due 06/15/252		150,000		148,969
Civitas Resources, Inc.
5.000%, due 10/15/262		225,000		213,750
CNX Resources Corp.
6.000%, due 01/15/292		125,000		123,321
7.250%, due 03/14/272		275,000		281,113
Colgate Energy Partners III LLC
5.875%, due 07/01/292		100,000		99,500
Comstock Resources, Inc.
5.875%, due 01/15/302		200,000		192,462
6.750%, due 03/01/292		150,000		151,677
7.500%, due 05/15/252		68,000		69,394
CrownRock LP/CrownRock Finance, Inc.
5.000%, due 05/01/292		25,000		24,465
5.625%, due 10/15/252		200,000		200,000
Earthstone Energy Holdings LLC
8.000%, due 04/15/272		50,000		49,822
Ecopetrol SA
4.625%, due 11/02/31		300,000		250,650
5.375%, due 06/26/26		750,000		738,891
5.875%, due 05/28/45		300,000		237,000
Energean Israel Finance Ltd.
4.875%, due 03/30/262,3		300,000		276,900
5.375%, due 03/30/282,3		75,000		68,813
5.875%, due 03/30/312,3		75,000		67,125
EnQuest PLC
7.000%, due 10/15/233,7	GBP	250,000		314,520
Ensign Drilling, Inc.
9.250%, due 04/15/242		100,000		97,750
EQT Corp.
3.125%, due 05/15/262		75,000		70,709
3.900%, due 10/01/27		50,000		47,874
6.625%, due 02/01/2511		100,000		104,079
7.500%, due 02/01/3011		100,000		110,759

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Geopark Ltd.
5.500%, due 01/17/272		500,000		451,344
Global Marine, Inc.
7.000%, due 06/01/28		100,000		69,750
Gulfport Energy Corp.
2.000%, due 10/15/24		50,000		5
3.000%, due 05/15/25		100,000		10
3.000%, due 01/15/26		175,000		18
8.000%, due 05/17/26		4,226		4,347
8.000%, due 05/17/262		145,052		149,196
Hilcorp Energy I LP/Hilcorp Finance Co.
6.000%, due 04/15/302		100,000		99,250
6.000%, due 02/01/312		200,000		193,008
6.250%, due 11/01/282		75,000		74,674
6.250%, due 04/15/322		100,000		97,431
Ithaca Energy North Sea PLC
9.000%, due 07/15/262		200,000		203,958
KazMunayGas National Co. JSC
3.500%, due 04/14/332		200,000		166,000
4.750%, due 04/19/273		250,000		237,530
Laredo Petroleum, Inc.
7.750%, due 07/31/292		50,000		49,000
9.500%, due 01/15/25		650,000		666,250
Leviathan Bond Ltd.
6.125%, due 06/30/252,3		75,000		74,170
6.500%, due 06/30/272,3		300,000		294,337
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.000%, due 08/01/262		175,000		175,000
Matador Resources Co.
5.875%, due 09/15/26		250,000		245,435
MC Brazil Downstream Trading SARL
7.250%, due 06/30/313		200,000		174,000
Medco Laurel Tree Pte Ltd.
6.950%, due 11/12/282		400,000		372,000
MEG Energy Corp.
7.125%, due 02/01/272		400,000		406,200
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/262		150,000		137,548
10.500%, due 05/15/272		25,000		24,375
Murphy Oil Corp.
5.750%, due 08/15/25		250,000		250,000
6.375%, due 07/15/28		150,000		152,599

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Nabors Industries Ltd.
7.250%, due 01/15/262		75,000		73,297
7.500%, due 01/15/282		150,000		143,625
Nabors Industries, Inc.
5.750%, due 02/01/25		250,000		238,942
7.375%, due 05/15/272		100,000		102,020
Noble Finance Co.
11.000% Cash or 15.000% PIK,
11.000%, due 02/15/282,7		2,757		3,088
Northern Oil and Gas, Inc.
8.125%, due 03/01/282		300,000		298,500
Oasis Petroleum, Inc.
6.375%, due 06/01/262		75,000		75,365
Occidental Petroleum Corp.
5.550%, due 03/15/26		300,000		307,500
5.875%, due 09/01/25		175,000		179,737
6.125%, due 01/01/31		125,000		131,383
6.200%, due 03/15/40		150,000		155,271
6.375%, due 09/01/28		25,000		26,250
6.450%, due 09/15/36		150,000		162,750
6.600%, due 03/15/46		300,000		327,000
6.625%, due 09/01/30		325,000		352,219
6.950%, due 07/01/24		75,000		78,656
7.125%, due 10/15/27		50,000		53,000
7.500%, due 05/01/31		400,000		456,000
7.875%, due 09/15/31		150,000		175,377
8.000%, due 07/15/25		75,000		80,813
8.500%, due 07/15/27		175,000		197,312
8.875%, due 07/15/30		25,000		30,027
Ovintiv, Inc.
8.125%, due 09/15/30		125,000		148,973
Parkland Corp.
4.500%, due 10/01/292		250,000		218,835
4.625%, due 05/01/302		100,000		87,500
5.875%, due 07/15/272		150,000		145,455
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/28		150,000		132,000
7.250%, due 06/15/25		25,000		24,139
9.250%, due 05/15/252		25,000		25,917
PDC Energy, Inc.
5.750%, due 05/15/26		75,000		72,987
Penn Virginia Escrow LLC
9.250%, due 08/15/262		175,000		179,375

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(continued)
Petrobras Global Finance BV
5.093%, due 01/15/30		500,000		485,000
5.600%, due 01/03/31		170,000		166,855
5.750%, due 02/01/29		275,000		278,231
5.999%, due 01/27/28		200,000		204,900
6.750%, due 06/03/50		500,000		464,900
6.850%, due 06/05/15		200,000		175,625
6.900%, due 03/19/49		125,000		118,773
Petroleos Mexicanos
2.750%, due 04/21/273	EUR	575,000		518,185
3.750%, due 04/16/263	EUR	100,000		97,451
4.625%, due 09/21/23		425,000		424,787
4.750%, due 02/26/293	EUR	375,000		346,650
5.950%, due 01/28/31		300,000		251,757
6.500%, due 03/13/27		710,000		678,256
6.500%, due 06/02/41		1,250,000		928,125
6.625%, due 06/15/35		477,000		386,847
6.750%, due 09/21/47		179,000		129,270
6.840%, due 01/23/30		725,000		660,692
6.875%, due 10/16/25		935,000		944,163
6.950%, due 01/28/60		250,000		182,500
7.690%, due 01/23/50		1,150,000		897,575
Precision Drilling Corp.
6.875%, due 01/15/292		100,000		97,023
7.125%, due 01/15/262		200,000		200,548
Range Resources Corp.
8.250%, due 01/15/29		150,000		160,830
Rockcliff Energy II LLC
5.500%, due 10/15/292		100,000		97,000
Sanchez Energy Corp.
6.125%, due 01/15/239		350,000		2,625
7.750%, due 06/15/219		475,000		3,563
Shelf Drilling Holdings Ltd.
8.250%, due 02/15/252		175,000		146,377
8.875%, due 11/15/242,6		100,000		101,500
SM Energy Co.
5.625%, due 06/01/25		200,000		195,500
6.750%, due 09/15/26		100,000		99,496
Southwestern Energy Co.
4.750%, due 02/01/32		100,000		94,563
5.375%, due 02/01/29		125,000		123,475
5.375%, due 03/15/30		100,000		98,735

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
5.950%, due 01/23/2511		34,000		34,489
8.375%, due 09/15/28		50,000		54,063
State Oil Co. of the Azerbaijan Republic
4.750%, due 03/13/233		300,000		298,369
Sunoco LP/Sunoco Finance Corp.
4.500%, due 04/30/302		150,000		135,354
6.000%, due 04/15/27		150,000		151,123
Talos Production, Inc.
12.000%, due 01/15/26		75,000		80,642
Tap Rock Resources LLC
7.000%, due 10/01/262		275,000		277,808
Teine Energy Ltd.
6.875%, due 04/15/292		125,000		124,375
Transocean Guardian Ltd.
5.875%, due 01/15/242		136,439		130,594
Transocean Poseidon Ltd.
6.875%, due 02/01/272		93,750		90,208
Transocean Sentry Ltd.
5.375%, due 05/15/232		83,316		80,816
Transocean, Inc.
7.250%, due 11/01/252		125,000		103,711
7.500%, due 01/15/262		25,000		20,438
7.500%, due 04/15/31		50,000		33,250
8.000%, due 02/01/272		50,000		39,500
9.350%, due 12/15/4111		225,000		150,750
11.500%, due 01/30/272		143,000		142,248
UGI International LLC
2.500%, due 12/01/292	EUR	125,000		107,348
Vermilion Energy, Inc.
6.875%, due 05/01/302		125,000		122,031
YPF SA
6.950%, due 07/21/273		300,000		216,244
8.500%, due 03/23/25		150,000		137,887
9.000%, due 02/12/26		150,000		133,875
				28,021,706
Oil & gas services—0.4%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/282		175,000		169,750
6.875%, due 04/01/272		75,000		75,113
Bristow Group, Inc.
6.875%, due 03/01/282		175,000		171,500

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Oil & gas services—(concluded)
ChampionX Corp.
6.375%, due 05/01/26		49,000		49,408
Nine Energy Service, Inc.
8.750%, due 11/01/232		100,000		63,000
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 04/01/26		100,000		98,000
6.875%, due 09/01/27		75,000		73,298
Weatherford International Ltd.
8.625%, due 04/30/302		275,000		272,212
11.000%, due 12/01/242		25,000		25,750
				998,031
Packaging & containers—2.0%
ARD Finance SA
5.000% Cash or 5.750% PIK,
5.000%, due 06/30/273,7	EUR	400,000		351,298
6.500% Cash or 7.250% PIK,
6.500%, due 06/30/272,7		400,000		336,000
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.000%, due 09/01/293	EUR	300,000		257,973
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125%, due 08/15/263	EUR	700,000		660,339
4.750%, due 07/15/273	GBP	100,000		107,830
Ball Corp.
1.500%, due 03/15/27	EUR	100,000		97,112
3.125%, due 09/15/31		125,000		104,599
Canpack SA/Canpack US LLC
2.375%, due 11/01/273	EUR	500,000		454,947
Clydesdale Acquisition Holdings, Inc.
6.625%, due 04/15/292		25,000		24,938
Graphic Packaging International LLC
2.625%, due 02/01/292	EUR	100,000		95,710
2.625%, due 02/01/293	EUR	100,000		95,710
Guala Closures SpA
3.250%, due 06/15/283	EUR	350,000		320,789
Intelligent Packaging Holdco Issuer LP
9.000% Cash or 9.7500% PIK,
9.000%, due 01/15/262,7		75,000		73,125
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/282		200,000		188,000
Kleopatra Finco SARL
4.250%, due 03/01/263	EUR	100,000		90,726

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
Kleopatra Holdings 2 SCA
6.500%, due 09/01/263	EUR	575,000		444,211
Matthews International Corp.
5.250%, due 12/01/252		75,000		74,250
Mauser Packaging Solutions Holding Co.
4.750%, due 04/15/243	EUR	425,000		438,854
7.250%, due 04/15/252		50,000		47,375
OI European Group BV
4.750%, due 02/15/302		175,000		154,000
Owens-Brockway Glass Container, Inc.
5.375%, due 01/15/252		100,000		97,750
6.375%, due 08/15/252		25,000		24,938
6.625%, due 05/13/272		38,000		37,430
Sealed Air Corp.
4.000%, due 12/01/272		131,000		123,140
5.000%, due 04/15/292		75,000		74,438
Trident TPI Holdings, Inc.
6.625%, due 11/01/252		25,000		24,125
9.250%, due 08/01/242		125,000		122,812
TriMas Corp.
4.125%, due 04/15/292		150,000		133,875
Trivium Packaging Finance BV
3.750%, due 08/15/263	EUR	100,000		101,030
5.500%, due 08/15/262		200,000		193,250
				5,350,574
Pharmaceuticals—3.4%
Bausch Health Americas, Inc.
8.500%, due 01/31/272		225,000		212,911
Bausch Health Cos., Inc.
5.000%, due 01/30/282		75,000		55,325
5.250%, due 02/15/312		75,000		52,125
6.125%, due 04/15/252		200,000		200,588
6.125%, due 02/01/272		100,000		96,011
7.000%, due 01/15/282		75,000		61,875
7.250%, due 05/30/292		125,000		94,556
9.000%, due 12/15/252		825,000		828,098
BellRing Brands, Inc.
7.000%, due 03/15/302		200,000		195,500
Cheplapharm Arzneimittel GmbH
3.500%, due 02/11/273	EUR	100,000		97,319
4.375%, due 01/15/282	EUR	150,000		147,537
4.375%, due 01/15/283	EUR	100,000		98,358

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited) 

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.000%, due 06/30/282		279,000		119,970
9.500%, due 07/31/272		215,000		169,652
Endo Luxembourg Finance Co. I Sarl/Endo U.S., Inc.
6.125%, due 04/01/292		125,000		108,750
Grifols SA
1.625%, due 02/15/253	EUR	150,000		147,561
2.250%, due 11/15/273	EUR	250,000		238,050
3.200%, due 05/01/253	EUR	100,000		100,571
Health & Happiness H&H International Holdings Ltd.
5.625%, due 10/24/243		200,000		186,756
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.875%, due 09/01/252		200,000		196,750
HLF Financing SARL LLC/Herbalife International, Inc.
4.875%, due 06/01/292		25,000		20,123
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
0.000%, due 08/01/222,9,10		300,000		156,000
0.000%, due 10/15/232,10		150,000		78,750
0.000%, due 04/15/252,10		200,000		209,500
Nidda BondCo GmbH
7.250%, due 09/30/253	EUR	200,000		198,152
Nidda Healthcare Holding GmbH
3.500%, due 09/30/243	EUR	150,000		146,574
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, due 04/30/282	EUR	405,000		384,516
4.125%, due 04/30/282		200,000		186,060
5.125%, due 04/30/312		200,000		180,750
Owens & Minor, Inc.
4.500%, due 03/31/292		125,000		112,447
6.625%, due 04/01/302		100,000		97,889
P&L Development LLC/PLD Finance Corp.
7.750%, due 11/15/252		225,000		198,281
Par Pharmaceutical, Inc.
7.500%, due 04/01/272		398,000		363,127
PRA Health Sciences, Inc.
2.875%, due 07/15/262		200,000		185,308
Prestige Brands, Inc.
3.750%, due 04/01/312		25,000		21,194
5.125%, due 01/15/282		100,000		95,000
Teva Pharmaceutical Finance Netherlands II BV
1.625%, due 10/15/283	EUR	300,000		246,522

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
1.875%, due 03/31/273	EUR	225,000		199,356
4.375%, due 05/09/30	EUR	900,000		839,259
Teva Pharmaceutical Finance Netherlands III BV
4.100%, due 10/01/46		200,000		142,200
4.750%, due 05/09/27		200,000		183,000
6.000%, due 04/15/24		1,250,000		1,245,547
				8,897,818
Pipelines—3.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/292		25,000		23,433
5.750%, due 03/01/272		175,000		170,403
7.875%, due 05/15/262		225,000		235,348
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/252		125,000		128,750
Cheniere Energy Partners LP
3.250%, due 01/31/322		350,000		299,250
4.000%, due 03/01/31		400,000		362,042
Cheniere Energy, Inc.
4.625%, due 10/15/28		100,000		96,750
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/312		500,000		461,150
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.000%, due 02/01/292		225,000		218,848
DCP Midstream Operating LP
5.125%, due 05/15/29		200,000		196,696
5.375%, due 07/15/25		125,000		125,625
5.625%, due 07/15/27		75,000		76,097
Delek Logistics Partners LP/Delek Logistics Finance Corp.
6.750%, due 05/15/25		200,000		198,000
7.125%, due 06/01/282		100,000		95,586
EnLink Midstream LLC
5.375%, due 06/01/29		150,000		146,000
5.625%, due 01/15/282		25,000		24,772
EnLink Midstream Partners LP
4.400%, due 04/01/24		75,000		74,055
4.850%, due 07/15/26		150,000		145,875
5.050%, due 04/01/45		75,000		57,743
5.450%, due 06/01/47		125,000		101,250
5.600%, due 04/01/44		150,000		123,761
EQM Midstream Partners LP
4.500%, due 01/15/292		125,000		112,528

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(continued)
4.750%, due 07/15/23		76,000		75,145
4.750%, due 01/15/312		225,000		200,610
5.500%, due 07/15/28		100,000		95,500
6.000%, due 07/01/252		75,000		74,329
6.500%, due 07/01/272		25,000		25,250
6.500%, due 07/15/48		25,000		23,000
Genesis Energy LP/Genesis Energy Finance Corp.
6.500%, due 10/01/25		50,000		47,500
7.750%, due 02/01/28		25,000		24,063
8.000%, due 01/15/27		25,000		24,519
Harvest Midstream I LP
7.500%, due 09/01/282		250,000		253,665
Hess Midstream Operations LP
5.125%, due 06/15/282		325,000		314,437
5.500%, due 10/15/302		125,000		123,161
5.625%, due 02/15/262		175,000		175,000
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/282		150,000		142,712
6.375%, due 04/15/272		100,000		102,000
Howard Midstream Energy Partners LLC
6.750%, due 01/15/272		100,000		96,887
ITT Holdings LLC
6.500%, due 08/01/292		150,000		132,750
New Fortress Energy, Inc.
6.500%, due 09/30/262		75,000		72,587
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.500%, due 02/01/262		300,000		282,625
NuStar Logistics LP
6.000%, due 06/01/26		75,000		74,823
6.375%, due 10/01/30		25,000		24,614
PBF Logistics LP/PBF Logistics Finance Corp.
6.875%, due 05/15/23		375,000		374,081
Plains All American Pipeline LP,
Series B,
(fixed, converts to FRN on 11/15/22),
6.125%, due 11/15/228		450,000		374,625
Rockies Express Pipeline LLC
4.800%, due 05/15/302		50,000		45,797
4.950%, due 07/15/292		25,000		23,401
6.875%, due 04/15/402		100,000		95,000
7.500%, due 07/15/382		25,000		24,675
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 12/31/302		125,000		115,625

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
6.000%, due 09/01/312		100,000		91,250
7.500%, due 10/01/252		100,000		102,052
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.000%, due 01/15/32		25,000		22,671
4.875%, due 02/01/31		225,000		216,281
5.000%, due 01/15/28		425,000		417,966
5.500%, due 03/01/30		100,000		99,125
Transportadora de Gas del Sur SA
6.750%, due 05/02/253		150,000		140,036
6.750%, due 05/02/252		600,000		560,145
Venture Global Calcasieu Pass LLC
3.875%, due 11/01/332		250,000		217,512
Western Midstream Operating LP
4.500%, due 03/01/28		125,000		119,186
4.750%, due 08/15/28		100,000		97,375
5.300%, due 03/01/48		225,000		195,187
5.450%, due 04/01/44		150,000		136,875
5.500%, due 08/15/48		75,000		66,750
				9,394,754
Real estate—3.0%
ADLER Group SA
2.250%, due 01/14/293	EUR	500,000		339,994
3.250%, due 08/05/253,6	EUR	200,000		155,588
ADLER Real Estate AG
3.000%, due 04/27/263	EUR	100,000		82,961
Agile Group Holdings Ltd.
(fixed, converts to FRN on 12/04/23),
8.375%, due 12/04/233,8		400,000		89,172
Central Plaza Development Ltd.
(fixed, converts to FRN on 11/14/24),
5.750%, due 11/14/243,8		200,000		172,082
China Aoyuan Group Ltd.
6.200%, due 03/24/263		300,000		66,303
China SCE Group Holdings Ltd.
7.375%, due 04/09/243		600,000		405,000
CIFI Holdings Group Co. Ltd.
5.250%, due 05/13/263		200,000		151,000
6.550%, due 03/28/243,6		200,000		168,000
Easy Tactic Ltd.
8.625%, due 02/27/243		300,000		62,306
11.750%, due 08/02/233		200,000		42,413

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Real estate—(continued)
Fantasia Holdings Group Co. Ltd.
10.875%, due 01/09/233		300,000		48,813
Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, due 11/15/252		125,000		124,020
Greenland Global Investment Ltd.
6.750%, due 09/26/233		200,000		124,000
Greystar Real Estate Partners LLC
5.750%, due 12/01/252		100,000		100,435
Hong Seng Ltd.
9.875%, due 08/27/223		250,000		126,727
Howard Hughes Corp.
4.125%, due 02/01/292		125,000		112,548
4.375%, due 02/01/312		25,000		22,236
5.375%, due 08/01/282		375,000		363,476
Jababeka International BV
6.500%, due 10/05/233		200,000		164,000
Kaisa Group Holdings Ltd.
10.500%, due 01/15/253		200,000		42,600
Kennedy-Wilson, Inc.
4.750%, due 02/01/30		75,000		67,688
KWG Group Holdings Ltd.
7.400%, due 03/05/243		200,000		82,000
Logan Group Co. Ltd.
5.250%, due 02/23/233		300,000		88,500
New Metro Global Ltd.
4.800%, due 12/15/243,6		200,000		133,000
Newmark Group, Inc.
6.125%, due 11/15/23		100,000		101,920
Pakuwon Jati Tbk PT
4.875%, due 04/29/283		200,000		188,175
Peach Property Finance GmbH
3.500%, due 02/15/233	EUR	100,000		103,922
4.375%, due 11/15/253	EUR	550,000		568,664
PHM Group Holding Oy
4.750%, due 06/18/262,3	EUR	250,000		255,716
Realogy Group LLC/Realogy Co-Issuer Corp.
5.250%, due 04/15/302		200,000		162,038
5.750%, due 01/15/292		550,000		461,048
Redsun Properties Group Ltd.
9.700%, due 04/16/233		250,000		58,750
RKPF Overseas 2019 A Ltd.
6.000%, due 09/04/253		250,000		188,750
6.700%, due 09/30/243		300,000		246,000

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Real estate—(concluded)
Ronshine China Holdings Ltd.
8.100%, due 06/09/233		300,000		61,500
Shimao Group Holdings Ltd.
5.600%, due 07/15/263		250,000		60,000
Signa Development Finance SCS
5.500%, due 07/23/263	EUR	100,000		93,011
5.500%, due 07/23/262	EUR	300,000		279,032
Sunac China Holdings Ltd.
6.500%, due 01/10/253		800,000		180,000
Theta Capital Pte Ltd.
8.125%, due 01/22/253		200,000		196,750
Times China Holdings Ltd.
6.200%, due 03/22/263		200,000		83,000
6.750%, due 07/16/233		200,000		109,000
Vivion Investments Sarl
3.000%, due 08/08/243	EUR	100,000		96,395
3.500%, due 11/01/253	EUR	600,000		573,242
Yango Justice International Ltd.
0.000%, due 04/15/233,10		200,000		14,000
Yanlord Land HK Co. Ltd.
5.125%, due 05/20/263		200,000		182,000
6.800%, due 02/27/243		200,000		192,500
Yuzhou Group Holdings Co. Ltd.
0.000%, due 02/20/253,10		200,000		27,000
Zhenro Properties Group Ltd.
8.350%, due 03/10/243,10		200,000		18,000
				7,835,275
Real estate investment trusts—2.0%
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/272		225,000		205,312
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.500%, due 04/01/272		75,000		67,906
CTR Partnership LP/CareTrust Capital Corp.
3.875%, due 06/30/282		25,000		22,625
GEO Group, Inc.
6.000%, due 04/15/26		200,000		161,400
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/262		75,000		68,890
3.750%, due 09/15/302		50,000		43,125
6.000%, due 04/15/252		50,000		50,750

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Iron Mountain Information Management Services, Inc.
5.000%, due 07/15/322		400,000		352,472
Iron Mountain, Inc.
4.500%, due 02/15/312		175,000		149,952
4.875%, due 09/15/292		125,000		114,506
5.000%, due 07/15/282		50,000		47,367
5.250%, due 03/15/282		100,000		95,253
5.250%, due 07/15/302		325,000		297,875
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.250%, due 02/01/272		100,000		91,920
4.750%, due 06/15/292		50,000		44,854
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.625%, due 05/01/24		100,000		101,000
MPT Operating Partnership LP/MPT Finance Corp.
3.375%, due 04/24/30	GBP	150,000		168,079
3.500%, due 03/15/31		250,000		212,340
4.625%, due 08/01/29		150,000		138,604
5.000%, due 10/15/27		50,000		47,976
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/292		125,000		114,499
5.875%, due 10/01/282		50,000		48,500
7.500%, due 06/01/252		175,000		181,072
RHP Hotel Properties LP/RHP Finance Corp.
4.500%, due 02/15/292		100,000		90,347
RLJ Lodging Trust LP
3.750%, due 07/01/262		200,000		185,000
4.000%, due 09/15/292		175,000		156,228
Service Properties Trust
3.950%, due 01/15/28		25,000		19,813
4.350%, due 10/01/24		275,000		254,771
4.375%, due 02/15/30		100,000		76,748
4.750%, due 10/01/26		150,000		129,000
4.950%, due 02/15/27		175,000		151,650
4.950%, due 10/01/29		125,000		99,914
5.000%, due 08/15/22		175,000		174,277
5.250%, due 02/15/26		150,000		133,500
7.500%, due 09/15/25		50,000		49,907
Starwood Property Trust, Inc.
3.750%, due 12/31/242		50,000		48,116
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
7.875%, due 02/15/252		125,000		127,187

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/282		125,000		111,562
6.500%, due 02/15/292		75,000		64,718
VICI Properties LP/VICI Note Co., Inc.
3.750%, due 02/15/272		50,000		46,110
4.250%, due 12/01/262		175,000		165,835
4.625%, due 12/01/292		200,000		187,800
5.625%, due 05/01/242		100,000		100,788
XHR LP
4.875%, due 06/01/292		75,000		69,065
6.375%, due 08/15/252		125,000		126,489
				5,395,102
Retail—3.6%
1011778 BC ULC/New Red Finance, Inc.
3.875%, due 01/15/282		25,000		23,000
4.000%, due 10/15/302		525,000		448,796
4.375%, due 01/15/282		50,000		45,625
Abercrombie & Fitch Management Co.
8.750%, due 07/15/252		125,000		130,655
Alsea SAB de CV
7.750%, due 12/14/262		300,000		301,275
Arcos Dorados Holdings, Inc.
5.875%, due 04/04/273		200,000		201,912
5.875%, due 04/04/272		100,000		100,956
Arko Corp.
5.125%, due 11/15/292		50,000		44,250
Asbury Automotive Group, Inc.
4.500%, due 03/01/28		15,000		13,988
4.625%, due 11/15/292		50,000		45,007
4.750%, due 03/01/30		25,000		22,406
5.000%, due 02/15/322		50,000		44,375
Bath & Body Works, Inc.
6.625%, due 10/01/302		200,000		198,921
6.750%, due 07/01/36		475,000		460,750
9.375%, due 07/01/252		44,000		49,500
BCPE Ulysses Intermediate, Inc.
7.750% Cash or 8.500% PIK,
7.750%, due 04/01/272,7		100,000		85,500
Beacon Roofing Supply, Inc.
4.125%, due 05/15/292		125,000		110,016
4.500%, due 11/15/262		75,000		73,013

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Retail—(continued)
Carrols Restaurant Group, Inc.
5.875%, due 07/01/292		75,000		56,813
CEC Entertainment LLC
6.750%, due 05/01/262		50,000		47,000
Douglas GmbH
6.000%, due 04/08/263	EUR	350,000		330,869
Dufry One BV
2.000%, due 02/15/273	EUR	175,000		159,550
eG Global Finance PLC
6.750%, due 02/07/252		200,000		194,402
Ferrellgas LP/Ferrellgas Finance Corp.
5.375%, due 04/01/262		200,000		181,000
5.875%, due 04/01/292		275,000		239,991
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.625%, due 01/15/292		100,000		90,724
6.750%, due 01/15/302		100,000		86,512
FirstCash, Inc.
4.625%, due 09/01/282		125,000		113,750
5.625%, due 01/01/302		75,000		69,750
Foundation Building Materials, Inc.
6.000%, due 03/01/292		100,000		81,375
Gap, Inc.
3.625%, due 10/01/292		50,000		40,670
3.875%, due 10/01/312		100,000		79,720
Grupo Unicomer Co. Ltd.
7.875%, due 04/01/243		600,000		601,500
IRB Holding Corp.
7.000%, due 06/15/252		50,000		51,459
JSM Global Sarl
4.750%, due 10/20/302		250,000		211,950
Ken Garff Automotive LLC
4.875%, due 09/15/282		75,000		68,253
LBM Acquisition LLC
6.250%, due 01/15/292		150,000		122,062
LCM Investments Holdings II LLC
4.875%, due 05/01/292		250,000		219,080
Lithia Motors, Inc.
3.875%, due 06/01/292		250,000		225,742
4.625%, due 12/15/272		150,000		142,875
Macy's Retail Holdings LLC
4.500%, due 12/15/34		125,000		97,489
5.125%, due 01/15/42		150,000		111,375

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Face
	amount1		Value ($)
Corporate bonds—(continued)
Retail—(continued)
5.875%, due 04/01/292		125,000		118,578
5.875%, due 03/15/302		25,000		23,459
6.125%, due 03/15/322		50,000		46,250
6.375%, due 03/15/37		75,000		64,401
Marks & Spencer PLC
4.500%, due 07/10/273,11	GBP	125,000		150,212
6.000%, due 06/12/253,11	GBP	100,000		129,010
Michaels Cos., Inc.
7.875%, due 05/01/292		50,000		39,375
Murphy Oil USA, Inc.
4.750%, due 09/15/29		150,000		142,125
5.625%, due 05/01/27		25,000		24,656
Party City Holdings, Inc.
8.750%, due 02/15/262		100,000		91,875
Patrick Industries, Inc.
4.750%, due 05/01/292		200,000		171,500
7.500%, due 10/15/272		125,000		126,250
PetSmart, Inc./PetSmart Finance Corp.
4.750%, due 02/15/282		250,000		232,500
Punch Finance PLC
6.125%, due 06/30/262	GBP	125,000		150,963
6.125%, due 06/30/263	GBP	300,000		362,311
Rite Aid Corp.
7.500%, due 07/01/252		27,000		23,116
8.000%, due 11/15/262		78,000		65,555
Sizzling Platter LLC/Sizzling Platter Finance Corp.
8.500%, due 11/28/252		200,000		182,103
Sonic Automotive, Inc.
4.625%, due 11/15/292		75,000		64,520
4.875%, due 11/15/312		125,000		106,704
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.375%, due 09/30/262		75,000		73,110
Staples, Inc.
7.500%, due 04/15/262		250,000		238,750
10.750%, due 04/15/272		300,000		265,800
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, due 06/01/312		75,000		68,201
Superior Plus LP/Superior General Partner, Inc.
4.500%, due 03/15/292		125,000		114,219
Very Group Funding PLC
6.500%, due 08/01/262	GBP	125,000		141,856

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
Victoria's Secret & Co.
4.625%, due 07/15/292		75,000		61,527
Yum! Brands, Inc.
4.750%, due 01/15/302		25,000		23,781
5.375%, due 04/01/32		225,000		215,019
				9,541,582
Savings & loans—0.0%†
Washington Mutual, Inc.
0.000%, due 09/21/174,9		500,000		5,813
Semiconductors—0.1%
Amkor Technology, Inc.
6.625%, due 09/15/272		100,000		101,750
Synaptics, Inc.
4.000%, due 06/15/292		125,000		110,203
				211,953
Software—1.2%
Boxer Parent Co., Inc.
6.500%, due 10/02/252	EUR	150,000		157,780
6.500%, due 10/02/253	EUR	100,000		105,187
7.125%, due 10/02/252		75,000		76,500
9.125%, due 03/01/262		75,000		75,915
Camelot Finance SA
4.500%, due 11/01/262		150,000		141,000
Castle U.S. Holding Corp.
9.500%, due 02/15/282		225,000		206,437
Dun & Bradstreet Corp.
5.000%, due 12/15/292		50,000		46,500
Elastic N.V.
4.125%, due 07/15/292		75,000		67,125
Fair Isaac Corp.
4.000%, due 06/15/282		75,000		68,522
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl
4.625%, due 05/01/282		200,000		176,000
Minerva Merger Sub, Inc.
6.500%, due 02/15/302		350,000		322,154
MSCI, Inc.
3.625%, due 09/01/302		50,000		44,095
3.625%, due 11/01/312		150,000		131,625
4.000%, due 11/15/292		275,000		253,289

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Software—(concluded)
Open Text Corp.
3.875%, due 02/15/282		100,000		91,078
3.875%, due 12/01/292		150,000		133,299
Open Text Holdings, Inc.
4.125%, due 02/15/302		175,000		155,313
4.125%, due 12/01/312		325,000		281,720
Playtika Holding Corp.
4.250%, due 03/15/292		200,000		180,192
Rocket Software, Inc.
6.500%, due 02/15/292		100,000		85,625
SS&C Technologies, Inc.
5.500%, due 09/30/272		250,000		245,010
Twilio, Inc.
3.875%, due 03/15/31		75,000		64,460
Veritas US, Inc./Veritas Bermuda Ltd.
7.500%, due 09/01/252		75,000		66,094
Ziff Davis, Inc.
4.625%, due 10/15/302		44,000		39,234
				3,214,154
Telecommunications—5.6%
Altice France Holding SA
6.000%, due 02/15/282		400,000		330,332
8.000%, due 05/15/273	EUR	775,000		828,048
10.500%, due 05/15/272		400,000		405,500
Altice France SA
3.375%, due 01/15/283	EUR	500,000		450,358
4.125%, due 01/15/293	EUR	325,000		294,859
5.125%, due 07/15/292		375,000		317,460
5.500%, due 10/15/292		200,000		170,000
5.875%, due 02/01/273	EUR	100,000		105,759
America Movil Sab De CV
5.375%, due 04/04/322		400,000		363,880
Ciena Corp.
4.000%, due 01/31/302		100,000		91,188
CommScope Technologies LLC
6.000%, due 06/15/252		311,000		272,125
CommScope, Inc.
4.750%, due 09/01/292		50,000		41,805
6.000%, due 03/01/262		100,000		94,320
7.125%, due 07/01/282		100,000		79,750
8.250%, due 03/01/272		25,000		21,250

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
Digicel Group Holdings Ltd.
7.000%, due 05/16/222,7,8		45,089		32,915
5.000% Cash or 8.000% PIK,
8.000%, due 04/01/252,7		109,431		91,430
8.000% Cash or 2.000% PIK,
10.000%, due 04/01/247		380,127		376,088
Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.750%, due 05/25/242		60,541		59,103
8.750%, due 05/25/243		200,000		195,725
6.000% Cash or 7.000% PIK,
13.000%, due 12/31/252,7		34,379		33,676
Embarq Corp.
7.995%, due 06/01/36		300,000		270,000
Frontier Communications Holdings LLC
5.000%, due 05/01/282		100,000		91,255
5.875%, due 11/01/29		42,911		37,252
6.000%, due 01/15/302		25,000		21,752
6.750%, due 05/01/292		100,000		90,110
Hughes Satellite Systems Corp.
6.625%, due 08/01/26		150,000		149,250
Iliad Holding SASU
6.500%, due 10/15/262		200,000		192,242
Level 3 Financing, Inc.
3.750%, due 07/15/292		100,000		81,250
4.250%, due 07/01/282		300,000		253,500
LogMeIn, Inc.
5.500%, due 09/01/272		225,000		196,875
Lorca Telecom Bondco SA
4.000%, due 09/18/272	EUR	225,000		217,266
4.000%, due 09/18/273	EUR	100,000		96,563
Lumen Technologies, Inc.
4.500%, due 01/15/292		150,000		118,523
5.125%, due 12/15/262		250,000		225,000
5.375%, due 06/15/292		100,000		81,431
Series W,
6.750%, due 12/01/23		50,000		50,813
MTN Mauritius Investments Ltd.
6.500%, due 10/13/263		200,000		206,413
Network i2i Ltd.
(fixed, converts to FRN on 01/15/25),
5.650%, due 01/15/253,8		300,000		296,025
Nokia of America Corp.
6.450%, due 03/15/29		300,000		318,375

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(continued)
Oztel Holdings SPC Ltd.
6.625%, due 04/24/283		200,000		206,913
PPF Telecom Group BV
3.125%, due 03/27/263	EUR	300,000		302,979
3.250%, due 09/29/273	EUR	225,000		223,105
SoftBank Group Corp.
2.125%, due 07/06/243	EUR	100,000		98,110
3.125%, due 09/19/253	EUR	475,000		460,337
4.500%, due 04/20/253	EUR	100,000		101,275
5.000%, due 04/15/283	EUR	400,000		387,167
Sprint Capital Corp.
8.750%, due 03/15/32		245,000		311,352
Sprint Corp.
7.125%, due 06/15/24		275,000		289,437
7.625%, due 03/01/26		175,000		190,082
7.875%, due 09/15/23		325,000		341,250
Switch Ltd.
3.750%, due 09/15/282		50,000		46,875
T-Mobile USA, Inc.
2.625%, due 02/15/29		200,000		172,892
2.875%, due 02/15/31		75,000		63,664
3.375%, due 04/15/29		300,000		271,398
4.750%, due 02/01/28		25,000		24,666
Telecom Argentina SA
8.500%, due 08/06/252		363,000		350,930
Telecom Italia Capital SA
6.000%, due 09/30/34		300,000		256,580
6.375%, due 11/15/33		75,000		65,531
7.200%, due 07/18/36		50,000		45,103
Telecom Italia Finance SA
7.750%, due 01/24/33	EUR	575,000		684,277
Telecom Italia SpA
2.375%, due 10/12/273	EUR	175,000		160,564
5.303%, due 05/30/242		25,000		24,531
Telecommunications Services of Trinidad & Tobago Ltd.
8.875%, due 10/18/293		400,000		399,575
Telesat Canada/Telesat LLC
4.875%, due 06/01/272		50,000		34,000
5.625%, due 12/06/262		125,000		89,243
6.500%, due 10/15/272		75,000		32,051
Total Play Telecomunicaciones SA de CV
7.500%, due 11/12/252		200,000		184,350

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
Vmed O2 UK Financing I PLC
3.250%, due 01/31/313	EUR	100,000		91,861
4.000%, due 01/31/293	GBP	150,000		163,154
4.250%, due 01/31/312		200,000		169,064
4.750%, due 07/15/312		200,000		171,500
Vodafone Group PLC
(fixed, converts to FRN on 05/27/26),
2.625%, due 08/27/803	EUR	225,000		221,686
(fixed, converts to FRN on 07/03/28),
4.200%, due 10/03/783	EUR	125,000		129,561
(fixed, converts to FRN on 01/04/29),
7.000%, due 04/04/79		175,000		184,805
WP/AP Telecom Holdings IV BV
3.750%, due 01/15/293	EUR	300,000		285,723
				14,885,057
Textiles—0.2%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC
5.375%, due 05/01/233	EUR	478,000		444,070
5.375%, due 05/01/232	EUR	200,000		185,803
				629,873
Toys/Games/Hobbies—0.0%†
Mattel, Inc.
3.375%, due 04/01/262		25,000		24,313
5.450%, due 11/01/41		25,000		25,094
6.200%, due 10/01/40		25,000		25,937
				75,344
Transportation—0.5%
First Student Bidco, Inc./First Transit Parent, Inc.
4.000%, due 07/31/292		50,000		44,750
Hidrovias International Finance SARL
4.950%, due 02/08/312		200,000		163,350
InPost SA
2.250%, due 07/15/272	EUR	125,000		112,418
2.250%, due 07/15/273,6	EUR	100,000		89,935
Rumo Luxembourg Sarl
5.250%, due 01/10/283		200,000		195,475
Seaspan Corp.
5.500%, due 08/01/292		225,000		200,250
Western Global Airlines LLC
10.375%, due 08/15/252		125,000		128,172

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
Transportation—(concluded)
Zenith Finco PLC
6.500%, due 06/30/272	GBP	275,000		307,761
				1,242,111
Trucking & leasing—0.2%
Fly Leasing Ltd.
7.000%, due 10/15/242		200,000		179,625
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/282		100,000		86,250
6.500%, due 10/01/252		200,000		190,500
9.750%, due 08/01/272		125,000		127,532
				583,907
Water—0.1%
Solaris Midstream Holdings LLC
7.625%, due 04/01/262		175,000		179,375
Total corporate bonds (cost—$281,643,128)				249,529,005
Loan assignments—0.9%
Broadcast—0.5%
Allen Media LLC,
2021 Term Loan B,
3 mo. USD LIBOR + 5.500%,
6.301%, due 02/10/2712		72,601		71,857
Ascent Resources - Utica,
2020 Fixed 2nd Lien Term Loan,
3 mo. USD LIBOR + 9.000%,
10.021%, due 11/01/2512		253,000		269,551
Asurion LLC,
2020 Term Loan B8,
1 mo. USD LIBOR + 3.250%,
4.014%, due 12/23/2612		94,731		92,521
Athenahealth, Inc.,
2022 Delayed Draw Term Loan,
SOFR + 0.750%,
1.750%, due 02/15/2913		14,493		14,275
2022 Term Loan B,
SOFR + 3.500%,
4.009%, due 02/15/2912		85,507		84,225

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Broadcast—(continued)
Avantor Funding, Inc.,
2021 Term Loan B5,
1 mo. USD LIBOR + 2.250%,
3.014%, due 11/08/2712		115,313		114,448
Clarios Global LP,
2021 USD Term Loan B,
1 mo. USD LIBOR + 3.250%,
4.014%, due 04/30/2612		19,802		19,464
Consolidated Communications, Inc.,
2021 Term Loan B,
1 mo. USD LIBOR + 3.500%,
4.313%, due 10/02/2712		150,000		138,863
DirecTV Financing LLC,
Term Loan,
1 mo. USD LIBOR + 5.000%,
5.764%, due 08/02/2712		47,750		47,506
Endure Digital, Inc.,
Term Loan,
3 mo. USD LIBOR + 3.500%,
4.250%, due 02/10/2812		74,438		71,026
PODS LLC,
2021 Term Loan B,
3 mo. USD LIBOR + 3.000%,
3.750%, due 03/31/2812		24,751		24,431
Raptor Acquisition Corp.,
2021 Term Loan,
3 mo. USD LIBOR + 4.000%,
4.934%, due 11/01/2612,14		100,250		99,824
Scientific Games Holdings LP,
2022 USD Term Loan B,
SOFR + 3.500%,
4.175%, due 04/04/2912		175,000		173,063
UFC Holdings LLC,
2021 Term Loan B,
6 mo. USD LIBOR + 2.750%,
3.500%, due 04/29/2612		89,861		88,471

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Loan assignments—(continued)
Broadcast—(concluded)
United Airlines, Inc.,
2021 Term Loan B,
3 mo. USD LIBOR + 3.750%,
4.500%, due 04/21/2812		99,000		98,066
				1,407,591
Chemicals—0.1%
Consolidated Energy Finance SA,
Term Loan B,
6 mo. USD LIBOR + 2.500%,
2.964%, due 05/07/2512		192,071		185,670
Insurance—0.1%
Hub International Ltd.,
2018 Term Loan B,
3 mo. USD LIBOR + 3.000%,
4.214%, due 04/25/2512		147,437		145,410
Lodging—0.0%†
Golden Nugget, Inc.,
2020 Initial Term Loan,
1 mo. USD LIBOR + 12.000%,
13.000%, due 10/04/2312		25,000		26,500
Media—0.1%
Altice France SA,
2018 Term Loan B13,
3 mo. USD LIBOR + 4.000%,
4.506%, due 08/14/2612		164,165		162,797
Diamond Sports Group LLC,
Term Loan,
3 mo. USD LIBOR + 2.250%,
5.750%, due 08/24/2612		97,750		32,380
				195,177
Oil & gas—0.1%
Apergy Corp.,
2020 Term Loan,
3 mo. USD LIBOR + 5.000%,
6.000%, due 06/03/2712		113,196		113,338
Citgo Holding, Inc.,
2019 Term Loan B,
1 mo. USD LIBOR + 7.000%,
8.000%, due 08/01/2312		170,625		168,705

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Face amount1		Value ($)
Loan assignments—(concluded)
Oil & gas—(concluded)
Parker Drilling Co.,
2nd Lien PIK Term Loan,
PIK,
2.000% - 11%, due 03/26/24		27,363		27,089
				309,132
Retail-restaurants—0.0%†
1011778 B.C. Unlimited Liability Co.,
Term Loan B4,
1 mo. USD LIBOR + 1.750%,
2.514%, due 11/19/2612		106,736		104,579
Support-services—0.0%†
Kar Auction Services, Inc.,
2019 Term Loan B6,
1 mo. USD LIBOR + 2.250%,
3.063%, due 09/19/2612		99,744		99,121
Total loan assignments (cost—$2,553,995)				2,473,180
Non-U.S. government agency obligations—0.3%
Ivory Coast Government International Bond
4.875%, due 01/30/323	EUR	400,000		353,356
Turkiye Ihracat Kredi Bankasi AS
5.375%, due 10/24/232		200,000		195,662
5.375%, due 10/24/233		50,000		48,916
5.375%, due 10/24/233		200,000		195,662
Ukreximbank Via Biz Finance PLC
9.750%, due 01/22/253		154,500		61,897
Total non-U.S. government agency obligations (cost—$1,105,025)				855,493

	Number of shares
Common stocks—0.5%
Aerospace & defense—0.0%†
Egmv13794*,4,5		2,750	0
Diversified financial services—0.1%
Spn New*,4		3,832	195,432

PACE High Yield Investments
Portfolio of investments – April 30, 2022 (unaudited) 

	Number of shares		Value ($)
Common stocks—(concluded)
Energy equipment & services—0.1%
Diamond Offshore Drilling,Inc.*,4		11,325	88,901
Noble Corp.*,4,9		207	6,610
Parker Drilling Co.*		1,153	5,477
			100,988
Gas utilities—0.0%†
Ferrellgas Partners LP, Class B		364	78,260
Leisure products—0.0%†
Codere New Topco SA*,4,5		4,367	0
Media—0.0%†
iHeartMedia,Inc., Class A*		1,347	21,539
Metals & mining—0.0%†
Aleris International,Inc.*,4,5,9		795	15,900
Cloud Peak Energy,Inc.*,4,5		66	0
Petra Diamonds Ltd.*		54,100	85,035
			100,935
Oil & Gas—0.0%†
Chaparral Energy,Inc.*,4		1,269	69,160
Oil, gas & consumable fuels—0.2%
Gulfport Energy Corp.*		2,292	215,402
Summit Midstream Partners LP*		11,021	186,916
Superior Energy Services*,4,9		177	9,027
			411,345
Paper & forest products—0.0%†
Hardwood Holdings LLC*,4		936	55,692
Wireless telecommunication services—0.1%
Intelsat SA*		5,072	150,258
Total common stocks (cost—$1,558,438)			1,183,609
Preferred stocks—0.1%
Machinery—0.0%†
Selecta Group BV4		43,703	39,362

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value($)
Preferred stocks—(concluded)
Machinery—(concluded)
Selecta Group BV, Class A4		21,852	19,681
Total Machinery			59,043
Oil, gas & consumable fuels—0.1%
Global Partners LP8		4,255	109,864
Gulfport Energy Corp.7,8		9	59,400
Total oil, gas & consumable fuels			169,264
Total preferred stocks   (cost—$133,291)			228,307

	Number of rights
Rights—0.0%†
Intelsat Jackson Holdings SA expires 12/05/25*,5	USD	1,062	4,513

	Number of warrants
Warrants—0.1%
Athabasca Oil Corp. expires 11/01/26*,4		250	67,311
California Resources Corp. expire 10/27/24*		201	2,407
Carlson Travel, Inc. expires 11/19/26*,4		1,052	4,008
Carlson Travel, Inc. expires 11/19/28*,4		1,108	5,097
Chaparral Energy, Inc. expires 10/01/24*,4		9	26
Chaparral Energy, Inc. expires 10/01/25*,4		9	34
Denbury, Inc. expires 09/18/25*		1,376	49,536
Intelsat SA expires 02/17/27*		1	2
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,886	40

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of warrants		Value($)
Warrants—(concluded)
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*		1,215		49
Total warrants (cost—$382,317)				128,510

	Number of shares
Short-term investments—1.1%
Investment companies—1.1%
State Street Institutional U.S. Government Money Market Fund, 0.290%15 (cost—$2,999,504)		2,999,504		2,999,504
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%15 (cost—$2,003,695)		2,003,695		2,003,695
Total investments (cost—$292,379,393)16—98.3%				259,405,816
Other assets in excess of liabilities—1.7%				4,547,018
Net assets—100.0%			$	263,952,834

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	481,098	USD	506,500	05/03/22		1,036
SSC	EUR	49,442,894	USD	54,397,665	05/06/22		2,231,834
SSC	EUR	535,448	USD	585,721	05/06/22		20,784
SSC	GBP	5,685,716	USD	7,457,049	05/06/22		307,573
SSC	GBP	49,619	USD	65,080	05/06/22		2,688
SSC	USD	95,000	EUR	87,473	05/06/22		(2,710	)
SSC	USD	172,000	EUR	159,415	05/06/22		(3,806	)
Net unrealized appreciation (depreciation)							2,557,399

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

Fair valuation summary 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments: 

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—		249,517,005			12,000		249,529,005
Loan assignments		—		2,473,180			—		2,473,180
Non-U.S. government agency obligations		—		855,493			—		855,493
Common stocks		681,530		486,179			15,900		1,183,609
Preferred stocks		109,864		118,443			—		228,307
Rights		—		4,513			—		4,513
Warrants		52,032		76,478			—		128,510
Short-term investments		—		2,999,504			—		2,999,504
Investment of cash collateral from securities loaned		—		2,003,695			—		2,003,695
Forward foreign currency contracts		—		2,563,915			—		2,563,915
Total		843,426		261,098,405			27,900		261,969,731
Liabilities
Forward foreign currency contracts		—		(6,516	)		—		(6,516	)

At April 30, 2022, there were no transfers in or out of Level 3. 

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

Portfolio footnotes  

†	Amount represents less than 0.05% or (0.05)%.
*	Non-income producing security.
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $132,776,001, represented 49.9% of the Portfolio's net assets at period end.
3	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
5	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
6	Security, or portion thereof, was on loan at the period end.
7	Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
8	Perpetual investment. Date shown reflects the next call date.
9	This security is considered restricted.  At period end, the value of restricted security was $211,538, represented 0.1% of the Fund's net assets.  The table below provides further information.

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 04/30/22		Value as a percentage of net assets
Aleris International, Inc.	1/10/17	$	13,981		0.0	%	$	15,900		0.0	%
Appvion, Inc.9.000%, due 06/01/25	6/1/20		650,000		0.2			6,500		0.0
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/24	7/30/15-12/17/19		456,114		0.2			5,500		0.0
Noble Corp.	2/8/21		552		0.0			6,610		0.0
RRI Energy, Inc. 3.000%, due 06/15/2017	12/14/18		-		-			-		-
Sanchez Energy Corp. 6.125%, due 01/15/23	10/30/17-12/1/17		329,036		0.1			2,625		0.0
Sanchez Energy Corp. 7.750%, due 06/15/21	11/3/17-12/1/17		475,000		0.2			3,563		0.0
Superior Energy Services	1/29/21		232		0.0			9,027		0.0
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		-		0.0			5,813		0.0
Intelsat Jackson Holdings SA, 0.000%, due 10/15/24	9/5/18-2/11/20		-		-			-		-
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 0.000%, due 08/01/22	7/12/19-03/31/21		266,493		0.1			156,000		0.1

PACE High Yield Investments

Portfolio of investments – April 30, 2022 (unaudited)

 

10	Bond interest in default.
11	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
12	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
13	All or a portion of the loan commitment is unfunded.
14	Position is unsettled. Contract rate was not determined at April 30, 2022 and does not take effect until settlement.
15	Rates shown reflect yield at April 30, 2022.
16	Includes $$2,013,401 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio  includes cash collateral of $2,003,695 and non-cash collateral of $83,811.

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—95.7%
Aerospace & defense—4.3%
BAE Systems PLC		809,655		7,533,947
General Dynamics Corp.		91,590		21,663,783
Raytheon Technologies Corp.		162,934		15,464,066
				44,661,796
Air freight & logistics—0.5%
FedEx Corp.		26,261		5,219,111
Airlines—0.8%
Southwest Airlines Co.*		169,307		7,910,023
Auto components—0.6%
Lear Corp.		45,479		5,818,583
Automobiles—1.7%
Harley-Davidson, Inc.		482,211		17,576,591
Banks—7.2%
Bank of America Corp.		61,118		2,180,690
Citigroup, Inc.		413,444		19,932,135
JPMorgan Chase & Co.		144,969		17,303,500
M&T Bank Corp.		108,432		18,069,109
Truist Financial Corp.		229,032		11,073,697
Wells Fargo & Co.		132,166		5,766,403
				74,325,534
Building products—1.7%
Johnson Controls International PLC		301,696		18,062,539
Capital markets—4.8%
Bank of New York Mellon Corp.		403,735		16,981,094
BlackRock, Inc.		16,489		10,300,349
Goldman Sachs Group, Inc.		6,216		1,898,926
Morgan Stanley		258,450		20,828,485
				50,008,854
Chemicals—3.2%
Axalta Coating Systems Ltd.*		760,689		19,298,680
Dow, Inc.		72,223		4,802,829

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Chemicals—(concluded)
PPG Industries, Inc.		72,310		9,254,957
				33,356,466
Communications equipment—1.7%
Cisco Systems, Inc.		354,616		17,369,092
Construction materials—1.7%
HeidelbergCement AG		293,267		17,096,454
Consumer finance—2.1%
American Express Co.		106,425		18,593,512
Capital One Financial Corp.		25,553		3,184,415
				21,777,927
Diversified financial services—3.1%
Berkshire Hathaway, Inc., Class B*		74,091		23,918,797
Equitable Holdings, Inc.		162,518		4,685,394
Voya Financial, Inc.1		50,120		3,164,577
				31,768,768
Electric utilities—3.2%
Edison International		95,299		6,555,618
Exelon Corp.		450,353		21,067,513
NRG Energy, Inc.		152,676		5,481,069
				33,104,200
Electrical equipment—1.5%
Eaton Corp. PLC		109,034		15,812,111
Electronic equipment, instruments & components—2.8%
Corning, Inc.		486,435		17,117,648
TE Connectivity Ltd.		96,339		12,021,180
				29,138,828
Energy equipment & services—1.0%
Baker Hughes Co.		63,402		1,966,730
Halliburton Co.		128,031		4,560,464

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Energy equipment & services—(concluded)
NOV, Inc.		186,319		3,377,964
				9,905,158
Food products—3.1%
Danone SA1		295,273		17,954,764
Mondelez International, Inc., Class A		223,980		14,442,230
				32,396,994
Health care equipment & supplies—3.2%
Becton Dickinson and Co.		71,119		17,579,905
DENTSPLY SIRONA, Inc.		375,627		15,021,324
				32,601,229
Health care providers & services—5.4%
Anthem, Inc.		47,040		23,610,787
Cardinal Health, Inc.		28,107		1,631,612
Fresenius Medical Care AG & Co. KGaA, ADR		143,200		4,429,176
McKesson Corp.		11,979		3,708,818
UnitedHealth Group, Inc.		43,629		22,187,528
				55,567,921
Hotels, restaurants & leisure—1.5%
Booking Holdings, Inc.*		1,094		2,418,079
Expedia Group, Inc.*		77,812		13,597,647
				16,015,726
Household durables—0.9%
Mohawk Industries, Inc.*		24,923		3,515,638
Newell Brands, Inc.		246,136		5,698,049
				9,213,687
Industrial conglomerates—0.6%
General Electric Co.		83,604		6,232,678
Insurance—9.2%
Alleghany Corp.*		12,976		10,854,424
American International Group, Inc.		117,847		6,895,228
Axis Capital Holdings Ltd.		68,079		3,902,969
Chubb Ltd.		100,377		20,722,832
Marsh & McLennan Cos., Inc.		58,290		9,425,493

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Insurance—(concluded)
MetLife, Inc.		397,293		26,094,204
Progressive Corp.		156,300		16,780,368
				94,675,518
Interactive media & services—3.3%
Alphabet, Inc., Class A*		7,117		16,242,346
Meta Platforms, Inc., Class A*		88,888		17,819,378
				34,061,724
Internet & direct marketing retail—1.4%
Alibaba Group Holding Ltd., ADR*		152,878		14,842,925
IT services—1.4%
Amdocs Ltd.		66,513		5,300,421
Cognizant Technology Solutions Corp., Class A		70,550		5,707,495
SS&C Technologies Holdings, Inc.		51,760		3,346,802
				14,354,718
Machinery—0.5%
Westinghouse Air Brake Technologies Corp.		60,499		5,439,465
Media—1.3%
Comcast Corp., Class A		345,557		13,739,346
Multi-utilities—2.0%
Sempra Energy		128,921		20,802,692
Oil, gas & consumable fuels—3.8%
ConocoPhillips		171,182		16,351,305
Coterra Energy, Inc.		620,605		17,867,218
Exxon Mobil Corp.		37,093		3,162,178
Shell PLC, ADR		30,650		1,637,629
				39,018,330
Personal products—1.7%
Unilever PLC, ADR1		378,806		17,523,566
Pharmaceuticals—6.6%
Bristol-Myers Squibb Co.		55,877		4,205,862
Eli Lilly & Co.		75,247		21,981,906
Merck & Co., Inc.		207,691		18,420,115

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Pharmaceuticals—(concluded)
Pfizer, Inc.		473,637		23,241,367
				67,849,250
Specialty retail—3.0%
Advance Auto Parts, Inc.		53,844		10,748,878
Lowe's Cos., Inc.		101,507		20,070,979
				30,819,857
Technology hardware, storage & peripherals—1.9%
Hewlett Packard Enterprise Co.		189,846		2,925,527
Samsung Electronics Co. Ltd.		305,665		16,402,724
				19,328,251
Textiles, apparel & luxury goods—1.0%
Gildan Activewear, Inc.1		107,154		3,630,378
PVH Corp.		44,325		3,225,973
Skechers USA, Inc., Class A*		98,504		3,772,703
				10,629,054
Tobacco—2.0%
Philip Morris International, Inc.		206,741		20,674,100
Total common stocks  (cost—$938,770,061)				988,699,066
Short-term investments—3.7%
Investment companies—3.7%
State Street Institutional U.S. Government Money Market Fund, 0.290%2 (cost—$38,035,052)		38,035,052		38,035,052
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%2 (cost—$1,371,173)		1,371,173		1,371,173

PACE Large Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

Total investments    (cost—$978,176,286)3—99.5%		1,028,105,291
Other assets in excess of liabilities—0.5%		5,546,039
Net assets—100.0%	$	1,033,651,330

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		988,699,066		—		—		988,699,066
Short-term investments		—		38,035,052		—		38,035,052
Investment of cash collateral from securities loaned		—		1,371,173		—		1,371,173
Total		988,699,066		39,406,225		—		1,028,105,291

At April 30, 2022, there were no transfers in or out of Level 3.
Portfolio footnotes
	*	Non-income producing security.
	1	Security, or portion thereof, was on loan at the period end.
	2	Rates shown reflect yield at April 30, 2022.
	3	Includes $7,261,229 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $1,371,173 and non-cash collateral of $6,260,861.

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)  

	Number of shares		Value ($)
Common stocks—94.7%
Aerospace & defense—0.4%
Lockheed Martin Corp.		9,942		4,296,137
Air freight & logistics—0.9%
United Parcel Service, Inc., Class B		50,511		9,090,970
Automobiles—1.6%
Tesla, Inc.*		17,706		15,417,677
Banks—0.9%
SVB Financial Group*		17,189		8,382,044
Beverages—2.2%
Coca-Cola Co.		287,398		18,568,785
Monster Beverage Corp.*		37,788		3,237,676
				21,806,461
Biotechnology—3.9%
AbbVie, Inc.		132,616		19,478,638
Alnylam Pharmaceuticals, Inc.*		2,159		288,076
Amgen, Inc.		20,386		4,753,811
Exact Sciences Corp.*		13,813		760,406
Moderna, Inc.*		3,117		418,956
Regeneron Pharmaceuticals, Inc.*		14,583		9,611,801
Seagen, Inc.*		20,620		2,701,426
				38,013,114
Building products—0.7%
Trane Technologies PLC		45,723		6,396,190
Capital markets—3.3%
Blackstone, Inc.		135,174		13,729,623
Charles Schwab Corp.		163,846		10,867,905
Morgan Stanley		80,833		6,514,332
MSCI, Inc.		3,633		1,530,401
				32,642,261
Chemicals—0.6%
Sherwin-Williams Co.		20,646		5,676,824
Consumer finance—0.3%
Capital One Financial Corp.		21,401		2,666,993

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Diversified telecommunication services—0.2%
Verizon Communications, Inc.		41,623		1,927,145
Electric utilities—0.8%
Exelon Corp.		94,905		4,439,656
FirstEnergy Corp.		75,695		3,278,350
				7,718,006
Electrical equipment—0.6%
Rockwell Automation, Inc.		24,024		6,070,144
Electronic equipment, instruments & components—0.7%
Amphenol Corp., Class A		90,490		6,470,035
Energy equipment & services—0.3%
Schlumberger N.V.		59,043		2,303,268
TechnipFMC PLC*		79,848		552,548
				2,855,816
Entertainment—0.7%
Netflix, Inc.*		34,678		6,601,304
Food & staples retailing—0.8%
Walmart, Inc.		49,449		7,565,202
Gas utilities—0.4%
Atmos Energy Corp.		35,106		3,981,020
Health care equipment & supplies—3.5%
Abbott Laboratories		151,794		17,228,619
ABIOMED, Inc.*		3,296		944,568
Align Technology, Inc.*		10,888		3,156,540
Dexcom, Inc.*		7,701		3,146,474
Intuitive Surgical, Inc.*		42,620		10,198,966
				34,675,167
Health care providers & services—5.5%
CVS Health Corp.		85,174		8,187,777
HCA Healthcare, Inc.		59,502		12,766,154
McKesson Corp.		46,934		14,531,236

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care providers & services—(concluded)
UnitedHealth Group, Inc.		36,648		18,637,340
				54,122,507
Hotels, restaurants & leisure—2.3%
Airbnb, Inc., Class A*		95,087		14,568,279
Chipotle Mexican Grill, Inc.*		3,041		4,426,510
Marriott International, Inc., Class A*		18,489		3,282,167
				22,276,956
Household products—0.5%
Procter & Gamble Co.		32,479		5,214,503
Insurance—0.2%
American International Group, Inc.		35,500		2,077,105
Interactive media & services—9.1%
Alphabet, Inc., Class C*		28,775		66,163,221
Match Group, Inc.*		8,286		655,837
Meta Platforms, Inc., Class A*		107,921		21,634,923
Snap, Inc., Class A*		8,010		227,964
				88,681,945
Internet & direct marketing retail—4.0%
Amazon.com, Inc.*		15,322		38,084,823
Etsy, Inc.*		4,994		465,391
MercadoLibre, Inc.*		274		266,775
Wayfair, Inc., Class A*,1		1,357		104,407
				38,921,396
IT services—7.1%
Accenture PLC, Class A		37,922		11,390,252
Block Inc.*		5,256		523,182
Cognizant Technology Solutions Corp., Class A		81,398		6,585,098
Mastercard, Inc., Class A		54,035		19,635,238
MongoDB, Inc.*		3,852		1,367,190
PayPal Holdings, Inc.*		95,566		8,403,119
Shopify, Inc., Class A*		100		42,682

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
Visa, Inc., Class A		98,288		20,948,122
				68,894,883
Life sciences tools & services—0.8%
Illumina, Inc.*		18,722		5,553,881
Thermo Fisher Scientific, Inc.		4,070		2,250,385
				7,804,266
Machinery—2.0%
Deere & Co.		51,601		19,481,957
Metals & mining—1.6%
Cleveland-Cliffs, Inc.*		72,761		1,854,678
Freeport-McMoRan, Inc.		213,136		8,642,665
Newmont Corp.		71,180		5,185,463
				15,682,806
Multiline retail—0.7%
Target Corp.		29,461		6,736,258
Oil, gas & consumable fuels—2.8%
ConocoPhillips		59,286		5,662,999
Devon Energy Corp.		98,707		5,741,786
Exxon Mobil Corp.		95,236		8,118,869
Occidental Petroleum Corp.		123,204		6,787,308
Valero Energy Corp.		6,073		677,018
				26,987,980
Personal products—0.4%
Estee Lauder Cos., Inc., Class A		14,123		3,729,319
Pharmaceuticals—2.6%
AstraZeneca PLC, ADR		46,194		3,067,282
Eli Lilly & Co.		36,623		10,698,677
Johnson & Johnson		23,744		4,284,842
Zoetis, Inc.		43,246		7,665,353
				25,716,154
Professional services—1.2%
Equifax, Inc.		21,602		4,396,439

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Professional services—(concluded)
Verisk Analytics, Inc.		35,913		7,328,048
				11,724,487
Semiconductors & semiconductor equipment—3.2%
Advanced Micro Devices, Inc.*		101,354		8,667,794
ASML Holding N.V. NY Registered Shares		7,875		4,439,689
Enphase Energy, Inc.*		5,237		845,252
Lam Research Corp.		7,443		3,466,652
NVIDIA Corp.		45,682		8,472,640
Texas Instruments, Inc.		33,435		5,692,309
				31,584,336
Software—16.1%
Adobe, Inc.*		45,473		18,005,034
Autodesk, Inc.*		56,779		10,747,129
HubSpot, Inc.*		1,762		668,556
Intuit, Inc.		15,030		6,293,813
Microsoft Corp.		274,222		76,102,090
Oracle Corp.		190,978		14,017,785
Salesforce, Inc.*		71,548		12,588,155
ServiceNow, Inc.*		22,409		10,713,743
Synopsys, Inc.*		23,827		6,833,345
Trade Desk, Inc., Class A*		5,023		295,955
Workday, Inc., Class A*		5,747		1,187,905
				157,453,510
Specialty retail—3.3%
AutoZone, Inc.*		8,171		15,978,145
Carvana Co.*		3,254		188,602
Lowe's Cos., Inc.		79,556		15,730,608
				31,897,355
Technology hardware, storage & peripherals—6.2%
Apple, Inc.		384,202		60,569,445
Textiles, apparel & luxury goods—1.1%
Nike, Inc., Class B		51,789		6,458,088

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Textiles, apparel & luxury goods—(concluded)
Tapestry, Inc.		131,971		4,344,486
				10,802,574
Tobacco—1.2%
Altria Group, Inc.		99,170		5,510,877
Philip Morris International, Inc.		61,749		6,174,900
				11,685,777
Total common stocks  (cost—$887,007,430)				924,298,029
Short-term investments—5.5%
Investment companies—5.5%
State Street Institutional U.S. Government Money Market Fund, 0.290%2 (cost—$54,039,743)		54,039,743		54,039,743
Total investments (cost—$941,047,173)3—100.2%				978,337,772
Liabilities in excess of other assets—(0.2)%				(2,146,400	)
Net assets—100.0%			$	976,191,372

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments: 

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		924,298,029		—		—		924,298,029
Short-term investments		—		54,039,743		—		54,039,743
Total		924,298,029		54,039,743		—		978,337,772

At April 30, 2022, there were no transfers in or out of Level 3.

PACE Large Co Growth Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at April 30, 2022.
3	Includes $ 103,330 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $114,366.

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—96.8%
Air freight & logistics—0.2%
FedEx Corp.		5,000		993,700
Auto components—0.7%
Gentex Corp.		105,565		3,098,333
Automobiles—1.0%
Thor Industries, Inc.1		52,849		4,045,591
Banks—12.4%
Ameris Bancorp		82,920		3,457,764
Bank of Hawaii Corp.		55,137		4,098,885
Bank of NT Butterfield & Son Ltd.		96,805		3,100,664
Bank OZK		78,350		3,010,207
Banner Corp.		69,850		3,750,945
Carter Bankshares, Inc.*		114,745		1,877,228
Cathay General Bancorp		80,590		3,230,853
Central Pacific Financial Corp.		110,530		2,672,615
First Bancorp/Southern Pines NC		13,000		486,980
First Citizens BancShares, Inc., Class A		4,600		2,941,148
First Horizon Corp.		224,802		5,031,069
Glacier Bancorp, Inc.		76,525		3,501,784
Hancock Whitney Corp.		69,420		3,246,774
Popular, Inc.		40,580		3,164,834
Regions Financial Corp.		33,600		696,192
SouthState Corp.		18,271		1,414,906
Truist Financial Corp.		21,600		1,044,360
Webster Financial Corp.		109,530		5,475,405
				52,202,613
Beverages—0.9%
National Beverage Corp.		85,634		3,774,747
Biotechnology—0.2%
Anika Therapeutics, Inc.*		39,441		849,165
Building products—2.5%
Armstrong World Industries, Inc.		34,439		2,915,605
Carrier Global Corp.		16,900		646,763
Lennox International, Inc.		13,537		2,885,953
Resideo Technologies, Inc.*		106,255		2,389,675

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Number of shares		Value ($)
Common stocks—(continued)
Building products—(concluded)
Zurn Water Solutions Corp.		58,640		1,830,741
				10,668,737
Capital markets—2.1%
Artisan Partners Asset Management, Inc., Class A		80,205		2,577,789
Jefferies Financial Group, Inc.		10,000		307,600
LPL Financial Holdings, Inc.		21,376		4,015,909
Virtus Investment Partners, Inc.		10,202		1,807,386
				8,708,684
Chemicals—3.0%
Axalta Coating Systems Ltd.*		110,750		2,809,727
Innospec, Inc.		32,800		3,126,168
Scotts Miracle-Gro Co.		44,182		4,591,835
Valvoline, Inc.		67,855		2,051,257
				12,578,987
Commercial services & supplies—2.1%
KAR Auction Services, Inc.*		318,720		4,672,435
Stericycle, Inc.*		87,200		4,376,568
				9,049,003
Communications equipment—2.2%
Comtech Telecommunications Corp.		164,775		2,240,940
Plantronics, Inc.*		175,315		6,988,056
				9,228,996
Consumer finance—0.9%
Enova International, Inc.*		34,180		1,278,332
SLM Corp.		141,535		2,367,881
				3,646,213
Diversified consumer services—1.5%
H&R Block, Inc.		16,400		427,548
Terminix Global Holdings, Inc.*		128,551		5,899,205
				6,326,753
Diversified telecommunication services—0.7%
Liberty Latin America Ltd., Class A*		317,110		2,930,096

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electric utilities—1.5%
IDACORP, Inc.		31,825		3,347,354
Portland General Electric Co.		65,198		3,085,821
				6,433,175
Electrical equipment—0.7%
EnerSys		45,040		2,948,318
Electronic equipment, instruments & components—1.5%
CDW Corp.		14,696		2,398,093
Zebra Technologies Corp., Class A*		10,645		3,935,031
				6,333,124
Energy equipment & services—1.9%
ChampionX Corp.		199,800		4,215,780
Liberty Energy, Inc.*		147,570		2,381,780
Oceaneering International, Inc.*		18,500		209,605
TETRA Technologies, Inc.*		394,040		1,450,067
				8,257,232
Entertainment—0.5%
Lions Gate Entertainment Corp., Class B*		179,121		2,251,551
Equity real estate investment trusts—7.9%
American Campus Communities, Inc.		55,500		3,589,185
CatchMark Timber Trust, Inc., Class A		47,193		387,455
Corporate Office Properties Trust		126,860		3,385,893
Granite Real Estate Investment Trust		21,690		1,617,640
Healthcare Realty Trust, Inc.		193,110		5,229,419
Hudson Pacific Properties, Inc.		128,560		2,992,877
Lamar Advertising Co., Class A		25,006		2,760,913
Office Properties Income Trust		16,374		354,006
Outfront Media, Inc.		140,665		3,601,024
Physicians Realty Trust		268,930		4,609,460
VICI Properties, Inc.		157,176		4,685,418
				33,213,290
Food & staples retailing—1.0%
U.S. Foods Holding Corp.*		118,390		4,453,832
Food products—1.9%
Conagra Brands, Inc.		10,300		359,779

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Food products—(concluded)
Lamb Weston Holdings, Inc.		4,400		290,840
Post Holdings, Inc.*		43,490		3,235,221
TreeHouse Foods, Inc.*		114,845		3,617,618
Tyson Foods, Inc., Class A		4,800		447,168
				7,950,626
Gas utilities—0.3%
National Fuel Gas Co.		18,800		1,318,444
Health care equipment & supplies—1.8%
CONMED Corp.		4,000		531,840
Envista Holdings Corp.*		88,970		3,524,991
Integra LifeSciences Holdings Corp.*		57,030		3,487,955
				7,544,786
Health care providers & services—3.1%
Acadia Healthcare Co., Inc.*		39,320		2,669,041
AdaptHealth Corp.*		146,030		1,848,740
CorVel Corp.*		14,170		2,197,484
Hanger, Inc.*		271,135		4,457,459
Select Medical Holdings Corp.		57,600		1,302,336
Tenet Healthcare Corp.*		8,800		638,088
				13,113,148
Hotels, restaurants & leisure—3.3%
Boston Pizza Royalties Income Fund		26,900		342,840
Cheesecake Factory, Inc.*		185,549		6,848,614
Despegar.com Corp.*		319,772		3,546,271
Six Flags Entertainment Corp.*		88,170		3,374,266
				14,111,991
Household durables—0.1%
Taylor Morrison Home Corp.*		14,100		369,279
Household products—0.5%
WD-40 Co.		10,450		1,922,591
Insurance—3.8%
Argo Group International Holdings Ltd.		99,030		4,238,484
Assured Guaranty Ltd.		51,060		2,815,959
CNO Financial Group, Inc.		80,637		1,946,577

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Number of shares		Value ($)
Common stocks—(continued)
Insurance—(concluded)
W. R. Berkley Corp.		104,242		6,931,051
				15,932,071
IT services—3.4%
BigCommerce Holdings, Inc.*		74,815		1,336,944
Broadridge Financial Solutions, Inc.		29,750		4,287,868
DXC Technology Co.*		75,980		2,180,626
Jack Henry & Associates, Inc.		31,687		6,007,221
VeriSign, Inc.*		3,900		696,891
				14,509,550
Leisure products—0.4%
JAKKS Pacific, Inc.*,1		123,464		1,685,284
Life sciences tools & services—0.8%
Syneos Health, Inc.*		45,045		3,292,339
Machinery—7.9%
Altra Industrial Motion Corp.		83,995		3,275,805
EnPro Industries, Inc.		39,700		3,700,437
Graco, Inc.		62,050		3,848,341
Helios Technologies, Inc.		42,955		2,885,717
John Bean Technologies Corp.		25,688		3,028,358
Lincoln Electric Holdings, Inc.		17,895		2,410,993
Miller Industries, Inc.		65,159		1,746,913
Oshkosh Corp.		23,373		2,160,600
RBC Bearings, Inc.*		25,886		4,357,908
Terex Corp.		72,265		2,457,010
Toro Co.		44,921		3,599,520
				33,471,602
Marine—1.2%
Kirby Corp.*		75,140		4,899,128
Media—0.1%
Paramount Global1		12,700		369,824
Metals & mining—0.9%
Allegheny Technologies, Inc.*		138,270		3,758,179

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Multi-utilities—0.1%
Black Hills Corp.		7,200		527,328
Oil, gas & consumable fuels—5.4%
Chesapeake Energy Corp.1		6,800		557,736
Comstock Resources, Inc.*		212,960		3,626,709
EQT Corp.		37,815		1,503,146
Golar LNG Ltd.*		206,866		4,617,249
Gulfport Energy Corp.*		9,930		933,221
PDC Energy, Inc.		77,850		5,429,259
Viper Energy Partners LP		186,440		5,356,421
W&T Offshore, Inc.*		151,493		721,107
				22,744,848
Paper & forest products—0.4%
Mercer International, Inc.		99,693		1,596,085
Personal products—1.0%
BellRing Brands, Inc.*		37,311		799,574
elf Beauty, Inc.*		137,660		3,349,268
				4,148,842
Professional services—3.0%
KBR, Inc.		59,100		2,909,493
Resources Connection, Inc.		175,345		3,014,181
Science Applications International Corp.		23,900		1,989,197
TransUnion		52,650		4,607,928
				12,520,799
Road & rail—1.0%
Landstar System, Inc.		27,100		4,197,790
Semiconductors & semiconductor equipment—0.9%
Teradyne, Inc.		36,996		3,901,598
Software—3.7%
8x8, Inc.*		149,480		1,370,732
American Software, Inc., Class A		136,714		2,337,809
CDK Global, Inc.		54,100		2,943,581
Dolby Laboratories, Inc., Class A		56,914		4,409,128
New Relic, Inc.*		63,530		4,019,543

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Software—(concluded)
Xperi Holding Corp.		30,979		483,272
				15,564,065
Specialty retail—2.4%
Gap, Inc.1		95,000		1,179,900
Leslie's, Inc.*,1		204,418		4,006,593
Rent-A-Center, Inc.		83,100		2,004,372
Tilly's, Inc., Class A		29,183		257,394
Urban Outfitters, Inc.*		111,865		2,662,387
				10,110,646
Technology hardware, storage & peripherals—1.0%
Diebold Nixdorf, Inc.*		964,180		3,953,138
Xerox Holdings Corp.		24,200		421,080
				4,374,218
Textiles, apparel & luxury goods—2.5%
Capri Holdings Ltd.*		95,395		4,550,341
Samsonite International SA, ADR*		565,610		6,204,742
				10,755,083
Thrifts & mortgage finance—0.5%
Essent Group Ltd.		51,630		2,092,564
Total common stocks  (cost—$349,469,005)				408,774,848
Investment companies—0.2%
Sprott Physical Uranium Trust*  (cost—$520,683)		61,250		805,764
Short-term investments—3.5%
Investment companies—3.5%
State Street Institutional U.S. Government Money Market Fund, 0.250%2  (cost—$14,816,600)		14,816,600		14,816,600

PACE Small/Medium Co Value Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Number of shares		Value ($)
Investment of cash collateral from securities loaned—0.3%
Money market funds—0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%2 (cost—$1,470,305)		1,470,305		1,470,305
Total investments (cost—$366,276,593)3—100.8%				425,867,517
Liabilities in excess of other assets—(0.8)%				(3,372,519	)
Net assets—100.0%			$	422,494,998

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets  

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		408,774,848		—		—		408,774,848
Investment companies		805,764		—		—		805,764
Short-term investments		—		14,816,600		—		14,816,600
Investment of cash collateral from securities loaned		—		1,470,305		—		1,470,305
Total		409,580,612		16,286,905		—		425,867,517

At April 30, 2022, there were no transfers in or out of Level 3.
Portfolio footnotes
	*	Non-income producing security.
	1	Security, or portion thereof, was on loan at the period end.
	2	Rates shown reflect yield at April 30, 2022.
	3	Includes $9,509,037 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,470,305  and non-cash collateral of $8,443,597 .

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—98.8%
Aerospace & defense—0.3%
Aerojet Rocketdyne Holdings, Inc.*		24,696		987,346
Airlines—0.3%
Allegiant Travel Co.*		6,526		1,012,770
Auto components—1.4%
Adient PLC*		8,176		279,129
American Axle & Manufacturing Holdings, Inc.*		38,557		255,247
Dana, Inc.		42,740		632,979
Gentex Corp.		73,411		2,154,613
Modine Manufacturing Co.*		11,502		90,866
Stoneridge, Inc.*		6,399		126,124
Visteon Corp.*		14,248		1,491,908
				5,030,866
Banks—1.2%
CrossFirst Bankshares, Inc.*		10,150		130,022
Customers Bancorp, Inc.*		16,555		696,469
Metrocity Bankshares, Inc.		1,188		24,211
Origin Bancorp, Inc.		848		31,953
Synovus Financial Corp.		8,818		366,300
Texas Capital Bancshares, Inc.*		11,660		598,858
Western Alliance Bancorp		19,185		1,460,170
Wintrust Financial Corp.		9,989		872,239
				4,180,222
Beverages—1.1%
Boston Beer Co., Inc., Class A*		3,248		1,218,000
Celsius Holdings, Inc.*,1		13,088		680,576
Coca-Cola Consolidated, Inc.		3,435		1,516,552
MGP Ingredients, Inc.1		5,584		509,987
				3,925,115
Biotechnology—4.7%
ACADIA Pharmaceuticals, Inc.*		55,620		1,025,633
Akebia Therapeutics, Inc.*,1		69,836		28,996
Alkermes PLC*		86,995		2,509,806
Allogene Therapeutics, Inc.*		17,000		141,950
Allovir, Inc.*		14,994		68,223
Contra Aduro Biotech, Inc.*,2,3		9,389		0
CytomX Therapeutics, Inc.*		70,826		121,112

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Biotechnology—(concluded)
Deciphera Pharmaceuticals, Inc.*		18,600		188,232
Eagle Pharmaceuticals, Inc.*		3,348		147,747
Enanta Pharmaceuticals, Inc.*		7,657		493,111
Exelixis, Inc.*		98,880		2,208,979
FibroGen, Inc.*		58,576		544,757
Harpoon Therapeutics, Inc.*		9,300		20,925
Intercept Pharmaceuticals, Inc.*,1		31,260		491,095
Ionis Pharmaceuticals, Inc.*		65,713		2,415,610
Karyopharm Therapeutics, Inc.*		30,073		183,445
MiMedx Group, Inc.*		20,604		81,386
Molecular Templates, Inc.*		13,083		22,241
PTC Therapeutics, Inc.*		33,178		1,172,179
Radius Health, Inc.*		77,231		528,260
REGENXBIO, Inc.*		9,386		260,555
Sarepta Therapeutics, Inc.*		22,765		1,646,365
Selecta Biosciences, Inc.*		75,736		58,036
Seres Therapeutics, Inc.*		34,027		160,948
Shattuck Labs, Inc.*		3,900		14,976
Sutro Biopharma, Inc.*		14,119		84,855
Travere Therapeutics, Inc.*		60,768		1,527,100
Xencor, Inc.*		23,635		590,402
				16,736,924
Building products—1.0%
Advanced Drainage Systems, Inc.		3,190		326,847
JELD-WEN Holding, Inc.*		18,472		384,033
Masonite International Corp.*		8,517		660,238
Tecnoglass, Inc.		50,962		1,137,982
Zurn Water Solutions Corp.		30,393		948,869
				3,457,969
Capital markets—1.5%
Donnelley Financial Solutions, Inc.*		5,969		174,713
Greenhill & Co., Inc.		17,939		217,241
Houlihan Lokey, Inc.		20,476		1,705,446
LPL Financial Holdings, Inc.		10,366		1,947,460
Moelis & Co., Class A		14,921		660,404

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Capital markets—(concluded)
StoneX Group, Inc.*		7,860		532,751
				5,238,015
Chemicals—1.9%
American Vanguard Corp.		20,171		431,659
Aspen Aerogels, Inc.*		10,140		219,024
Axalta Coating Systems Ltd.*		30,352		770,030
Chemours Co.		46,064		1,523,337
Kronos Worldwide, Inc.		12,030		183,097
Olin Corp.		14,165		813,071
Orion Engineered Carbons SA		40,157		606,371
Trinseo PLC		19,433		922,096
Westlake Corp.		8,744		1,106,553
				6,575,238
Commercial services & supplies—2.7%
Cimpress PLC*		10,579		534,345
Driven Brands Holdings, Inc.*		11,501		320,763
Healthcare Services Group, Inc.		117,516		2,008,349
Interface, Inc.		928		11,776
Montrose Environmental Group, Inc.*		11,161		506,375
Pitney Bowes, Inc.		82,705		435,855
Ritchie Bros Auctioneers, Inc.		100,974		5,562,658
Tetra Tech, Inc.		2,640		367,699
				9,747,820
Communications equipment—1.2%
ADTRAN, Inc.		12,587		218,888
CalAmp Corp.*		47,907		262,051
CommScope Holding Co., Inc.*		137,789		830,868
DZS, Inc.*		10,532		127,332
EMCORE Corp.*		44,308		152,863
Extreme Networks, Inc.*		143,118		1,373,933
Harmonic, Inc.*		33,337		276,697
Infinera Corp.*,1		119,125		916,071
Lantronix, Inc.*		33,494		176,178
				4,334,881
Construction & engineering—2.1%
EMCOR Group, Inc.		18,160		1,933,677
MYR Group, Inc.*		17,107		1,352,993

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Construction & engineering—(concluded)
Sterling Construction Co., Inc.*		8,205		187,812
WillScot Mobile Mini Holdings Corp.*		112,146		3,936,325
				7,410,807
Construction materials—0.1%
Summit Materials, Inc., Class A*		10,347		287,647
Consumer finance—0.9%
Curo Group Holdings Corp.		11,890		139,589
Green Dot Corp., Class A*		26,526		702,408
PRA Group, Inc.*		53,250		2,238,097
PROG Holdings, Inc.*		880		23,294
Regional Management Corp.		5,152		221,794
				3,325,182
Containers & packaging—0.3%
O-I Glass, Inc.*		78,227		1,054,500
Diversified consumer services—2.6%
2U, Inc.*		32,457		323,921
Carriage Services, Inc.		4,523		193,991
Chegg, Inc.*		41,395		1,024,112
European Wax Center, Inc., Class A1		40,039		1,099,071
Frontdoor, Inc.*		21,239		656,498
Grand Canyon Education, Inc.*		60,532		5,809,256
				9,106,849
Diversified financial services—0.2%
A-Mark Precious Metals, Inc.		8,791		692,731
Diversified telecommunication services—0.8%
Bandwidth, Inc., Class A*		11,925		263,781
Cogent Communications Holdings, Inc.		36,731		2,148,763
Ooma, Inc.*		35,613		457,271
				2,869,815
Electric utilities—0.6%
NRG Energy, Inc.		55,966		2,009,179
Electronic equipment, instruments & components—1.8%
Arlo Technologies, Inc.*		40,297		311,899

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
IPG Photonics Corp.*		2,278		215,225
Itron, Inc.*		19,904		951,013
Jabil, Inc.		43,104		2,488,394
Kimball Electronics, Inc.*		16,498		294,324
National Instruments Corp.		61,647		2,227,923
				6,488,778
Energy equipment & services—1.6%
Cactus, Inc.,  Class A		21,253		1,061,162
Core Laboratories N.V.		12,627		328,302
Patterson-UTI Energy, Inc.		131,432		2,160,742
ProPetro Holding Corp.*		70,862		1,001,989
RPC, Inc.*		46,350		479,259
US Silica Holdings, Inc.*		32,390		601,806
				5,633,260
Entertainment—0.1%
Madison Square Garden Sports Corp.*		2,777		450,179
Equity real estate investment trusts—1.2%
CatchMark Timber Trust, Inc., Class A		52,413		430,311
Community Healthcare Trust, Inc.		7,638		281,231
EastGroup Properties, Inc.		2,733		512,437
Necessity Retail REIT, Inc.		26,144		195,296
NexPoint Residential Trust, Inc.		7,777		693,397
Ryman Hospitality Properties, Inc.*		21,706		2,029,077
				4,141,749
Food & staples retailing—0.5%
Andersons, Inc.		13,994		702,919
BJ's Wholesale Club Holdings, Inc.*		6,312		406,177
Chefs' Warehouse, Inc.*		13,033		477,008
United Natural Foods, Inc.*		4,671		200,526
				1,786,630
Food products—1.4%
Cal-Maine Foods, Inc.		4,494		241,463
Calavo Growers, Inc.		15,883		575,600
Darling Ingredients, Inc.*		8,556		627,925
Freshpet, Inc.*		31,784		2,967,036

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Food products—(concluded)
Pilgrim's Pride Corp.*		23,660		670,761
				5,082,785
Health care equipment & supplies—4.3%
Accuray, Inc.*		147,533		392,438
Apollo Endosurgery, Inc.*,1		33,941		184,300
Axogen, Inc.*		24,263		175,664
Axonics, Inc.*		17,044		883,220
Eargo, Inc.*,1		1,560		5,897
Glaukos Corp.*		33,872		1,601,807
Haemonetics Corp.*		14,087		713,788
Heska Corp.*		17,979		1,974,813
Inogen, Inc.*		11,117		281,038
iRadimed Corp.		21,290		700,654
iRhythm Technologies, Inc.*		7,040		868,525
LivaNova PLC*		5,915		453,444
Merit Medical Systems, Inc.*		34,014		2,109,208
Neogen Corp.*		65,846		1,738,334
OrthoPediatrics Corp.*		31,524		1,421,102
Paragon 28, Inc.*		33,607		603,918
Shockwave Medical, Inc.*		5,130		775,297
Surmodics, Inc.*		6,020		232,733
Varex Imaging Corp.*		11,916		236,532
				15,352,712
Health care providers & services—9.2%
Acadia Healthcare Co., Inc.*		11,765		798,608
Amedisys, Inc.*		38,618		4,929,588
AMN Healthcare Services, Inc.*		40,285		3,937,859
Chemed Corp.		6,001		2,948,831
Cross Country Healthcare, Inc.*		6,550		122,747
DaVita, Inc.*		3,254		352,636
Ensign Group, Inc.		59,275		4,761,561
HealthEquity, Inc.*		10,596		660,343
Molina Healthcare, Inc.*		7,355		2,305,425
Oak Street Health, Inc.*,1		63,853		1,155,101
Pennant Group, Inc.*		78,322		1,283,698
Privia Health Group, Inc.*		149,076		3,278,181
Progyny, Inc.*		62,222		2,392,436
Surgery Partners, Inc.*		29,740		1,521,498

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care providers & services—(concluded)
US Physical Therapy, Inc.		23,055		2,392,417
				32,840,929
Health care technology—1.5%
Certara, Inc.*		92,221		1,692,255
Doximity, Inc., Class A*		13,004		518,469
Inspire Medical Systems, Inc.*		7,222		1,485,999
OptimizeRx Corp.*		5,779		162,448
Phreesia, Inc.*		53,488		1,223,805
Tabula Rasa HealthCare, Inc.*		31,745		106,981
				5,189,957
Hotels, restaurants & leisure—2.6%
Everi Holdings, Inc.*		62,738		1,089,132
Full House Resorts, Inc.*		81,297		735,738
International Game Technology PLC1		85,686		1,870,525
Lindblad Expeditions Holdings, Inc.*		20,947		320,699
Monarch Casino & Resort, Inc.*		3,361		235,774
Noodles & Co.*		32,597		181,565
ONE Group Hospitality, Inc.*		14,389		133,962
PlayAGS, Inc.*		86,399		570,233
Red Robin Gourmet Burgers, Inc.*		11,318		149,284
SeaWorld Entertainment, Inc.*		12,280		828,163
Six Flags Entertainment Corp.*		14,767		565,133
Travel + Leisure Co.		30,381		1,685,538
Xponential Fitness, Inc., Class A*		43,318		897,549
				9,263,295
Household durables—1.6%
GoPro, Inc., Class A*		138,718		1,237,364
Hooker Furnishings Corp.		5,257		88,633
iRobot Corp.*		8,995		455,597
Lovesac Co.*		12,572		551,156
Meritage Homes Corp.*		5,244		432,892
Sonos, Inc.*,1		56,560		1,290,699
Toll Brothers, Inc.		21,926		1,016,709
TopBuild Corp.*		1,193		216,100

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Household durables—(concluded)
Tri Pointe Homes, Inc.*		14,477		299,240
				5,588,390
Insurance—2.1%
BRP Group, Inc., Class A*		19,043		440,274
Everest Re Group Ltd.		6,246		1,715,839
Goosehead Insurance, Inc., Class A		23,411		1,345,898
Heritage Insurance Holdings, Inc.		6,211		26,459
James River Group Holdings Ltd.		16,369		388,109
Kinsale Capital Group, Inc.		4,679		1,037,287
Lincoln National Corp.		3,671		220,811
RenaissanceRe Holdings Ltd.		14,742		2,115,772
				7,290,449
Interactive media & services—1.1%
Outbrain, Inc.*		35,501		319,509
Vimeo, Inc.*		67,767		690,546
Yelp, Inc.*		45,917		1,493,680
ZipRecruiter, Inc., Class A*		69,650		1,567,821
				4,071,556
Internet & catalog retail—0.3%
ThredUp, Inc., Class A*,1		135,817		895,034
Internet & direct marketing retail—0.5%
1-800-Flowers.com, Inc., Class A*		16,410		167,382
Fiverr International Ltd.*,1		22,913		1,220,117
Porch Group, Inc.*		142,767		528,238
				1,915,737
IT services—4.6%
Brightcove, Inc.*		36,567		257,797
CSG Systems International, Inc.		32,783		2,015,171
ExlService Holdings, Inc.*		8,336		1,134,946
Globant SA*		27,538		5,947,933
GoDaddy, Inc., Class A*		17,201		1,390,013
Grid Dynamics Holdings, Inc.*		115,822		1,612,242
IBEX Holdings Ltd.*,1		292		4,523
Information Services Group, Inc.		20,243		126,924
International Money Express, Inc.*		24,117		479,205
Limelight Networks, Inc.*		51,576		184,126

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
Rackspace Technology, Inc.*,1		23,217		229,616
Squarespace, Inc., Class A*,1		72,250		1,442,833
TaskUS, Inc.*		16,370		472,929
Unisys Corp.*		23,113		328,436
WEX, Inc.*		3,330		553,579
WNS Holdings Ltd., ADR*		2,593		203,214
				16,383,487
Leisure products—0.3%
Johnson Outdoors, Inc., Class A		573		43,823
MasterCraft Boat Holdings, Inc.*		8,502		204,643
Polaris, Inc.		6,173		586,065
Smith & Wesson Brands, Inc.		22,432		307,991
				1,142,522
Life sciences tools & services—1.0%
Azenta, Inc.		10,716		803,271
Inotiv, Inc.*,1		21,061		300,119
Medpace Holdings, Inc.*		17,861		2,385,694
Personalis, Inc.*		7,500		42,000
				3,531,084
Machinery—2.9%
AGCO Corp.		9,118		1,161,633
Commercial Vehicle Group, Inc.*		5,045		36,223
Kadant, Inc.		13,829		2,558,365
Kornit Digital Ltd.*		46,253		3,075,825
Proto Labs, Inc.*		12,476		531,602
REV Group, Inc.		14,928		177,942
Terex Corp.		41,299		1,404,166
Titan International, Inc.*		69,411		962,036
Wabash National Corp.		26,957		385,755
				10,293,547
Metals & mining—0.3%
MP Materials Corp.*		11,190		425,668
Ryerson Holding Corp.		6,887		253,510

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Metals & mining—(concluded)
Schnitzer Steel Industries, Inc., Class A		5,433		247,908
				927,086
Multiline retail—0.7%
Nordstrom, Inc.		34,489		886,367
Ollie's Bargain Outlet Holdings, Inc.*		33,183		1,594,443
				2,480,810
Oil, gas & consumable fuels—1.4%
California Resources Corp.		24,409		981,486
Clean Energy Fuels Corp.*		26,949		157,921
Gulfport Energy Corp.*		1,298		121,986
Matador Resources Co.		14,970		730,835
Oasis Petroleum, Inc.		4,958		657,728
Ovintiv, Inc.		4,450		227,796
Par Pacific Holdings, Inc.*		29,263		429,288
SilverBow Resources, Inc.*		44,789		1,639,278
				4,946,318
Paper & forest products—0.3%
Louisiana-Pacific Corp.		17,114		1,104,195
Personal products—0.8%
Herbalife Nutrition Ltd.*		18,220		484,287
Medifast, Inc.		6,236		1,112,253
Nu Skin Enterprises, Inc., Class A		13,056		556,708
USANA Health Sciences, Inc.*		10,194		781,472
				2,934,720
Pharmaceuticals—1.6%
Aerie Pharmaceuticals, Inc.*,1		65,516		465,819
Amneal Pharmaceuticals, Inc.*		124,141		479,184
Amphastar Pharmaceuticals, Inc.*		35,584		1,262,164
Harmony Biosciences Holdings, Inc.*		14,330		645,423
Ikena Oncology, Inc.*		1,800		6,984
Intra-Cellular Therapies, Inc.*		19,722		998,130
NGM Biopharmaceuticals, Inc.*		21,016		262,280
Pacira BioSciences, Inc.*		10,889		811,993
Paratek Pharmaceuticals, Inc.*,1		43,327		95,753
Progenics Pharmaceuticals, Inc.*,2,3		76,855		0
Theravance Biopharma, Inc.*		50,249		484,903

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Pharmaceuticals—(concluded)
WaVe Life Sciences Ltd.*		36,002		70,204
				5,582,837
Professional services—3.3%
CRA International, Inc.		4,912		404,602
Exponent, Inc.		34,204		3,277,085
Forrester Research, Inc.*		11,533		642,273
Heidrick & Struggles International, Inc.		9,933		317,459
Insperity, Inc.		19,947		2,115,379
KBR, Inc.		45,879		2,258,623
Kforce, Inc.		7,307		511,855
TriNet Group, Inc.*		23,544		2,088,353
				11,615,629
Real estate management & development—0.2%
Compass, Inc.*		14,200		77,106
Forestar Group, Inc.*		15,045		245,384
Marcus & Millichap, Inc.		8,687		389,091
RMR Group, Inc., Class A		3,472		94,716
				806,297
Road & rail—0.9%
Daseke, Inc.*		28,268		237,451
Landstar System, Inc.		12,138		1,880,176
PAM Transportation Services, Inc.*		5,433		165,109
Universal Logistics Holdings, Inc.		5,401		109,532
Werner Enterprises, Inc.		17,166		680,289
XPO Logistics, Inc.*		1,745		93,864
				3,166,421
Semiconductors & semiconductor equipment—2.4%
Ambarella, Inc.*		14,978		1,229,394
Amkor Technology, Inc.		30,315		570,225
CEVA, Inc.*		5,595		203,323
Power Integrations, Inc.		39,849		3,187,920
SiTime Corp.*		8,418		1,419,022
SMART Global Holdings, Inc.*,1		36,154		819,250

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Semiconductors & semiconductor equipment—(concluded)
Synaptics, Inc.*		7,918		1,175,348
				8,604,482
Software—16.0%
8x8, Inc.*		60,510		554,877
A10 Networks, Inc.		91,604		1,308,105
Agilysys, Inc.*		22,201		817,219
Alarm.com Holdings, Inc.*		59,145		3,612,577
Avalara, Inc.*		22,563		1,716,367
Avaya Holdings Corp.*		70,123		648,638
Benefitfocus, Inc.*		18,971		202,041
Blackbaud, Inc.*		14,485		840,275
Blackline, Inc.*		49,226		3,300,603
Box, Inc., Class A*		99,312		3,040,933
ChannelAdvisor Corp.*		13,941		202,284
CoreCard Corp.*,1		3,699		84,300
CyberArk Software Ltd.*		7,420		1,165,979
Descartes Systems Group, Inc.*		38,081		2,366,734
Domo, Inc., Class B*		6,581		272,585
Dropbox, Inc., Class A*		96,384		2,096,352
Duck Creek Technologies, Inc.*		4,366		69,550
Five9, Inc.*		17,928		1,973,873
Gitlab, Inc.*		3,994		191,432
InterDigital, Inc.		6,934		394,198
Kaltura, Inc.*		33,188		51,441
Model N, Inc.*		69,657		1,799,937
Momentive Global, Inc.*		18,433		291,610
NCR Corp.*		24,397		854,627
Nutanix, Inc., Class A*		64,181		1,606,450
ON24, Inc.*		20,545		260,305
OneSpan, Inc.*		35,016		494,776
Paylocity Holding Corp.*		21,863		4,145,881
Pegasystems, Inc.		57,970		4,439,922
PROS Holdings, Inc.*		41,414		1,156,693
Rapid7, Inc.*		11,124		1,062,565
Rimini Street, Inc.*		32,764		188,721
Sprout Social, Inc., Class A*		25,594		1,568,400
SPS Commerce, Inc.*		45,014		5,385,025
Tenable Holdings, Inc.*		26,106		1,441,834
Upland Software, Inc.*		19,709		294,058
UserTesting, Inc.*,1		70,022		546,872

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Software—(concluded)
Varonis Systems, Inc. *		27,358		1,181,866
Workiva, Inc.*		44,298		4,275,200
Zeta Global Holdings Corp.*		56,749		614,592
Zuora, Inc., Class A*		37,668		458,420
				56,978,117
Specialty retail—5.8%
Abercrombie & Fitch Co., Class A*		822		28,425
Asbury Automotive Group, Inc.*		3,294		605,141
Boot Barn Holdings, Inc.*		17,328		1,560,560
Caleres, Inc.		18,103		415,102
Citi Trends, Inc.*		5,911		165,331
Five Below, Inc.*		31,452		4,941,109
Floor & Decor Holdings, Inc., Class A*		42,292		3,371,518
Haverty Furniture Cos., Inc.		9,923		246,388
Hibbett, Inc.		5,616		242,499
Lithia Motors, Inc.		3,456		978,497
MarineMax, Inc.*		9,337		382,070
Murphy USA, Inc.		15,709		3,669,622
National Vision Holdings, Inc.*		61,219		2,304,895
Signet Jewelers Ltd.		14,261		1,001,122
Sleep Number Corp.*		4,439		180,046
Sportsman's Warehouse Holdings, Inc.*		36,509		350,852
				20,443,177
Technology hardware, storage & peripherals—0.6%
Avid Technology, Inc.*		44,796		1,420,481
Diebold Nixdorf, Inc.*		21,520		88,232
Stratasys Ltd.*		34,929		677,273
				2,185,986
Textiles, apparel & luxury goods—0.2%
Deckers Outdoor Corp.*		2,220		589,965
Superior Group of Cos., Inc.		1,111		17,665
				607,630
Thrifts & mortgage finance—0.1%
Axos Financial, Inc.*		7,909		299,593
Luther Burbank Corp.		729		9,674

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Thrifts & mortgage finance—(concluded)
Waterstone Financial, Inc.		13,692		219,893
				529,160
Tobacco—0.0%†
Turning Point Brands, Inc.		5,391		169,224
Trading companies & distributors—0.7%
Applied Industrial Technologies, Inc.		4,652		487,018
BlueLinx Holdings, Inc.*		2,104		140,274
Boise Cascade Co.		22,609		1,708,788
Global Industrial Co.		3,513		108,411
Textainer Group Holdings Ltd.		5,539		185,778
				2,630,269
Total common stocks (cost—$365,199,804)				351,038,314
Short-term investments—1.2%
Investment companies—1.2%
State Street Institutional U.S. Government Money Market Fund, 0.290%4 (cost—$4,407,890)		4,407,890		4,407,890
Investment of cash collateral from securities loaned—1.2%
Money market funds—1.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%4 (cost—$4,248,818)		4,248,818		4,248,818
Total investments (cost—$373,856,512)5—101.2%				359,695,022
Liabilities in excess of other assets—(1.2)%				(4,313,647	)
Net assets—100.0%			$	355,381,375

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

PACE Small/Medium Co Growth Equity Investments 

Portfolio of investments – April 30, 2022 (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		351,038,314		—		—		351,038,314
Short-term investments		—		4,407,890		—		4,407,890
Investment of cash collateral from securities loaned		—		4,248,818		—		4,248,818
Total		351,038,314		8,656,708		—		359,695,022

At April 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes  

†	Amount represents less than 0.05% or (0.05%).
*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Rates shown reflect yield at April 30, 2022.
5	Includes $ 11,323,934 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $ 4,248,818 and non-cash collateral of $ 7,944,261 .

PACE International Equity Investments

Portfolio statistics and industry diversification – (unaudited)¹
As a percentage of net assets as of April 30, 2022

Common stocks
Aerospace & defense	2.0	%
Air freight & logistics	0.4
Auto components	1.2
Automobiles	2.8
Banks	11.4
Beverages	1.2
Biotechnology	1.6
Building products	1.2
Capital markets	0.6
Chemicals	3.3
Commercial services & supplies	1.6
Communications equipment	0.3
Construction & engineering	0.9
Construction materials	1.0
Diversified financial services	0.4
Diversified telecommunication services	3.3
Electric utilities	3.2
Electrical equipment	0.9
Electronic equipment, instruments & components	2.6
Energy equipment & services	0.2
Entertainment	1.0
Equity real estate investment trusts	0.7
Food & staples retailing	1.8
Food products	2.6
Gas utilities	1.3
Health care equipment & supplies	1.3
Health care providers & services	0.2
Health care technology	0.0	†
Hotels, restaurants & leisure	0.1
Household durables	2.6
Independent power and renewable electricity producers	0.3
Industrial conglomerates	3.2
Insurance	5.8
Interactive media & services	0.3
Internet & direct marketing retail	0.6
IT services	2.2
Leisure products	0.5
Life sciences tools & services	0.2
Machinery	3.2
Marine	0.7
Media	1.1
Metals & mining	1.6
Multi-utilities	0.7
Multiline retail	0.3
Oil, gas & consumable fuels	6.3
Personal products	0.9
Pharmaceuticals	11.9
Professional services	1.7
Real estate management & development	1.2
Road & rail	1.2
Semiconductors & semiconductor equipment	5.0
Software	2.7
Specialty retail	1.0
Technology hardware, storage & peripherals	1.0
Textiles, apparel & luxury goods	2.6
Tobacco	1.3
Trading companies & distributors	1.5
Transportation infrastructure	0.1
Wireless telecommunication services	0.7
Total common stocks	111.5
Preferred stocks
Automobiles	0.2
Chemicals	0.0	†
Total preferred stocks	0.2

PACE International Equity Investments

Portfolio statistics and industry diversification – (unaudited)¹
As a percentage of net assets as of April 30, 2022

Short-term investments	0.8
Investment of cash collateral from securities loaned	2.3
Total investments before investments sold short	114.8
Investments sold short
Aerospace & defense	(0.4	)
Airlines	(0.3	)
Auto components	(0.1	)
Banks	(0.3	)
Beverages	(0.2	)
Biotechnology	(0.2	)
Building products	(0.1	)
Capital markets	(0.0	)†
Chemicals	(0.9	)
Construction & engineering	(0.2	)
Diversified financial services	(0.0	)†
Diversified telecommunication services	(0.5	)
Electric utilities	(0.3	)
Electrical equipment	(0.5	)
Electronic equipment, instruments & components	(0.0	)†
Entertainment	(0.5	)
Equity real estate investment trusts	(0.5	)
Food & staples retailing	(0.4	)
Food products	(0.2	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.4	)
Health care providers & services	(0.2	)
Hotels, restaurants & leisure	(1.0	)
Household durables	(0.0	)†
Household products	(0.3	)
Industrial conglomerates	(0.4	)
Insurance	(0.4	)
Interactive media & services	(0.3	)
Internet & direct marketing retail	(0.3	)
IT services	(0.4	)
Life sciences tools & services	(0.0	)†
Machinery	(0.7	)
Media	(0.1	)
Metals & mining	(0.3	)
Multiline retail	(0.1	)
Oil, gas & consumable fuels	(0.1	)
Paper & forest products	(0.3	)
Personal products	(0.3	)
Pharmaceuticals	(0.3	)
Real estate management & development	(0.5	)
Road & rail	(0.5	)
Semiconductors & semiconductor equipment	(0.3	)
Software	(0.2	)
Specialty retail	(0.1	)
Transportation infrastructure	(0.1	)
Wireless telecommunication services	(0.0	)†
Total investments sold short	(13.3	)
Liabilities in excess of other assets	(1.5	)
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 – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—111.5%
Australia—4.8%
Aristocrat Leisure Ltd.1		20,089		466,111
ASX Ltd.2		21,238		1,284,042
Aurizon Holdings Ltd.		1,999,139		5,645,800
Australia & New Zealand Banking Group Ltd.1		43,949		836,314
BHP Group Ltd.1		86,583		2,893,208
BlueScope Steel Ltd.		101,730		1,446,152
Commonwealth Bank of Australia1		5,446		395,834
CSL Ltd.1		3,097		591,063
Dexus1		209,076		1,634,675
Endeavour Group Ltd.		30,963		169,493
Goodman Group1		63,394		1,055,123
Medibank Pvt. Ltd.		303,676		682,403
National Australia Bank Ltd.		130,995		2,990,442
Northern Star Resources Ltd.		179,201		1,231,790
REA Group Ltd.1		25,222		2,259,586
Rio Tinto PLC1		51,225		3,619,361
Sonic Healthcare Ltd.1		52,713		1,361,377
South32 Ltd.		424,822		1,414,800
Stockland		435,684		1,261,056
Telstra Corp. Ltd.		456,071		1,294,625
Vicinity Centres		484,947		632,766
Wesfarmers Ltd.1		59,028		2,042,550
Westpac Banking Corp.		95,734		1,602,586
WiseTech Global Ltd.		63,945		1,982,474
Woolworths Group Ltd.1		107,382		2,905,012
				41,698,643
Austria—0.7%
Erste Group Bank AG		64,894		2,020,524
OMV AG		45,456		2,323,603
Raiffeisen Bank International AG		39,023		444,211
Verbund AG1		4,205		449,469
voestalpine AG		40,382		1,050,855
				6,288,662
Belgium—0.1%
Anheuser-Busch InBev SA/N.V.1		2,846		163,757

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Belgium—(concluded)
KBC Group N.V.		10,073		685,285
				849,042
Canada—1.9%
Constellation Software, Inc.		5,026		7,910,262
Fairfax Financial Holdings Ltd.		15,145		8,321,645
				16,231,907
China—1.0%
Alibaba Group Holding Ltd., ADR*		21,031		2,041,900
BeiGene Ltd., ADR*		7,432		1,189,120
BOC Hong Kong Holdings Ltd.		40,500		146,604
Chow Tai Fook Jewellery Group Ltd.*		559,600		938,294
Prosus N.V.		57,838		2,789,449
Sinopharm Group Co. Ltd., Class H		108,250		249,102
Wuxi Biologics Cayman, Inc.*,3		217,669		1,606,574
				8,961,043
Denmark—4.6%
AP Moller - Maersk AS, Class B1		396		1,146,114
Coloplast AS, Class B1		22,468		3,027,084
Genmab A/S*		34,146		12,007,148
GN Store Nord A/S1		15,615		586,024
ISS A/S*		146,610		2,406,462
Novo Nordisk AS, ADR		87,013		9,919,482
Novo Nordisk AS, Class B		91,411		10,441,534
Pandora A/S		11,070		972,017
				40,505,865
Finland—1.4%
Kesko Oyj, Class B		15,666		394,414
Kone Oyj, Class B1		62,072		2,984,279
Neste Oyj		73,610		3,158,519
Nokia Oyj*		292,716		1,484,090
Nordea Bank Abp		392,547		3,913,724
Orion Oyj, Class B		16,255		637,562
				12,572,588
France—9.2%
Aeroports de Paris*		1,263		178,651

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
France—(concluded)
Air Liquide SA1		4,192		725,251
Airbus SE1		37,701		4,127,198
AXA SA1,2		75,058		1,985,661
Bouygues SA2		151,991		5,225,944
Bureau Veritas SA		5,897		169,401
Capgemini SE1		3,454		703,162
Cie de Saint-Gobain		87,316		5,093,855
Cie Generale des Etablissements Michelin SCA2		9,037		1,119,322
Dassault Aviation SA		37,748		6,334,308
Edenred1		802		40,278
Engie SA1,2		444,925		5,250,324
EssilorLuxottica SA1		1,864		317,342
Hermes International		2,923		3,604,225
Kering SA		8,065		4,291,164
L'Oreal SA1		11,191		4,071,396
Legrand SA		8,541		756,854
LVMH Moet Hennessy Louis Vuitton SE1		9,208		5,958,819
Pernod Ricard SA1		4,580		945,239
Safran SA		19,734		2,119,401
Sanofi1,2		143,647		15,182,753
Sartorius Stedim Biotech		1,522		498,043
SEB SA		2,065		247,980
Societe Generale SA		106,199		2,552,391
Teleperformance		1,586		569,233
Thales SA1		6,575		841,764
TotalEnergies SE1		113,356		5,566,116
Valeo		15,446		280,825
Vinci SA1,2		16,623		1,612,994
Wendel SE		1,717		171,072
				80,540,966
Germany—6.6%
adidas AG		14,520		2,928,091
Allianz SE1		67,072		15,133,729
BASF SE1		86,254		4,542,392
Bayerische Motoren Werke AG		4,048		330,583
Continental AG*		83,901		5,750,668
Daimler Truck Holding AG*		29,546		794,632
Deutsche Post AG1		57,916		2,474,314
Deutsche Telekom AG1		136,121		2,507,505
Evonik Industries AG		273,098		7,143,253

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Germany—(concluded)
GEA Group AG		19,361		753,655
Hannover Rueck SE		2,404		373,655
HelloFresh SE*		37,698		1,589,129
Infineon Technologies AG		53,900		1,529,855
Mercedes-Benz Group AG1		42,673		2,978,625
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares1		12,774		3,042,009
Puma SE		17,361		1,277,398
RWE AG1		28,474		1,182,223
SAP SE1		29,372		2,976,733
Symrise AG		5,125		609,846
				57,918,295
Hong Kong—2.6%
AIA Group Ltd.1		94,400		927,363
CK Asset Holdings Ltd.1		627,000		4,250,520
Hong Kong Exchanges & Clearing Ltd.		44,298		1,879,076
Jardine Matheson Holdings Ltd.		105,200		5,572,318
Link REIT1		15,000		129,567
Melco Resorts & Entertainment Ltd., ADR*,1		41,517		237,477
New World Development Co. Ltd.1		54,000		206,539
Sun Hung Kai Properties Ltd.1		190,000		2,188,246
Swire Pacific Ltd., Class A1		82,500		469,912
Swire Properties Ltd.1		139,000		333,121
WH Group Ltd.3		8,862,689		6,120,565
				22,314,704
India—1.0%
HDFC Bank Ltd., ADR		83,743		4,623,451
Tata Consultancy Services Ltd.		91,489		4,216,575
				8,840,026
Indonesia—0.6%
Bank Rakyat Indonesia Persero Tbk. PT		15,484,954		5,159,386
Israel—1.2%
Azrieli Group Ltd.		6,623		568,904
Bank Hapoalim BM		269,740		2,500,816
Bank Leumi Le-Israel BM		292,772		3,072,568
Check Point Software Technologies Ltd.*		7,967		1,006,152
Israel Discount Bank Ltd., Class A		132,500		782,603

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Israel—(concluded)
Mizrahi Tefahot Bank Ltd.		35,916		1,328,521
Nice Ltd.*		3,034		630,857
Teva Pharmaceutical Industries Ltd., ADR*		72,941		635,316
				10,525,737
Italy—5.3%
Assicurazioni Generali SpA1,2		178,401		3,377,680
Coca-Cola HBC AG		69,297		1,404,919
DiaSorin SpA1,2		2,915		381,841
Enel SpA1		2,269,560		14,758,705
Eni SpA		799,934		11,182,110
Ferrari N.V.		10,488		2,208,298
Intesa Sanpaolo SpA		730,772		1,489,106
Moncler SpA		25,460		1,326,306
Snam SpA		1,818,941		9,976,166
Terna - Rete Elettrica Nazionale		14,251		116,232
UniCredit SpA2		52,448		485,410
				46,706,773
Japan—28.4%
Advantest Corp.		34,200		2,334,084
Aisin Corp.		16,200		470,619
Asahi Kasei Corp.		437,200		3,587,090
Astellas Pharma, Inc.		66,200		1,007,942
Bridgestone Corp.		33,600		1,231,564
Brother Industries Ltd.		23,900		415,372
Canon, Inc.		72,000		1,656,659
Central Japan Railway Co.1		9,700		1,221,086
Chugai Pharmaceutical Co. Ltd.		76,900		2,304,320
Coca-Cola Bottlers Japan Holdings, Inc.		246,600		2,764,497
Dai-ichi Life Holdings, Inc.		139,300		2,789,345
Daiichi Sankyo Co. Ltd.		9,000		226,610
Daikin Industries Ltd.1		6,500		993,314
Daito Trust Construction Co. Ltd.		14,400		1,386,890
Daiwa House Industry Co. Ltd.1		25,000		601,004
Dentsu Group, Inc.1		19,600		706,417
Disco Corp.		6,900		1,688,777
East Japan Railway Co.		64,100		3,342,607
Eisai Co. Ltd.		29,900		1,302,173
FANUC Corp.1		38,509		5,900,659
FUJIFILM Holdings Corp.		110,100		6,052,334

PACE International Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(continued)
Fujitsu Ltd.		35,800		5,411,140
Hirose Electric Co. Ltd.		3,400		431,371
Hitachi Ltd.		101,900		4,832,755
Honda Motor Co. Ltd.		448,300		11,791,882
Hoshizaki Corp.		5,400		342,049
Hoya Corp.1		11,900		1,180,981
Iida Group Holdings Co. Ltd.		8,300		132,008
Inpex Corp.		30,300		360,514
Isuzu Motors Ltd.		190,800		2,225,831
ITOCHU Corp.1		2,300		69,416
Itochu Techno-Solutions Corp.		61,000		1,428,363
Japan Exchange Group, Inc.		44,400		661,134
Japan Post Bank Co. Ltd.		160,400		1,210,104
Japan Post Insurance Co. Ltd.		43,400		701,769
Japan Tobacco, Inc.1		72,700		1,236,757
Kajima Corp.		8,100		90,270
Kakaku.com, Inc.		32,000		670,138
Kansai Paint Co. Ltd.		31,600		435,193
Kao Corp.		14,000		561,099
KDDI Corp.1		89,300		2,957,142
Keyence Corp.1		21,723		8,732,735
Kirin Holdings Co. Ltd.		99,000		1,443,195
Konami Holdings Corp.1		12,400		762,518
Kyocera Corp.		160,200		8,411,611
M3, Inc.1		1,100		35,127
Marubeni Corp.		132,300		1,444,136
Mazda Motor Corp.		80,100		568,770
MISUMI Group, Inc.		58,200		1,459,325
Mitsubishi Chemical Holdings Corp.		218,400		1,331,725
Mitsubishi Corp.1		31,900		1,071,059
Mitsubishi Electric Corp.		664,000		6,954,928
Mitsubishi Heavy Industries Ltd.		55,000		1,880,456
Mitsubishi UFJ Financial Group, Inc.1		43,300		251,719
Mitsui & Co. Ltd.1		89,800		2,174,578
Mitsui Chemicals, Inc.		53,700		1,226,931
Mizuho Financial Group, Inc.1		22,300		270,782
Murata Manufacturing Co. Ltd.		21,300		1,269,639
NEC Corp.1		1,000		38,796
Nexon Co. Ltd.1		53,500		1,218,254
Nintendo Co. Ltd.1		13,600		6,206,914
NIPPON EXPRESS HOLDINGS, Inc.		10,900		639,075

PACE International Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(continued)
Nippon Paint Holdings Co. Ltd.2		38,100		301,803
Nippon Steel Corp.		134,900		2,142,020
Nippon Telegraph & Telephone Corp.1		448,600		13,219,946
Nitto Denko Corp.		51,000		3,423,166
Nomura Holdings, Inc.		38,100		146,702
Nomura Research Institute Ltd.1		106,600		3,014,266
Omron Corp.		9,000		530,587
Otsuka Holdings Co. Ltd.		120,600		4,052,451
Panasonic Holdings Corp.		79,200		705,925
Recruit Holdings Co. Ltd.		164,432		5,965,855
Resona Holdings, Inc.		20,500		89,143
Ricoh Co. Ltd.		21,600		157,721
Santen Pharmaceutical Co. Ltd.		65,800		535,262
SCSK Corp.		2,300		36,566
Secom Co. Ltd.		99,100		6,972,126
Seiko Epson Corp.		24,500		345,144
Sekisui Chemical Co. Ltd.		432,500		5,856,541
Sekisui House Ltd.		8,700		151,101
SG Holdings Co. Ltd.		10,200		179,751
Shimadzu Corp.		91,800		3,001,138
Shimano, Inc.		23,200		4,110,676
Shin-Etsu Chemical Co. Ltd.1		14,700		2,020,287
SMC Corp.1		500		242,110
SoftBank Corp.		137,200		1,596,715
SoftBank Group Corp.		32,400		1,332,620
Sohgo Security Services Co. Ltd.		7,200		200,007
Sony Group Corp.1		136,200		11,754,198
Square Enix Holdings Co. Ltd.		4,800		191,644
Subaru Corp.		7,800		118,363
Sumitomo Chemical Co. Ltd.		193,400		822,376
Sumitomo Corp.		176,900		2,799,200
Sumitomo Mitsui Financial Group, Inc.1		80,800		2,441,286
Suntory Beverage & Food Ltd.		13,600		535,854
Suzuki Motor Corp.		111,782		3,369,679
Takeda Pharmaceutical Co. Ltd.		536,700		15,573,168
TDK Corp.		26,100		806,274
Tokio Marine Holdings, Inc.1		158,900		8,591,511
Tokyo Electron Ltd.1		11,300		4,767,994
Tokyo Gas Co. Ltd.		61,900		1,185,660
Toray Industries, Inc.		93,900		445,019
Tosoh Corp.		136,000		1,877,958

PACE International Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(concluded)
Toyota Industries Corp.		100,100		6,003,676
Yamaha Motor Co. Ltd.		24,800		512,013
ZOZO, Inc.		24,100		504,593
				248,735,647
Netherlands—5.3%
Adyen N.V.*,3		2,755		4,620,943
ASML Holding N.V.1		18,152		10,301,958
ASML Holding N.V. NY Registered Shares		10,972		6,185,685
Koninklijke Ahold Delhaize N.V.1		69,014		2,035,635
Koninklijke Philips N.V.		193,256		5,049,995
Randstad N.V.		39,475		2,087,404
Shell PLC		597,378		16,037,145
				46,318,765
New Zealand—0.2%
Auckland International Airport Ltd.*		71,384		358,562
Xero Ltd.*		16,938		1,116,928
				1,475,490
Norway—0.4%
Equinor ASA		91,902		3,106,247
Gjensidige Forsikring ASA		26,695		570,723
				3,676,970
Poland—0.1%
InPost SA*,2		94,956		582,163
Portugal—0.1%
Jeronimo Martins, SGPS SA		39,799		828,481
Singapore—4.7%
Ascendas REIT		98,800		203,279
DBS Group Holdings Ltd.		502,753		12,197,098
Keppel Corp. Ltd.		11,800		58,195
Mapletree Commercial Trust		100,600		135,299
Mapletree Logistics Trust		668,500		858,569
Oversea-Chinese Banking Corp. Ltd.		495,100		4,395,787
Singapore Technologies Engineering Ltd.		88,100		259,465
Singapore Telecommunications Ltd.		2,416,800		4,823,434
STMicroelectronics N.V.		139,148		5,141,124

PACE International Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Singapore—(concluded)
United Overseas Bank Ltd.		619,698		13,265,403
				41,337,653
Spain—1.7%
Banco Bilbao Vizcaya Argentaria SA		206,293		1,082,471
Banco Santander SA 2		3,478,002		10,163,933
Iberdrola SA1		17,970		206,490
Industria de Diseno Textil SA1		115,000		2,411,235
Red Electrica Corp. SA		31,288		629,961
				14,494,090
Sweden—2.5%
Alfa Laval AB 2		72,540		2,019,243
Assa Abloy AB, Class B 2		115,464		2,918,021
Atlas Copco AB, Class A		19,815		898,350
EQT AB		3,464		98,038
Fastighets AB Balder, Class B*		3,694		183,101
Husqvarna AB, Class B 2		69,577		665,094
Investor AB, Class B1		98,361		1,892,751
Lundin Energy AB		25,297		1,045,926
Sandvik AB 2		129,853		2,457,898
Skandinaviska Enskilda Banken AB, Class A		3,112		34,898
Skanska AB, Class B		45,905		876,886
Swedbank AB, Class A		27,876		440,977
Telefonaktiebolaget LM Ericsson, Class B		184,707		1,473,449
Telia Co. AB		1,622,805		6,735,637
				21,740,269
Switzerland—6.3%
Cie Financiere Richemont SA, Class A		17,770		2,064,708
Geberit AG		2,350		1,340,143
Givaudan SA1		3		11,924
Holcim AG*,1		84,847		4,148,637
Kuehne & Nagel International AG1		17,355		4,854,996
Nestle SA Registered Shares1		92,107		11,890,468
Novartis AG1		178,548		15,778,151
Partners Group Holding AG		1,037		1,098,699
Roche Holding AG1		16,548		6,136,225
Schindler Holding AG, Participation Certificates		6,851		1,316,252
SGS SA		559		1,436,362
Sonova Holding AG, Registered Shares1		2,330		840,259

PACE International Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Switzerland—(concluded)
Temenos AG		39,603		3,997,755
				54,914,579
Taiwan—1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		225,000		4,068,595
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		48,018		4,462,313
				8,530,908
United Kingdom—16.5%
Associated British Foods PLC 2		249,518		4,993,042
AstraZeneca PLC		51,878		6,922,666
BAE Systems PLC1		369,908		3,416,713
Barclays PLC		219,299		403,102
Barratt Developments PLC		126,050		771,179
Berkeley Group Holdings PLC*		3,634		184,304
BP PLC1		2,575,148		12,432,283
CK Hutchison Holdings Ltd.		2,275,000		15,965,784
Coca-Cola Europacific Partners PLC		17,163		857,292
DCC PLC		20,063		1,520,152
Diageo PLC1		49,629		2,475,934
Experian PLC		46,185		1,594,969
GlaxoSmithKline PLC1		613,393		13,827,461
Hargreaves Lansdown PLC		28,435		325,534
HSBC Holdings PLC1		793,494		4,958,646
Imperial Brands PLC		485,324		10,102,277
InterContinental Hotels Group PLC1		3,738		238,633
Intertek Group PLC		21,954		1,368,062
Kingfisher PLC		1,784,343		5,627,050
Legal & General Group PLC		632,717		1,972,239
Lloyds Banking Group PLC		22,977,663		13,050,455
M&G PLC		603,582		1,602,477
Next PLC		12,200		913,788
Persimmon PLC		63,972		1,666,104
RELX PLC		46,979		1,399,527
SSE PLC		506,546		11,764,949
Taylor Wimpey PLC		797,533		1,254,325
Tesco PLC		2,305,464		7,832,394
Travis Perkins PLC		202,888		3,094,534
Unilever PLC1		60,800		2,826,599

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United Kingdom—(concluded)
WPP PLC		721,841		8,997,649
				144,360,123
United States—3.3%
Aptiv PLC*		19,578		2,083,099
Atlassian Corp. PLC, Class A*		12,494		2,809,026
Brookfield Renewable Corp., Class A		79,198		2,843,208
CyberArk Software Ltd.*		6,559		1,030,681
Ferguson PLC		20,848		2,615,365
Inmode Ltd.*		986		24,759
James Hardie Industries PLC		174,692		5,036,063
SolarEdge Technologies, Inc.*		13,096		3,279,370
Swiss Re AG		24,382		1,999,490
Tenaris SA		130,836		1,999,460
Waste Connections, Inc.		34,322		4,735,406
				28,455,927
Total common stocks (cost—$947,015,717)				974,564,702
Preferred stocks—0.2%
Germany—0.2%
FUCHS PETROLUB SE		5,080		160,229
Volkswagen AG1		9,645		1,493,687
Total preferred stocks (cost—$2,858,261)				1,653,916
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 0.290%4 (cost—$7,398,566)		7,398,566		7,398,566
Investment of cash collateral from securities loaned—2.3%
Money market funds—2.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%4 (cost—$19,949,156)		19,949,156		19,949,156

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Total investments before investments sold short (cost—$977,221,700)5—114.8%					1,003,566,340
Investments sold short—(13.3)%
Common stocks—(13.2)%
Australia—(1.1)%
APA Group		(45,280	)		(363,830	)
Crown Resorts Ltd.		(74,357	)		(673,239	)
Domino's Pizza Enterprises Ltd.		(20,244	)		(1,061,213	)
Fortescue Metals Group Ltd.		(166,279	)		(2,512,986	)
Qantas Airways Ltd.		(76,583	)		(296,746	)
Tabcorp Holdings Ltd.		(1,148,035	)		(4,390,333	)
Washington H Soul Pattinson & Co. Ltd.		(32,330	)		(629,986	)
					(9,928,333	)
Belgium—(0.3)%
Elia Group SA/NV		(2,354	)		(374,706	)
Proximus SADP		(80,783	)		(1,411,950	)
Sofina SA		(1,062	)		(325,457	)
					(2,112,113	)
Denmark—(0.6)%
Chr Hansen Holding A/S		(32,164	)		(2,505,887	)
Danske Bank A/S		(73,600	)		(1,128,939	)
Vestas Wind Systems AS		(54,810	)		(1,397,710	)
					(5,032,536	)
Finland—(0.3)%
Stora Enso Oyj, Class R		(65,097	)		(1,281,076	)
UPM-Kymmene Oyj		(47,110	)		(1,629,643	)
					(2,910,719	)
France—(1.2)%
Adevinta ASA		(58,022	)		(448,245	)
BioMerieux		(1,543	)		(146,896	)
Bollore SA		(463,498	)		(2,162,879	)
Covivio		(4,280	)		(304,811	)
Credit Agricole SA		(54,198	)		(585,233	)
Dassault Aviation SA		(13,301	)		(2,231,976	)
Electricite de France SA		(349	)		(3,173	)
Remy Cointreau SA		(10,066	)		(1,995,422	)

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
France—(concluded)
Unibail-Rodamco-Westfield		(34,196	)		(2,453,105	)
					(10,331,740	)
Germany—(0.7)%
Bechtle AG		(6,795	)		(313,995	)
Continental AG		(5,251	)		(359,909	)
Fresenius Medical Care AG & Co. KGaA		(31,455	)		(1,956,087	)
Fresenius SE & Co. KGaA		(4,180	)		(147,755	)
KION Group AG		(17,286	)		(961,550	)
LANXESS AG		(10,281	)		(397,423	)
Nemetschek SE		(2,943	)		(233,540	)
Siemens Energy AG		(20,650	)		(397,766	)
Telefonica Deutschland Holding AG		(481,127	)		(1,447,004	)
					(6,215,029	)
Hong Kong—(0.4)%
CLP Holdings Ltd.		(23,000	)		(224,443	)
HK Electric Investments & HK Electric Investments Ltd.		(62,500	)		(61,691	)
Hongkong Land Holdings Ltd.		(26,700	)		(124,554	)
MTR Corp. Ltd.		(104,500	)		(555,219	)
Wharf Real Estate Investment Co. Ltd.		(391,000	)		(1,842,614	)
Xinyi Glass Holdings Ltd.		(163,000	)		(360,688	)
					(3,169,209	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(1,049,679	)
Italy—(0.1)%
Atlantia SpA		(28,882	)		(688,996	)
Telecom Italia SpA		(1,562,654	)		(456,327	)
					(1,145,323	)
Japan—(4.9)%
Ajinomoto Co., Inc.		(21,700	)		(563,799	)
ANA Holdings, Inc.		(46,500	)		(876,555	)
Asahi Intecc Co. Ltd.		(33,400	)		(645,419	)
Azbil Corp.		(1,100	)		(33,398	)
Cosmos Pharmaceutical Corp.		(10,400	)		(958,750	)
Daiwa House REIT Investment Corp.		(202	)		(491,668	)

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(continued)
Denso Corp.		(3,100	)		(188,930	)
Fuji Electric Co. Ltd.		(20,500	)		(898,939	)
Fujitsu Ltd.		(6,000	)		(906,895	)
GLP J-Reit		(338	)		(456,089	)
Hakuhodo DY Holdings, Inc.		(17,200	)		(202,987	)
Hikari Tsushin, Inc.		(5,400	)		(632,303	)
Hitachi Ltd.		(62,000	)		(2,940,440	)
Hulic Co. Ltd.		(74,700	)		(630,722	)
Japan Airlines Co. Ltd.		(74,100	)		(1,223,352	)
JSR Corp.		(94,800	)		(2,574,304	)
Kansai Electric Power Co., Inc.		(49,200	)		(431,287	)
Keio Corp.		(19,800	)		(759,381	)
Keisei Electric Railway Co. Ltd.		(32,900	)		(806,690	)
Kintetsu Group Holdings Co. Ltd.		(10,200	)		(292,447	)
Kobayashi Pharmaceutical Co. Ltd.		(800	)		(54,556	)
Kobe Bussan Co. Ltd.		(71,500	)		(1,743,120	)
Koei Tecmo Holdings Co. Ltd.		(3,800	)		(116,527	)
Koito Manufacturing Co. Ltd.		(5,900	)		(216,498	)
Kose Corp.		(12,200	)		(1,252,464	)
Kubota Corp.		(114,300	)		(1,941,804	)
Kurita Water Industries Ltd.		(51,800	)		(1,767,225	)
Kyowa Kirin Co. Ltd.		(55,800	)		(1,176,084	)
Lasertec Corp.		(16,100	)		(2,150,982	)
Lion Corp.		(116,900	)		(1,204,471	)
Lixil Corp.		(1,900	)		(33,418	)
Makita Corp.		(38,200	)		(1,129,071	)
Mercari, Inc.		(50,300	)		(824,285	)
Nippon Building Fund, Inc.		(100	)		(519,130	)
Nippon Sanso Holdings Corp.		(78,800	)		(1,418,044	)
Nippon Shinyaku Co. Ltd.		(2,800	)		(189,375	)
Obayashi Corp.		(33,400	)		(229,696	)
Odakyu Electric Railway Co. Ltd.		(128,300	)		(1,942,853	)
Olympus Corp.		(12,300	)		(216,494	)
Rakuten Group, Inc.		(233,500	)		(1,641,477	)
Ryohin Keikaku Co. Ltd.		(103,100	)		(926,573	)
SBI Holdings, Inc.		(3,900	)		(87,232	)
Shiseido Co. Ltd.		(11,500	)		(543,622	)
Sumitomo Dainippon Pharma Co. Ltd.		(71,400	)		(636,003	)
Sumitomo Realty & Development Co. Ltd.		(11,300	)		(299,772	)
Taisho Pharmaceutical Holdings Co. Ltd.		(19,500	)		(768,064	)

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
Terumo Corp.		(22,400	)		(666,739	)
TIS, Inc.		(16,700	)		(375,071	)
Tobu Railway Co. Ltd.		(11,300	)		(254,003	)
Toho Co. Ltd.		(6,100	)		(226,355	)
Z Holdings Corp.		(502,500	)		(1,972,734	)
					(43,038,097	)
Luxembourg—(0.0)%†
Eurofins Scientific SE		(475	)		(44,145	)
Netherlands—(0.7)%
Aegon N.V.		(564,931	)		(2,928,986	)
Argenx SE		(6,972	)		(2,008,693	)
ING Groep NV		(118,317	)		(1,120,960	)
					(6,058,639	)
New Zealand—(0.3)%
Fisher & Paykel Healthcare Corp. Ltd.		(114,097	)		(1,567,935	)
Mercury NZ Ltd.		(254,665	)		(987,350	)
					(2,555,285	)
Norway—(0.0)%†
Aker BP ASA		(4,212	)		(150,911	)
Singapore—(0.2)%
CapitaLand Integrated Commercial Trust		(33,887	)		(56,781	)
Capitaland Investment Ltd.		(268,500	)		(814,146	)
City Developments Ltd.		(83,500	)		(511,948	)
Singapore Airlines Ltd.		(25,500	)		(100,512	)
					(1,483,387	)
South Africa—(0.1)%
Anglo American PLC		(8,248	)		(365,312	)
Spain—(0.7)%
ACS Actividades de Construccion y Servicios SA		(68,815	)		(1,762,026	)
Amadeus IT Group SA		(33,883	)		(2,123,207	)
Naturgy Energy Group SA		(23,445	)		(705,280	)
Red Electrica Corp. SA		(12,736	)		(256,430	)

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Spain—(concluded)
Siemens Gamesa Renewable Energy SA		(81,407	)		(1,296,697	)
					(6,143,640	)
Sweden—(0.4)%
Electrolux AB		(22,678	)		(345,849	)
Embracer Group AB		(248,014	)		(1,657,728	)
Essity AB, B Shares		(34,811	)		(918,000	)
SKF AB, Class B		(21,237	)		(346,857	)
Tele2 AB, Class B		(23,312	)		(308,984	)
					(3,577,418	)
Switzerland—(0.1)%
Barry Callebaut AG		(104	)		(239,361	)
Clariant AG		(7,789	)		(132,984	)
Temenos AG		(6,477	)		(653,826	)
					(1,026,171	)
United Kingdom—(1.0)%
AVEVA Group PLC		(41,525	)		(1,116,029	)
BT Group PLC		(333,472	)		(739,503	)
Croda International PLC		(3,827	)		(371,703	)
Entain PLC		(133,892	)		(2,515,874	)
Informa PLC		(108,694	)		(771,064	)
Melrose Industries PLC		(438,844	)		(637,683	)
Ocado Group PLC		(83,915	)		(959,706	)
Phoenix Group Holdings PLC		(68,680	)		(520,210	)

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Common stocks—(concluded)
United Kingdom—(concluded)
Rolls-Royce Holdings PLC		(1,136,421	)		(1,165,014	)
					(8,796,786	)
United States—(0.0)%†
QIAGEN N.V.		(2,356	)		(108,652	)
Total common stocks (cost—$(136,835,653))					(115,243,124	)
Preferred stocks—(0.1)%
Germany—(0.1)%
Henkel AG & Co. KGaA (cost—$(1,619,888))		(18,610	)		(1,194,972	)
Total investments sold short (proceeds—$138,455,541)					(116,438,096	)
Liabilities in excess of other assets—(1.5)%					(12,803,783	)
Net assets—100.0%				$	874,324,461

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)($)
JPMCB	JPY	21,446,671	USD	167,606	05/02/22		2,346

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

PACE International Equity Investments

Portfolio of investments – April 30, 2022 (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		158,943,430		815,621,272			—		974,564,702
Preferred stocks		—		1,653,916			—		1,653,916
Short-term investments		—		7,398,566			—		7,398,566
Investment of cash collateral from securities loaned		—		19,949,156			—		19,949,156
Forward foreign currency contracts		—		2,346			—		2,346
Total		158,943,430		844,625,256			—		1,003,568,686
Liabilities
Investments sold short		—		(116,438,096	)		—		(116,438,096	)

At April 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, pledged as collateral for investments sold short.
2	Security, or portion thereof, was on loan at the period end.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $12,348,082, represented 1.4% of the Portfolio's net assets at period end.
4	Rates shown reflect yield at April 30, 2022.
5	Includes $48,482,474 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $20,491,419 and cash collateral of $19,949,156.

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of April 30, 2022

Common stocks
Air freight & logistics	0.3	%
Airlines	1.3
Auto components	0.3
Automobiles	1.9
Banks	15.6
Beverages	0.9
Capital markets	0.8
Chemicals	2.7
Construction materials	0.5
Consumer finance	0.8
Diversified telecommunication services	0.1
Electrical equipment	1.6
Electronic equipment, instruments & components	1.3
Entertainment	0.4
Food & staples retailing	2.6
Food products	3.8
Gas utilities	0.6
Health care providers & services	1.1
Hotels, restaurants & leisure	3.0
Household durables	2.2
Independent power and renewable electricity producers	0.4
Insurance	3.6
Interactive media & services	7.5
Internet & direct marketing retail	6.9
IT services	3.6
Life sciences tools & services	0.2
Machinery	1.0
Metals & mining	4.7
Oil, gas & consumable fuels	4.8
Paper & forest products	0.5
Personal products	0.9
Pharmaceuticals	1.3
Real estate management & development	1.3
Road & rail	0.9
Semiconductors & semiconductor equipment	9.4
Software	0.7
Specialty retail	0.5
Technology hardware, storage & peripherals	1.6
Textiles, apparel & luxury goods	0.6
Thrifts & mortgage finance	1.1
Transportation infrastructure	2.1
Wireless telecommunication services	0.7
Total common stocks	96.1
Preferred stocks
Banks	0.7
Chemicals	0.6
Technology hardware, storage & peripherals	0.3
Total preferred stocks	1.6
Short-term investments	0.9
Investment of cash collateral from securities loaned	2.0
Total investments	100.6
Liabilities in excess of other assets	(0.6	)
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 – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—96.1%
Argentina—1.7%
MercadoLibre, Inc.*		5,540		5,393,910
Austria—0.3%
Mondi PLC		45,957		863,347
Brazil—7.4%
B3 SA - Brasil Bolsa Balcao		973,800		2,619,675
Banco Bradesco SA		561,020		1,691,928
Banco do Brasil SA		469,700		3,156,066
Hapvida Participacoes e Investimentos SA1		1,136,589		2,016,178
Hypera SA		121,100		916,587
Itau Unibanco Holding SA, ADR		83,264		398,835
Locaweb Servicos de Internet SA*,1		387,400		561,830
Petroleo Brasileiro SA, ADR		210,774		2,860,203
Raia Drogasil SA		201,000		850,925
Rumo SA		813,800		2,694,588
Suzano SA		81,200		814,800
TOTVS SA		324,400		2,097,729
Vale SA, ADR		39,350		664,621
WEG SA		339,900		2,069,396
				23,413,361
Canada—0.9%
Barrick Gold Corp.		41,766		931,800
Ivanhoe Mines Ltd., Class A*,2		231,474		1,855,900
				2,787,700
Chile—0.7%
Sociedad Quimica y Minera de Chile SA, ADR		29,463		2,174,369
China—30.8%
Airtac International Group		37,000		1,004,112
Alibaba Group Holding Ltd.*		757,032		9,234,032
Alibaba Group Holding Ltd., ADR*		11,120		1,079,641
Autohome, Inc., ADR		32,712		950,938
Baidu, Inc., ADR*		35,975		4,467,016
Baidu, Inc., Class A*		95,300		1,519,435
Bank of China Ltd., Class A		240,500		117,659
China Medical System Holdings Ltd.		388,000		555,518
China Merchants Bank Co. Ltd., Class A		104,600		630,481
China Merchants Bank Co. Ltd., Class H		358,500		2,160,767

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(continued)
China Merchants Port Holdings Co. Ltd.		1,373,836		2,398,438
China Overseas Land & Investment Ltd.		613,000		1,893,727
China Resources Power Holdings Co. Ltd.		692,000		1,301,188
China Southern Airlines Co. Ltd., Class H*,2		1,860,000		1,038,786
China Tourism Group Duty Free Corp. Ltd., Class A		53,919		1,467,440
CSPC Pharmaceutical Group Ltd.		1,284,400		1,313,101
Dongfeng Motor Group Co. Ltd., Class H		1,986,000		1,448,777
Foshan Haitian Flavouring & Food Co. Ltd., Class A		146,355		1,799,855
Fujian Sunner Development Co. Ltd., Class A*		490,200		1,206,355
Gree Electric Appliances, Inc. of Zhuhai, Class A		839,700		3,955,305
Hello Group, Inc., ADR		153,100		814,492
Hengan International Group Co. Ltd.		46,000		217,388
Industrial & Commercial Bank of China Ltd., Class A		2,207,200		1,597,021
JD.com, Inc., ADR*		10,482		646,320
JD.com, Inc., Class A*		56,735		1,768,914
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		13,600		325,562
Kunlun Energy Co. Ltd.		2,096,000		1,739,443
Kweichow Moutai Co. Ltd., Class A		6,100		1,688,953
Lenovo Group Ltd.2		1,192,000		1,157,435
Li Auto, Inc.*		63,400		740,965
Longfor Group Holdings Ltd.1		148,500		735,459
LONGi Green Energy Technology Co. Ltd., Class A		122,280		1,240,282
Meituan, Class B*,1		105,700		2,264,770
Midea Group Co. Ltd., Class A		356,900		3,063,242
Muyuan Foods Co. Ltd.		70,700		554,798
NetEase, Inc.		34,175		654,631
Ningbo Huaxiang Electronic Co. Ltd., Class A		140,900		283,597
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		96,605		1,334,305
PICC Property & Casualty Co. Ltd., Class H		2,418,000		2,473,176
Pinduoduo, Inc., ADR*		20,619		888,473
Ping An Insurance Group Co. of China Ltd., Class A		299,401		2,011,437
Ping An Insurance Group Co. of China Ltd., Class H		402,500		2,544,087
QuakeSafe Technologies Co. Ltd., Class A		80,200		598,704
SF Holding Co. Ltd., Class A		103,800		802,845
Shanghai Mechanical & Electrical Industry Co. Ltd., Class A		851,200		1,465,668
Shenzhen Senior Technology Material Co. Ltd., Class A		221,307		702,268
Shenzhou International Group Holdings Ltd.		53,700		728,653
Silergy Corp.		7,000		623,227
Sinopharm Group Co. Ltd., Class H		610,000		1,403,718
Tencent Holdings Ltd.		259,202		12,214,864

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
China—(concluded)
Tingyi Cayman Islands Holding Corp.		438,000		799,420
TravelSky Technology Ltd., Class H		756,000		1,141,692
Trip.com Group Ltd., ADR*		93,372		2,208,248
Weibo Corp., ADR*		49,455		1,144,389
Wens Foodstuffs Group Co. Ltd., Class A*		182,300		514,705
Wuliangye Yibin Co. Ltd., Class A		29,600		723,394
Wuxi Lead Intelligent Equipment Co. Ltd.		125,723		830,545
Xinyi Solar Holdings Ltd.		410,000		609,434
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		261,600		642,704
Yum China Holdings, Inc.		12,523		523,461
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		27,600		1,271,849
				97,237,109
Czech Republic—0.4%
Komercni Banka A.S.		35,418		1,163,124
Greece—0.2%
Eurobank Ergasias Services and Holdings SA, Class A*		545,956		564,270
Hong Kong—0.9%
WH Group Ltd.1		3,973,186		2,743,879
India—13.9%
Asian Paints Ltd.		39,136		1,649,668
Axis Bank Ltd.*		78,895		743,707
Bajaj Finance Ltd.		21,739		1,873,943
Britannia Industries Ltd.		33,355		1,423,518
Havells India Ltd.		81,160		1,383,663
HCL Technologies Ltd.		36,539		511,785
HDFC Bank Ltd.		171,041		3,066,394
Housing Development Finance Corp. Ltd.		116,710		3,367,310
ICICI Bank Ltd.		148,510		1,427,636
Indian Hotels Co. Ltd.		254,533		842,984
Infosys Ltd.		177,389		3,595,175
Infosys Ltd., ADR		10,952		217,616
InterGlobe Aviation Ltd.*,1		132,150		3,182,546
Maruti Suzuki India Ltd.		14,454		1,447,654
Motherson Sumi Wiring India Ltd.*,3		887,395		806,802
Reliance Industries Ltd.		323,254		11,712,276
SBI Cards & Payment Services Ltd.		64,303		693,608
State Bank of India, GDR		25,611		1,627,673

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
India—(concluded)
Tata Consultancy Services Ltd.		21,236		978,732
UPL Ltd.		293,664		3,135,455
				43,688,145
Indonesia—3.0%
Bank Central Asia Tbk. PT		7,390,900		4,145,346
Bank Mandiri Persero Tbk. PT		2,192,300		1,346,148
Bank Rakyat Indonesia Persero Tbk. PT		11,871,788		3,955,526
				9,447,020
Macau—1.8%
Galaxy Entertainment Group Ltd.		476,000		2,716,135
Sands China Ltd.*		1,387,200		3,057,631
				5,773,766
Mexico—3.0%
Cemex SAB de CV, ADR*		237,199		1,043,675
Grupo Aeroportuario del Pacifico SAB de CV, Class B		271,800		4,182,655
Grupo Financiero Banorte SAB de CV, Class O		106,878		705,537
Wal-Mart de Mexico SAB de CV		959,800		3,393,976
				9,325,843
Peru—0.8%
Credicorp Ltd.		17,886		2,484,186
Philippines—0.1%
Monde Nissin Corp.*,1		1,794,000		444,817
Poland—0.7%
Powszechny Zaklad Ubezpieczen SA		313,143		2,164,989
Russia—0.0%†
Alrosa PJSC4		215,380		0
LUKOIL PJSC, ADR4,5		13,640		0
Rosneft Oil Co. PJSC4		126,429		0
				0
Saudi Arabia—1.2%
Saudi Arabian Mining Co.*		24,773		902,150
Saudi Arabian Oil Co.1		37,370		446,563
Saudi National Bank		98,947		2,073,911

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Saudi Arabia—(concluded)
Saudi Telecom Co.		14,431		443,761
				3,866,385
South Africa—3.5%
Absa Group Ltd.2		108,653		1,173,840
Capitec Bank Holdings Ltd.		26,488		3,697,451
Clicks Group Ltd.		93,269		1,835,494
Gold Fields Ltd., ADR2		252,931		3,396,863
MTN Group Ltd.		83,298		883,458
				10,987,106
South Korea—10.2%
Coupang, Inc.*,2		46,558		599,201
DB Insurance Co. Ltd.		25,905		1,383,494
Doosan Fuel Cell Co. Ltd.*		14,101		383,119
Fila Holdings Corp.		44,559		1,138,526
Hana Financial Group, Inc.		63,502		2,357,620
Kakao Corp.		19,379		1,353,691
KB Financial Group, Inc.		49,899		2,321,505
Kia Corp.		34,270		2,247,778
LG Chem Ltd.		1,971		807,253
LG Household & Health Care Ltd.		2,390		1,711,672
NAVER Corp.		5,874		1,308,486
POSCO Holdings, Inc.		10,723		2,448,348
Samsung Biologics Co. Ltd.*,1		1,146		755,889
Samsung Electronics Co. Ltd.		75,141		4,004,530
Samsung Fire & Marine Insurance Co. Ltd.		4,909		813,706
Shinhan Financial Group Co. Ltd.		29,422		977,534
SK Hynix, Inc.		51,242		4,490,239
SK Square Co. Ltd.*		27,830		1,149,513
SK Telecom Co. Ltd.		28,518		1,286,396
WONIK IPS Co. Ltd.		24,214		758,193
				32,296,693
Taiwan—9.1%
Alchip Technologies Ltd.		20,000		585,908
CTBC Financial Holding Co. Ltd.		865,934		851,749
Delta Electronics, Inc.		104,000		868,149
E. Sun Financial Holding Co. Ltd.		1,960,483		2,239,112
eMemory Technology, Inc.*		22,000		924,592
FLEXium Interconnect, Inc.*		231,000		716,679

PACE International Emerging Markets Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Taiwan—(concluded)
Hon Hai Precision Industry Co. Ltd.		487,000		1,668,501
MediaTek, Inc.*		144,469		3,982,718
Sea Ltd., ADR*		6,384		528,340
Taiwan Semiconductor Manufacturing Co. Ltd.		372,231		6,730,921
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		92,971		8,639,795
Zhen Ding Technology Holding Ltd.		242,000		856,868
				28,593,332
Thailand—1.4%
Bangkok Bank PCL, NVDR		626,300		2,362,274
CP ALL PCL		1,038,000		1,969,927
				4,332,201
United Arab Emirates—0.5%
Aldar Properties PJSC		298,453		457,289
Network International Holdings PLC*,1		314,858		1,028,618
				1,485,907
United Kingdom—0.3%
Unilever PLC		22,136		1,027,422
United States—1.4%
Globant SA*		12,201		2,635,294
JBS SA		230,300		1,763,136
				4,398,430
Uruguay—0.2%
Dlocal Ltd.*		23,588		534,740
Vietnam—0.5%
Hoa Phat Group JSC		430,843		808,627

PACE International Emerging Markets Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

 

	Number of shares		Value ($)
Common stocks—(concluded)
Vietnam—(concluded)
Vincom Retail JSC*		698,920		936,609
				1,745,236
Zambia—1.2%
First Quantum Minerals Ltd.2		135,968		3,898,106
Total common stocks  (cost—$307,156,854)				302,835,393
Preferred stocks—1.6%
Brazil—0.7%
Banco Bradesco SA		484,089		1,760,519
Itausa SA		277,759		517,433
				2,277,952
Chile—0.4%
Sociedad Quimica y Minera de Chile SA, Class B		18,556		1,377,404
South Korea—0.5%
LG Chem Ltd.		2,798		551,909
Samsung Electronics Co. Ltd.		20,792		974,804
				1,526,713
Total preferred stocks  (cost—$5,196,239)				5,182,069
Short-term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund, 0.290%6 (cost—$2,859,504)		2,859,504		2,859,504
Investment of cash collateral from securities loaned—2.0%
Money market funds—2.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%6 (cost—$6,352,380)		6,352,380		6,352,380

PACE International Emerging Markets Equity Investments
Portfolio of investments – April 30, 2022 (unaudited)

Total investments    (cost—$321,564,977)7—100.6%		317,229,346
Liabilities in excess of other assets—(0.6)%		(2,046,301	)
Net assets—100.0%	$	315,183,045

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		83,292,167		219,543,226		0		302,835,393
Preferred stocks		3,655,356		1,526,713		—		5,182,069
Short-term investments		—		2,859,504		—		2,859,504
Investment of cash collateral from securities loaned		—		6,352,380		—		6,352,380
Total		86,947,523		230,281,823		—		317,229,346

At April 30, 2022, there were no transfers in or out of Level 3.
Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund
Portfolio footnotes
	*	Non-income producing security.
	†	Amount represents less than 0.05% or (0.05)%.
	1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $14,180,549, represented 4.5% of the Portfolio's net assets at period end.
	2	Security, or portion thereof, was on loan at the period end.
	3	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
	4	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
	5	Security is traded on the Turquoise Exchange.
	6	Rates shown reflect yield at April 30, 2022.
	7	Includes $9,391,753 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $3,630,452 and cash collateral of $6,352,380.

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of April 30, 2022

Common stocks
Apartments	10.3	%
Building & Construct-Misc	1.8
Building-Heavy Construction	3.0
Diversified	16.9
Health care	2.7
Hotels	2.4
Manufactured homes	5.1
Office property	5.0
Physical Therapy/Rehabilitation Centers	1.2
Real estate management/service	4.0
Real estate operations/development	11.2
Regional malls	3.0
Shopping centers	5.5
Single Tenant	2.2
Storage	6.6
Warehouse/industrial	16.0
Total common stocks	96.9
Short-term investments	3.0
Investment of cash collateral from securities loaned	2.5
Total investments	102.4
Liabilities in excess of other assets	(2.4	)
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 – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—96.9%
Australia—4.8%
Goodman Group		181,984		3,028,922
National Storage REIT		979,983		1,774,993
Rural Funds Group		52,917		113,759
				4,917,674
Belgium—1.8%
Shurgard Self Storage SA		27,078		1,566,911
Warehouses De Pauw CVA		6,631		255,096
				1,822,007
Brazil—0.3%
Multiplan Empreendimentos Imobiliarios SA		69,783		347,931
Canada—3.5%
Allied Properties REIT		22,856		742,444
Brookfield Asset Management, Inc., Class A		14,986		747,521
Granite REIT		28,290		2,095,132
				3,585,097
China—1.8%
ESR Cayman Ltd.*,1		586,800		1,781,294
Germany—3.4%
LEG Immobilien SE		11,937		1,223,906
Vonovia SE*		56,599		2,254,959
				3,478,865
Hong Kong—2.3%
Sino Land Co. Ltd.		814,000		1,075,931
Swire Properties Ltd.		528,400		1,266,340
				2,342,271
Japan—5.1%
Advance Residence Investment Corp.		521		1,426,711
Heiwa Real Estate Co. Ltd.		7,800		246,053
Japan Logistics Fund, Inc.		465		1,134,835
Katitas Co. Ltd.		80,800		1,884,809

PACE Global Real Estate Securities Investments
Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(concluded)
Star Asia Investment Corp.2		1,108		505,614
				5,198,022
Mexico—1.6%
Corp Inmobiliaria Vesta SAB de CV		392,905		727,990
Fibra Uno Administracion SA de CV		821,106		900,515
				1,628,505
Singapore—2.8%
Ascendas India Trust		856,400		773,763
Capitaland Investment Ltd.*		571,900		1,734,115
Mapletree Logistics Trust		59,100		75,903
Parkway Life REIT		73,700		256,804
				2,840,585
Spain—1.9%
Cellnex Telecom SA1,2		40,744		1,899,089
Tanzania, United Republic Of—1.1%
Helios Towers PLC*,2		805,497		1,137,038
United Kingdom—6.0%
Big Yellow Group PLC		99,033		1,789,721
Grainger PLC		446,287		1,660,085
Shaftesbury PLC2		242,359		1,814,914
UNITE Group PLC		55,281		782,791
				6,047,511
United States—60.5%
Alexandria Real Estate Equities, Inc.		10,934		1,991,737
American Homes 4 Rent, Class A		80,108		3,173,078
American Tower Corp.		6,016		1,449,976
AvalonBay Communities, Inc.		12,445		2,830,989
Boston Properties, Inc.		11,844		1,392,854
Brixmor Property Group, Inc.		82,725		2,099,560
Douglas Emmett, Inc.		33,567		988,884
Encompass Health Corp.		17,677		1,216,708
Equinix, Inc.		5,955		4,282,121
Equity LifeStyle Properties, Inc.		33,970		2,625,202
Extra Space Storage, Inc.		16,437		3,123,030
Host Hotels & Resorts, Inc.		121,658		2,475,740

PACE Global Real Estate Securities Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Mid-America Apartment Communities, Inc.		11,591		2,279,718
National Retail Properties, Inc.		40,345		1,768,725
Phillips Edison & Co., Inc.		54,737		1,853,395
Prologis, Inc.		53,417		8,562,211
Rayonier, Inc.		56,270		2,430,864
SBA Communications Corp.		2,454		851,808
Simon Property Group, Inc.		26,140		3,084,520
STAG Industrial, Inc.		38,395		1,432,901
STORE Capital Corp.		17,553		499,032
Sun Communities, Inc.		14,643		2,570,872
Urban Edge Properties		87,314		1,631,899
VICI Properties, Inc.		77,937		2,323,302
Welltower, Inc.		27,231		2,472,847
Weyerhaeuser Co.		52,251		2,153,786
				61,565,759
Total common stocks  (cost—$93,631,825)				98,591,648
Short-term investments—3.0%
Investment companies—3.0%
State Street Institutional U.S. Government Money Market Fund, 0.290%3 (cost—$3,051,464)		3,051,464		3,051,464
Investment of cash collateral from securities loaned—2.5%
Money market funds 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.310%3 (cost—$2,523,043)		2,523,043		2,523,043
Total investments    (cost—$99,206,332)4—102.4%				104,166,155
Liabilities in excess of other assets—(2.4)%				(2,424,390	)
Net assets—100.0%			$	101,741,765

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 April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:  

PACE Global Real Estate Securities Investments

Portfolio of investments – April 30, 2022 (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		71,514,718		27,076,930		—		98,591,648
Short-term investments		—		3,051,464		—		3,051,464
Investment of cash collateral from securities loaned		—		2,523,043		—		2,523,043
Total		71,514,718		32,651,437		—		104,166,155

At April 30, 2022, there were no transfers in or out of Level 3.
Portfolio footnotes
	*	Non-income producing security.
	1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,680,383, represented 3.6% of the Portfolio's net assets at period end.
	2	Security, or portion thereof, was on loan at the period end.
	3	Rates shown reflect yield at April 30, 2022.
	4	Includes $2,887,866 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,523,043 and non-cash collateral of $527,107.

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of April 30, 2022

Common stocks
Aerospace & defense	0.6	%
Air freight & logistics	0.3
Airlines	0.9
Auto components	0.1
Automobiles	0.1
Banks	1.6
Beverages	0.6
Biotechnology	0.7
Building products	0.7
Capital markets	1.4
Chemicals	1.1
Commercial services & supplies	0.7
Communications equipment	0.1
Construction & engineering	0.4
Consumer finance	0.0	†
Distributors	0.5
Diversified consumer services	0.0	†
Diversified financial services	0.2
Diversified telecommunication services	0.7
Electric utilities	0.3
Electrical equipment	0.4
Electronic equipment, instruments & components	0.8
Energy equipment & services	0.6
Entertainment	0.4
Equity real estate investment trusts	1.7
Food & staples retailing	1.0
Food products	1.2
Health care equipment & supplies	0.6
Health care providers & services	0.9
Health care technology	0.0	†
Hotels, restaurants & leisure	1.8
Household durables	0.4
Household products	0.3
Independent power and renewable electricity producers	0.4
Industrial conglomerates	0.1
Insurance	0.6
Interactive media & services	0.6
Internet & direct marketing retail	0.2
IT services	1.7
Leisure products	0.1
Life sciences tools & services	0.2
Machinery	0.7
Marine	0.2
Media	0.5
Metals & mining	2.3
Mortgage real estate investment	0.0	†
Multi-utilities	0.6
Multiline retail	0.1
Oil, gas & consumable fuels	4.0
Personal products	0.2
Pharmaceuticals	2.2
Professional services	0.5
Real estate management & development	0.3
Road & rail	0.5
Semiconductors & semiconductor equipment	0.9
Software	2.1
Specialty retail	0.8
Technology hardware, storage & peripherals	0.7
Textiles, apparel & luxury goods	0.4
Thrifts & mortgage finance	0.1
Tobacco	0.1
Trading companies & distributors	1.3
Wireless telecommunication services	0.0	†
Total common stocks	43.5

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of April 30, 2022

Preferred stocks
Automobiles	0.0	†
Investment companies	6.4
Warrant
Pharmaceuticals	0.0	†
Corporate bonds
Airlines	0.5
Auto manufacturers	0.0	†
Biotechnology	0.1
Chemicals	0.1
Commercial services	0.0	†
Diversified financial services	0.1
Electronics	0.1
Energy-Alternate Sources	0.1
Entertainment	0.7
Food	0.1
Healthcare-products	0.1
Healthcare-services	0.1
Internet	0.6
Iron & steel	2.0
Leisure Time	2.8
Media	3.4
Retail	1.1
Software	0.8
Transportation	0.0	†
Total corporate bonds	12.7
Short-term U.S. Treasury obligations	6.9
Short-term investments	24.3
Equity and foreign exchange options purchased
Call options	0.5
Put options	0.4
Total foreign exchange options purchased	0.9
Investments sold short
Common stocks
Aerospace & defense	(0.2	)%
Air freight & logistics	(0.3	)
Airlines	(0.1	)
Auto components	0.0	†
Automobiles	(0.2	)
Beverages	0.0	†
Biotechnology	(0.5	)
Building products	0.0	†
Capital markets	(0.7	)
Chemicals	(0.1	)
Commercial services & supplies	(0.3	)
Communications equipment	0.0	†
Consumer finance	(0.1	)
Containers & packaging	(0.1	)
Diversified financial services	(0.1	)
Diversified telecommunication services	(0.2	)
Electric utilities	(0.1	)
Electrical equipment	(0.5	)
Electronic equipment, instruments & components	(0.1	)
Energy equipment & services	0.0	†
Entertainment	(2.1	)
Equity real estate investment trusts	(0.5	)
Food & staples retailing	(0.2	)
Food products	(0.2	)
Health care equipment & supplies	(0.1	)
Health care providers & services	(0.1	)
Health care technology	(0.1	)
Hotels, restaurants & leisure	(3.7	)
Household durables	(0.1	)
Household products	(0.1	)
Industrial conglomerates	(0.2	)
Insurance	(0.1	)
Interactive media & services	(0.1	)
Internet & direct marketing retail	(0.5	)
IT services	(0.3	)
Life sciences tools & services	(0.1	)
Machinery	(1.0	)

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of April 30, 2022

Investments sold short—(concluded)
Marine	0.0	†
Media	(1.7	)
Metals & mining	(2.1	)
Multi-utilities	(0.2	)
Multiline retail	(0.1	)
Oil, gas & consumable fuels	(1.0	)
Personal products	0.0	†
Pharmaceuticals	(0.2	)
Professional services	(0.1	)
Real estate management & development	(0.3	)
Road & rail	(0.7	)
Semiconductors & semiconductor equipment	(0.2	)
Software	(0.3	)
Specialty retail	(1.4	)
Textiles, apparel & luxury goods	(0.3	)
Thrifts & mortgage finance	0.0	†
Trading companies & distributors	(0.4	)
Total common stock	(22.1	)
Corporate bonds
Construction materials	0.0	†
Investment companies	(4.1	)
Total investments sold short	(26.2	)
Other assets in excess of liabilities	31.5
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 – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—43.5%
Australia—0.9%
BlueScope Steel Ltd.		16,227		230,677
Glencore PLC*		163,147		1,005,257
Rio Tinto Ltd.		5,809		459,514
Rio Tinto PLC		4,614		326,007
South32 Ltd.		299,479		997,366
Vicinity Centres		482,935		630,140
				3,648,961
Belgium—0.1%
Proximus SADP		14,284		249,660
Solvay SA		1,713		161,086
				410,746
Brazil—0.1%
Wheaton Precious Metals Corp.		6,860		307,740
Yara International ASA		835		42,458
				350,198
Canada—6.7%
AirBoss of America Corp.1		30,940		749,506
Algoma Steel Group, Inc.1		34,850		333,514
Alimentation Couche-Tard, Inc.		5,500		244,849
Arizona Metals Corp.*,1		68,640		322,188
ATS Automation Tooling Systems, Inc.*,1		50,320		1,468,491
Aya Gold & Silver, Inc.*,1		22,830		142,882
Boralex, Inc., Class A1		28,850		864,837
Brookfield Infrastructure Partners LP1		20,650		1,289,179
CAE, Inc.*,1		75,310		1,790,872
Cameco Corp.1		11,430		295,008
Canadian Natural Resources Ltd.		3,500		216,623
CareRx Corp.*		98,530		398,829
CES Energy Solutions Corp.1		195,590		400,422
Dorel Industries, Inc., Class B		13,970		90,368
Dream Industrial REIT1		82,060		955,605
Equitable Group, Inc.		7,000		317,402
Fairfax Financial Holdings Ltd.1		680		373,636
Finning International, Inc.1		12,720		357,841
Franco-Nevada Corp.		3,210		485,224
George Weston Ltd.1		9,420		1,171,918
GFL Environmental, Inc.1		27,390		825,261
Gildan Activewear, Inc.		2,700		91,489
GURU Organic Energy Corp.*		62,790		579,194

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Canada—(concluded)
HLS Therapeutics, Inc.		17,570		187,373
Imperial Oil Ltd.		13,400		674,668
K-Bro Linen, Inc.		16,880		414,165
Kinaxis, Inc.*,1		5,960		659,537
Leaf Mobile, Inc.*		107,955		172,271
Lightspeed Commerce, Inc.*,1		22,870		511,144
Loblaw Cos. Ltd.		700		64,031
Maple Leaf Foods, Inc.1		8,150		179,476
NanoXplore, Inc.*		87,120		217,690
NexGen Energy Ltd.*,1		34,380		169,493
Nutrien Ltd.1		11,410		1,121,032
Nutrien Ltd.		10,700		1,051,468
Osisko Mining, Inc.*,1		80,360		253,344
Parkit Enterprise, Inc.*		330,060		308,311
Precision Drilling Corp.*,1		6,480		465,199
RioCan REIT		19,300		360,565
Rubellite Energy, Inc.*		97,830		344,973
Russel Metals, Inc.1		20,640		550,122
Saputo, Inc.1		3,020		64,554
Stantec, Inc.1		9,143		419,572
StorageVault Canada, Inc.1		90,860		473,874
Tamarack Valley Energy Ltd.1		337,010		1,319,550
Teck Resources Ltd., Class B		200		7,890
TFI International, Inc.1		9,070		729,954
Tourmaline Oil Corp.		17,000		875,507
Trican Well Service Ltd.*,1		274,470		957,168
Uni-Select, Inc.*,1		84,350		1,981,616
Wesdome Gold Mines Ltd.*,1		13,700		139,810
				28,439,495
Chile—0.1%
Antofagasta PLC		16,739		320,450
Denmark—0.4%
AP Moller - Maersk AS, Class B		130		376,249
Carlsberg AS, Class B		1,723		218,878
Novo Nordisk AS, Class B		5,930		677,362
Pandora A/S		5,145		451,764
				1,724,253
Finland—0.2%
Fortum Oyj		33,700		560,291

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Finland—(concluded)
Nokia Oyj*		17,170		87,053
Sampo Oyj, Class A		3,590		174,321
				821,665
France—1.3%
Accor SA*		35,831		1,177,178
Bouygues SA		2,693		92,594
Carrefour SA		10,873		230,590
Cie de Saint-Gobain		5,671		330,836
Eiffage SA*		3,573		352,829
Electricite de France SA		26,297		239,067
Engie SA		64,339		759,230
Ipsen SA		2,874		297,930
Publicis Groupe SA		279		16,750
Rexel SA*		4,009		82,123
SCOR SE		5,897		166,731
Societe Generale SA		674		16,199
TotalEnergies SE		29,970		1,471,616
Veolia Environnement SA		545		15,901
Wendel SE		1,640		163,400
				5,412,974
Germany—0.4%
Aurubis AG		3,022		343,418
Deutsche Bank AG*		6,213		62,126
K+S AG		16,295		547,316
Siemens AG, Registered Shares		2,620		322,142
Uniper SE		23,037		592,158
				1,867,160
Hong Kong—0.2%
New World Development Co. Ltd.		52,000		198,889
WH Group Ltd.2		1,095,500		756,551
				955,440
Israel—0.1%
ZIM Integrated Shipping Services Ltd.1		4,734		263,352
Italy—0.4%
Assicurazioni Generali SpA		8,407		159,170
Eni SpA		117,978		1,649,190

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Italy—(concluded)
Leonardo SpA		8,250		84,904
				1,893,264
Japan—1.1%
AGC, Inc.		13,800		517,354
Allegro MicroSystems, Inc.*		1,839		44,706
Daikin Industries Ltd.		2,000		305,635
Dentsu Group, Inc.		10,800		389,250
Inpex Corp.		75,800		901,881
Marubeni Corp.		91,500		998,779
Mitsubishi Corp.		4,100		137,660
Mitsui & Co. Ltd.		18,000		435,884
Nippon Yusen K.K.		4,100		295,790
Sumitomo Corp.		53,200		841,817
				4,868,756
Jordan—0.1%
Hikma Pharmaceuticals PLC		14,959		351,393
Luxembourg—0.1%
ArcelorMittal SA		11,369		331,494
Netherlands—0.4%
Koninklijke Ahold Delhaize N.V.		9,271		273,457
Koninklijke KPN N.V.		98,748		340,739
Shell PLC		41,586		1,122,841
				1,737,037
Norway—0.3%
Equinor ASA		36,335		1,228,107
Norsk Hydro ASA		26,247		220,410
				1,448,517
Philippines—0.2%
TELUS International CDA, Inc.*		30,300		657,207
Portugal—0.4%
Galp Energia SGPS SA		107,153		1,304,228
Jeronimo Martins, SGPS SA		20,560		427,990
				1,732,218
Singapore—0.1%
City Developments Ltd.		41,400		253,828

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Singapore—(concluded)
Kulicke & Soffa Industries, Inc.		894		41,491
				295,319
South Africa—0.1%
Anglo American PLC		7,079		313,536
Spain—0.7%
Amadeus IT Group SA*		19,485		1,220,987
Banco Santander SA		164,205		479,864
Repsol SA		56,231		838,847
Telefonica SA		69,273		336,989
				2,876,687
Sweden—0.3%
Boliden AB		7,098		307,778
Getinge AB, Class B		4,047		117,071
Investor AB, Class A		903		18,860
Lundin Energy AB		8,153		337,093
SSAB AB, Class B		57,170		336,195
Telia Co. AB		42,927		178,173
				1,295,170
Switzerland—0.8%
ABB Ltd.		3,920		117,608
Alcon, Inc.		16,990		1,209,858
Chocoladefabriken Lindt & Spruengli AG		12		134,580
Dufry AG, Registered Shares*		29,263		1,164,730
Novartis AG		7,270		642,444
Roche Holding AG		384		154,270
				3,423,490
Thailand—0.0%†
Fabrinet*		475		46,640
United Kingdom—1.7%
Achilles Therapeutics PLC, ADR*		332		737
BAE Systems PLC		9,358		86,437
BP PLC		329,103		1,588,841
British American Tobacco PLC		191		8,005
BT Group PLC		146,574		325,040
Centrica PLC*		347,830		344,626
Coca-Cola Europacific Partners PLC1		12,501		624,425

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United Kingdom—(concluded)
easyJet PLC*		155,161		1,075,187
Imperial Brands PLC		15,936		331,716
International Consolidated Airlines Group SA*		600,549		1,064,332
J Sainsbury PLC		65,508		191,136
Liberty Global PLC, Class C*,1		13,675		324,098
M&G PLC		64,033		170,004
NatWest Group PLC		229,432		615,517
Sage Group PLC		3,823		35,082
Segro PLC		7,908		132,397
SSE PLC		15,403		357,747
Tesco PLC		45,494		154,558
				7,429,885
United States—26.3%
A-Mark Precious Metals, Inc.1		6,148		484,462
A.O. Smith Corp.		725		42,362
Abbott Laboratories		2,127		241,415
AbbVie, Inc.1		7,015		1,030,363
Abercrombie & Fitch Co., Class A*		12,117		419,006
ABIOMED, Inc.*		153		43,847
Acuity Brands, Inc.		2,031		350,307
Acushnet Holdings Corp.		1,149		46,810
AECOM1		16,020		1,130,371
Akamai Technologies, Inc.*		399		44,800
Albany International Corp., Class A		388		30,349
Allegion PLC		3,154		360,313
Allison Transmission Holdings, Inc.		7,963		298,135
Alpha & Omega Semiconductor Ltd.*,1		6,184		265,294
Alpha Metallurgical Resources, Inc.*,1		2,128		329,287
Alphabet, Inc., Class A*,1		614		1,401,265
Alphabet, Inc., Class C*,1		434		997,909
Amazon.com, Inc.*,1		131		325,618
Amdocs Ltd.		576		45,901
Amedisys, Inc.*		304		38,806
American Homes 4 Rent, Class A1		32,030		1,268,708
American Vanguard Corp.		1,425		30,495
AMERISAFE, Inc.		992		45,979
AMETEK, Inc.		362		45,706
AMMO, Inc.*		48,328		195,728
AMN Healthcare Services, Inc.*,1		3,679		359,622
Amphastar Pharmaceuticals, Inc.*,1		6,841		242,650

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Analog Devices, Inc.		5,321		821,456
ANSYS, Inc.*		159		43,835
Anterix, Inc.*		2,379		123,327
Anthem, Inc.1		1,380		692,663
APA Corp.		5,204		213,000
Apple, Inc.1		7,683		1,211,225
ArcBest Corp.		618		44,595
Arch Capital Group Ltd.*		997		45,533
Archer-Daniels-Midland Co.1		9,641		863,448
Argan, Inc.		804		29,571
Arista Networks, Inc.*		366		42,299
Arrow Electronics, Inc.*,1		8,076		951,837
Atrion Corp.		66		41,357
AutoZone, Inc.*,1		327		639,439
Avid Technology, Inc.*,1		8,008		253,934
Badger Meter, Inc.		511		41,233
Baker Hughes Co.		4,445		137,884
Balchem Corp.		354		43,613
BancFirst Corp.		567		46,352
Bausch Health Cos., Inc.*		39,817		756,921
Best Buy Co., Inc.		497		44,695
Bio-Techne Corp.		113		42,905
Bloomin' Brands, Inc.		2,313		50,863
Boot Barn Holdings, Inc.*		495		44,580
Boston Scientific Corp.*		9,483		399,329
Brady Corp., Class A		1,022		45,735
Bristol-Myers Squibb Co.1		17,326		1,304,128
Broadmark Realty Capital, Inc.		5,656		44,173
Brown & Brown, Inc.		444		27,519
Buckle, Inc.		1,428		44,354
Bunge Ltd.1		6,180		699,082
C.H. Robinson Worldwide, Inc.1		952		101,055
Calix, Inc.*		384		15,325
Carnival Corp.*		40,712		704,318
Catalyst Pharmaceuticals, Inc.*,1		41,889		319,194
Cathay General Bancorp		1,080		43,297
Cavco Industries, Inc.*		196		46,305
CBIZ, Inc.*		1,152		48,257
CBRE Group, Inc., Class A*,1		838		69,588
Centrus Energy Corp., Class A*,1		7,652		212,420
Cerner Corp.		525		49,161

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
CF Industries Holdings, Inc.1		4,911		475,532
ChannelAdvisor Corp.*		3,033		44,009
Chemed Corp.		96		47,173
Chubb Ltd.1		2,270		468,642
Church & Dwight Co., Inc.1		2,718		265,168
Cintas Corp.		113		44,890
Cirrus Logic, Inc.*		6,759		512,332
Clean Harbors, Inc.*		9,936		1,042,584
Clearfield, Inc.*		779		45,361
Coca-Cola Co.1		3,435		221,935
Coca-Cola Consolidated, Inc.1		302		133,333
Cogent Communications Holdings, Inc.		3,295		192,758
Cognex Corp.		651		44,027
Cohen & Steers, Inc.		377		29,289
Colgate-Palmolive Co.1		2,652		204,337
Columbia Sportswear Co.		532		43,709
Comerica, Inc.		2,972		243,407
Comfort Systems USA, Inc.		542		45,756
CommScope Holding Co., Inc.*		29,499		177,879
Conagra Brands, Inc.1		1,712		59,800
ConocoPhillips1		990		94,565
Constellation Brands, Inc., Class A		2,053		505,223
Copart, Inc.*		387		43,983
Corteva, Inc.		805		46,440
CorVel Corp.*		281		43,577
Costco Wholesale Corp.1		380		202,054
Coty, Inc., Class A*		98,767		801,000
CRA International, Inc.		565		46,539
Cross Country Healthcare, Inc.*,1		15,956		299,015
Curtiss-Wright Corp.		317		45,302
CVS Health Corp.1		1,525		146,598
D.R. Horton, Inc.		5,290		368,131
Danaher Corp.		2,301		577,850
Datto Holding Corp.*		1,518		52,675
Deckers Outdoor Corp.*		3,287		873,520
Delta Air Lines, Inc.*		9,790		421,264
Devon Energy Corp.1		5,639		328,021
Diamondback Energy, Inc.1		1,730		218,378
Diodes, Inc.*		605		44,183
DISH Network Corp., Class A*		48,774		1,390,547
DocuSign, Inc.*		4,945		400,545

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Dolby Laboratories, Inc., Class A		611		47,334
Dollar Tree, Inc.*,1		1,370		222,557
Domino's Pizza, Inc.1		2,398		810,524
Dorman Products, Inc.*		508		50,150
DoubleVerify Holdings, Inc.*		1,959		42,608
Dover Corp.		107		14,263
Dropbox, Inc., Class A*,1		25,156		547,143
Dynatrace, Inc.*		728		27,926
Eaton Corp. PLC		2,743		397,790
eBay, Inc.1		10,086		523,665
Eli Lilly & Co.1		2,176		635,675
EOG Resources, Inc.1		4,006		467,741
EPAM Systems, Inc.*		165		43,723
Erie Indemnity Co., Class A		264		42,314
Essent Group Ltd.		3,653		148,056
Ethan Allen Interiors, Inc.		1,802		42,779
Everbridge, Inc.*		12,706		547,629
Evercore, Inc., Class A		1,914		202,406
Everest Re Group Ltd.1		1,044		286,797
ExlService Holdings, Inc.*		334		45,474
Expedia Group, Inc.*,1		6,860		1,198,785
Expeditors International of Washington, Inc.1		12,253		1,213,905
Exponent, Inc.		451		43,210
Extra Space Storage, Inc.1		2,753		523,070
Exxon Mobil Corp.1		4,969		423,607
F5, Inc.*		229		38,337
FactSet Research Systems, Inc.		72		29,051
Fastenal Co.		819		45,299
Federated Hermes, Inc.		1,467		41,780
First American Financial Corp.		760		44,316
First Foundation, Inc.		1,301		28,908
Flex Ltd.*		49,866		822,290
Fortinet, Inc.*,1		1,629		470,797
Fortune Brands Home & Security, Inc.		635		45,244
Franklin Electric Co., Inc.		584		40,845
Franklin Resources, Inc.1		11,169		274,646
FTI Consulting, Inc.*		298		46,998
Full House Resorts, Inc.*		24,888		225,236
G-III Apparel Group Ltd.*		584		15,464
Garmin Ltd.		413		45,323
Gartner, Inc.*,1		1,273		369,870

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
General Mills, Inc.1		2,342		165,650
General Motors Co.*		9,180		348,014
Genpact Ltd.		1,105		44,498
Gentex Corp.		1,628		47,782
Gentherm, Inc.*		690		46,520
Gilead Sciences, Inc.1		19,955		1,184,130
Globus Medical, Inc., Class A*		651		43,109
Goldman Sachs Group, Inc.		2,700		824,823
Grand Canyon Education, Inc.*		479		45,970
Green Dot Corp., Class A*		2,150		56,932
Halliburton Co.		4,469		159,186
Haverty Furniture Cos., Inc.		1,741		43,229
Healthcare Services Group, Inc.		1,860		31,787
HEICO Corp.		317		44,770
HEICO Corp., Class A		388		45,256
Henry Schein, Inc.*		533		43,226
Hershey Co.1		2,311		521,754
Hewlett Packard Enterprise Co.1		38,753		597,184
Hilton Worldwide Holdings, Inc.*,1		6,850		1,063,736
Hormel Foods Corp.		907		47,518
Houlihan Lokey, Inc.		546		45,476
HP, Inc.1		6,143		225,018
Hubbell, Inc.		1,891		369,426
ICU Medical, Inc.*		212		45,366
IDEX Corp.		244		46,316
Ingles Markets, Inc., Class A		502		46,746
Innoviva, Inc.*,1		17,917		305,664
Insteel Industries, Inc.		1,216		51,583
Interpublic Group of Cos., Inc.1		13,454		438,869
IPG Photonics Corp.*		457		43,177
iRadimed Corp.		1,035		34,062
Iron Mountain, Inc.1		7,022		377,292
iTeos Therapeutics, Inc.*,1		7,160		191,100
J.M. Smucker Co.1		2,072		283,719
Jack Henry & Associates, Inc.		240		45,499
Jacobs Engineering Group, Inc.1		2,280		315,894
Janus Henderson Group PLC		1,402		42,733
John B Sanfilippo & Son, Inc.		371		28,804

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Johnson Controls International PLC		12,764		764,181
Jones Lang LaSalle, Inc.*		206		45,058
JPMorgan Chase & Co.		6,954		830,029
Kadant, Inc.		247		45,695
Kellogg Co.1		540		36,990
KeyCorp		11,513		222,316
Keysight Technologies, Inc.*		2,070		290,359
Kimberly-Clark Corp.1		1,580		219,351
Kimco Realty Corp.		52,689		1,334,612
Kinetik Holdings, Inc.		3,200		227,680
Kinsale Capital Group, Inc.		205		45,446
Knight-Swift Transportation Holdings, Inc.1		10,813		517,835
Knowles Corp.*		811		15,020
Korn Ferry		727		44,667
Kroger Co.1		15,911		858,558
Lakeland Financial Corp.		632		46,022
Landstar System, Inc.		313		48,484
LeMaitre Vascular, Inc.		1,042		45,025
Lennar Corp., Class A1		1,670		127,738
Lennar Corp., Class B		701		45,705
Liquidity Services, Inc.*		2,702		38,963
Lithia Motors, Inc.		155		43,885
Littelfuse, Inc.		197		45,162
LKQ Corp.		1,008		50,027
Lockheed Martin Corp.1		415		179,330
LPL Financial Holdings, Inc.		657		123,431
Lululemon Athletica, Inc.*		132		46,811
Lumen Technologies, Inc.1		76,958		774,197
Lyell Immunopharma, Inc.*		2,405		12,338
Manhattan Associates, Inc.*		347		45,301
ManTech International Corp., Class A		553		44,428
Maravai LifeSciences Holdings, Inc., Class A*,1		4,887		150,178
Marcus & Millichap, Inc.		947		42,416
MarineMax, Inc.*		1,174		48,040
MarketAxess Holdings, Inc.		160		42,178
Marvell Technology, Inc.		6,244		362,652
Mastercard, Inc., Class A1		5,502		1,999,317
Medifast, Inc.		263		46,909
Medpace Holdings, Inc.*		305		40,739
Medtronic PLC		1,167		121,788
Merck & Co., Inc.1		8,555		758,743

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Meridian Bioscience, Inc.*		1,786		45,704
MGP Ingredients, Inc.		168		15,343
Microsoft Corp.1		6,399		1,775,850
MKS Instruments, Inc.		362		41,261
Moderna, Inc.*,1		1,841		247,449
Mohawk Industries, Inc.*		368		51,910
Molina Healthcare, Inc.*,1		2,800		877,660
Molson Coors Beverage Co., Class B1		2,423		131,181
Monarch Casino & Resort, Inc.*		579		40,617
Monolithic Power Systems, Inc.		108		42,362
Morgan Stanley		20,551		1,656,205
Morningstar, Inc.		175		44,315
Mosaic Co.1		5,396		336,818
Mueller Industries, Inc.		852		46,136
MYR Group, Inc.*		517		40,890
National Instruments Corp.		5,930		214,310
National Presto Industries, Inc.		617		43,887
Neogen Corp.*		1,558		41,131
Netflix, Inc.*		7,512		1,429,984
New York Times Co., Class A		1,074		41,156
Newmont Corp.1		3,420		249,147
NexImmune, Inc.*		471		994
NiSource, Inc.1		10,296		299,820
Nkarta, Inc.*		2,200		40,568
Nordson Corp.		212		45,726
Northrop Grumman Corp.1		893		392,384
NortonLifeLock, Inc.1		507		12,695
Nucor Corp.1		5,608		868,006
NV5 Global, Inc.*		369		44,206
NVIDIA Corp.1		724		134,280
NVR, Inc.*		11		48,138
Occidental Petroleum Corp.1		5,904		325,251
Old Dominion Freight Line, Inc.		1,835		514,020
Onto Innovation, Inc.*		614		43,680
Open Lending Corp., Class A*		2,894		39,474
Oshkosh Corp.		473		43,724
PACCAR, Inc.		6,537		542,898
Palo Alto Networks, Inc.*,1		996		559,035
Park Hotels & Resorts, Inc.		76,111		1,500,148
Paychex, Inc.		356		45,116
PayPal Holdings, Inc.*		2,423		213,054

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Penn National Gaming, Inc.*		5,710		208,815
Pentair PLC		592		30,044
PetMed Express, Inc.		1,859		40,712
Pfizer, Inc.1		32,543		1,596,885
Philip Morris International, Inc.1		242		24,200
Photronics, Inc.*		2,895		43,396
Portillo's, Inc., Class A*		17,028		354,693
Power Integrations, Inc.		548		43,840
Procter & Gamble Co.1		2,682		430,595
Prosperity Bancshares, Inc.		695		45,439
Proto Labs, Inc.*		973		41,460
PS Business Parks, Inc.		278		52,042
PulteGroup, Inc.1		10,774		449,922
QCR Holdings, Inc.		835		45,332
Qorvo, Inc.*		396		45,057
QUALCOMM, Inc.		7,604		1,062,203
Qualys, Inc.*		330		44,972
Quest Diagnostics, Inc.		339		45,372
Red Rock Resorts, Inc., Class A		2,227		97,899
Regions Financial Corp.		31,191		646,278
Reliance Steel & Aluminum Co.		251		49,761
ResMed, Inc.		201		40,194
Resources Connection, Inc.		2,745		47,187
Revolve Group, Inc.*		897		37,907
REX American Resources Corp.*		181		15,318
Rimini Street, Inc.*		7,961		45,855
Robert Half International, Inc.1		9,338		918,019
Rollins, Inc.		1,373		46,050
Roper Technologies, Inc.		1,506		707,700
Ryerson Holding Corp.1		9,099		334,934
S&P Global, Inc.1		5,988		2,254,482
Safety Insurance Group, Inc.		526		45,257
Saia, Inc.*		208		42,840
Salesforce, Inc.*		8,233		1,448,514
Sanderson Farms, Inc.		254		48,100
Schlumberger N.V.		11,015		429,695
Schneider Electric SE		1,934		277,469
Schneider National, Inc., Class B		2,002		47,307
Seagate Technology Holdings PLC1		6,249		512,668
SEI Investments Co.		807		44,966
Selective Insurance Group, Inc.		542		44,639

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
Semtech Corp.*		735		43,806
Sherwin-Williams Co.		171		47,018
Shutterstock, Inc.		553		41,873
Shyft Group, Inc.		1,449		36,906
Simpson Manufacturing Co., Inc.		440		45,615
Simulations Plus, Inc.		967		45,120
SkyWest, Inc.*		14,868		433,402
Skyworks Solutions, Inc.		378		42,827
Snap-on, Inc.		222		47,173
Southwest Airlines Co.*		20,199		943,697
SPS Commerce, Inc.*		378		45,220
SS&C Technologies Holdings, Inc.1		26,495		1,713,167
Standard Motor Products, Inc.		1,108		47,289
Steel Dynamics, Inc.1		4,156		356,377
Steven Madden Ltd.		1,175		48,246
Stewart Information Services Corp.		841		43,396
SVB Financial Group*		150		73,146
Synopsys, Inc.*		151		43,305
T-Mobile U.S., Inc.*		1,018		125,357
T. Rowe Price Group, Inc.		329		40,480
Teradyne, Inc.		413		43,555
Tesla, Inc.*,1		153		133,226
Tetra Tech, Inc.		307		42,759
Thor Industries, Inc.		584		44,705
TimkenSteel Corp.*		2,182		45,102
Titan Machinery, Inc.*		1,804		42,538
Toll Brothers, Inc.		10,053		466,158
Tradeweb Markets, Inc., Class A		552		39,297
Trane Technologies PLC		2,095		293,070
Transcat, Inc.*		622		45,406
Trex Co., Inc.*		720		41,897
Tri Pointe Homes, Inc.*		2,328		48,120
Trimble, Inc.*		672		44,822
Twilio, Inc., Class A*		1,856		207,538
Tyson Foods, Inc., Class A1		13,816		1,287,099
UFP Industries, Inc.		592		45,803
Ulta Beauty, Inc.*,1		910		361,088
UniFirst Corp.		87		14,990
United Rentals, Inc.*,1		5,500		1,740,860
UnitedHealth Group, Inc.1		2,280		1,159,494
Universal Display Corp.		314		40,107

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

 

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
US Physical Therapy, Inc.		479		49,706
USANA Health Sciences, Inc.*		594		45,536
Veeva Systems, Inc., Class A*		245		44,578
VeriSign, Inc.*,1		2,086		372,747
Viatris, Inc.1		174,058		1,798,019
Vicor Corp.*		756		45,753
Vir Biotechnology, Inc.*,1		8,340		169,719
Virtus Investment Partners, Inc.		225		39,861
Vistra Corp.1		15,040		376,301
Vontier Corp.		32,631		836,006
W. R. Berkley Corp.1		10,260		682,187
Walgreens Boots Alliance, Inc.1		2,479		105,110
Warrior Met Coal, Inc.1		7,338		250,006
Waste Connections, Inc.		1,375		189,709
Watsco, Inc.		160		42,685
Watts Water Technologies, Inc., Class A		345		43,974
WD-40 Co.		167		30,725
Weatherford International PLC*,1		1,848		59,653
Weis Markets, Inc.		615		49,126
Wells Fargo & Co.		28,327		1,235,907
West Pharmaceutical Services, Inc.		124		39,067
Weyerhaeuser Co.		1,193		49,175
Williams-Sonoma, Inc.		5,333		695,850
Wintrust Financial Corp.		5,922		517,109
Woodward, Inc.		399		44,082
Wynn Resorts Ltd.*		21,737		1,532,024
XPEL, Inc.*		981		42,448
Yum! Brands, Inc.1		566		66,228
Zendesk, Inc.*		3,496		426,652
Zions Bancorp N.A.		26,011		1,469,882
Zoom Video Communications, Inc., Class A*,1		5,068		504,621
Zumiez, Inc.*		1,204		44,103
Zynex, Inc.1		35,300		224,861
				111,598,616
Total common stocks (cost—$192,726,713)				184,513,923
Preferred stocks—0.0%†
Germany—0.0%†
Bayerische Motoren Werke AG  (cost—$77,661)		920		67,775

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares		Value ($)
Investment companies—6.4%
AlphaSimplex Managed Futures Strategy Fund, Class Y		877,594		11,426,276
AQR Style Premia Alternative Fund, Class I		1,325,771		11,414,887
Carillon Reams Unconstrained Bond Fund, Class I		173,590		2,074,400
Invesco DB Gold Fund*		41,700		2,248,039
Total investment companies (cost—$24,594,598)				27,163,602

	Number of warrants
Warrant—0.0%†
Canada—0.0%†
Medexus Pharmaceuticals, Inc. expires 02/23/23* (cost—$0)		12,500	681

 

	Face amount($)		Value ($)
Corporate bonds—12.7%
Canada—0.5%
Chorus Aviation, Inc.
6.000%, due 06/30/261,2	CAD	2,430,000		1,910,481
Hong Kong—0.0%†
Seaspan Corp.
3.750%, due 12/15/252	USD	125,000		139,728
Taiwan—0.1%
Sea Ltd.
0.250%, due 09/15/26		290,000		217,312
United States—12.1%
Amyris, Inc.
1.500%, due 11/15/262		685,000		476,240
Beyond Meat, Inc.
0.000%, due 03/15/273		340,000		182,175
Blackline, Inc.
0.000%, due 03/15/263		270,000		222,497
Block, Inc.
0.000%, due 05/01/263		160,000		138,215
Bloomin' Brands, Inc.
5.000%, due 05/01/25		1,500,000		3,029,325
Carnival Corp.
5.750%, due 04/01/23		6,540,000		11,968,200

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

 

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Ceridian HCM Holding, Inc.
0.250%, due 03/15/26		190,000		156,652
Cinemark Holdings, Inc.
4.500%, due 08/15/25		2,140,000		2,961,332
Coupa Software, Inc.
0.125%, due 06/15/25		2,000,000		1,838,338
0.375%, due 06/15/26		270,000		218,796
DigitalOcean Holdings, Inc.
0.000%, due 12/01/262,3		290,000		214,155
DraftKings, Inc.
0.000%, due 03/15/283		230,000		150,986
Enphase Energy, Inc.
0.000%, due 03/01/263		250,000		234,964
Exact Sciences Corp.
0.375%, due 03/01/28		250,000		202,042
Fastly, Inc.
0.000%, due 03/15/263		300,000		228,098
Fisker, Inc.
2.500%, due 09/15/262		175,000		129,487
Guardant Health, Inc.
0.000%, due 11/15/273		140,000		114,206
Guess?, Inc.
2.000%, due 04/15/24		1,000,000		1,126,500
Halozyme Therapeutics, Inc.
0.250%, due 03/01/27		275,000		234,528
Ionis Pharmaceuticals, Inc.
0.125%, due 12/15/24		265,000		232,579
Itron, Inc.
0.000%, due 03/15/263		215,000		177,319
JetBlue Airways Corp.
0.500%, due 04/01/262		250,000		207,723
Liberty Media Corp.
0.500%, due 12/01/502		1,500,000		1,921,350
1.375%, due 10/15/23		7,867,000		10,337,710
Nutanix, Inc.
0.250%, due 10/01/272		290,000		233,383
NuVasive, Inc.
0.375%, due 03/15/25		175,000		163,668
Patrick Industries, Inc.
1.750%, due 12/01/282		450,000		403,939

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Snap, Inc.
0.010%, due 05/01/272		275,000		218,147
SoFi Technologies, Inc.
0.000%, due 10/15/262,3		300,000		203,326
Splunk, Inc.
1.125%, due 06/15/27		265,000		238,196
Sunnova Energy International, Inc.
0.250%, due 12/01/262		140,000		109,706
Teladoc Health, Inc.
1.250%, due 06/01/27		275,000		203,956
Uber Technologies, Inc.
0.000%, due 12/15/253		160,000		137,340
United States Steel Corp.
5.000%, due 11/01/26		3,500,000		8,448,090
Wayfair, Inc.
1.000%, due 08/15/26		2,450,000		2,134,883
World Wrestling Entertainment, Inc.
3.375%, due 12/15/23		978,000		2,319,024
				51,517,075
Total corporate bonds (cost—$53,707,681)				53,784,596

	Number of shares
Short-term investments—24.3%
Investment companies—24.3%
State Street Institutional U.S. Government Money Market Fund, 0.290%4 (cost—$103,157,132)		103,157,132	103,157,132

	Face amount($)		Value ($)
Short-term U.S. Treasury obligations—6.9%
U.S. Treasury Bills
0.162%, due 05/19/221,4		2,847,700		2,847,404
0.165%, due 05/19/221,4		2,652,300		2,652,025
0.650%, due 07/21/221,4		18,350,000		18,316,392
1.002%, due 08/18/224		2,729,000		2,720,828

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Short-term U.S. Treasury obligations—(concluded)
1.007%, due 08/18/224		2,771,000		2,762,703
Total short-term U.S. Treasury obligations (cost—$29,306,687)				29,299,352

	Number of contracts	Notional amount		Value ($)
Equity and foreign exchange options purchased—0.9%
Call options—0.5%
Call Euro STOXX 50 strike @ $3,850 expires 07/15/22 (Counterparty: JPMCB)	5		19,673,500		615,629
Call Euro STOXX 50, strike @ $3,850 expires 06/17/22 (Counterparty: JPMCB)	4		16,863,000		391,372
Call Euro STOXX 50, strike @ $7,750 expires 06/17/22 (Counterparty: JPMCB)	1		9,300,000		117,697
Call Euro STOXX 50, strike @ $88 expires 06/17/22 (Counterparty: JPMCB)	33		14,366,000		447,774
Call FTSE 100 Index, strike @ $7,750 expires 07/15/22 (Counterparty: JPMCB)	1		9,300,000		178,055
Call NIKKEI 225 Index, strike @ $29,000 expires 06/10/22 (Counterparty: JPMCB)	1		1,595,000,000		46,619
Call S&P 500 Index, strike @ $4,225 expires 06/17/22 (Counterparty: JPMCB)	0		6,337,500		163,950
Call S&P 500 Index, strike @ $4,400 expires 05/20/22 (Counterparty: JPMCB)	0		17,600,000		58,840
Call S&P 500 Index, strike @ $4,450 expires 05/31/22 (Counterparty: JPMCB)	0		14,240,000		46,048
Call S&P 500 Index, strike @ $4,750 expires 06/17/22 (Counterparty: JPMCB)	0		22,800,000		9,600
Call S&P 500 Index, strike @ $4,750 expires 06/30/22 (Counterparty: JPMCB)	0		22,800,000		21,600
Total					2,097,184
Put options—0.4%
Put Amyris, Inc., strike price @ $4.000 01/20/23 (Counterparty: MSCI)	2		60,000		19,500
Put Cinemark Holdings, Inc., strike @ $10 expires 01/10/23 (Counterparty: MSCI)	1		100,000		9,500
Put Cinemark Holdings, Inc., strike @ $75 expires 01/10/23 (Counterparty: MSCI)	0		187,500		50,000
Put Coupa Software, Inc., strike @ $55 expires 01/10/23 (Counterparty: MSCI)	0		165,000		17,100
Put Coupa Software, Inc., strike @ $70 expires 09/16/22 (Counterparty: MSCI)	0		70,000		7,600
Put Euro STOXX 50, strike @ $3,000 expires 10/21/22 (Counterparty: JPMCB)	1		3,360,000		94,642

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of contracts	Notional amount		Value($)
Equity and foreign exchange options purchased—(concluded)
Put options—(concluded)
Put Euro STOXX 50, strike @ $3,700 expires 07/15/22 (Counterparty: JPMCB)	2		8,510,000		400,353
Put Guess?, Inc., strike @ $12 expires 01/10/23 (Counterparty: MSCI)	1		72,000		3,000
Put S&P 500 Index, strike @ $3,400 expires 10/21/22 (Counterparty: JPMCB)	0		6,120,000		178,218
Put S&P 500 Index, strike @ $4,225 expires 07/15/22 (Counterparty: JPMCB)	0		19,857,500		1,082,880
Put United States Steel Corp., strike @ $12 expires 01/20/23 (Counterparty: MSCI)	1		120,000		2,100
Put United States Steel Corp., strike @ $15 expires 01/20/23 (Counterparty: MSCI)	1		150,000		7,500
Put United States Steel Corp., strike @ $22 expires 09/16/22 (Counterparty: MSCI)	0		55,000		3,525
Total					1,875,918
Total equity and foreign exchange options purchased  (cost—$6,359,746)					3,973,102
Total investments before investments sold short  (cost—$409,981,203)—94.7%					401,960,163

	Number of shares
Investments sold short—(26.2)%
Common stocks—(22.1)%
Australia—(0.2)%
De Grey Mining Ltd.		(225,705	)	(189,900	)
Megaport Ltd.		(4,958	)	(29,455	)
PointsBet Holdings Ltd.		(24,413	)	(49,749	)
Tyro Payments Ltd.		(31,263	)	(26,722	)
Washington H Soul Pattinson & Co. Ltd.		(19,204	)	(374,211	)
				(670,037	)
Burkina Faso—(0.1)%
IAMGOLD Corp.		(114,700	)	(324,105	)
Canada—(3.7)%
Atco Ltd., Class I		(20,620	)	(734,657	)
Atlas Corp.		(6,248	)	(77,225	)
B2Gold Corp.		(27,390	)	(116,199	)
Ballard Power Systems, Inc.		(48,000	)	(398,677	)
Calian Group Ltd.		(9,300	)	(513,413	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Canada Goose Holdings, Inc.		(11,620	)		(253,267	)
Canadian Natural Resources Ltd.		(10,230	)		(633,159	)
Canopy Growth Corp.		(68,200	)		(393,385	)
Cascades, Inc.		(61,280	)		(602,473	)
CI Financial Corp.		(17,550	)		(228,827	)
CT Real Estate Investment Trust		(22,830	)		(315,442	)
Enbridge, Inc.		(6,900	)		(301,104	)
Equinox Gold Corp.		(46,450	)		(331,205	)
Equitable Group, Inc.		(4,380	)		(196,557	)
Extendicare, Inc.		(60,320	)		(341,359	)
Granite Real Estate Investment Trust		(8,030	)		(594,694	)
Hydro One Ltd.2		(11,410	)		(308,465	)
IGM Financial, Inc.		(32,030	)		(1,015,017	)
Labrador Iron Ore Royalty Corp.		(5,630	)		(152,336	)
Lightspeed Commerce, Inc.		(25,828	)		(577,228	)
MTY Food Group, Inc.		(6,400	)		(258,710	)
Mullen Group Ltd.		(95,920	)		(917,648	)
NFI Group, Inc.		(43,380	)		(398,124	)
Novagold Resources, Inc.		(29,430	)		(183,501	)
Onex Corp.		(9,150	)		(549,791	)
PrairieSky Royalty Ltd.		(27,350	)		(375,340	)
Richelieu Hardware Ltd.		(18,320	)		(520,087	)
Ritchie Bros Auctioneers, Inc.		(9,310	)		(512,805	)
Rogers Sugar, Inc.		(99,000	)		(470,860	)
Sleep Country Canada Holdings, Inc.2		(7,000	)		(136,006	)
SmartCentres Real Estate Investment Trust		(23,330	)		(568,245	)
Spartan Delta Corp.		(23,260	)		(214,014	)
TMX Group Ltd.		(6,960	)		(708,596	)
Tricon Residential, Inc.		(68,620	)		(992,991	)
Whitecap Resources, Inc.		(91,820	)		(752,629	)
					(15,644,036	)
Colombia—(0.1)%
Ecopetrol SA, ADR		(30,060	)		(487,874	)
Denmark—(0.1)%
Tryg A/S		(10,509	)		(249,873	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Denmark—(concluded)
Vestas Wind Systems AS		(2,129	)		(54,292	)
					(304,165	)
France—(0.1)%
McPhy Energy SA		(8,441	)		(154,194	)
Safran SA		(2,727	)		(292,876	)
Worldline SA2		(5,006	)		(196,957	)
					(644,027	)
Germany—(0.0)%†
Bechtle AG		(537	)		(24,815	)
Israel—(0.0)%†
Radware Ltd.		(2,802	)		(81,006	)
Japan—(0.2)%
Fast Retailing Co. Ltd.		(700	)		(322,284	)
Fujitsu General Ltd.		(6,100	)		(108,422	)
Oriental Land Co. Ltd.		(3,200	)		(484,064	)
					(914,770	)
Netherlands—(0.1)%
Argenx SE		(1,703	)		(490,812	)
New Zealand—(0.0)%†
Xero Ltd.		(1,998	)		(131,752	)
Norway—(0.1)%
Schibsted ASA, Class A		(15,764	)		(328,504	)
Schibsted ASA, Class B		(2,646	)		(50,862	)
					(379,366	)
Saudi Arabia—(0.1)%
Delivery Hero SE2		(6,106	)		(214,644	)
Singapore—(0.1)%
Grab Holdings Ltd., Class A		(202,163	)		(596,381	)
Spain—(0.1)%
Amadeus IT Group SA		(4,077	)		(255,477	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
Spain—(concluded)
Cellnex Telecom SA2		(7,722	)		(359,924	)
					(615,401	)
United Kingdom—(0.3)%
AVEVA Group PLC		(4,124	)		(110,837	)
Ceres Power Holdings PLC		(1,751	)		(15,977	)
Greatland Gold PLC		(880,912	)		(147,053	)
ITM Power PLC		(61,060	)		(251,556	)
Just Eat Takeaway.com N.V.2		(1,384	)		(37,593	)
Ocado Group PLC		(52,226	)		(597,290	)
					(1,160,306	)
United States—(16.7)%
10X Genomics, Inc., Class A		(5,646	)		(269,653	)
3M Co.		(5,040	)		(726,869	)
908 Devices, Inc.		(9,921	)		(176,098	)
A.O. Smith Corp.		(1,609	)		(94,014	)
Affirm Holdings, Inc.		(4,328	)		(124,214	)
Alnylam Pharmaceuticals, Inc.		(3,045	)		(406,294	)
American Airlines Group, Inc.		(23,270	)		(436,778	)
American Tower Corp.		(1,756	)		(423,231	)
Amyris, Inc.		(77,789	)		(266,816	)
Azenta, Inc.		(2,376	)		(178,105	)
Bally's Corp.		(5,350	)		(159,644	)
Big Lots, Inc.		(5,620	)		(173,658	)
BigCommerce Holdings, Inc.		(12,752	)		(227,878	)
Blink Charging Co.		(10,805	)		(206,376	)
Bloomin' Brands, Inc.		(114,214	)		(2,511,566	)
Boeing Co.		(1,406	)		(209,269	)
Boise Cascade Co.		(5,700	)		(430,806	)
Bristol-Myers Squibb Co.		(2,741	)		(206,315	)
Broadcom, Inc.		(359	)		(199,026	)
Bunge Ltd.		(1,787	)		(202,145	)
Cactus, Inc., Class A		(1,740	)		(86,878	)
Capital One Financial Corp.		(1,448	)		(180,450	)
Carnival Corp.		(614,760	)		(10,635,348	)
Carvana Co.		(4,407	)		(255,430	)
Celsius Holdings, Inc.		(3,580	)		(186,160	)
CH Robinson Worldwide, Inc.		(2,320	)		(246,268	)
Children's Place, Inc.		(8,043	)		(372,632	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Cinemark Holdings, Inc.		(126,741	)		(2,010,112	)
Clean Energy Fuels Corp.		(32,149	)		(188,393	)
Coinbase Global, Inc., Class A		(5,442	)		(613,368	)
Coupa Software, Inc.		(5,643	)		(486,991	)
Crocs, Inc.		(2,961	)		(196,699	)
Deluxe Corp.		(15,840	)		(428,947	)
Devon Energy Corp.		(3,936	)		(228,957	)
Dick's Sporting Goods, Inc.		(7,454	)		(718,715	)
Domino's Pizza, Inc.		(556	)		(187,928	)
DoorDash, Inc., Class A		(6,130	)		(499,166	)
Eaton Corp. PLC		(3,420	)		(495,968	)
Equifax, Inc.		(2,720	)		(553,574	)
Estee Lauder Cos., Inc., Class A		(783	)		(206,759	)
Exact Sciences Corp.		(8,864	)		(487,963	)
Expeditors International of Washington, Inc.		(7,200	)		(713,304	)
Exxon Mobil Corp.		(2,645	)		(225,486	)
F45 Training Holdings, Inc.		(12,010	)		(105,568	)
Facebook, Inc., Class A		(317	)		(63,549	)
Federal Realty Investment Trust		(1,800	)		(210,708	)
Floor & Decor Holdings, Inc., Class A		(6,860	)		(546,879	)
Frontier Communications Parent, Inc.		(3,682	)		(97,168	)
FuelCell Energy, Inc.		(40,956	)		(167,101	)
Gevo, Inc.		(20,917	)		(77,602	)
Guess?, Inc.		(20,169	)		(453,197	)
HEICO Corp.		(2,290	)		(323,417	)
Herc Holdings, Inc.		(2,270	)		(290,151	)
Hess Corp.		(1,980	)		(204,079	)
Home Depot, Inc.		(3,689	)		(1,108,176	)
Hormel Foods Corp.		(2,089	)		(109,443	)
iRobot Corp.		(576	)		(29,174	)
Kimberly-Clark Corp.		(2,820	)		(391,501	)
Las Vegas Sands Corp.		(10,220	)		(362,095	)
Lemonade, Inc.		(9,027	)		(188,303	)
Liberty Media Corp.-Liberty Braves, Class A		(16,590	)		(435,819	)
Liberty Media Corp.-Liberty Formula One, Class A		(38,152	)		(2,190,688	)
Liberty Media Corp.-Liberty SiriusXM, Class A		(155,100	)		(6,487,833	)
Live Nation Entertainment, Inc.		(12,652	)		(1,326,942	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Lowe's Cos., Inc.		(3,163	)		(625,420	)
Lucid Group, Inc.		(20,413	)		(369,067	)
Lululemon Athletica, Inc.		(580	)		(205,685	)
Lumen Technologies, Inc.		(19,586	)		(197,035	)
Lyft, Inc.		(7,407	)		(241,468	)
Microchip Technology, Inc.		(3,140	)		(204,728	)
Natera, Inc.		(2,047	)		(71,891	)
Nexstar Media Group, Inc., Class A		(1,145	)		(181,391	)
NIKE, Inc., Class B		(1,633	)		(203,635	)
Nordstrom, Inc.		(17,299	)		(444,584	)
Novocure Ltd.		(3,712	)		(284,265	)
NVIDIA Corp.		(326	)		(60,463	)
Okta, Inc.		(2,163	)		(258,068	)
Old Dominion Freight Line, Inc.		(2,750	)		(770,330	)
ON Semiconductor Corp.		(4,012	)		(209,065	)
Oshkosh Corp.		(13,750	)		(1,271,050	)
Otis Worldwide Corp.		(11,450	)		(834,018	)
PAR Technology Corp.		(2,307	)		(76,223	)
Patrick Industries, Inc.		(2,472	)		(153,882	)
Phathom Pharmaceuticals, Inc.		(12,050	)		(155,927	)
Phreesia, Inc.		(9,640	)		(220,563	)
Plug Power, Inc.		(17,323	)		(364,130	)
Redfin Corp.		(19,095	)		(212,909	)
Regency Centers Corp.		(3,153	)		(217,021	)
RH		(930	)		(312,592	)
Rivian Automotive, Inc.		(9,350	)		(282,744	)
ROBLOX Corp., Class A		(5,266	)		(161,403	)
Roku, Inc.		(2,548	)		(236,709	)
Seagen, Inc.		(3,754	)		(491,812	)
SEI Investments Co.		(4,649	)		(259,042	)
Signet Jewelers Ltd.		(1,381	)		(96,946	)
SiteOne Landscape Supply, Inc.		(4,475	)		(631,109	)
SkyWater Technology, Inc.		(5,675	)		(34,731	)
Sleep Number Corp.		(3,657	)		(148,328	)
SoFi Technologies, Inc.		(27,710	)		(169,585	)
Sprouts Farmers Market, Inc.		(6,781	)		(202,074	)
Starbucks Corp.		(6,880	)		(513,523	)
Stoneridge, Inc.		(2,625	)		(51,739	)
SunPower Corp.		(14,730	)		(243,192	)
Sunrun, Inc.		(8,628	)		(172,388	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited) 

	Number of shares			Value ($)
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
Tapestry, Inc.		(12,167	)		(400,538	)
Terex Corp.		(32,010	)		(1,088,340	)
Tesla, Inc.		(220	)		(191,567	)
TG Therapeutics, Inc.		(18,309	)		(127,065	)
The Middleby Corp.		(3,210	)		(493,987	)
TuSimple Holdings, Inc., Class A		(15,001	)		(155,560	)
Twilio, Inc., Class A		(1,962	)		(219,391	)
Union Pacific Corp.		(531	)		(124,408	)
United Parcel Service, Inc., Class B		(1,720	)		(309,566	)
United States Steel Corp.		(251,459	)		(7,666,985	)
Urban Outfitters, Inc.		(13,930	)		(331,534	)
Vimeo, Inc.		(16,160	)		(164,670	)
Vuzix Corp.		(15,381	)		(79,520	)
Warner Music Group Corp., Class A		(5,674	)		(168,915	)
Wayfair, Inc., Class A		(15,310	)		(1,177,951	)
Whirlpool Corp.		(1,390	)		(252,313	)
Williams-Sonoma, Inc.		(5,236	)		(683,193	)
Wingstop, Inc.		(1,641	)		(150,578	)
World Wrestling Entertainment, Inc., Class A		(37,687	)		(2,200,544	)
Wynn Resorts Ltd.		(2,830	)		(199,458	)
					(71,030,462	)
Total common stocks (cost—$(102,958,878))					(93,713,959	)

	Face amount($)		Value ($)
Corporate bonds—(0.0)%†
United States—(0.0)%†
Patrick Industries, Inc.
4.750%, due 05/01/29	(100,000	)	(85,750	)

	Number of shares
Investment companies—(4.1)%
BMO S&P 500 Index ETF	(23,890	)	(1,081,201	)
Horizon S&P/TSX 60 Index ETF	(75,500	)	(2,945,008	)
Industrial Select Sector SPDR Fund	(5,800	)	(551,812	)
iShares Core S&P Small-Cap ETF	(9,320	)	(926,595	)
iShares Core S&P/TSX Capped Composite Index ETF	(52,570	)	(1,354,916	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

	Number of shares			Value ($)
Investments sold short—(concluded)
Investment companies—(concluded)
iShares Russell 2000 ETF		(11,257	)		(2,081,982	)
iShares S&P/TSX 60 Index ETF		(14,990	)		(371,060	)
SPDR Bloomberg High Yield Bond ETF		(18,600	)		(1,815,546	)
SPDR S&P 500 ETF Trust		(13,274	)		(5,468,888	)
SPDR S&P Oil & Gas Exploration & Production ETF		(6,600	)		(869,946	)
Total investment companies (cost—$(18,006,968))					(17,466,954	)
Total investments sold short (proceeds—$(121,063,931))					(111,266,663	)
Other assets in excess of liabilities—31.5%					133,776,342
Net assets—100.0%				$	424,469,842

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

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
EUR	19,929,000		511	Call Euro STOXX 50, strike @ 3,900.00	JPMCB	07/15/22		675,168		(497,570	)		177,598
EUR	14,855,750		3,265	Call Euro STOXX 50, strike @ 91.00	JPMCB	06/17/22		518,991		(284,164	)		234,827
GBP	9,420,000		120	Call FTSE 100 Index, strike @ 7,850.00	JPMCB	06/17/22		89,472		(65,639	)		23,833
GBP	9,420,000		120	Call FTSE 100 Index, strike @ 7,850.00	JPMCB	07/15/22		139,813		(125,242	)		14,571
JPY	1,622,500,000		55	Call NIKKEI 225 Index, strike @ 29,500.00	JPMCB	06/10/22		161,874		(25,429	)		136,445
USD	17,800,000		40	Call S&P 500 Index, strike @ 4,450.00	JPMCB	05/20/22		369,931		(32,000	)		337,931
USD	14,400,000		32	Call S&P 500 Index, strike @ 4,500.00	JPMCB	05/31/22		284,746		(27,520	)		257,226
USD	23,040,000		48	Call S&P 500 Index, strike @ 4,800.00	JPMCB	06/17/22		268,718		(6,000	)		262,718
USD	23,040,000		48	Call S&P 500 Index, strike @ 4,800.00	JPMCB	06/30/22		313,358		(12,240	)		301,118
EUR	17,082,000		438	Call Euro STOXX 50, strike @ 3,900.00	JPMCB	06/17/22		474,786		(285,096	)		189,690
Total							$	3,296,857	$	(1,360,900	)	$	1,935,957

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Equity options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received($)		Current value($)			Unrealized appreciation (depreciation)($)
EUR	2,701,000		73	Put Euro STOXX 50, strike @ 3,700.00	JPMCB	06/17/22		105,908		(98,574	)		7,334
GBP	1,776,000		24	Put Euro STOXX 50, strike @ 7,400.00	JPMCB	06/17/22		47,784		(46,475	)		1,309
EUR	2,709,950		653	Put Euro STOXX 50, strike @ 83.00	JPMCB	06/17/22		178,346		(139,499	)		38,847
GBP	1,776,000		24	Put FTSE 100 Index, strike @ 7,400.00	JPMCB	07/15/22		59,452		(61,716	)		(2,264	)
JPY	297,000,000		11	Put NIKKEI 225 Index, strike @ 27,000.00	JPMCB	06/10/22		61,464		(76,286	)		(14,822	)
USD	17,860,000		47	Put S&P 500 Index, strike @ 3,800.00	JPMCB	07/15/22		347,719		(468,120	)		(120,401	)
USD	2,050,000		5	Put S&P 500 Index, strike @ 4,100.00	JPMCB	05/20/22		71,240		(48,950	)		22,290
USD	6,337,500		15	Put S&P 500 Index, strike @ 4,225.00	JPMCB	06/17/22		233,975		(305,670	)		(71,695	)
USD	1,700,000		4	Put S&P 500 Index, strike @ 4,250.00	JPMCB	05/31/22		61,775		(77,752	)		(15,977	)
USD	3,600,000		8	Put S&P 500 Index, strike @ 4,500.00	JPMCB	06/17/22		92,386		(305,576	)		(213,190	)
USD	3,600,000		8	Put S&P 500 Index, strike @ 4,500.00	JPMCB	06/30/22		103,906		(301,560	)		(197,654	)
EUR	9,999,000		303	Put Euro STOXX 50, strike @ 3,300.00	JPMCB	07/15/22		258,377		(210,330	)		48,047
Total							$	1,622,332	$	(2,140,508	)	$	(518,176	)
Total equity options written							$	4,919,189	$	(3,501,408	)	$	1,417,781

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
85	USD	Mini Health Care Select Sector Futures	June 2022		11,537,874		11,171,550		(366,324	)
65	USD	MSCI Brazil Index Futures	June 2022		3,239,258		3,290,235		50,977
Total				$	14,777,132	$	14,461,785	$	(315,347	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
117	EUR	EURO STOXX 50 Index Futures	June 2022		(4,557,992	)		(4,611,314	)		(53,322	)
722	EUR	EURO STOXX 600 Index Futures	June 2022		(16,150,644	)		(16,977,715	)		(827,071	)
28	USD	MSCI World Index Futures	June 2022		(2,408,605	)		(2,413,320	)		(4,715	)
95	USD	Russell 2000 Mini Index Futures	June 2022		(9,381,412	)		(8,841,175	)		540,237
58	USD	S&P 500 E-Mini Index Futures	June 2022		(12,501,582	)		(11,969,750	)		531,832
U.S. Treasury futures sell contracts:
483	USD	U.S. Treasury Note 5 Year Futures	June 2022	$	(56,620,829	)	$	(54,420,516	)	$	2,200,313
Total				$	(101,621,064	)	$	(99,233,790	)	$	2,387,274
Net unrealized appreciation (depreciation)										$	2,071,927

Centrally cleared credit default swap agreements on corporate issues—sell protection⁵

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio6(%)		Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation)($)
CDX North America High Yield 38 Index	USD	2,885	06/20/27	Quarterly		5.000		(117,514	)		62,040		(55,474	)
iTraxx Europe Crossover Series 27 Index	EUR	2,584	06/20/27	Quarterly		5.000		(157,346	)		99,542		(57,804	)
Total							$	(274,860	)	$	161,582	$	(113,278	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)6		Payments received by the Portfolio(%)6		Value($)			Unrealized appreciation (depreciation)($)
AUD	6,106	06/15/24	Quarterly		3 Month AUD BBSW		2.751		(24,003	)		(24,003	)
AUD	12,212	06/15/24	Quarterly		3 Month AUD BBSW		2.746		(48,846	)		(48,846	)
AUD	6,106	06/15/24	Quarterly		3 Month AUD BBSW		2.791		(20,642	)		(20,642	)
AUD	18,320	06/15/24	Quarterly		RBA IOCR		2.768		(3,309	)		(3,309	)
AUD	18,320	06/15/24	Quarterly		3 Month AUD BBSW		2.7677		(67,807	)		(67,807	)
USD	3,448	06/21/25	Annual		3.001		12 Month SOFR		2,004			2,004
USD	3,448	06/21/25	Annual		3.003		12 Month SOFR		1,841			1,841
USD	3,448	06/21/25	Annual		3.001		12 Month SOFR		2,004			2,004
USD	3,448	06/21/25	Annual		2.922		12 Month SOFR		7,160			7,160

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)6		Payments received by the Portfolio(%)6		Value($)			Unrealized appreciation (depreciation)($)
USD	10,345	06/21/25	Annual		2.856		12 Month SOFR		34,404			34,404
USD	10,345	06/21/25	Annual		2.812		12 Month SOFR		42,921			42,921
JPY	3,021,000	06/15/32	Annual		0.323		12 Month JPY TONA		102,981			102,981
INR	523,626	06/15/27	Semi-Annual		6.115		3 Month INR MIBOR		177,712			177,712
INR	1,050,232	06/15/27	Semi-Annual		5.91		6 Month INR MIBOR		478,733			478,733
GBP	1,554	12/21/32	Annual		1.110		12 Month SONIA		145,210			145,210
GBP	1,157	12/21/32	Annual		1.110		12 Month SONIA		108,103			108,103
GBP	1,122	12/21/24	Annual		12 Month SONIA		1.140		(35,435	)		(35,435	)
GBP	10,600	12/21/24	Annual		12 Month SONIA		1.143		(334,007	)		(334,007	)
AUD	30,749	03/16/23	Quarterly		3 Month AUD BBSW		0.620		(223,182	)		(223,182	)
AUD	20,500	03/16/23	Quarterly		3 Month AUD BBSW		0.603		(151,267	)		(151,267	)
AUD	10,250	03/16/23	Quarterly		3 Month AUD BBSW		0.608		(75,269	)		(75,269	)
AUD	20,500	03/16/23	Quarterly		3 Month AUD BBSW		0.603		(151,338	)		(151,338	)
AUD	41,001	03/16/23	Quarterly		3 Month AUD BBSW		0.612		(299,923	)		(299,923	)
AUD	20,139	03/16/23	Quarterly		3 Month AUD BBSW		0.608		(147,984	)		(147,984	)
AUD	20,861	03/16/23	Quarterly		3 Month AUD BBSW		0.603		(154,036	)		(154,036	)
GBP	245	12/21/32	Annual		1.052		12 Month SONIA		24,472			24,472
GBP	2,325	03/15/33	Annual		1.121		12 Month SONIA		209,766			209,766
USD	61,915	03/15/25	Annual		1.404		12 Month SOFR		1,981,404			1,981,404
GBP	1,222	12/21/24	Annual		12 Month SONIA		1.278		(34,531	)		(34,531	)
GBP	2,325	03/15/33	Annual		1.126		12 Month SONIA		208,474			208,474
GBP	2,325	03/15/33	Annual		1.136		12 Month SONIA		205,892			205,892
GBP	2,325	03/15/33	Annual		1.149		12 Month SONIA		202,535			202,535
GBP	11,000	03/15/25	Annual		12 Month SONIA		1.356		(282,426	)		(282,426	)
GBP	11,000	03/15/25	Annual		12 Month SONIA		1.344		(285,721	)		(285,721	)
GBP	11,000	03/15/25	Annual		12 Month SONIA		1.356		(282,557	)		(282,557	)
GBP	11,000	03/15/25	Annual		12 Month SONIA		1.370		(278,735	)		(278,735	)
Total								$	1,034,598		$	1,034,598

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)6		Payments received by the Portfolio(%)6	Upfront payments received (made)($)		Value($)			Unrealized appreciation (depreciation)($)
BB	USD	2	06/17/22	Quarterly		0.000	S&P 500 Index		—		(458,427	)		(458,427	)
BB	EUR	11	10/29/22	Quarterly		0.000	3 Month EURIBOR		10		(353	)		(343	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(continued)

OTC total return swaps—(continued)
BB	EUR	20	02/24/23	Annual	3 Month EURIBOR	Ryanair Holdings PLC	—	4,371		4,371
BB	EUR	540	10/29/22	Quarterly	3 Months EURIBOR	0.552	28	806		834
BB	EUR	189	10/29/22	Quarterly	3 Months EURIBOR	0.552	—	282		282
BOA	USD	1	08/19/22	Quarterly	0.000	S&P 500 Index	—	(86,571	)	(86,571	)
GSI	USD	1	09/16/22	Quarterly	0.000	S&P 500 Index	—	(73,195	)	(73,195	)
JPMCB	EUR	1,263	08/02/22	Monthly	(0.273)	Europcar Mobility Group	—	6,190		6,190
JPMCB	GBP	147	08/04/22	Monthly	0.496	Meggitt PLC	—	77,284		77,284
JPMCB	USD	11	08/11/22	Monthly	0.370	Sanderson Farms , Inc.	—	(63,080	)	(63,080	)
JPMCB	USD	2	08/11/22	Monthly	0.370	American National Group , Inc.	—	(909	)	(909	)
JPMCB	GBP	15	08/15/22	Monthly	0.496	Avast PLC (Gbp)	—	(5,562	)	(5,562	)
JPMCB	USD	1	08/15/22	Monthly	Nortonlifelock , Inc.	(0.230)	—	2,699		2,699
JPMCB	GBP	33	08/18/22	Monthly	0.496	Ultra Electronics Hldgs PLC	—	(25,457	)	(25,457	)
JPMCB	USD	21	10/14/22	Monthly	0.370	Umpqua Holdings Corp.	—	(75,350	)	(75,350	)
JPMCB	USD	12	10/14/22	Monthly	Columbia Banking System , Inc.	(0.230)	—	72,051		72,051
JPMCB	USD	41	10/25/22	Monthly	0.370	Pnm Resources , Inc.	—	(121,993	)	(121,993	)
JPMCB	USD	8	11/04/22	Monthly	0.370	Rogers Corp.	—	5,990		5,990
JPMCB	AUD	21	11/14/22	Monthly	Newcrest Mining LTD.	(0.230)	—	(37,384	)	(37,384	)
JPMCB	DKK	2	11/14/22	Monthly	(0.050)	Drilling Co of 1972	—	23,974		23,974
JPMCB	USD	3	11/15/22	Monthly	NOBLE Corp.	(1.036)	—	(18,498	)	(18,498	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(continued)

OTC total return swaps—(continued)
JPMCB	USD	83	11/25/22	Monthly	0.370	Vonage Holdings Corp.	—	(46,832	)	(46,832	)
JPMCB	USD	40	12/08/22	Monthly	0.370	Gcp Applied Technologies	—	(8,830	)	(8,830	)
JPMCB	EUR	64	12/08/22	Monthly	(0.273)	Intertrust Nv	—	2,476		2,476
JPMCB	USD	13	12/16/22	Monthly	0.370	Terminix Global Holdings , Inc.	—	15,744		15,744
JPMCB	GBP	64	12/16/22	Monthly	Rentokil Initial PLC	(0.104)	—	(7,312	)	(7,312	)
JPMCB	USD	10	12/19/22	Monthly	0.370	CMC Materials , Inc.	—	(80,199	)	(80,199	)
JPMCB	USD	4	12/19/22	Monthly	Entegris , Inc.	(0.230)	—	89,815		89,815
JPMCB	USD	24	12/22/22	Monthly	0.370	Cerner Corp.	—	61,627		61,627
JPMCB	USD	42	12/28/22	Monthly	0.370	Ortho Clinical Diagnostics H	—	(111,280	)	(111,280	)
JPMCB	USD	4	12/28/22	Monthly	Quidel Corp.	(0.230)	—	117,500		117,500
JPMCB	USD	84	01/10/23	Monthly	0.370	Change Healthcare , Inc.	—	213,743		213,743
JPMCB	USD	161	01/12/23	Monthly	0.370	Zynga , Inc., Class A	—	(69,085	)	(69,085	)
JPMCB	USD	6	01/12/23	Monthly	Take-Two Interactive Softwre	(0.230)	—	123,088		123,088
JPMCB	USD	24	01/20/23	Monthly	0.370	Activision Blizzard , Inc.	—	(113,007	)	(113,007	)
JPMCB	USD	9	01/23/23	Monthly	0.370	Coherent , Inc.	—	125,245		125,245
JPMCB	USD	30	02/09/23	At Maturity	Frontier Group Holdings, Inc.	(0.325)	—	65,312		65,312
JPMCB	USD	17	02/09/23	At Maturity	0.620	Spirit Airlines, Inc.	—	(25,793	)	(25,793	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(continued)

OTC total return swaps—(continued)
JPMCB	USD	27	02/13/23	At Maturity	0.620	U.S. Ecology, Inc.	—	17,102		17,102
JPMCB	CAD	16	02/22/23	Monthly	1.633	Cineplex , Inc.	—	(4,578	)	(4,578	)
JPMCB	USD	47	02/24/23	At Maturity	0.620	Meritor, Inc.	—	9,912		9,912
JPMCB	CHF	9	03/02/23	At Maturity	(0.408)	Vifor Pharma AG	—	113,611		113,611
JPMCB	USD	5	03/02/23	At Maturity	0.620	Renewable Energy Group, Inc.	—	2,037		2,037
JPMCB	USD	80	03/02/23	At Maturity	0.620	first Horizon Corp.	—	(89,244	)	(89,244	)
JPMCB	USD	10	03/08/23	At Maturity	0.000	Contra Zogenix, Inc.	—	6,612		6,612
JPMCB	USD	63	03/10/23	At Maturity	0.620	Mandiant, Inc.	—	4,266		4,266
JPMCB	CAD	22	03/14/23	At Maturity	1.733	Newcrest Mining Ltd.	—	55,065		55,065
JPMCB	CAD	67	03/17/23	Monthly	0.932	Shaw Communications , Inc. , Class B	—	(8,128	)	(8,128	)
JPMCB	USD	0	03/23/23	At Maturity	0.620	Alleghany Corp.	—	(613	)	(613	)
JPMCB	USD	7	03/29/23	Monthly	II-VI , Inc.	(0.230)	—	87,312		87,312
JPMCB	USD	30	03/30/23	At Maturity	0.620	Plantronics, Inc.	—	14,290		14,290
JPMCB	USD	13	03/31/23	At Maturity	0.620	LHC Group, Inc.	—	(20,530	)	(20,530	)
JPMCB	GBP	76	04/04/23	At Maturity	0.99	Brewin Dolphin Holdings PLC	—	1,192		1,192
JPMCB	USD	29	04/13/23	At Maturity	0.620	Datto Holding Corp.	—	1,528		1,528

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(continued)

OTC total return swaps—(continued)
JPMCB	USD	91	04/25/23	Monthly	0.370	Welbilt , Inc.	—	141,535		141,535
JPMCB	USD	63	04/28/23	At Maturity	Vici Properties, Inc.	0.464	—	22,104		22,104
JPMCB	USD	—	04/28/23	Monthly	0.370	Flagstar BanCorp. , Inc.	—	(2,358	)	(2,358	)
JPMCB	USD	63	04/28/23	Monthly	Vici Properties , Inc.	(0.230)	—	25,123		25,123
JPMCB	USD	2	04/28/23	Monthly	New York Community BanCorp.	(0.230)	—	2,372		2,372
MSCI	USD	236	10/27/22	At maturity	Spxew 25 Index	1 Day Federal Fund Rate minus 35 bps	—	8,450		8,450
MSCI	USD	1,644	12/19/22	At maturity	1 Day Federal Fund Rate plus 55 bps	Cellnex Telecom SA, Common Stock	—	(168,001	)	(168,001	)
MSCI	USD	686	12/05/23	At maturity	S&P Pharmaceuticals Select Industry Index	1 Day Federal Fund Rate minus 35 bps	—	79,683		79,683
MSCI	USD	641	02/20/24	At maturity	S&P 500 Equal Weight Communication Services CME Index	1 Day Federal Fund Rate minus 35 bps	—	140,511		140,511
MSCI	USD	455	07/22/24	At maturity	S&P Retail Select Industry Index	1 Day Federal Fund Rate minus 127 bps	—	97,714		97,714

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(continued)

OTC total return swaps—(continued)
MSCI	USD	382	07/22/24	At maturity	Dow Jones U.S. Select Home Construction Total Return Index	1 Day Federal Fund Rate minus 35 bps	—	41,729		41,729
MSCI	USD	658	07/29/24	At maturity	S&P 500 Equal Weight Financials Index	1 Day Federal Fund Rate minus 35 bps	—	44,464		44,464
MSCI	USD	977	11/29/24	At maturity	Industrial Select Sector Index	1 Day Federal Fund Rate minus 35 bps	—	85,651		85,651
MSCI	USD	2,045	01/17/25	At maturity	1 Day Federal Fund Rate plus 55 bps	London Stock Exchange Group PLC	—	136,983		136,983
MSCI	USD	337	01/17/25	At maturity	1 Day Federal Fund Rate plus 55 bps	Telefonaktiebolaget LM Ericsson	—	(76,584	)	(76,584	)
MSCI	USD	416	01/17/25	At maturity	Day Federal Fund Rate plus 55 bps	Airbus SE	—	(43,431	)	(43,431	)
MSCI	USD	772	12/03/24	At maturity	S&P 500 Index	1 Day Federal Fund Rate minus 25 bps	—	81,409		81,409
MSCI	USD	101	10/27/22	At maturity	Dow Jones U.S. Real Estate Index	1 Day Federal Fund Rate minus 20 bps	—	(9,630	)	(9,630	)
MSCI	USD	358	12/02/24	At maturity	Moody's Corp.	1 Day Federal Fund Rate minus 30 bps	—	69,454		69,454

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Swaps—(concluded)

OTC total return swaps—(concluded)
MSCI	USD	801	01/22/25	At maturity	Health Care Select Sector Index	1 Day Federal Fund Rate minus 25 bps		—		39,600		39,600
MSCI	USD	676	01/08/25	At maturity	Technology Select Sector Index	1 Day Federal Fund Rate minus 10 bps		—		122,053		122,053
MSCI	USD	757	04/09/24	At maturity	Trspsemi Index	1 Day Federal Fund Rate minus 7 bps		—		96,130		96,130
MSCI	USD	801	04/09/24	At maturity	S&P Software & Service Select Industry Total Return Index	1 Day Federal Fund Rate plus 7 bps		—		139,667		139,667
							$	38	$	843,542	$	843,580

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	AUD	5,196,977	USD	3,899,892	06/15/22		225,131
BB	CAD	19,819,320	USD	15,578,398	06/15/22		152,102
BB	CAD	11,877,990	USD	9,236,587	06/15/22		(8,604	)
BB	CHF	22,855,617	USD	24,636,203	06/15/22		1,089,497
BB	EUR	13,504,795	USD	14,799,456	06/15/22		524,521
BB	GBP	13,413,901	USD	17,547,588	06/15/22		679,694
BB	JPY	3,221,147,401	USD	26,211,964	06/15/22		1,356,273
BB	JPY	173,611,283	USD	1,333,792	06/15/22		(5,864	)
BB	JPY	82,914,538	USD	662,996	07/20/22		22,096
BB	NOK	227,566,147	USD	25,442,626	06/15/22		1,177,357
BB	NZD	69,026,518	USD	47,066,845	06/15/22		2,507,140
BB	SEK	93,440,747	USD	9,827,566	06/15/22		300,511
BB	SEK	130,159,871	USD	13,024,010	06/15/22		(246,863	)
BB	SGD	17,347,347	USD	12,729,288	06/15/22		186,347
BB	SGD	227,105	USD	163,592	06/15/22		(615	)
BB	USD	25,212,928	AUD	34,040,537	06/15/22		(1,143,016	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Forward foreign currency contracts (continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	USD	9,025,477	CAD	11,383,936	06/15/22		(164,832	)
BB	USD	14,575,627	CHF	13,532,315	06/15/22		(634,134	)
BB	USD	254,883	CHF	247,573	06/15/22		176
BB	USD	44,376,379	EUR	40,644,383	06/15/22		(1,414,168	)
BB	USD	1,273,161	EUR	1,209,763	06/15/22		5,592
BB	USD	31,440,833	GBP	23,984,846	06/15/22		(1,280,043	)
BB	USD	936,626	GBP	748,963	06/15/22		5,190
BB	USD	18,890,310	JPY	2,254,222,722	06/15/22		(1,495,805	)
BB	USD	20,920,193	NOK	185,497,995	06/15/22		(1,140,629	)
BB	USD	464,176	NOK	4,369,206	06/15/22		1,710
BB	USD	14,689,102	NZD	21,245,158	06/15/22		(974,402	)
BB	USD	6,387,135	SEK	60,497,565	06/15/22		(218,909	)
BB	USD	401,275	SEK	3,957,572	06/15/22		2,232
BB	USD	8,385,771	SGD	11,426,857	06/15/22		(123,619	)
BNP	DKK	2,185,000	USD	321,894	07/20/22		10,788
BNP	KRW	5,789,970,098	USD	4,848,000	06/15/22		237,784
BNP	SEK	11,661,415	USD	1,237,981	07/20/22		47,610
BNP	TWD	20,971,300	USD	725,826	07/20/22		13,462
BNP	USD	4,848,000	KRW	5,802,772,392	06/15/22		(227,590	)
BNP	USD	16,609	SEK	158,000	07/20/22		(480	)
BOA	CAD	1,471,000	USD	1,166,248	07/20/22		21,524
BOA	CHF	1,083,440	USD	1,165,728	07/20/22		47,104
BOA	DKK	200,000	USD	29,313	07/20/22		837
BOA	EUR	2,132,374	CAD	2,942,000	07/20/22		30,914
BOA	EUR	12,597,933	USD	13,800,538	07/20/22		457,252
BOA	GBP	5,279,618	USD	6,880,867	07/20/22		240,000
BOA	NOK	3,286,914	USD	376,389	07/20/22		25,805
BOA	USD	288,826	EUR	269,000	07/20/22		(3,911	)
BOA	USD	129,769	GBP	103,000	07/20/22		(212	)
BOA	USD	263,421	ZAR	4,038,934	06/15/22		(8,831	)
CITI	GBP	5,000	USD	6,517	07/20/22		227
CITI	USD	181,582	EUR	167,000	07/20/22		(4,702	)
CITI	USD	22,157	GBP	17,000	07/20/22		(773	)
JPMCB	AUD	601,000	USD	435,878	05/31/22		11,029
JPMCB	CAD	440,622	USD	351,009	06/30/22		8,078
JPMCB	GBP	121,000	USD	157,306	07/20/22		5,108
JPMCB	GBP	144,438	USD	200,405	08/31/22		18,634
JPMCB	GBP	326,026	USD	435,930	09/30/22		25,469
JPMCB	USD	439,937	CAD	559,753	05/31/22		(4,227	)
JPMCB	USD	1,625,828	CHF	1,489,381	06/30/22		(90,051	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited) 

Forward foreign currency contracts (concluded)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
JPMCB	USD	68,208	DKK	445,690	06/30/22		(4,824	)
JPMCB	USD	156,101	GBP	115,804	06/30/22		(10,465	)
JPMCB	USD	172,282	GBP	125,040	08/31/22		(14,923	)
JPMCB	ZAR	28,815,832	USD	1,777,000	06/15/22		(39,379	)
MSCI	AUD	31,585,558	USD	23,197,159	06/15/22		863,150
MSCI	CAD	856,590	USD	673,756	06/15/22		7,032
MSCI	CHF	7,004,985	USD	7,592,356	06/15/22		375,560
MSCI	DKK	88,000	USD	12,864	07/20/22		334
MSCI	EUR	22,395,058	USD	24,869,762	06/15/22		1,197,581
MSCI	GBP	12,761,868	USD	16,793,892	06/15/22		745,926
MSCI	JPY	3,746,181,641	USD	32,445,610	06/15/22		3,538,537
MSCI	NOK	21,755,874	USD	2,456,556	06/15/22		136,737
MSCI	NOK	819,000	USD	89,150	07/20/22		1,795
MSCI	NZD	3,855,280	USD	2,631,927	06/15/22		143,173
MSCI	SEK	18,756,591	USD	1,978,081	06/15/22		65,692
MSCI	SEK	86,602,916	USD	8,728,245	06/15/22		(101,637	)
MSCI	SEK	697,000	USD	71,159	07/20/22		11
MSCI	SGD	10,111,284	USD	7,407,362	06/15/22		96,432
MSCI	USD	12,773,890	AUD	17,281,223	06/15/22		(554,415	)
MSCI	USD	27,806,293	CAD	35,160,746	06/15/22		(439,055	)
MSCI	USD	1,168,415	CAD	1,471,000	07/20/22		(23,691	)
MSCI	USD	5,262,834	CHF	4,835,469	06/15/22		(281,154	)
MSCI	USD	1,043,785	EUR	946,618	06/15/22		(43,184	)
MSCI	USD	64,239	EUR	61,000	06/15/22		240
MSCI	USD	3,044,701	GBP	2,327,818	06/15/22		(117,485	)
MSCI	USD	39,879	GBP	32,000	06/15/22		361
MSCI	USD	11,857,159	JPY	1,378,375,299	06/15/22		(1,221,051	)
MSCI	USD	347,044	JPY	43,639,000	07/20/22		(9,730	)
MSCI	USD	18,710,037	NOK	166,381,461	06/15/22		(968,861	)
MSCI	USD	13,851	NOK	122,000	07/20/22		(838	)
MSCI	USD	26,257,538	NZD	38,292,856	06/15/22		(1,537,788	)
MSCI	USD	26,982,277	SEK	257,971,943	06/15/22		(679,909	)
MSCI	USD	2,411,709	SGD	3,275,788	06/15/22		(43,162	)
MSCI	USD	719,551	TWD	20,971,300	07/20/22		(7,186	)
MSCI	USD	3,372,579	ZAR	51,472,864	06/15/22		(128,034	)
MSCI	ZAR	29,839,189	USD	1,859,000	06/15/22		(21,886	)
Net unrealized appreciation (depreciation)						$	1,168,818

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2022 (unaudited)

Fair valuation summary                        

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Portfolio's  investments. In the event a Portfolio  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		143,280,896			41,233,027			—		184,513,923
Preferred stocks		—			67,775			—		67,775
Investment companies		27,163,602			—			—		27,163,602
Warrant		681			—			—		681
Corporate bonds		—			53,784,596			—		53,784,596
Short-term investments		—			103,157,132			—		103,157,132
Short-term U.S. Treasury obligations		—			29,299,352			—		29,299,352
Equity and foreign exchange options purchased		3,973,102			—			—		3,973,102
Futures contracts		3,323,359			—			—		3,323,359
Swap agreements		—			6,792,954			—		6,792,954
Forward foreign currency contracts		—			16,609,755			—		16,609,755
Total	$	177,741,640		$	250,944,591		$	—	$	428,686,231
Liabilities
Investments sold short	$	(105,630,818	)	$	(5,635,845	)	$	—	$	(111,266,663	)
Equity options written		(3,501,408	)		—			—		(3,501,408	)
Futures contracts		(371,039	)		(880,393	)		—		(1,251,432	)
Swap agreements		—			(4,753,232	)		—		(4,753,232	)
Forward foreign currency contracts		—			(15,440,937	)		—		(15,440,937	)
Total	$	(109,503,265	)	$	(26,710,407	)	$	—	$	(136,213,672	)
At April 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,670,627, represented 1.3% of the Portfolio's net assets at period end.
3	Rate shown reflects annualized yield at the period end on zero coupon bond.
4	Rates shown reflect yield at April 30, 2022.
5	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.
6	Payments made or received are based on the notional amount.

Glossary of terms used in the Portfolio of investments (unaudited)
April 30, 2022 (unaudited)
Portfolio acronyms:
ABS	Asset-backed Security
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal
AMT	Alternative Minimum Tax
ARM	Adjustable Rate Mortgage
BAM	Build Americal Mutual
BBSW	Bank Bill Swap Rate
BOBL	Bundesobligationen
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
COFI	Cost of Funds Index
DAC	Designated Activity Company
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GNMA	Government National Mortgage Association
GO	General Obligation
GSAMP	Goldman Sachs Asset Mortgage Passthrough
GTD	Guaranteed
IO	Interest Only
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MGIC	Mortgage Guaranty Insurance Corporation
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
RBA IOCR	RBA Interbank Overnight Cash Rate
RASC	Retirement Administration Service Center
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SBA	Small Business Administration
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
SPDR	Standard and Poor’s Depository Receipts
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage Backed Securities

Currency type abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Great Britain Pound
HUF	Hungarian Forint
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
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
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
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
RBC	Royal Bank of Canada
SCB	Standard Chartered Bank
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 Semi annual report to shareholders dated January 31, 2022.