PACE High Yield A PHIAX

Under normal circumstances, the fund invests at least 80% of its net assets in high yield fixed income securities that are rated below investment grade or considered to be of comparable quality. The fund may invest up to 10% of its total assets in U.S. and/or non-U.S. senior secured bank loans which may be in the form of loan participations and assignments. It may invest in a number of different countries throughout the world, including the U.S., Europe and emerging market countries.