PACE Intermediate Fixed Income A PIFAX

The fund invests at least 80% of its net assets in fixed income securities. Such investments may include U.S. government and foreign government bonds, municipal fixed income investments, corporate bonds and bank loans. The fund may also invest up to 20% of its total assets in bonds that are below investment grade at the time of purchase, non-U.S. dollar denominated securities and fixed income securities of issuers located in emerging markets. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg U.S. Aggregate Bond Index.