PACE Small/Medium Co Growth Equity P (Pace Small/Medium Company Growt) Fonds

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities issued by small/medium capitalization companies. Small/medium capitalization companies means companies with a total market capitalization within the market capitalization range of the companies in the Russell 2500® Growth Index at the time of purchase. The fund may from time to time invest a significant portion of its assets in the stocks of companies in various economic sectors, such as technology.