MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
NSAR-A, 1997-04-01
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<PAGE>      PAGE  1
000 A000000 01/31/97
000 C000000 0000930007
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2.a
000 J000000 A
001 A000000 MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
001 B000000 811-8764
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 12
007 C010100  1
007 C020100 PACE MONEY MARKET INVESTMENTS
007 C030100 N
007 C010200  2
007 C020200 PACE GOVERNMENT SECURITIES FIXED INCOME INV.
007 C030200 N
007 C010300  3
007 C020300 PACE INTERMEDIATE FIXED INCOME INVESTMENTS
007 C030300 N
007 C010400  4
007 C020400 PACE STRATEGIC FIXED INCOME INVESTMENTS
007 C030400 N
007 C010500  5
007 C020500 PACE MUNICIPAL FIXED INCOME INVESTMENTS
007 C030500 N
007 C010600  6
007 C020600 PACE GLOBAL FIXED INCOME INVESTMENTS
007 C030600 N
007 C010700  7
007 C020700 PACE LARGE COMPANY VALUE EQUITY INVESTMENTS
007 C030700 N
007 C010800  8
007 C020800 PACE LARGE COMPANY GROWTH EQUITY INVESTMENTS
007 C030800 N
007 C010900  9
007 C020900 PACE SMALL/MEDIUM COMPANY VALUE EQUITY INV.
007 C030900 N
007 C011000 10
007 C021000 PACE SMALL/MEDIUM COMPANY GROWTH EQUITY INV.
<PAGE>      PAGE  2
007 C031000 N
007 C011100 11
007 C021100 PACE INTERNATIONAL EQUITY INVESTMENTS
007 C031100 N
007 C011200 12
007 C021200 PACE INTERNATIONAL EMERGING MARKETS EQUITY IN
007 C031200 N
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B00AA01 801-13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
015 A00AA02 CITIBANK NA
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC CUSTODIAN NOMINEES
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
<PAGE>      PAGE  3
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE DE BANQUE
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 EUROCLEAR LONDON
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 CEDEL BANK
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 BARCLAYS BANK OF BOTSWANA
015 B00AA09 S
015 C01AA09 GABORONE
015 D01AA09 BOTSWANA
015 E04AA09 X
015 A00AA10 CITIBANK NA
015 B00AA10 S
015 C01AA10 SAO PAULO
015 D01AA10 BRAZIL
015 E04AA10 X
015 A00AA11 CANADA TRUST CO
015 B00AA11 S
015 C01AA11 TORONTO
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 CITIBANK NA
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 HONG KONG & SHANGHAI BANK
015 B00AA13 S
015 C01AA13 SHANGHAI
015 D01AA13 CHINA
015 E04AA13 X
<PAGE>      PAGE  4
015 A00AA14 HONG KONG & SHANGHAI BANK
015 B00AA14 S
015 C01AA14 SHENZHEN
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CITITRUST SA
015 B00AA15 S
015 C01AA15 BOGOTA
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 BARCLAYS BANK PLC
015 B00AA16 S
015 C01AA16 NICOSIA
015 D01AA16 CYPRUS
015 E04AA16 X
015 A00AA17 CEKOSLOVENSKA OBCHODNI BANKA
015 B00AA17 S
015 C01AA17 PRAGUE
015 D01AA17 CZECH REPUBLIC
015 E04AA17 X
015 A00AA18 DEN DANSKE
015 B00AA18 S
015 C01AA18 COPENHAGEN
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CITIBANK NA
015 B00AA19 S
015 C01AA19 QUITO
015 D01AA19 ECUADOR
015 E04AA19 X
015 A00AA20 NATIONAL BANK OF EGYPT
015 B00AA20 S
015 C01AA20 CAIRO
015 D01AA20 EGYPT
015 E04AA20 X
015 A00AA21 MERITA BANK
015 B00AA21 S
015 C01AA21 HELSINKI
015 D01AA21 FINLAND
015 E04AA21 X
015 A00AA22 BANQUE PARIBAS
015 B00AA22 S
015 C01AA22 PARIS
015 D01AA22 FRANCE
015 E04AA22 X
015 A00AA23 DRESDNER BANK
015 B00AA23 S
015 C01AA23 FRANKFURT
015 D01AA23 GERMANY
015 E04AA23 X
015 A00AA24 BARCLAYS BANK OF GHANA LTD
<PAGE>      PAGE  5
015 B00AA24 S
015 C01AA24 ACCRA
015 D01AA24 GHANA
015 E04AA24 X
015 A00AA25 NATIONAL BANK OF GREECE
015 B00AA25 S
015 C01AA25 ATHENS
015 D01AA25 GREECE
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED
015 B00AA26 S
015 C01AA26 HONG KONG
015 D01AA26 HONG KONG
015 E04AA26 X
015 A00AA27 CITIBANK BUDAPEST
015 B00AA27 S
015 C01AA27 BUDAPEST
015 D01AA27 HUNGARY
015 E04AA27 X
015 A00AA28 HONG KONG & SHANGHAI BANKING CORP
015 B00AA28 S
015 C01AA28 MUMBAI
015 D01AA28 INDIA
015 E04AA28 X
015 A00AA29 DEUTSCHE BANK
015 B00AA29 S
015 C01AA29 MUMBAI
015 D01AA29 INDIA
015 E04AA29 X
015 A00AA30 STANDARD CHARTERED BANK
015 B00AA30 S
015 C01AA30 MUMBAI
015 D01AA30 INDONESIA
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED
015 B00AA31 S
015 C01AA31 JAKARTA
015 D01AA31 INDONESIA
015 E04AA31 X
015 A00AA32 BANK OF IRELAND
015 B00AA32 S
015 C01AA32 DUBLIN
015 D01AA32 IRELAND
015 E04AA32 X
015 A00AA33 BANK HAPOALIM BM
015 B00AA33 S
015 C01AA33 TEL AVIV
015 D01AA33 ISRAEL
015 E04AA33 X
015 A00AA34 MORGAN GUARANTY TRUST COMPANY
015 B00AA34 S
<PAGE>      PAGE  6
015 C01AA34 MONTE TITOLI
015 D01AA34 ITALY
015 E04AA34 X
015 A00AA35 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
015 B00AA35 S
015 C01AA35 IVORY
015 D01AA35 IVORY COAST
015 E04AA35 X
015 A00AA36 SUMITOMO TRUST & BANKING CO. LTD
015 B00AA36 S
015 C01AA36 TOKYO
015 D01AA36 JAPAN
015 E04AA36 X
015 A00AA37 FUJI BANK
015 B00AA37 S
015 C01AA37 TOKYO
015 D01AA37 JAPAN
015 E04AA37 X
015 A00AA38 DAIWA BANK
015 B00AA38 S
015 C01AA38 TOKYO
015 D01AA38 JAPAN
015 E04AA38 X
015 A00AA39 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA39 S
015 C01AA39 AMMAN
015 D01AA39 JORDAN
015 E04AA39 X
015 A00AA40 BARCLAYS BANK OF KENYA LTD
015 B00AA40 S
015 C01AA40 NAIROBI
015 D01AA40 KENYA
015 E04AA40 X
015 A00AA41 SEOUL BANK
015 B00AA41 S
015 C01AA41 SEOUL
015 D01AA41 KOREA
015 E04AA41 X
015 A00AA42 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA42 S
015 C01AA42 BEIRUT
015 D01AA42 LEBANON
015 E04AA42 X
015 A00AA43 STANDARD CHARTERED BANK
015 B00AA43 S
015 C01AA43 KUALA LUMPUR
015 D01AA43 MALAYSIA
015 E04AA43 X
015 A00AA44 CITIBANK MEXICO SA
015 B00AA44 S
015 C01AA44 MEXICO CITY
<PAGE>      PAGE  7
015 D01AA44 MEXICO
015 E04AA44 X
015 A00AA45 BANQUE COMMERCIALE DU MAROC
015 B00AA45 S
015 C01AA45 CASABLANCA
015 D01AA45 MOROCCO
015 E04AA45 X
015 A00AA46 HONG KONG & SHANGHAI BANKING CORP
015 B00AA46 S
015 C01AA46 PORT LOUIS
015 D01AA46 MAURITIUS
015 E04AA46 X
015 A00AA47 MEESPIERSON NV
015 B00AA47 S
015 C01AA47 AMSTERDAM
015 D01AA47 NETHERLANDS
015 E04AA47 X
015 A00AA48 ANZ (NZ)
015 B00AA48 S
015 C01AA48 WELLINGTON
015 D01AA48 NEW ZEALAND
015 E04AA48 X
015 A00AA49 CHRISTIANA
015 B00AA49 S
015 C01AA49 OSLO
015 D01AA49 NORWAY
015 E04AA49 X
015 A00AA50 DEUTSCHE BANK AG
015 B00AA50 S
015 C01AA50 KARACHI
015 D01AA50 PAKISTAN
015 E04AA50 X
015 A00AA51 CITIBANK NA
015 B00AA51 S
015 C01AA51 LIMA
015 D01AA51 PERU
015 E04AA51 X
015 A00AA52 STANDARD CHARTERED
015 B00AA52 S
015 C01AA52 MANILA
015 D01AA52 PHILLIPINES
015 E04AA52 X
015 A00AA53 CITIBANK POLAND SA
015 B00AA53 S
015 C01AA53 WARSAW
015 D01AA53 POLAND
015 E04AA53 X
015 A00AA54 BANCO COMMERCIALE PORTUGEUS
015 B00AA54 S
015 C01AA54 LISBON
015 D01AA54 PORTUGAL
<PAGE>      PAGE  8
015 E04AA54 X
015 A00AA55 STANDARD BANK OF SOUTH AFRICA
015 B00AA55 S
015 C01AA55 JOHANNESBURG
015 D01AA55 SOUTH AFRICA
015 E04AA55 X
015 A00AA56 THE DEVELOPMENT BANK OF SINGAPORE LTD
015 B00AA56 S
015 C01AA56 SINGAPORE
015 D01AA56 SINGAPORE
015 E04AA56 X
015 A00AA57 BANCO SANTANDER
015 B00AA57 S
015 C01AA57 MADRID
015 D01AA57 SPAIN
015 E04AA57 X
015 A00AA58 HONG KONG & SHANGHAI BANK
015 B00AA58 S
015 C01AA58 COLOMBO
015 D01AA58 SRI LANKA
015 E04AA58 X
015 A00AA59 BANK OF SWAZILAND
015 B00AA59 S
015 C01AA59 MBABANE
015 D01AA59 SWAZILAND
015 E04AA59 X
015 A00AA60 SKANDINAVISKA ENSKILDA
015 B00AA60 S
015 C01AA60 STOCKHOLM
015 D01AA60 SWEDEN
015 E04AA60 X
015 A00AA61 CESKOSLOVENSKA OBCHODNA BANK AS
015 B00AA61 S
015 C01AA61 BRATSLAVIA
015 D01AA61 SLOVAK REPUBLIC
015 E04AA61 X
015 A00AA62 UNION BANK OF SWITZERLAND
015 B00AA62 S
015 C01AA62 ZURICH
015 D01AA62 SWITZERLAND
015 E04AA62 X
015 A00AA63 CENTRAL TRUST OF CHINA
015 B00AA63 S
015 C01AA63 TAIPEI
015 D01AA63 TAIWAN
015 E04AA63 X
015 A00AA64 CREDIT SUISSE, ZURICH
015 B00AA64 S
015 C01AA64 MOSCOW
015 D01AA64 RUSSIA
015 E04AA64 X
<PAGE>      PAGE  9
015 A00AA65 STANDARD CHARTERED BANK
015 B00AA65 S
015 C01AA65 BANGKOK
015 D01AA65 THAILAND
015 E04AA65 X
015 A00AA66 BARCLAYS BANK OF ZIMBABWE
015 B00AA66 S
015 C01AA66 ZIMBABWE
015 D01AA66 ZIMBABWE
015 E04AA66 X
015 A00AA67 CITIBANK
015 B00AA67 S
015 C01AA67 ISTANBUL
015 D01AA67 TURKEY
015 E04AA67 X
015 A00AA68 BARCLAYS BANK OF ZAMBIA LTD
015 B00AA68 S
015 C01AA68 WINDHEOK
015 D01AA68 ZAMBIA
015 E04AA68 X
015 A00AA69 STATE STREET BANK
015 B00AA69 S
015 C01AA69 LONDON
015 D01AA69 UNITED KINGDOM
015 E04AA69 X
015 A00AA70 CITIBANK NA
015 B00AA70 S
015 C01AA70 URUAGUAY
015 D01AA70 URUGUAY
015 E04AA70 X
015 A00AA71 CITIBANK NA
015 B00AA71 S
015 C01AA71 CARACAS
015 D01AA71 VENEZUELA
015 E04AA71 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   63
019 C00AA00 PAINEWEBBR
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001    125
020 A000002 MERRILL LYNCH PIERCE FENNER
020 B000002 13-5674085
020 C000002     42
020 A000003 JEFFRIES & CO.
020 B000003 95-2622900
020 C000003     38
020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004     32
<PAGE>      PAGE  10
020 A000005 SALOMON BROTHERS
020 B000005 13-3082694
020 C000005     31
020 A000006 MORGAN STANLEY & CO.
020 B000006 13-2655998
020 C000006     29
020 A000007 S. G. WARBURG & CO.
020 B000007 13-3340045
020 C000007     26
020 A000008 PRUDENTIAL SECURITIES INC
020 B000008 22-2347336
020 C000008     22
020 A000009 BEAR STERNS
020 B000009 13-3299429
020 C000009     20
020 A000010 U.B.S. SECURITIES
020 B000010 13-2932996
020 C000010     20
021  000000      779
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001   4252708
022 D000001      4984
022 A000002 MORGAN STANLEY AND CO.
022 B000002 13-2655998
022 C000002    107926
022 D000002     82400
022 A000003 GOLMAN SACHS
022 B000003 13-5108880
022 C000003    154533
022 D000003     33215
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004    100213
022 D000004     72895
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005    115793
022 D000005     45643
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006     61899
022 D000006     65756
022 A000007 GREENWICH SECURITIES
022 C000007     70021
022 D000007     57016
022 A000008 BEAR STERNS
022 B000008 13-3299429
022 C000008     57581
022 D000008     33719
022 A000009 STATE STEET BANK LONDON
<PAGE>      PAGE  11
022 C000009     67966
022 D000009         0
022 A000010 CS FIRST BOSTON CORP
022 B000010 13-5659485
022 C000010     54571
022 D000010      7728
023 C000000    5342366
023 D000000     565343
024  00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 Y
040  00AA00 N
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
<PAGE>      PAGE  12
054 O00AA00 Y
055 A00AA00 Y
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00    25000
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 C00AA00        0
081 B00AA00   0
082 B00AA00        0
083 B00AA00        0
084 B00AA00        0
086 A010000      0
086 A020000      0
086 B010000      0
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086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
008 A000101 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000101 A
008 C000101 801-13219
008 D010101 NEW YORK
<PAGE>      PAGE  13
008 D020101 NY
008 D030101 10019
028 A010100       723
028 A020100        43
028 A030100         0
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028 B020100        46
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028 C010100       813
028 C020100        45
028 C030100         0
028 C040100       944
028 D010100       955
028 D020100        48
028 D030100         0
028 D040100       242
028 E010100       834
028 E020100        50
028 E030100         0
028 E040100       226
028 F010100      1138
028 F020100        52
028 F030100         0
028 F040100      1110
028 G010100      5422
028 G020100       284
028 G030100         0
028 G040100      3050
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.350
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
<PAGE>      PAGE  14
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
062 A000100 Y
062 B000100   0.0
062 C000100  17.5
062 D000100   0.0
062 E000100   0.0
062 F000100  15.3
062 G000100   0.0
062 H000100   7.4
062 I000100  44.6
062 J000100   0.0
062 K000100   0.0
062 L000100  15.2
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  62
063 B000100  0.0
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
<PAGE>      PAGE  15
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100  6
072 B000100      323
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072 D000100        0
072 E000100        0
072 F000100       21
072 G000100        0
072 H000100        0
072 I000100       31
072 J000100        1
072 K000100        5
072 L000100        4
072 M000100       16
072 N000100       13
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        9
072 S000100        6
072 T000100        0
072 U000100       10
072 V000100        0
072 W000100        5
072 X000100      121
072 Y000100       91
072 Z000100      293
072AA000100        0
072BB000100        0
072CC010100        0
<PAGE>      PAGE  16
072CC020100        0
072DD010100      293
072DD020100        0
072EE000100        0
073 A010100   0.0300
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        0
074 B000100        0
074 C000100    12895
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100      229
074 M000100       79
074 N000100    13203
074 O000100      150
074 P000100        0
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      176
074 S000100        0
074 T000100    12877
074 U010100    12877
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   1.0000
074 X000100    11431
074 Y000100        0
075 A000100    11784
075 B000100        0
076  000100     0.00
008 A000201 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000201 A
008 C000201 801-13219
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10019
008 A000202 PACIFIC INVESTMENT MANAGEMENT COMPANY
008 B000202 S
008 C000202 801-00000
008 D010202 NEWPORT BEACH
<PAGE>      PAGE  17
008 D020202 CA
008 D030202 92660
028 A010200      3559
028 A020200       248
028 A030200         0
028 A040200       634
028 B010200      3729
028 B020200       264
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  21
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<PAGE>      PAGE  23
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<PAGE>      PAGE  27
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<PAGE>      PAGE  29
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<PAGE>      PAGE  31
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008 A000601 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
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<PAGE>      PAGE  34
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008 B001101 A
008 C001101 801-13219
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10019
008 A001102 MARTIN CURRIE INC.
008 B001102 S
008 C001102 801-00000
008 D011102 EDINBURGH
008 D051102 SCOTLAND
008 D061102 EH12ES
028 A011100      3691
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<PAGE>      PAGE  55
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045  001100 Y
046  001100 N
047  001100 Y
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048 F021100 0.000
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048 G021100 0.000
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048 H021100 0.000
048 I011100        0
048 I021100 0.000
048 J011100        0
048 J021100 0.000
048 K011100        0
048 K021100 0.000
062 A001100 N
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062 C001100   0.0
062 D001100   0.0
062 E001100   0.0
062 F001100   0.0
062 G001100   0.0
062 H001100   0.0
062 I001100   0.0
062 J001100   0.0
062 K001100   0.0
062 L001100   0.0
062 M001100   0.0
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062 O001100   0.0
062 P001100   0.0
<PAGE>      PAGE  56
062 Q001100   0.0
062 R001100   0.0
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066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067  001100 N
068 A001100 N
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069  001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
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070 F021100 N
070 G011100 Y
070 G021100 N
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070 H021100 N
070 I011100 N
070 I021100 N
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070 J021100 N
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070 K021100 Y
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070 L021100 Y
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070 M021100 Y
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070 O021100 N
070 P011100 N
070 P021100 N
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070 Q021100 N
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<PAGE>      PAGE  57
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072EE001100      356
073 A011100   0.1300
073 A021100   0.0000
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<PAGE>      PAGE  58
074 K001100        0
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074 O001100     4349
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076  001100     0.00
008 A001201 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B001201 A
008 C001201 801-13219
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10019
008 A001202 SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC
008 B001202 S
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008 D021202 NY
008 D031202 10019
028 A011200      1875
028 A021200         0
028 A031200         0
028 A041200       224
028 B011200      1448
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028 B031200         0
028 B041200       462
028 C011200      2309
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<PAGE>      PAGE  59
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045  001200 Y
046  001200 N
047  001200 Y
048  001200  1.100
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048 B011200        0
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062 A001200 N
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<PAGE>      PAGE  60
062 M001200   0.0
062 N001200   0.0
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062 P001200   0.0
062 Q001200   0.0
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066 A001200 Y
066 B001200 Y
066 C001200 N
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067  001200 N
068 A001200 N
068 B001200 Y
069  001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
<PAGE>      PAGE  61
070 Q011200 Y
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070 R011200 Y
070 R021200 N
071 A001200     15569
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072 S001200        5
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072 U001200       10
072 V001200        0
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<PAGE>      PAGE  62
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074 T001200    38065
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SIGNATURE   JULIAN SLUYTERS                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 2
   <NAME> PACE GOVERNMENT SECURITIES FIXED INCOME INVESTMENTS
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
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   <NAME> PACE INTERMEDIATE FIXED INCOME INVESTMENTS
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
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   <NUMBER> 4
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 5
   <NAME> PACE MUNICIPAL FIXED INCOME INVESTMENTS
<MULTIPLIER> 1000
       
<S>                             <C>
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<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 6
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<MULTIPLIER> 1000
       
<S>                             <C>
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<PERIOD-START>                             AUG-01-1996
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                            48603
<INVESTMENTS-AT-VALUE>                           47602
<RECEIVABLES>                                     5397
<ASSETS-OTHER>                                    1023
<OTHER-ITEMS-ASSETS>                                67
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<PAYABLE-FOR-SECURITIES>                          4675
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<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
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<ACCUMULATED-NII-PRIOR>                             75
<ACCUMULATED-GAINS-PRIOR>                        0
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 9
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<MULTIPLIER> 1000
       
<S>                             <C>
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<PERIOD-START>                             AUG-01-1996
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
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   <NUMBER> 10
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 11
   <NAME> PACE INTERNATIONAL EQUITY INVESTMENTS
<MULTIPLIER> 1000
       
<S>                             <C>
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> MANAGED ACCOUNT SERVICES PORTFOLIO TRUST
<SERIES>
   <NUMBER> 12
   <NAME> PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS
<MULTIPLIER> 1000
       
<S>                             <C>
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</TABLE>

811 Number    Subsidiary Name                                        

For period ending January 31, 1997  Attachment 77D                         
 
File Number 811-8764

Managed Accounts Services Portfolio Trust

     On September 25, 1996, the Trust's board approved an amendment to its
non-fundamental investment policies to permit investment by the Trust in 
First Tier securities (as defined in Rule 2A-7 under the Investment Company
Act of 1940) of foreign issuers. 

Form 10f-3       Fund:   Managed Accounts Services Portfolio Trust 

Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures 

1.     Issuer:   Pharmacia and Upjohn Inc.

2.     Date of Purchase:   7/23/96

3.     Date Offering commenced:  7/24/96

4.     Underwriters from whom purchased:   Merrill Clearing Agent, Merrill 
       & Goldman Co-managers. 

5.     "Affiliated Underwriters" managing or participating in syndicate:
        PaineWebber

6.     Aggregate principal amount of purchase:  $576,000

7.     Aggregate principal amount of offering:  $2,000,261,360

8.     Purchase price (net of fees and expenses):  40

9.     Inital public offering price:  40

10.    Commission, spread or profit:                %        $.48

11.    Have the following conditions been satisfied? 

YES      NO

       a.     The securities are part of an issue registered under the 
       Securities Act of 1933 which is being offered to the public or are 
       "municipal securites" as defined in Section 3(a)(29) of the 
       Securities Exchange Act of 1934.

_____X_________

      b.     The securites were purchased prior to the end of the end first
      full business day of the offering at not more than the intial offering
      price (or, if a  rights                                         
offering, , the securities were  purchased  on or before the  fourth day
preceding the  day  on which the offering terminated.


____X___


_______

c.   The underwriting was a firm commitment underwriting.
___X____
_______

d.   The commission, spread or profit was reasonable and fair in relation to
that being received by others for underwriting similar securities during the
same period.

____X___

_______

e.   (1)  If securities are registered under the Securities Act of 1933, the
issuer of the securities and its predecessor have been in continuous operation
for not less than three years.

____X___

_______

   
    (2)  If securities are municipal securities, the issue of securites has
 received an investment grade rating from a nationally recognized statistical
 rating organization or, if the issuer or entity supplying the revenues from
 which the issue is to be paid shall have been in continuous operation for
 less than three years (including any predecessor), the issue has received one
 of the three highest ratings from at least one such rating organization.

f.   The amount of such securities purchased by all the investment companies
 advised by Advisor did not exceed 4% of the principal amount of the offering
 or $500,000 in principal amount, whichever is greater, provided that in no 
 event did such amount exceed 10% of the principal amount of the offering.


____X____                                                                



g.   The purchase price was less than 3% of the Fund's total assets.   


____x____                                                             


h.   No Affiliated Underwriter was a direct or indirect participant in or 
beneficiary of the sale or, with respect to municipal securities, no purchases
were designated as group sales or otherwise allocated to account of any 
Affilated Underwriter.                                                 


____X____                                                                




Approved: Aurea Sulit                                  Date: 07/24/96 



Exhibit 77Q (1)                                                         


                                                            
SUB-ADVISORY AGREEMENT


     Agreement made as of October 31, 1996 between MITCHELL HUTCHINS ASSET
MANAGEMENT INC., a Delaware corporation ("Mitchell Hutchins"), and CHANCELLOR
LGT Asset Management, Inc. (formerly known as Chancellor Capital Management,
Inc. ("Chancellor")), a Delaware corporation ("Sub-Adviser" or "Chancellor LGT")
(the "Agreement").


     RECITALS

     (1)  Mitchell Hutchins has entered into a Management Agreement dated June
15, 1995 ("Management Agreement") with Managed Accounts Services Portfolio Trust

"Trust"), an open-end management investment company registered under the
Investment Company Act of 1940, as amended ("1940 Act") with respect to the PACE
LARGE COMPANY GROWTH EQUITY INVESTMENTS ("Portfolio") series of the Trust; and

     (2)  Mitchell Hutchins entered into a Sub-Advisory Agreement dated as of
June 15, 1995 (the "Original Sub-Advisory Agreement") with Chancellor with
respect to the Portfolio, pursuant to which Chancellor agreed to furnish certain
investment advisory services;

     (3)  Effective October 31, 1996, Chancellor was acquired by Liechtenstein
Global Trust, AG, with the resulting organization to be known as Chancellor LGT
Asset Management, Inc.  As a result of this transaction, the Original
Sub-Advisory Agreement between Mitchell Hutchins and Chancellor automatically
terminated; and


4)  Mitchell Hutchins and Chancellor LGT wish to enter into a new
Sub-Advisory Agreement embodying substantially the same terms and provisions as
the Original Sub-Advisory Agreement;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties agree as follows:

     1.   Appointment.  Mitchell Hutchins hereby appoints the Sub-Adviser as an
investment sub-adviser with respect to the Portfolio for the period and on the
terms set forth in this Agreement. The Sub-Adviser accepts that appointment and
agrees to render the services herein set forth, for the compensation herein
provided.

     2.   Duties as Sub-Adviser.


b)  The Sub-Adviser agrees that, in placing orders with brokers, it will
obtain the best net result in terms of price and execution; provided that, on
behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who
provide the Sub-Adviser with research, analysis, advice and similar services to
execute portfolio transactions, and the Sub-Adviser may pay to those brokers in
return for brokerage and research services a higher commission than may be
charged by other brokers, subject to the Sub-Adviser's determining in good faith
that such commission is reasonable in terms either of the particular transaction
or of the overall responsibility of the Sub-Adviser to the Portfolio and its
other clients and that the total commissions paid by the Portfolio will be
reasonable in relation to the benefits to the Portfolio over the long term. In
no instance will portfolio securities be purchased from or sold to the
Sub-Adviser, or any affiliated person thereof, except in accordance with the
federal securities laws and the rules and regulations thereunder.  The
Sub-Adviser may aggregate sales and purchase orders of the assets of the
Portfolio with similar orders being made simultaneously for other accounts
advised by the Sub-Adviser or its affiliates.  Whenever the Sub-Adviser
simultaneously places orders to purchase or sell the same security on behalf of
the Portfolio and one or more other accounts advised by the Sub-Adviser, the
orders will be allocated as to price and amount among all such accounts in a
manner believed to be equitable over time to each account. Mitchell Hutchins
recognizes that in some cases this procedure may adversely affect the results
obtained for the Portfolio.

     
c)  The Sub-Adviser will maintain all books and records required to be
maintained by the Sub-Adviser pursuant to the 1940 Act and the rules and
regulations promulgated thereunder with respect to transactions by the
Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell
Hutchins with such periodic and special reports as the Board or Mitchell
Hutchins reasonably may request. In compliance with the requirements of Rule
31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which
it maintains for the Portfolio are the property of the Trust, agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act any records which it
maintains for the Portfolio and which are required to be maintained by Rule
31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust
any records which it maintains for the Portfolio upon request by the Trust.


s) from a party(ies) independent of the Sub-Adviser for
each portfolio security for which the custodian does not obtain prices in the
ordinary course of business from an automated pricing service.

     3.   Further Duties.  In all matters relating to the performance of this
Agreement, the Sub-Adviser will act in conformity with the Trust's Trust
Instrument, By-Laws and currently effective registration statement under the
1940 Act and any amendments or supplements thereto ("Registration Statement")
and with the written instructions and written directions of the Board and
Mitchell Hutchins and will comply with the applicable requirements of the 1940
Act, the Investment Advisers Act of 1940, as amended 
"Advisers Act"),  the
rules under each, Subchapter M of the Internal Revenue Code as applicable to
regulated investment companies, and all other applicable federal and state laws
and regulations. Mitchell Hutchins agrees to provide to the Sub-Adviser copies
of the Trust's Trust Instrument, By-Laws, Registration Statement, written
instructions and directions of the Board and Mitchell Hutchins, and any
amendments or supplements to any of these materials as soon as practicable after
such materials become available; provided, however, that the Sub-Adviser's duty
under this Agreement to act in conformity with any document, instruction or
guideline produced by the Trust or Mitchell Hutchins shall not arise until it
has been delivered to the Sub-Adviser.  Any changes to the objectives, policies
and restrictions will make due allowance for the time within which the
Sub-Adviser shall have to come into compliance.

     4.   Expenses.  During the term of this Agreement, the Sub-Adviser will
bear all expenses incurred by it in connection with its services under this
Agreement.  The Sub-Adviser shall not be responsible for any expenses incurred
by the Trust, the Portfolio or Mitchell Hutchins.

     5.   Compensation.


a)  For the services provided and the expenses assumed by the Sub-Adviser
pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to
the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of
 .30% of the Portfolio's average daily net assets (computed in the manner
specified in the Management Agreement), and will provide the Sub-Adviser with a
schedule showing the manner in which the fee was computed.

     (b)  The fee shall be computed daily and payable monthly to the Sub-Adviser
on or before the last business day of the next succeeding calendar month.


a)  The Sub-Adviser (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement; (iii) has met, and
will seek to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency, necessary to
be met in order to perform the services contemplated by this Agreement; 
iv) has
the authority to enter into and perform the services contemplated by this
Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of
any event that would disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9(a) of the 1940 Act or
otherwise.

     (b)  The Sub-Adviser has adopted a written code of ethics complying with
the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell
Hutchins and the Board with a copy of such code of ethics, together with
evidence of its adoption.  Within fifteen days of the end of the last calendar
quarter of each year that this Agreement is in effect, the president or a
vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the
Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous
year and that there has been no violation of the Sub-Adviser's code of ethics
or, if such a violation has occurred, that appropriate action was taken in
response to such violation. Upon the written request of Mitchell Hutchins, the
Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents or the
appropriate regulatory authority to examine the reports required to be made to
the Sub-Adviser by Rule 17j-1
c)(1) and all other records relevant to the
Sub-Adviser's code of ethics.

     (c)  The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form
ADV as most recently filed with the Securities and Exchange Commission ("SEC")
and promptly will furnish a copy of all amendments to Mitchell Hutchins at least
annually.

     (d)  The Sub-Adviser will notify Mitchell Hutchins of any change of control
of the Sub-Adviser, including any change of its general partners or 25%
shareholders, as applicable, and any changes in the key personnel who are either
the portfolio manager
a)  This Agreement shall become effective upon the date first above
written, provided that this Agreement shall not take effect unless it has first
been approved (i) by a vote of a majority of those trustees of the Trust who are
not parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting on such approval, and (ii)
by vote of a majority of the Portfolio's outstanding voting securities;
provided, however, that clause (ii) shall not apply when Mitchell Hutchins
enters into a sub-advisory agreemtn with a sub-adviser without such vote
pursuant to the terms of the SEC order received by the Trust.

     
b)  Unless sooner terminated as provided herein, this Agreement shall
continue in effect for one year from its effective date. Thereafter, if not
terminated, this Agreement shall continue for successive periods of twelve
months each, provided that such continuance is specifically approved at least
annually (i) by a vote of a majority of those trustees of the Trust who are not
parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting on such approval, and
ii)
by the Board or by vote of a majority of the outstanding voting securities of
the Portfolio.

     (c)  Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by vote of the Board or by a vote of a
majority of the outstanding voting securities of the Portfolio on 60 days'
written notice to the Sub-Adviser. This Agreement may also be terminated,
without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days'
written notice to the Sub-Adviser;
1)

     SUB-ADVISORY AGREEMENT


     Agreement made as of December 16, 1996 between MITCHELL HUTCHINS ASSET
MANAGEMENT INC., a Delaware corporation ("Mitchell Hutchins"), and DELAWARE
MANAGEMENT COMPANY, INC., a Delaware corporation ("Sub-Adviser") (the
"Agreement").

     RECITALS

     (1)  Mitchell Hutchins has entered into a Management Agreement dated June
15, 1995 ("Management Agreement") with Managed Accounts Services Portfolio Trust
("Trust"), an open-end management investment company registered under the
Investment Company Act of 1940, as amended 
"1940 Act") with respect to PACE
Small/Medium Company Growth Equity Investments ("Portfolio"), a series of the
Trust; and

     (2)  Mitchell Hutchins wishes to retain the Sub-Adviser to furnish certain
investment advisory services with respect to the Portfolio, and the Sub-Adviser
is willing to furnish those services;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties agree as follows:

     1.   Appointment.  Mitchell Hutchins hereby appoints the Sub-Adviser as an
investment sub-adviser with respect to the Portfolio for the period and on the
terms set forth in this Agreement. The Sub-Adviser accepts that appointment and
agrees to render the services herein set forth, for the compensation herein
provided.

     2.   Duties as Sub-Adviser.


b)  The Sub-Adviser agrees that, in placing orders with brokers, it will
obtain the best net result in terms of price and execution; provided that, on
behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who
provide the Sub-Adviser with research, analysis, advice and similar services to
execute portfolio transactions, and the Sub-Adviser may pay to those brokers in
return for brokerage and research services a higher commission than may be
charged by other brokers, subject to the Sub-Adviser's determining in good faith
that such commission is reasonable in terms either of the particular transaction
or of the overall responsibility of the Sub-Adviser to the Portfolio and its
other clients and that the total commissions paid by the Portfolio will be
reasonable in relation to the benefits to the Portfolio over the long term. In
no instance will portfolio securities be purchased from or sold to the
Sub-Adviser, or any affiliated person thereof, except in accordance with the
federal securities laws and the rules and regulations thereunder.  The
Sub-Adviser may aggregate sales and purchase orders of the assets of the
Portfolio with similar orders being made simultaneously for other accounts
advised by the Sub-Adviser or its affiliates.  Whenever the Sub-Adviser
simultaneously places orders to purchase or sell the same security on behalf of
the Portfolio and one or more other accounts advised by the Sub-Adviser, the
orders will be allocated as to price and amount among all such accounts in a
manner believed to be equitable over time to each account. Mitchell Hutchins
recognizes that in some cases this procedure may adversely affect the results
obtained for the Portfolio.

     
c)  The Sub-Adviser will maintain all books and records required to be
maintained by the Sub-Adviser pursuant to the 1940 Act and the rules and
regulations promulgated thereunder with respect to transactions by the
Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell
Hutchins with such periodic and special reports as the Board or Mitchell
Hutchins reasonably may request. In compliance with the requirements of Rule
31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which
it maintains for the Portfolio are the property of the Trust, agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act any records which it
maintains for the Portfolio and which are required to be maintained by Rule
31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust
any records which it maintains for the Portfolio upon request by the Trust.


s) from a party(ies) independent of the Sub-Adviser for
each portfolio security for which the custodian does not obtain prices in the
ordinary course of business from an automated pricing service.

     3.   Further Duties.  In all matters relating to the performance of this
Agreement, the Sub-Adviser will act in conformity with the Trust's Trust
Instrument, By-Laws and currently effective registration statement under the
1940 Act and any amendments or supplements thereto ("Registration Statement")
and with the written instructions and written directions of the Board and
Mitchell Hutchins and will comply with the applicable requirements of the 1940
Act, the Investment Advisers Act of 1940, as amended 
"Advisers Act"),  the
rules under each, Subchapter M of the Internal Revenue Code as applicable to
regulated investment companies, and all other applicable federal and state laws
and regulations. Mitchell Hutchins agrees to provide to the Sub-Adviser copies
of the Trust's Trust Instrument, By-Laws, Registration Statement, written
instructions and directions of the Board and Mitchell Hutchins, and any
amendments or supplements to any of these materials as soon as practicable after
such materials become available; provided, however, that the Sub-Adviser's duty
under this Agreement to act in conformity with any document, instruction or
guideline produced by the Trust or Mitchell Hutchins shall not arise until it
has been delivered to the Sub-Adviser.  Any changes to the objectives, policies
and restrictions will make due allowance for the time within which the
Sub-Adviser shall have to come into compliance.

     4.   Expenses.  During the term of this Agreement, the Sub-Adviser will
bear all expenses incurred by it in connection with its services under this
Agreement.  The Sub-Adviser shall not be responsible for any expenses incurred
by the Trust, the Portfolio or Mitchell Hutchins.

     5.   Compensation.


a)  For the services provided and the expenses assumed by the Sub-Adviser
pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to
the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of
 .40% of the Portfolio's average daily net assets (computed in the manner
specified in the Management Agreement), and will provide the Sub-Adviser with a
schedule showing the manner in which the fee was computed.

     (b)  The fee shall be computed daily and payable monthly to the Sub-Adviser
on or before the last business day of the next succeeding calendar month.


a)  The Sub-Adviser (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement; (iii) has met, and
will seek to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency, necessary to
be met in order to perform the services contemplated by this Agreement; 
iv) has
the authority to enter into and perform the services contemplated by this
Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of
any event that would disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9(a) of the 1940 Act or
otherwise.

     (b)  The Sub-Adviser has adopted a written code of ethics complying with
the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell
Hutchins and the Board with a copy of such code of ethics, together with
evidence of its adoption.  Within fifteen days of the end of the last calendar
quarter of each year that this Agreement is in effect, the president or a
vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the
Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous
year and that there has been no violation of the Sub-Adviser's code of ethics to
the extent that the code applies, directly or indirectly, to the services the
Sub-Adviser provides under this Agreement or, if such a violation has occurred,
that appropriate action was taken in response to such violation. Upon the
written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell
Hutchins, its employees or its agents or the appropriate regulatory authority to
examine the reports required to be made to the Sub-Adviser by Rule 17j-1
c)(1)
and all other records relevant to the Sub-Adviser's code of ethics to the extent
those reports and records apply, directly or indirectly,  to the services the
Sub-Adviser provides under this Agreement.

     (c)  The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form
ADV as most recently filed with the Securities and Exchange Commission ("SEC")
and promptly will furnish a copy of all amendments to Mitchell Hutchins at least
annually.

     (d)  The Sub-Adviser will notify Mitchell Hutchins of any change of control
of the Sub-Adviser, including any change of its general partners or 25%
shareholders, as applicable, and any changes in the key personnel who are either
the portfolio manager
a)  This Agreement shall become effective upon the date first above
written, provided that this Agreement shall not take effect unless it has first
been approved (i) by a vote of a majority of those trustees of the Trust who are
not parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting on such approval, and (ii)
by vote of a majority of the Portfolio's outstanding voting securities;
provided, however, that clause (ii) shall not apply when Mitchell Hutchins
enters into a sub-advisory agreement with a sub-adviser without such vote
pursuant to the terms of the SEC order received by the Trust.

     
b)  Unless sooner terminated as provided herein, this Agreement shall
continue in effect for two years from its effective date.  Thereafter, if not
terminated, this Agreement shall continue for successive periods of twelve
months each, provided that such continuance is specifically approved at least
annually (I) by a vote of a majority of those trustees of the Trust who are not
parties to this Agreement or interested persons of any such party, cast in
person at a meeting called for the purpose of voting on such approval, and
ii)
by the Board or by vote of a majority of the outstanding voting securities of
the Portfolio.

     (c)  Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by vote of the Board or by a vote of a
majority of the outstanding voting securities of the Portfolio on 60 days'
written notice to the Sub-Adviser. This Agreement may also be terminated,
without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days'
written notice to the Sub-Adviser;



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