<PAGE> PAGE 1
000 A000000 01/31/98
000 C000000 0000930007
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PAINEWEBBER PACE SELECT ADVISORS TRUST
001 B000000 811-8764
001 C000000 2127133041
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 S.A.
015 B00AA08 S
015 C01AA08 LUXEMBOURG
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 BANQUE PARIBAS
015 B00AA34 S
<PAGE> PAGE 6
015 C01AA34 MILAN
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 BARCLAYS 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 LUSAKA
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 MONTEVIDEO
015 D01AA70 URUGUAY
015 E04AA70 X
015 A00AA71 CITIBANK NA
015 B00AA71 S
015 C01AA71 CARACAS
015 D01AA71 VENEZUELA
015 E04AA71 X
015 A00AA72 BRITISH BANK OF THE MIDDLE EAST
015 B00AA72 S
015 C01AA72 MANAMA
015 D01AA72 BAHRAIN
015 E03AA72 X
015 A00AA73 BANK OF BERMUDA
015 B00AA73 S
015 C01AA73 HAMILTON
015 D01AA73 BERMUDA
015 E03AA73 X
015 A00AA74 BANCO BOLIVIANO AMERICANO
015 B00AA74 S
015 C01AA74 LA PAZ
015 D01AA74 BOLIVIA
015 E03AA74 X
015 A00AA75 BANQUE PARIBAS S.A.
<PAGE> PAGE 10
015 B00AA75 S
015 C01AA75 FRANKFURT
015 D01AA75 GERMANY
015 E03AA75 X
015 A00AA76 SCOTIABANK TRUST AND MERCHANT BANK
015 B00AA76 S
015 C01AA76 KINGSTON
015 D01AA76 JAMAICA
015 E03AA76 X
015 A00AA77 STANDARD BANK OF SOUTH AFRICA LTD.
015 B00AA77 S
015 C01AA77 JOHANNESBURG
015 D01AA77 NAMIBIA
015 E03AA77 X
015 A00AA78 BRITISH BANK OF THE MIDDLE EAST
015 B00AA78 S
015 C01AA78 MUSCAT
015 D01AA78 OMAN
015 E03AA78 X
015 A00AA79 BANK POLSKA KASA OPIEKI S.A.
015 B00AA79 S
015 C01AA79 WARSAW
015 D01AA79 POLAND
015 E03AA79 X
015 A00AA80 ING BANK N.V.
015 B00AA80 S
015 C01AA80 BUCHAREST
015 D01AA80 ROMANIA
015 E03AA80 X
015 A00AA81 HONGKONG & SHANGHAI BANKING CORPORATION
015 B00AA81 S
015 C01AA81 TAIPEI
015 D01AA81 TAIWAN
015 E03AA81 X
015 A00AA82 CITIBANK, N.A.
015 B00AA82 S
015 C01AA82 TAIPEI
015 D01AA82 TAIWAN
015 E03AA82 X
015 A00AA83 STANDARD CHARTERED BANK
015 B00AA83 S
015 C01AA83 TAIPEI
015 D01AA83 TAIWAN
015 E03AA83 X
015 A00AA84 INTERNATIONAL COMMERCIAL BANK OF CHINA
015 B00AA84 S
015 C01AA84 TAIPEI
015 D01AA84 TAIWAN
015 E03AA84 X
015 A00AA85 REPUBLIC BANK LTD.
015 B00AA85 S
<PAGE> PAGE 11
015 C01AA85 PORT OF SPAIN
015 D01AA85 TRINIDAD & TOBAGO
015 E03AA85 X
015 A00AA86 BANQUE INTERNATIONALE ARABE DE TUNISIE
015 B00AA86 S
015 C01AA86 TUNIS
015 D01AA86 TUNISIA
015 E03AA86 X
015 A00AA87 OTTOMAN BANK
015 B00AA87 S
015 C01AA87 ISTANBUL
015 D01AA87 TURKEY
015 E03AA87 X
015 A00AA88 BARCLAYS BANK OF ZIMBABWE LTD.
015 B00AA88 S
015 C01AA88 HARARE
015 D01AA88 ZIMBABWE
015 E03AA88 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 65
019 C00AA00 PAINEWEBBR
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001 96
020 A000002 CJ LAWRENCE
020 B000002 13-5476183
020 C000002 68
020 A000003 J. P. MORGAN SECURITIES
020 B000003 13-3224016
020 C000003 67
020 A000004 MONTGOMERY SECURITIES
020 B000004 00-0000000
020 C000004 60
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005 59
020 A000006 JEFFRIES & CO.
020 B000006 95-2622900
020 C000006 44
020 A000007 MORGAN STANLEY & CO., INC
020 B000007 13-2655998
020 C000007 41
020 A000008 CAPITAL INSTITUTIONAL SERVICE
020 B000008 00-0000000
020 C000008 35
020 A000009 JONES & ASSOCIATES, INC.
020 B000009 00-0000000
020 C000009 34
020 A000010 DONALD, LUFKIN & JENRETTE
020 B000010 13-2741729
<PAGE> PAGE 12
020 C000010 33
021 000000 1123
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001 5999566
022 D000001 290103
022 A000002 SWISS BANK CORP.
022 B000002 13-2639550
022 C000002 1337234
022 D000002 10563
022 A000003 DRESDNER BANK
022 B000003 13-6172414
022 C000003 255286
022 D000003 0
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 165557
022 D000004 80040
022 A000005 BEAR STEARNS
022 B000005 13-3299429
022 C000005 130031
022 D000005 93923
022 A000006 CITIBANK/CITICORP
022 B000006 00-0000000
022 C000006 222107
022 D000006 0
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 94720
022 D000007 95550
022 A000008 J.P. MORGAN SECURITIES
022 B000008 13-3224016
022 C000008 132305
022 D000008 32134
022 A000009 MORGAN STANLEY & CO. INC.
022 B000009 13-2655998
022 C000009 100879
022 D000009 56202
022 A000010 LEHMAN BROTHERS
022 B000010 13-3299429
022 C000010 113965
022 D000010 34698
023 C000000 9370299
023 D000000 914362
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
<PAGE> PAGE 13
025 D00AA07 0
025 D00AA08 0
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
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
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
<PAGE> PAGE 14
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
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 Y
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 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
008 A000101 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000101 A
008 C000101 801-13219
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10019
028 A010100 1219
028 A020100 68
028 A030100 0
028 A040100 357
028 B010100 2521
028 B020100 74
028 B030100 0
028 B040100 679
<PAGE> PAGE 15
028 C010100 1506
028 C020100 79
028 C030100 0
028 C040100 1883
028 D010100 1747
028 D020100 81
028 D030100 0
028 D040100 580
028 E010100 2396
028 E020100 87
028 E030100 0
028 E040100 635
028 F010100 1750
028 F020100 97
028 F030100 0
028 F040100 2384
028 G010100 11139
028 G020100 486
028 G030100 0
028 G040100 6518
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
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 1.4
062 D000100 0.0
<PAGE> PAGE 16
062 E000100 0.0
062 F000100 6.6
062 G000100 15.3
062 H000100 8.0
062 I000100 55.0
062 J000100 0.0
062 K000100 0.0
062 L000100 13.7
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 73
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 N
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
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
<PAGE> PAGE 17
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
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 558
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 34
072 G000100 0
072 H000100 0
072 I000100 41
072 J000100 1
072 K000100 4
072 L000100 3
072 M000100 13
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 6
072 S000100 3
072 T000100 0
072 U000100 10
072 V000100 0
072 W000100 3
072 X000100 122
072 Y000100 73
072 Z000100 509
072AA000100 0
072BB000100 1
072CC010100 0
072CC020100 0
072DD010100 509
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
<PAGE> PAGE 18
074 C000100 21049
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 4
074 L000100 208
074 M000100 69
074 N000100 21330
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 153
074 S000100 0
074 T000100 21177
074 U010100 21177
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 15980
074 Y000100 0
075 A000100 19307
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
008 D020202 CA
008 D030202 92660
028 A010200 5543
028 A020200 486
028 A030200 0
028 A040200 1068
028 B010200 5992
028 B020200 509
028 B030200 0
028 B040200 1518
<PAGE> PAGE 19
028 C010200 6032
028 C020200 526
028 C030200 0
028 C040200 1693
028 D010200 5350
028 D020200 554
028 D030200 0
028 D040200 1197
028 E010200 5995
028 E020200 3149
028 E030200 0
028 E040200 1994
028 F010200 4986
028 F020200 0
028 F030200 0
028 F040200 1658
028 G010200 33898
028 G020200 5224
028 G030200 0
028 G040200 9128
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.700
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
062 B000200 0.0
062 C000200 2.9
062 D000200 0.0
<PAGE> PAGE 20
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 -43.9
062 M000200 4.2
062 N000200 70.6
062 O000200 0.0
062 P000200 9.7
062 Q000200 56.5
062 R000200 0.0
063 A000200 0
063 B000200 2.2
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 Y
<PAGE> PAGE 21
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 358301
071 B000200 288254
071 C000200 139268
071 D000200 207
072 A000200 6
072 B000200 3932
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 410
072 G000200 0
072 H000200 0
072 I000200 32
072 J000200 39
072 K000200 7
072 L000200 15
072 M000200 15
072 N000200 17
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 7
072 T000200 0
072 U000200 10
072 V000200 0
072 W000200 13
072 X000200 577
072 Y000200 79
072 Z000200 3433
072AA000200 1775
072BB000200 0
072CC010200 0
072CC020200 101
072DD010200 3337
072DD020200 0
072EE000200 1984
073 A010200 0.3600
073 A020200 0.0000
073 B000200 0.2000
073 C000200 0.0000
074 A000200 7176
074 B000200 0
<PAGE> PAGE 22
074 C000200 3789
074 D000200 185218
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 57865
074 K000200 0
074 L000200 1070
074 M000200 108
074 N000200 255226
074 O000200 123662
074 P000200 39
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 139
074 S000200 0
074 T000200 131386
074 U010200 10438
074 U020200 0
074 V010200 12.59
074 V020200 0.00
074 W000200 0.0000
074 X000200 11294
074 Y000200 0
075 A000200 0
075 B000200 116529
076 000200 0.00
008 A000301 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000301 A
008 C000301 801-13219
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10019
008 A000302 PACIFIC INCOME ADVISORS, INC.
008 B000302 S
008 C000302 801-00000
008 D010302 SANTA MONICA
008 D020302 CA
008 D030302 90401
028 A010300 3485
028 A020300 298
028 A030300 0
028 A040300 857
028 B010300 3844
028 B020300 316
028 B030300 0
028 B040300 666
<PAGE> PAGE 23
028 C010300 3776
028 C020300 327
028 C030300 0
028 C040300 1305
028 D010300 3936
028 D020300 350
028 D030300 0
028 D040300 883
028 E010300 3539
028 E020300 596
028 E030300 0
028 E040300 1593
028 F010300 3214
028 F020300 0
028 F030300 0
028 F040300 1622
028 G010300 21794
028 G020300 1887
028 G030300 0
028 G040300 6926
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
<PAGE> PAGE 24
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.5
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.3
062 M000300 54.4
062 N000300 7.7
062 O000300 0.0
062 P000300 21.0
062 Q000300 15.1
062 R000300 0.0
063 A000300 0
063 B000300 8.1
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
<PAGE> PAGE 25
070 M010300 N
070 M020300 Y
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 61220
071 B000300 40838
071 C000300 74366
071 D000300 55
072 A000300 6
072 B000300 2493
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 230
072 G000300 0
072 H000300 0
072 I000300 15
072 J000300 24
072 K000300 3
072 L000300 10
072 M000300 13
072 N000300 6
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 10
072 S000300 2
072 T000300 0
072 U000300 10
072 V000300 0
072 W000300 4
072 X000300 327
072 Y000300 5
072 Z000300 2171
072AA000300 370
072BB000300 0
072CC010300 697
072CC020300 0
072DD010300 1922
072DD020300 0
072EE000300 0
073 A010300 0.3100
073 A020300 0.0000
<PAGE> PAGE 26
073 B000300 0.0000
073 C000300 0.0000
074 A000300 43
074 B000300 13881
074 C000300 0
074 D000300 83280
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 6773
074 J000300 0
074 K000300 0
074 L000300 1235
074 M000300 66
074 N000300 105278
074 O000300 0
074 P000300 43
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 20414
074 S000300 0
074 T000300 84821
074 U010300 6829
074 U020300 0
074 V010300 12.42
074 V020300 0.00
074 W000300 0.0000
074 X000300 5691
074 Y000300 0
075 A000300 0
075 B000300 75930
076 000300 0.00
008 A000401 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000401 A
008 C000401 801-13219
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10019
008 A000402 PACIFIC INVESTMENT MANAGEMENT COMPANY
008 B000402 S
008 C000402 801-00000
008 D010402 NEWPORT BEACH
008 D020402 CA
008 D030402 92660
028 A010400 3851
028 A020400 321
028 A030400 0
028 A040400 678
<PAGE> PAGE 27
028 B010400 5332
028 B020400 344
028 B030400 0
028 B040400 1223
028 C010400 4606
028 C020400 360
028 C030400 0
028 C040400 1745
028 D010400 3990
028 D020400 397
028 D030400 0
028 D040400 919
028 E010400 5386
028 E020400 1677
028 E030400 0
028 E040400 1717
028 F010400 4191
028 F020400 0
028 F030400 0
028 F040400 1034
028 G010400 27356
028 G020400 3099
028 G030400 0
028 G040400 7316
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
<PAGE> PAGE 28
062 A000400 Y
062 B000400 0.4
062 C000400 0.0
062 D000400 1.4
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 29.7
062 J000400 0.0
062 K000400 0.0
062 L000400 -12.4
062 M000400 12.2
062 N000400 29.6
062 O000400 0.0
062 P000400 14.4
062 Q000400 24.7
062 R000400 0.0
063 A000400 0
063 B000400 14.1
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
<PAGE> PAGE 29
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 100390
071 B000400 72874
071 C000400 58786
071 D000400 124
072 A000400 6
072 B000400 2748
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 306
072 G000400 0
072 H000400 0
072 I000400 28
072 J000400 27
072 K000400 3
072 L000400 8
072 M000400 13
072 N000400 9
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 11
072 S000400 6
072 T000400 0
072 U000400 10
072 V000400 0
072 W000400 2
072 X000400 423
072 Y000400 51
072 Z000400 2376
072AA000400 1690
072BB000400 0
072CC010400 1061
072CC020400 0
072DD010400 2261
072DD020400 0
072EE000400 882
073 A010400 0.3400
073 A020400 0.0000
<PAGE> PAGE 30
073 B000400 0.1200
073 C000400 0.0000
074 A000400 33
074 B000400 1404
074 C000400 30206
074 D000400 81208
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 499
074 K000400 0
074 L000400 1072
074 M000400 151
074 N000400 114573
074 O000400 14107
074 P000400 42
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 128
074 S000400 0
074 T000400 100296
074 U010400 7540
074 U020400 0
074 V010400 13.30
074 V020400 0.00
074 W000400 0.0000
074 X000400 10791
074 Y000400 0
075 A000400 0
075 B000400 86855
076 000400 0.00
008 A000501 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000501 A
008 C000501 801-13219
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10019
008 A000502 MORGAN GRENFELL CAPITAL MANAGEMENT, INC.
008 B000502 S
008 C000502 801-00000
008 D010502 PHILADELPHIA
008 D020502 PA
008 D030502 19102
028 A010500 1656
028 A020500 116
028 A030500 0
028 A040500 283
<PAGE> PAGE 31
028 B010500 3391
028 B020500 135
028 B030500 0
028 B040500 399
028 C010500 1629
028 C020500 145
028 C030500 0
028 C040500 1202
028 D010500 2293
028 D020500 151
028 D030500 0
028 D040500 1332
028 E010500 2465
028 E020500 322
028 E030500 0
028 E040500 480
028 F010500 1601
028 F020500 0
028 F030500 0
028 F040500 498
028 G010500 13035
028 G020500 869
028 G030500 0
028 G040500 4194
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
<PAGE> PAGE 32
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 3.8
062 M000500 0.0
062 N000500 0.0
062 O000500 95.3
062 P000500 0.0
062 Q000500 0.9
062 R000500 0.0
063 A000500 0
063 B000500 14.1
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
<PAGE> PAGE 33
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 14254
071 B000500 3590
071 C000500 38114
071 D000500 9
072 A000500 6
072 B000500 1112
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 119
072 G000500 0
072 H000500 0
072 I000500 12
072 J000500 13
072 K000500 3
072 L000500 4
072 M000500 13
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 8
072 S000500 5
072 T000500 0
072 U000500 10
072 V000500 0
072 W000500 4
072 X000500 192
072 Y000500 23
072 Z000500 943
072AA000500 0
072BB000500 34
072CC010500 289
072CC020500 0
072DD010500 894
072DD020500 0
072EE000500 0
073 A010500 0.2900
073 A020500 0.0000
<PAGE> PAGE 34
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 1072
074 D000500 42636
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 705
074 M000500 65
074 N000500 44478
074 O000500 18
074 P000500 12
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 141
074 S000500 0
074 T000500 44307
074 U010500 3476
074 U020500 0
074 V010500 12.75
074 V020500 0.00
074 W000500 0.0000
074 X000500 2488
074 Y000500 0
075 A000500 0
075 B000500 39450
076 000500 0.00
008 A000601 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000601 A
008 C000601 801-13219
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10019
008 A000602 ROGGE GLOBAL PARTNERS PLC
008 B000602 S
008 C000602 801-00000
008 D010602 LONDON
008 D050602 ENGLAND
008 D060602 EC4V 5BY
028 A010600 3190
028 A020600 199
028 A030600 0
028 A040600 754
<PAGE> PAGE 35
028 B010600 4106
028 B020600 207
028 B030600 0
028 B040600 992
028 C010600 3756
028 C020600 219
028 C030600 0
028 C040600 1201
028 D010600 2418
028 D020600 226
028 D030600 0
028 D040600 813
028 E010600 2773
028 E020600 611
028 E030600 0
028 E040600 1244
028 F010600 2478
028 F020600 0
028 F030600 0
028 F040600 1052
028 G010600 18721
028 G020600 1462
028 G030600 0
028 G040600 6056
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.800
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
<PAGE> PAGE 36
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 8.8
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 4.9
062 M000600 26.6
062 N000600 2.3
062 O000600 0.0
062 P000600 3.0
062 Q000600 54.4
062 R000600 0.0
063 A000600 0
063 B000600 6.6
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 Y
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
<PAGE> PAGE 37
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 Y
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 51646
071 B000600 43512
071 C000600 62764
071 D000600 69
072 A000600 6
072 B000600 2106
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 277
072 G000600 0
072 H000600 0
072 I000600 38
072 J000600 54
072 K000600 2
072 L000600 10
072 M000600 13
072 N000600 10
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 12
072 S000600 6
072 T000600 0
072 U000600 10
072 V000600 0
072 W000600 10
072 X000600 441
072 Y000600 112
072 Z000600 1777
072AA000600 36
072BB000600 0
072CC010600 344
072CC020600 0
072DD010600 865
072DD020600 0
072EE000600 621
073 A010600 0.1600
073 A020600 0.0000
<PAGE> PAGE 38
073 B000600 0.1100
073 C000600 0.0000
074 A000600 4213
074 B000600 6626
074 C000600 0
074 D000600 64703
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 2572
074 J000600 3438
074 K000600 0
074 L000600 1190
074 M000600 502
074 N000600 83244
074 O000600 4881
074 P000600 16
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 3269
074 S000600 0
074 T000600 75078
074 U010600 6109
074 U020600 0
074 V010600 12.29
074 V020600 0.00
074 W000600 0.0000
074 X000600 13830
074 Y000600 0
075 A000600 0
075 B000600 68608
076 000600 0.00
008 A000701 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000701 A
008 C000701 801-13219
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10019
008 A000702 BRINSON PARTNERS, INC.
008 B000702 S
008 C000702 801-00000
008 D010702 CHICAGO
008 D020702 IL
008 D030702 60604
028 A010700 8694
028 A020700 0
028 A030700 0
028 A040700 1869
<PAGE> PAGE 39
028 B010700 8348
028 B020700 0
028 B030700 0
028 B040700 4054
028 C010700 10032
028 C020700 0
028 C030700 0
028 C040700 3719
028 D010700 7645
028 D020700 0
028 D030700 0
028 D040700 2217
028 E010700 8649
028 E020700 15552
028 E030700 0
028 E040700 3091
028 F010700 8740
028 F020700 0
028 F030700 0
028 F040700 3225
028 G010700 52108
028 G020700 15552
028 G030700 0
028 G040700 18175
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.800
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
<PAGE> PAGE 40
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
<PAGE> PAGE 41
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 Y
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 Y
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 69615
071 B000700 32065
071 C000700 190032
071 D000700 17
072 A000700 6
072 B000700 145
072 C000700 1575
072 D000700 0
072 E000700 0
072 F000700 781
072 G000700 0
072 H000700 0
072 I000700 43
072 J000700 60
072 K000700 3
072 L000700 13
072 M000700 15
072 N000700 13
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 13
072 S000700 2
072 T000700 0
072 U000700 10
072 V000700 0
072 W000700 4
072 X000700 957
072 Y000700 0
072 Z000700 763
072AA000700 7725
072BB000700 0
072CC010700 0
072CC020700 7975
072DD010700 1408
<PAGE> PAGE 42
072DD020700 0
072EE000700 14337
073 A010700 0.1400
073 A020700 0.0000
073 B000700 1.3900
073 C000700 0.0000
074 A000700 0
074 B000700 4040
074 C000700 344
074 D000700 0
074 E000700 0
074 F000700 210387
074 G000700 0
074 H000700 0
074 I000700 18405
074 J000700 571
074 K000700 0
074 L000700 488
074 M000700 72
074 N000700 234307
074 O000700 489
074 P000700 143
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 18615
074 S000700 0
074 T000700 215060
074 U010700 11675
074 U020700 0
074 V010700 18.42
074 V020700 0.00
074 W000700 0.0000
074 X000700 18468
074 Y000700 0
075 A000700 0
075 B000700 193683
076 000700 0.00
008 A000801 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000801 A
008 C000801 801-13219
008 D010801 NEW YORK
008 D020801 NY
008 D030801 10019
008 A000802 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000802 S
008 C000802 801-00000
008 D010802 NEW YORK
008 D020802 NY
008 D030802 10105
<PAGE> PAGE 43
028 A010800 8119
028 A020800 0
028 A030800 0
028 A040800 1480
028 B010800 7731
028 B020800 0
028 B030800 0
028 B040800 3299
028 C010800 9658
028 C020800 0
028 C030800 0
028 C040800 2942
028 D010800 7554
028 D020800 0
028 D030800 0
028 D040800 1812
028 E010800 8263
028 E020800 10127
028 E030800 0
028 E040800 2646
028 F010800 7862
028 F020800 0
028 F030800 0
028 F040800 2677
028 G010800 49187
028 G020800 10127
028 G030800 0
028 G040800 14856
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.800
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
<PAGE> PAGE 44
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
<PAGE> PAGE 45
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 Y
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 201267
071 B000800 165449
071 C000800 172963
071 D000800 96
072 A000800 6
072 B000800 112
072 C000800 698
072 D000800 0
072 E000800 0
072 F000800 706
072 G000800 0
072 H000800 0
072 I000800 50
072 J000800 53
072 K000800 15
072 L000800 16
072 M000800 13
072 N000800 18
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 25
072 S000800 13
072 T000800 0
072 U000800 10
072 V000800 0
072 W000800 3
072 X000800 922
072 Y000800 40
072 Z000800 -72
072AA000800 25588
<PAGE> PAGE 46
072BB000800 0
072CC010800 0
072CC020800 20762
072DD010800 89
072DD020800 0
072EE000800 10122
073 A010800 0.0100
073 A020800 0.0000
073 B000800 1.0400
073 C000800 0.0000
074 A000800 232
074 B000800 2621
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 212594
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 1692
074 K000800 0
074 L000800 425
074 M000800 60
074 N000800 217624
074 O000800 2464
074 P000800 110
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 15714
074 S000800 0
074 T000800 199336
074 U010800 10730
074 U020800 0
074 V010800 18.58
074 V020800 0.00
074 W000800 0.0000
074 X000800 18424
074 Y000800 0
075 A000800 0
075 B000800 174988
076 000800 0.00
008 A000901 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000901 A
008 C000901 801-13219
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10019
008 A000902 BRANDYWINE ASSET MANAGEMENT, INC.
008 B000902 S
<PAGE> PAGE 47
008 C000902 801-27797
008 D010902 WILMINGTON
008 D020902 DE
008 D030902 19801
028 A010900 6319
028 A020900 0
028 A030900 0
028 A040900 1678
028 B010900 6240
028 B020900 0
028 B030900 0
028 B040900 4536
028 C010900 7610
028 C020900 0
028 C030900 0
028 C040900 3068
028 D010900 5274
028 D020900 0
028 D030900 0
028 D040900 1592
028 E010900 6331
028 E020900 11671
028 E030900 0
028 E040900 2716
028 F010900 7037
028 F020900 0
028 F030900 0
028 F040900 2573
028 G010900 38811
028 G020900 11671
028 G030900 0
028 G040900 16163
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.800
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
<PAGE> PAGE 48
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 Y
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
<PAGE> PAGE 49
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 Y
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 Y
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 57515
071 B000900 35953
071 C000900 146585
071 D000900 25
072 A000900 6
072 B000900 276
072 C000900 1103
072 D000900 0
072 E000900 0
072 F000900 625
072 G000900 0
072 H000900 0
072 I000900 42
072 J000900 47
072 K000900 5
072 L000900 13
072 M000900 15
072 N000900 13
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 12
072 S000900 5
072 T000900 0
072 U000900 10
072 V000900 0
072 W000900 6
<PAGE> PAGE 50
072 X000900 793
072 Y000900 10
072 Z000900 596
072AA000900 13174
072BB000900 0
072CC010900 0
072CC020900 562
072DD010900 1077
072DD020900 0
072EE000900 10698
073 A010900 0.1300
073 A020900 0.0000
073 B000900 1.2400
073 C000900 0.0000
074 A000900 3
074 B000900 10079
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 162592
074 G000900 0
074 H000900 0
074 I000900 3954
074 J000900 2040
074 K000900 0
074 L000900 388
074 M000900 67
074 N000900 179123
074 O000900 4079
074 P000900 115
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 4128
074 S000900 0
074 T000900 170801
074 U010900 9612
074 U020900 0
074 V010900 17.77
074 V020900 0.00
074 W000900 0.0000
074 X000900 17898
074 Y000900 0
075 A000900 0
075 B000900 155257
076 000900 0.00
008 A001001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B001001 A
008 C001001 801-13219
008 D011001 NEW YORK
<PAGE> PAGE 51
008 D021001 NY
008 D031001 10019
008 A001002 DELAWARE INVESTMENT ADVISERS
008 B001002 S
008 C001002 801-32108
008 D011002 PHILADELPHIA
008 D021002 PA
008 D031002 19103
028 A011000 6431
028 A021000 0
028 A031000 0
028 A041000 1401
028 B011000 6331
028 B021000 0
028 B031000 0
028 B041000 2130
028 C011000 7917
028 C021000 0
028 C031000 0
028 C041000 2460
028 D011000 5349
028 D021000 0
028 D031000 0
028 D041000 1534
028 E011000 6373
028 E021000 6372
028 E031000 0
028 E041000 2329
028 F011000 8751
028 F021000 0
028 F031000 0
028 F041000 3280
028 G011000 41152
028 G021000 6372
028 G031000 0
028 G041000 13134
028 H001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.800
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
<PAGE> PAGE 52
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 Y
066 D001000 N
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 N
070 D021000 N
<PAGE> PAGE 53
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 Y
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 Y
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 Y
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 106267
071 B001000 82191
071 C001000 132345
071 D001000 62
072 A001000 6
072 B001000 385
072 C001000 213
072 D001000 0
072 E001000 0
072 F001000 592
072 G001000 0
072 H001000 0
072 I001000 45
072 J001000 45
072 K001000 8
072 L001000 14
072 M001000 13
072 N001000 17
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 18
072 S001000 8
<PAGE> PAGE 54
072 T001000 0
072 U001000 10
072 V001000 0
072 W001000 4
072 X001000 774
072 Y001000 34
072 Z001000 -142
072AA001000 2359
072BB001000 0
072CC011000 4551
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 6434
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.6400
073 C001000 0.0000
074 A001000 1
074 B001000 18633
074 C001000 9456
074 D001000 0
074 E001000 0
074 F001000 141727
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 928
074 K001000 0
074 L001000 266
074 M001000 69
074 N001000 171080
074 O001000 1081
074 P001000 102
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 9563
074 S001000 0
074 T001000 160334
074 U011000 11014
074 U021000 0
074 V011000 14.56
074 V021000 0.00
074 W001000 0.0000
074 X001000 17631
074 Y001000 0
075 A001000 0
075 B001000 146790
076 001000 0.00
<PAGE> PAGE 55
008 A001101 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
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 6237
028 A021100 0
028 A031100 0
028 A041100 1071
028 B011100 6820
028 B021100 0
028 B031100 0
028 B041100 1160
028 C011100 7704
028 C021100 0
028 C031100 0
028 C041100 2278
028 D011100 4872
028 D021100 0
028 D031100 0
028 D041100 1317
028 E011100 5737
028 E021100 3808
028 E031100 0
028 E041100 2003
028 F011100 4647
028 F021100 0
028 F031100 0
028 F041100 1526
028 G011100 36017
028 G021100 3808
028 G031100 0
028 G041100 9355
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.900
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
<PAGE> PAGE 56
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
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
062 B001100 0.0
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
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
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
068 B001100 Y
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
<PAGE> PAGE 57
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 Y
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 Y
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 55216
071 B001100 30071
071 C001100 101081
071 D001100 30
072 A001100 6
072 B001100 302
072 C001100 559
072 D001100 0
072 E001100 0
072 F001100 505
072 G001100 0
072 H001100 0
072 I001100 40
072 J001100 84
072 K001100 2
072 L001100 5
072 M001100 13
072 N001100 6
072 O001100 0
<PAGE> PAGE 58
072 P001100 0
072 Q001100 0
072 R001100 11
072 S001100 3
072 T001100 0
072 U001100 10
072 V001100 0
072 W001100 3
072 X001100 682
072 Y001100 0
072 Z001100 179
072AA001100 0
072BB001100 659
072CC011100 0
072CC021100 3958
072DD011100 1289
072DD021100 0
072EE001100 2561
073 A011100 0.1600
073 A021100 0.0000
073 B001100 0.3200
073 C001100 0.0000
074 A001100 2013
074 B001100 9896
074 C001100 2812
074 D001100 1798
074 E001100 527
074 F001100 111948
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 1619
074 K001100 0
074 L001100 406
074 M001100 83
074 N001100 131102
074 O001100 2906
074 P001100 93
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 0
074 S001100 2942
074 T001100 125161
074 U011100 8663
074 U021100 0
074 V011100 14.45
074 V021100 0.00
074 W001100 0.0000
074 X001100 17022
<PAGE> PAGE 59
074 Y001100 0
075 A001100 0
075 B001100 111273
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
008 C001202 801-15834
008 D011202 NEW YORK
008 D021202 NY
008 D031202 10019
028 A011200 3129
028 A021200 0
028 A031200 0
028 A041200 581
028 B011200 3752
028 B021200 0
028 B031200 0
028 B041200 665
028 C011200 4233
028 C021200 0
028 C031200 0
028 C041200 902
028 D011200 2423
028 D021200 0
028 D031200 0
028 D041200 625
028 E011200 3160
028 E021200 207
028 E031200 0
028 E041200 1580
028 F011200 2609
028 F021200 0
028 F031200 0
028 F041200 711
028 G011200 19306
028 G021200 207
028 G031200 0
028 G041200 5064
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 1.100
048 A011200 0
048 A021200 0.000
<PAGE> PAGE 60
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 0.0
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
<PAGE> PAGE 61
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 Y
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 Y
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 Y
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 22784
071 B001200 12345
071 C001200 47621
071 D001200 26
072 A001200 6
072 B001200 147
072 C001200 334
072 D001200 0
072 E001200 0
072 F001200 294
072 G001200 0
072 H001200 0
072 I001200 38
072 J001200 94
072 K001200 4
<PAGE> PAGE 62
072 L001200 9
072 M001200 13
072 N001200 11
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 10
072 S001200 6
072 T001200 0
072 U001200 10
072 V001200 0
072 W001200 4
072 X001200 493
072 Y001200 92
072 Z001200 80
072AA001200 0
072BB001200 4744
072CC011200 0
072CC021200 11822
072DD011200 209
072DD021200 0
072EE001200 0
073 A011200 0.0500
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 2
074 B001200 7084
074 C001200 3713
074 D001200 0
074 E001200 5231
074 F001200 40599
074 G001200 0
074 H001200 0
074 I001200 6
074 J001200 305
074 K001200 0
074 L001200 144
074 M001200 75
074 N001200 57159
074 O001200 706
074 P001200 25
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 3916
074 S001200 0
074 T001200 52512
074 U011200 4593
074 U021200 0
<PAGE> PAGE 63
074 V011200 11.43
074 V021200 0.00
074 W001200 0.0000
074 X001200 16295
074 Y001200 0
075 A001200 0
075 B001200 53076
076 001200 0.00
SIGNATURE PAUL H. SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 1
<NAME> PACE MONEY MARKET
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 21049
<INVESTMENTS-AT-VALUE> 21049
<RECEIVABLES> 212
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69
<TOTAL-ASSETS> 21330
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153
<TOTAL-LIABILITIES> 153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21178
<SHARES-COMMON-STOCK> 21178
<SHARES-COMMON-PRIOR> 16070
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21177
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 558
<OTHER-INCOME> 0
<EXPENSES-NET> 49
<NET-INVESTMENT-INCOME> 509
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 508
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 509
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11140
<NUMBER-OF-SHARES-REDEEMED> 6518
<SHARES-REINVESTED> 486
<NET-CHANGE-IN-ASSETS> 5108
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121
<AVERAGE-NET-ASSETS> 19307
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 2
<NAME> PACE GOVERNMENT SECURITIES FIXED INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 187229
<INVESTMENTS-AT-VALUE> 189007
<RECEIVABLES> 58935
<ASSETS-OTHER> 7176
<OTHER-ITEMS-ASSETS> 108
<TOTAL-ASSETS> 255226
<PAYABLE-FOR-SECURITIES> 123662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177
<TOTAL-LIABILITIES> 123839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128559
<SHARES-COMMON-STOCK> 10438
<SHARES-COMMON-PRIOR> 8055
<ACCUMULATED-NII-CURRENT> 590
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 459
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1778
<NET-ASSETS> 131386
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3932
<OTHER-INCOME> 0
<EXPENSES-NET> 499
<NET-INVESTMENT-INCOME> 3433
<REALIZED-GAINS-CURRENT> 1775
<APPREC-INCREASE-CURRENT> (101)
<NET-CHANGE-FROM-OPS> 5107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3337
<DISTRIBUTIONS-OF-GAINS> 1984
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2689
<NUMBER-OF-SHARES-REDEEMED> 724
<SHARES-REINVESTED> 417
<NET-CHANGE-IN-ASSETS> 29781
<ACCUMULATED-NII-PRIOR> 494
<ACCUMULATED-GAINS-PRIOR> 668
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 578
<AVERAGE-NET-ASSETS> 116529
<PER-SHARE-NAV-BEGIN> 12.61
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 0.18
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.59
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 3
<NAME> PACE INTERMEDIATE FIXED INCOME INVESTMENT
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 102491
<INVESTMENTS-AT-VALUE> 103934
<RECEIVABLES> 1235
<ASSETS-OTHER> 43
<OTHER-ITEMS-ASSETS> 66
<TOTAL-ASSETS> 105278
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20457
<TOTAL-LIABILITIES> 20457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82793
<SHARES-COMMON-STOCK> 6829
<SHARES-COMMON-PRIOR> 5458
<ACCUMULATED-NII-CURRENT> 549
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1441
<NET-ASSETS> 84821
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2493
<OTHER-INCOME> 0
<EXPENSES-NET> 322
<NET-INVESTMENT-INCOME> 2171
<REALIZED-GAINS-CURRENT> 370
<APPREC-INCREASE-CURRENT> 697
<NET-CHANGE-FROM-OPS> 3238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1922
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1782
<NUMBER-OF-SHARES-REDEEMED> 565
<SHARES-REINVESTED> 155
<NET-CHANGE-IN-ASSETS> 18070
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> (332)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 327
<AVERAGE-NET-ASSETS> 75930
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 4
<NAME> PACE STRATEGIC FIXED INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 110494
<INVESTMENTS-AT-VALUE> 112818
<RECEIVABLES> 1571
<ASSETS-OTHER> 151
<OTHER-ITEMS-ASSETS> 33
<TOTAL-ASSETS> 114573
<PAYABLE-FOR-SECURITIES> 14107
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170
<TOTAL-LIABILITIES> 14277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95896
<SHARES-COMMON-STOCK> 7540
<SHARES-COMMON-PRIOR> 5766
<ACCUMULATED-NII-CURRENT> 440
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 903
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3057
<NET-ASSETS> 100296
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2748
<OTHER-INCOME> 0
<EXPENSES-NET> 372
<NET-INVESTMENT-INCOME> 2376
<REALIZED-GAINS-CURRENT> 1690
<APPREC-INCREASE-CURRENT> 1061
<NET-CHANGE-FROM-OPS> 5127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2261
<DISTRIBUTIONS-OF-GAINS> 882
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2096
<NUMBER-OF-SHARES-REDEEMED> 560
<SHARES-REINVESTED> 238
<NET-CHANGE-IN-ASSETS> 25122
<ACCUMULATED-NII-PRIOR> 326
<ACCUMULATED-GAINS-PRIOR> 95
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 306
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 372
<AVERAGE-NET-ASSETS> 86855
<PER-SHARE-NAV-BEGIN> 13.04
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> 0.34
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.30
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 5
<NAME> PACE MUNICIPAL FIXED INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 42499
<INVESTMENTS-AT-VALUE> 43708
<RECEIVABLES> 705
<ASSETS-OTHER> 49
<OTHER-ITEMS-ASSETS> 16
<TOTAL-ASSETS> 44478
<PAYABLE-FOR-SECURITIES> 18
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153
<TOTAL-LIABILITIES> 171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43119
<SHARES-COMMON-STOCK> 3476
<SHARES-COMMON-PRIOR> 2706
<ACCUMULATED-NII-CURRENT> 167
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (189)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1210
<NET-ASSETS> 44307
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1112
<OTHER-INCOME> 0
<EXPENSES-NET> 169
<NET-INVESTMENT-INCOME> 943
<REALIZED-GAINS-CURRENT> (34)
<APPREC-INCREASE-CURRENT> 290
<NET-CHANGE-FROM-OPS> 1199
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 894
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1033
<NUMBER-OF-SHARES-REDEEMED> 332
<SHARES-REINVESTED> 69
<NET-CHANGE-IN-ASSETS> 10015
<ACCUMULATED-NII-PRIOR> 118
<ACCUMULATED-GAINS-PRIOR> (155)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192
<AVERAGE-NET-ASSETS> 39450
<PER-SHARE-NAV-BEGIN> 12.67
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 6
<NAME> PACE GLOBAL FIXED INCOME INVESTMENT
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 73459
<INVESTMENTS-AT-VALUE> 73901
<RECEIVABLES> 4628
<ASSETS-OTHER> 4213
<OTHER-ITEMS-ASSETS> 502
<TOTAL-ASSETS> 83244
<PAYABLE-FOR-SECURITIES> 4881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3285
<TOTAL-LIABILITIES> 8166
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74934
<SHARES-COMMON-STOCK> 6109
<SHARES-COMMON-PRIOR> 4953
<ACCUMULATED-NII-CURRENT> 407
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (547)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284
<NET-ASSETS> 75078
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2106
<OTHER-INCOME> 0
<EXPENSES-NET> 329
<NET-INVESTMENT-INCOME> 1777
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 344
<NET-CHANGE-FROM-OPS> 2157
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 865
<DISTRIBUTIONS-OF-GAINS> 621
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1530
<NUMBER-OF-SHARES-REDEEMED> 494
<SHARES-REINVESTED> 120
<NET-CHANGE-IN-ASSETS> 14799
<ACCUMULATED-NII-PRIOR> (506)
<ACCUMULATED-GAINS-PRIOR> 38
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 277
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 441
<AVERAGE-NET-ASSETS> 68608
<PER-SHARE-NAV-BEGIN> 12.17
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.29
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000093007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 7
<NAME> PACE LARGE COMPANY VALUE EQUITY INVESTMENT
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 201958
<INVESTMENTS-AT-VALUE> 233177
<RECEIVABLES> 1058
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 72
<TOTAL-ASSETS> 234307
<PAYABLE-FOR-SECURITIES> 489
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18758
<TOTAL-LIABILITIES> 19247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180425
<SHARES-COMMON-STOCK> 11675
<SHARES-COMMON-PRIOR> 9029
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3342
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31288
<NET-ASSETS> 215060
<DIVIDEND-INCOME> 1575
<INTEREST-INCOME> 145
<OTHER-INCOME> 0
<EXPENSES-NET> 957
<NET-INVESTMENT-INCOME> 763
<REALIZED-GAINS-CURRENT> 7725
<APPREC-INCREASE-CURRENT> (7975)
<NET-CHANGE-FROM-OPS> 513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1408)
<DISTRIBUTIONS-OF-GAINS> (14337)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2712
<NUMBER-OF-SHARES-REDEEMED> 942
<SHARES-REINVESTED> 876
<NET-CHANGE-IN-ASSETS> 34253
<ACCUMULATED-NII-PRIOR> 650
<ACCUMULATED-GAINS-PRIOR> 9955
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 781
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 957
<AVERAGE-NET-ASSETS> 193683
<PER-SHARE-NAV-BEGIN> 20.03
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 1.39
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.42
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 8
<NAME> PACE LARGE COMPANY GROWTH INVESTMENTS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 195183
<INVESTMENTS-AT-VALUE> 215215
<RECEIVABLES> 2117
<ASSETS-OTHER> 232
<OTHER-ITEMS-ASSETS> 60
<TOTAL-ASSETS> 217624
<PAYABLE-FOR-SECURITIES> 2466
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15822
<TOTAL-LIABILITIES> 18288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161444
<SHARES-COMMON-STOCK> 10730
<SHARES-COMMON-PRIOR> 8317
<ACCUMULATED-NII-CURRENT> (71)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17931
<OVERDISTRIBUTION-GAINS> 20032
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 199336
<DIVIDEND-INCOME> 698
<INTEREST-INCOME> 112
<OTHER-INCOME> 0
<EXPENSES-NET> 882
<NET-INVESTMENT-INCOME> (72)
<REALIZED-GAINS-CURRENT> 25588
<APPREC-INCREASE-CURRENT> (20761)
<NET-CHANGE-FROM-OPS> 4755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (89)
<DISTRIBUTIONS-OF-GAINS> (10122)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2627
<NUMBER-OF-SHARES-REDEEMED> 791
<SHARES-REINVESTED> 577
<NET-CHANGE-IN-ASSETS> 39002
<ACCUMULATED-NII-PRIOR> 90
<ACCUMULATED-GAINS-PRIOR> 2464
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 706
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922
<AVERAGE-NET-ASSETS> 174988
<PER-SHARE-NAV-BEGIN> 19.28
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (1.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.28
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 9
<NAME> PACE SMALL/MEDIUM COMPANY VALUE EQUITY INVESTMENTS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 149483
<INVESTMENTS-AT-VALUE> 176625
<RECEIVABLES> 2428
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 70
<TOTAL-ASSETS> 179123
<PAYABLE-FOR-SECURITIES> 4079
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4243
<TOTAL-LIABILITIES> 8322
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133421
<SHARES-COMMON-STOCK> 9612
<SHARES-COMMON-PRIOR> 7710
<ACCUMULATED-NII-CURRENT> 171
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10067
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27142
<NET-ASSETS> 170801
<DIVIDEND-INCOME> 1103
<INTEREST-INCOME> 276
<OTHER-INCOME> 0
<EXPENSES-NET> 783
<NET-INVESTMENT-INCOME> 596
<REALIZED-GAINS-CURRENT> 13174
<APPREC-INCREASE-CURRENT> (562)
<NET-CHANGE-FROM-OPS> 13208
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1077
<DISTRIBUTIONS-OF-GAINS> 10698
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2115
<NUMBER-OF-SHARES-REDEEMED> 876
<SHARES-REINVESTED> 663
<NET-CHANGE-IN-ASSETS> 35754
<ACCUMULATED-NII-PRIOR> 652
<ACCUMULATED-GAINS-PRIOR> 7590
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793
<AVERAGE-NET-ASSETS> 155257
<PER-SHARE-NAV-BEGIN> 17.52
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (1.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.77
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 10
<NAME> PACE SMALL/MEDIUM CO. GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 148134
<INVESTMENTS-AT-VALUE> 169816
<RECEIVABLES> 1194
<ASSETS-OTHER> 69
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 171080
<PAYABLE-FOR-SECURITIES> 1081
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9665
<TOTAL-LIABILITIES> 10746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140002
<SHARES-COMMON-STOCK> 11014
<SHARES-COMMON-PRIOR> 8700
<ACCUMULATED-NII-CURRENT> (141)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21682
<NET-ASSETS> 160334
<DIVIDEND-INCOME> 213
<INTEREST-INCOME> 385
<OTHER-INCOME> 0
<EXPENSES-NET> 740
<NET-INVESTMENT-INCOME> (142)
<REALIZED-GAINS-CURRENT> 2359
<APPREC-INCREASE-CURRENT> 4551
<NET-CHANGE-FROM-OPS> 6768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6434
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2115
<NUMBER-OF-SHARES-REDEEMED> 876
<SHARES-REINVESTED> 663
<NET-CHANGE-IN-ASSETS> 34725
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 2865
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 740
<AVERAGE-NET-ASSETS> 146790
<PER-SHARE-NAV-BEGIN> 14.44
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.64)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.56
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 11
<NAME> PACE INTERNATIONAL EQUITY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 116205
<INVESTMENTS-AT-VALUE> 126981
<RECEIVABLES> 2025
<ASSETS-OTHER> 83
<OTHER-ITEMS-ASSETS> 2013
<TOTAL-ASSETS> 131102
<PAYABLE-FOR-SECURITIES> 2906
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3035
<TOTAL-LIABILITIES> 5941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116492
<SHARES-COMMON-STOCK> 8663
<SHARES-COMMON-PRIOR> 6575
<ACCUMULATED-NII-CURRENT> 41
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2122)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10749
<NET-ASSETS> 125160
<DIVIDEND-INCOME> 559
<INTEREST-INCOME> 302
<OTHER-INCOME> 0
<EXPENSES-NET> 682
<NET-INVESTMENT-INCOME> 179
<REALIZED-GAINS-CURRENT> (659)
<APPREC-INCREASE-CURRENT> (3958)
<NET-CHANGE-FROM-OPS> (4438)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1289
<DISTRIBUTIONS-OF-GAINS> 2561
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2456
<NUMBER-OF-SHARES-REDEEMED> 643
<SHARES-REINVESTED> 275
<NET-CHANGE-IN-ASSETS> 22181
<ACCUMULATED-NII-PRIOR> 1152
<ACCUMULATED-GAINS-PRIOR> 1098
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 505
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 682
<AVERAGE-NET-ASSETS> 111273
<PER-SHARE-NAV-BEGIN> 15.66
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.72)
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.45
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
<NUMBER> 12
<NAME> PACE INTERNATIONAL EMERGING MARKETS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 58601
<INVESTMENTS-AT-VALUE> 56633
<RECEIVABLES> 449
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 57159
<PAYABLE-FOR-SECURITIES> 706
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3941
<TOTAL-LIABILITIES> 4647
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59389
<SHARES-COMMON-STOCK> 4593
<SHARES-COMMON-PRIOR> 3509
<ACCUMULATED-NII-CURRENT> 40
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4918)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1999)
<NET-ASSETS> 52512
<DIVIDEND-INCOME> 334
<INTEREST-INCOME> 147
<OTHER-INCOME> 0
<EXPENSES-NET> 401
<NET-INVESTMENT-INCOME> 80
<REALIZED-GAINS-CURRENT> (4744)
<APPREC-INCREASE-CURRENT> (11822)
<NET-CHANGE-FROM-OPS> (16486)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 209
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1465
<NUMBER-OF-SHARES-REDEEMED> 399
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> (2247)
<ACCUMULATED-NII-PRIOR> 169
<ACCUMULATED-GAINS-PRIOR> (174)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 401
<AVERAGE-NET-ASSETS> 53076
<PER-SHARE-NAV-BEGIN> 15.60
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (4.13)
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For period ending January 31, 1998
File number 811-8764
77. A. Is the Registrant filing any of the following attachments with the
current filing of Form N-SAR? (ANSWER FOR ALL SERIES AS A GROUP)_Y_
Y/N
NOTE: If answer is "Y" (Yes), mark those items below being filed as an
attachment to this form or incorporated by reference. _Y_
Y/N
B. Accountant's report on internal control ___
C. Matters submitted to a vote of security holders _N_
D. Policies with respect to security investments _Y_
E. Legal proceedings _N_
F. Changes in security for debt _N_
G. Defaults and arrears on senior securities _N_
H. Changes in control of Registrant _N_
I. Terms of new or amended securities _N_
J. Revaluation of assets or restatement of capital share account _N_
K. Changes in Registrant's certifying accountant _N_
L. Changes in accounting principles and practices ___
M. Mergers _N_
N. Actions required to be reported pursuant to Rule 2a-7 _N_
O. Transactions effected pursuant to Rule 10f-3 _N_
P. Information required to be filed pursuant to existing exemptive
orders _N_
Attachment Information (Cont. On Screen 39)
<PAGE>
For period ending January 31, 1998
File number 811-8764
Attachment Information (Cont. from Screen 38)
77. Q. 1. Exhibits _Y_
Y/N
2. Any information called for by instructions to sub-item 77Q2 _N_
Y/N
3. Any information called for by instructions to sub-item 77Q3 _N_
Y/N
SCREEN NUMBER: 39
__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
79. List the "811" numbers and names of Registrant's wholly-owned
investment company subsidiaries consolidated in this report.
811 Number
Subsidiary Name
For period ending January 31, 1998
Attachment 77D
File number 811-8764
PaineWebber PACE Select Advisors Trust
At the board of trustees, meeting held on September 9, 1997, the board
approved a non-fundamental investment policy change for PACE
Small/Medium Company Growth Equity Investments to decrease the amount
of the Portfolio's assets that must be invested in common stocks of
issuers with total market capitalization of less than $2.5 billion
from 80% to 65%.
At the board of trustees, meeting held on September 9, 1997, the board
approved the elimination of the following non-fundamental investment
restrictions of the Trust:
1.) A Portfolio will no invest in oil, gas or other mineral leases
or exploration or development programs;
2.) A Portfolio will not make investments for the purpose of
exercising control or management;
3.) A Portfolio will not purchase any securities if as a result
(unless the security is acquired pursuant to a plan of
reorganization or an offer of exchange) the Portfolio would
own any securities of a registered open-end investment company
or more than 3% of the total outstanding voting stock of any
registered closed-end investment company or more than 5% of the
total value of the Portfolio's total assets would be invested in
securities of any one or more registered closed-end investment
companies;
4.) A Portfolio will not purchase any security if as a result the
Portfolio would then have more than 5% of its total assets
invested in securities of companies (including predecessors)
that have been in continuous operation for fewer than three
years;
5.) A Portfolio will not purchase or retain securities of any company
if, to the knowledge of the Trust after reasonable inquiry, any of
the Trust's officers or trustees or any officer or director of
Mitchell Hutchins or the Adviser for that Portfolio individually
owns more than 1/2 of 1% of the outstanding securities of the
company and together they own beneficially more than 5% of the
securities;
6.) A Portfolio will not invest in excess of 5% of the value of its
net assets in warrants, valued at the lower of cost or market
value. Included within this amount, but not to exceed 2% of the
value of a Portfolio's net assets, may be warrants that are not
listed on the New York Stock Exchange, Inc. ("NYSE") or the
American Stock Exchange, Inc. Warrants acquired by a Portfolio
in units or attached to securities may be deemed to be without
value;
7.) A Portfolio (other than PACE Small/Medium Company Growth Equity
Investments) will not purchase the securities of any issuer
which, together with its predecessors, has a record of less than
three years of continuous operation, or in securities which are
restricted as to disposition (including Rule 144A securities) if,
as a result of such purchase, more than 15% of the Portfolio's
total assets would be invested in such securities;
8.) PACE Small/Medium Company Growth Equity Investments will not
invest more than 10% of its nest assets in (i) securities of any
issuer which, together with its predecessors, has a record of less
than three years of continuous operation, (ii) illiquid securities,
and (iii) securities of issuers that are restricted from being sold
to the public without registration under the 1933 Act. This
restriction does not apply to restricted securities eligible for
resale pursuant to Rule 144A under the 1933 Act determined to be
liquid under guidelines approved by the Trust's board of trustees;
9.) PACE Small/Medium Company Growth Equity Investments will not
engage in short-term trading, and
10.) PACE Small/Medium Company Growth Equity Investments will not invest
in puts, calls, straddles, spreads, and any combination thereof
unless such investments are for hedging purposes or are covered by
cash or securities.
Exhibit Q(1)
PaineWebber PACE Select Advisors Trust
New Sub-Advisory Agreement between Mitchell Hutchins Asset Management Inc.,
and Alliance Capital Management L.P., incorporated by reference from
Post-Effective Amendment No. 4 to the registration statement of PaineWebber
PACE Select Advisors Trust (SEC File No. 033-87254, filed on
November 13, 1997, Accession No. 0001047469-97-004381).<PAGE>
Exhibit Q(1)
PaineWebber PACE Select Advisors Trust
SUB-ADVISORY AGREEMENT
Agreement made as of January 16, 1998 between MITCHELL HUTCHINS ASSET
MANAGEMENT INC., a Delaware corporation ("Mitchell Hutchins"), and
BRANDYWINE ASSET MANAGEMENT, INC., a Delaware corporation
("Sub-Adviser" or "Brandywine") (the "Agreement").
RECITALS
(1) Mitchell Hutchins has entered into a Management Agreement dated
June 15, 1995 ("Management Agreement") with PaineWebber PACE Select
Advisors Trust (formerly known as 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 SMALL/MEDIUM COMPANY VALUE EQUITY INVESTMENTS
("Portfolio") series of the Trust; and
(2) Mitchell Hutchins entered into a Sub-Advisory Agreement dated as
of June 15, 1995 (the "Old Sub-Advisory Agreement") with Brandywine
with respect to the Portfolio, pursuant to which Brandywine agreed to
furnish certain investment advisory services;
(3) Effective January 16, 1998, Brandywine became a wholly owned
subsidiary of Legg Mason, Inc., and as a result of this transaction,
the Old Sub-Advisory Agreement between Mitchell Hutchins and Brandywine
automatically terminated; and
(4) Mitchell Hutchins and Brandywine wish to enter into a new
Sub-Advisory Agreement embodying substantially the same terms and
provisions as the Old 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.
(a) Subject to the supervision of and any guidelines adopted by the
Trust's Board of Trustees (the "Board"), the Sub-Adviser will provide
a continuous investment program for the Portfolio, including investment
research and management. The Sub-Adviser will determine from time to
time what investments will be purchased, retained or sold by the
Portfolio. The Sub-Adviser will be responsible for placing purchase
and sell orders for investments and for other related transactions.
The Sub-Adviser will provide services under this Agreement in accordance
with the Portfolio's investment objective, policies and restrictions as
stated in the Portfolio's Registration Statement.
(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.
(d) At such times as shall be reasonably requested by the Board or
Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell
Hutchins with economic and investment analyses and reports as well as
quarterly reports setting forth the Portfolio's performance and make
available to the Board and Mitchell Hutchins any economic, statistical
and investment services normally available to institutional or other
customers of the Sub-Adviser.
(e) In accordance with procedures adopted by the Board, as amended
from time to time, the Sub-Adviser is responsible for assisting in the
fair valuation of all portfolio securities and will use its reasonable
efforts to arrange for the provision of a price(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.
(c) For those periods in which Mitchell Hutchins has agreed to waive
all or a portion of its management fee, Mitchell Hutchins may ask the
Sub-Adviser to waive the same proportion of its fees, but the
Sub-Adviser is under no obligation to do so.
(d) If this Agreement becomes effective or terminates before the
end of any month, the fee for the period from the effective date to
the end of the month or from the beginning of such month to the date of
termination, as the case may be, shall be prorated according to the
proportion which such period bears to the full month in which such
effectiveness or termination occurs.
6. Limitation Of Liability. The Sub-Adviser shall not be liable for
any error of judgment or mistake of law or for any loss suffered by the
Portfolio, the Trust or its shareholders or by Mitchell Hutchins in
connection with the matters to which this Agreement relates, except a
loss resulting from willful misfeasance, bad faith or gross negligence
on its part in the performance of its duties or from reckless disregard
by it of its obligations and duties under this Agreement.
7. Representations of Sub-Adviser. The Sub-Adviser represents,
warrants and agrees as follows:
(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(s) of the Portfolio or senior
management of the Sub-Adviser, in each case prior to or promptly
after such change.
(e) The Sub-Adviser agrees that neither it nor any of its affiliates
will in any way refer directly or indirectly to its relationship with
the Trust, the Portfolio, Mitchell Hutchins or any of their respective
affiliates in offering, marketing or other promotional materials without
the express written consent of Mitchell Hutchins.
8. Services Not Exclusive. The Sub-Adviser may act as an investment
adviser to any other person, firm or corporation, and may perform
management and any other services for any other person, association,
corporation, firm or other entity pursuant to any contract or otherwise,
and take any action or do anything in connection therewith or related
thereto, except as prohibited by applicable law; and no such performance
of management or other services or taking of any such action or doing of
any such thing shall be in any manner restricted or otherwise affected by
any aspect of any relationship of the Sub-Adviser to or with the Trust,
Portfolio or Mitchell Hutchins or deemed to violate or give rise to any
duty or obligation of the Sub-Adviser to the Trust, Portfolio or
Mitchell Hutchins except as otherwise imposed by law or by this
Agreement.
9. Duration and Termination.
(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.
(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; (ii) immediately
upon material breach by the Sub-Adviser of any of the representations,
warranties and agreements set forth in Paragraph 7 of this Agreement; or
(iii) immediately if, in the reasonable judgment of Mitchell Hutchins,
the Sub-Adviser becomes unable to discharge its duties and obligations
under this Agreement, including circumstances such as financial insolvency
of the Sub-Adviser or other circumstances that could adversely affect the
Portfolio. The Sub-Adviser may terminate this Agreement at any time,
without the payment of any penalty, on 120 days' written notice to
Mitchell Hutchins. This Agreement will terminate automatically in
the event of its assignment or upon termination of the Management
Agreement.
10. Amendment of this Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against which enforcement of
the change, waiver, discharge or termination is sought. No amendment
of this Agreement shall be effective until 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, and (ii) if the terms
of this Agreement shall have changed, by a vote of a majority of the
Portfolio's outstanding voting securities (except in the case of (ii),
pursuant to the terms and conditions of the SEC order permitting it
to modify the Agreement without such vote).
11. Governing Law. This Agreement shall be construed in accordance with
the 1940 Act and the laws of the State of Delaware, without giving effect
to the conflicts of laws principles thereof. To the extent that the
applicable laws of the State of Delaware conflict with the applicable
provisions of the 1940 Act, the latter shall control.
12. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of
the provisions hereof or otherwise affect their construction or effect.
If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their
respective successors. As used in this Agreement, the terms "majority of
the outstanding voting securities," "affiliated person," "interested
person," "assignment," "broker," "investment adviser," "net assets,"
"sale," "sell" and "security" shall have the same meanings as such terms
have in the 1940 Act, subject to such exemption as may be granted by the
SEC by any rule, regulation or order. Where the effect of a requirement of
the federal securities laws reflected in any provision of this Agreement is
made less restrictive by a rule, regulation or order of the SEC, whether of
special or general application, such provision shall be deemed to
incorporate the effect of such rule, regulation or order. This
Agreement may be signed in counterpart.
13. Notices. Any written notice herein required to be given to the
Sub-Adviser or Mitchell Hutchins shall be deemed to have been given
upon receipt of the same at their respective addresses set forth below.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized signatories as of the date and year
first above written.
Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC.
1285 Avenue of the Americas
New York, New York 10019
/s/Andrew S. Novak By: /s/Julian Sluyters
- ---------------------------- -------------------------
Andrew S. Novak Name: Julian Sluyters
Vice President Title: Chief Administrative Officer
Attest: BRANDYWINE ASSET MANAGEMENT, INC.
Three Christina Centre
Suite 1200
201 N. Walnut Street
Wilmington, Delaware 19801
/s/Joceylyn M. Webb By: /s/Michael D. Jamison
- ----------------------------- ------------------------------
Joceylyn M. Webb Name: Michael D. Jamison
Account Administrator Title: Managing Director
