PAINEWEBBER PACE SELECT ADVISORS TRUST
NSAR-A/A, 1998-04-01
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<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
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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
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023 D000000     914362
024  00AA00 N
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<PAGE>      PAGE  13
025 D00AA07       0
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026 A000000 N
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027  000000 Y
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038  00AA00      0
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042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
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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
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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
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<PAGE>      PAGE  15
028 C010100      1506
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<PAGE>      PAGE  16
062 E000100   0.0
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062 G000100  15.3
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064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
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070 B010100 N
070 B020100 N
070 C010100 N
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<PAGE>      PAGE  17
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<PAGE>      PAGE  33
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070 P021000 N
070 Q011000 Y
070 Q021000 N
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070 R021000 N
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072 J001000       45
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072 S001000        8
<PAGE>      PAGE  54
072 T001000        0
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072 X001000      774
072 Y001000       34
072 Z001000     -142
072AA001000     2359
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072CC011000     4551
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074 E001000        0
074 F001000   141727
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074 J001000      928
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074 M001000       69
074 N001000   171080
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074 R021000        0
074 R031000        0
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<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
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028 C031100         0
028 C041100      2278
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028 D031100         0
028 D041100      1317
028 E011100      5737
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028 E041100      2003
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028 F031100         0
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045  001100 Y
046  001100 N
047  001100 Y
048  001100  0.900
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048 A021100 0.000
048 B011100        0
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<PAGE>      PAGE  56
048 D011100        0
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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
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066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067  001100 N
068 A001100 N
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
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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
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070 K021100 Y
070 L011100 Y
070 L021100 Y
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070 M021100 Y
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070 Q021100 N
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<PAGE>      PAGE  58
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073 A021100   0.0000
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073 C001100   0.0000
074 A001100     2013
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074 C001100     2812
074 D001100     1798
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<PAGE>      PAGE  59
074 Y001100        0
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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
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008 D021202 NY
008 D031202 10019
028 A011200      3129
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028 A041200       581
028 B011200      3752
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028 B031200         0
028 B041200       665
028 C011200      4233
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028 C031200         0
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028 D011200      2423
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028 D041200       625
028 E011200      3160
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045  001200 Y
046  001200 N
047  001200 Y
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<PAGE>      PAGE  60
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062 A001200 N
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066 A001200 Y
066 B001200 Y
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066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067  001200 N
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<PAGE>      PAGE  61
070 A011200 Y
070 A021200 Y
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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
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<PAGE>      PAGE  62
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<PAGE>      PAGE  63
074 V011200    11.43
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SIGNATURE   PAUL H. SCHUBERT                             
TITLE       TREASURER           
 


<TABLE> <S> <C>

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<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST  
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST  
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST  
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<PER-SHARE-NII>                                   0.34
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<PER-SHARE-DIVIDEND>                              0.34
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<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
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<INVESTMENTS-AT-VALUE>                           43708
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<NET-INVESTMENT-INCOME>                            943
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<ACCUMULATED-GAINS-PRIOR>                        (155)
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<PER-SHARE-NAV-BEGIN>                            12.67
<PER-SHARE-NII>                                   0.29
<PER-SHARE-GAIN-APPREC>                           0.08
<PER-SHARE-DIVIDEND>                            (0.29)
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.75
<EXPENSE-RATIO>                                   0.85
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<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
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<EXPENSE-RATIO>                                   0.95
<AVG-DEBT-OUTSTANDING>                               0
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</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
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<PER-SHARE-NAV-BEGIN>                            20.03
<PER-SHARE-NII>                                   0.06
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<EXPENSE-RATIO>                                   0.98
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</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
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<EXPENSE-RATIO>                                   1.00
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</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
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<EXPENSE-RATIO>                                   1.00
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</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>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME>  PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
   <NUMBER> 11
   <NAME> PACE INTERNATIONAL EQUITY
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<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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</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>
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<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




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