<PAGE> PAGE 1
000 B000000 07/31/98
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 56
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<PAGE> PAGE 58
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028 B011200 5779
028 B021200 0
028 B031200 0
028 B041200 1113
028 C011200 2618
028 C021200 0
028 C031200 0
028 C041200 1345
028 D011200 2602
028 D021200 0
028 D031200 0
028 D041200 924
028 E011200 7170
028 E021200 0
028 E031200 0
028 E041200 1335
028 F011200 3259
028 F021200 0
028 F031200 0
028 F041200 1077
028 G011200 24035
028 G021200 0
028 G031200 0
028 G041200 7407
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 1.100
048 A011200 0
048 A021200 0.000
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
<PAGE> PAGE 59
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 N
066 C001200 Y
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 Y
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
<PAGE> PAGE 60
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 Y
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 55049
071 B001200 26291
071 C001200 51490
071 D001200 51
072 A001200 12
072 B001200 311
072 C001200 1096
072 D001200 0
072 E001200 0
072 F001200 623
072 G001200 0
072 H001200 0
072 I001200 77
072 J001200 201
072 K001200 10
072 L001200 9
072 M001200 26
072 N001200 12
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 24
072 S001200 7
072 T001200 0
072 U001200 19
072 V001200 0
072 W001200 4
072 X001200 1012
072 Y001200 162
072 Z001200 557
072AA001200 0
072BB001200 7484
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072CC021200 15462
<PAGE> PAGE 61
072DD011200 209
072DD021200 0
072EE001200 0
073 A011200 0.0500
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 497
074 B001200 4605
074 C001200 3110
074 D001200 0
074 E001200 5777
074 F001200 51656
074 G001200 0
074 H001200 0
074 I001200 464
074 J001200 971
074 K001200 0
074 L001200 282
074 M001200 68
074 N001200 67430
074 O001200 1099
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074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 3048
074 S001200 0
074 T001200 63237
074 U011200 6037
074 U021200 0
074 V011200 0.00
074 V021200 10.41
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074 X001200 18395
074 Y001200 0
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075 B001200 56667
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber PACE Select Advisors Trust
In planning and performing our audits of the financial
statements of PaineWebber PACE Select Advisors Trust
(comprising, respectively, PACE Money Market Investments,
PACE Government Securities Fixed Income Investments,
PACE Intermediate Fixed Income Investments, PACE
Strategic Fixed Income Investments, PACE Municipal Fixed
Income Investments, PACE Global Fixed Income
Investments, PACE Large Company Value Equity
Investments, PACE Large Company Growth Equity
Investments, PACE Small/Medium Company Value Equity
Investments, PACE Small/Medium Company Growth Equity
Investments, PACE International Equity Investments, PACE
International Emerging Markets Equity Investments) for the
year ended July 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of PaineWebber PACE Select Advisors
Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control would not
necessarily disclose all matters in the internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that errors
or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However,
we noted no matters involving the internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined
above at July 31, 1998.
This report is intended solely for the information and use of
the board of trustees and management of PaineWebber
PACE Select Advisors Trust and the Securities and
Exchange Commission.
ER
NST & YOUNG LLP
September 18, 1998
Attachment 77O
FORM 10f-3
Eligible Foreign Offering
FUND: PACE Select Advisors Trust
Record of Securities Purchased Under the Fund's Rule 10f-3
Procedures
1. Issuer: Gulf Indonesia
2. Date of Purchase: 9/30/97 3. Date offering
commenced: 9/29/97
4. Underwriters from whom purchased: Goldman
Sachs International
5. "Affiliated Underwriter" managing or participating
in syndicate:
Schroder Securities
6. Aggregate principal amount or number of shares
purchased: 3,000
7. Aggregate principal amount or total number of
shares of offering: US$ 47
8. Purchase price (net of fees and expenses):
US$19.50
9. Initial public offering price: US$ 19.50
10. Commission, spread or profit: 3.3 % $0.66
11. Have the following conditions been satisfied?
YES
NO
a. The offering is subject to regulation by a foreign
financial regulatory authority.
___X___
_______
b. The securities are offered at a fixed price to all
purchasers in the offering (except for any rights that are
required by law to be granted to existing security holders).
___X___
_______
c. Financial statements of the issuer, prepared and audited
in accordance with the standards of the appropriate foreign
financial regulatory authority, for the two years prior to the
offering, are made available to prospective purchasers.
___X___
_______
d. The issuer is a foreign government, a foreign national or
an entity organized under the laws of a foreign country.
___X___
_______
e. If the answer to (d) is no, the issuer is a reporting
company in the U.S. and has made all required filings during the
past 12 months.
_______
_______
f. The securities were purchased prior to the end of the
first day on which any sales are made (or, if a rights offering,
the securities were purchased on or before the fourth day
preceding the day on which the offering terminated).
___X___
_______
g. The securities were purchased at a price not more than
the price paid by each other purchaser in the offering or any
concurrent offering (except for any rights to purchase required
by law to be granted to existing security holders).
___X___
_______
h. The underwriting was a firm commitment underwriting.
___X___
_______
The commission, spread or profit was reasonable and fair in
relation to that being received by others for underwriting similar
securities during the same period.
___X___
_______
j. The issuer of the securities and any predecessor have
been in continuous operation for not less than three years.
___X___
_______
k. The amount of such securities purchased by all of the
investment companies advised by Mitchell Hutchins (or the
Fund?s Sub-Adviser, if applicable) did not exceed 25% of the
principal amount of the offering.
___X___
_______
l. No affiliated Underwriter was a direct or indirect
participant in or beneficiary of the sale.
___X___
_______
Note: Refer to the Rule 10f-3 Procedures for the definitions
of capitalized terms. In particular, ?Affiliated
Underwriter?is defined as Paine Webber Group Inc. and any
of its affiliates including PaineWebber Incorporated. In the
case of a Fund advised by a Sub-Adviser, ?Affiliated
Underwriter?shall also include any brokerage affiliate of the
sub-advisor.
Approved: J. Troius Date:
12/18/97
