PAINEWEBBER PACE SELECT ADVISORS TRUST
NSAR-B, 1998-09-29
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<PAGE>      PAGE  1
000 B000000 07/31/98
000 C000000 0000930007
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PAINWEBBER 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
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 BARCLAYS BANK OF BOTSWANA
015 B00AA09 S
015 C01AA09 GABORONE
015 D01AA09 BOTSWANA
015 E04AA09 X
015 A00AA10 CITIBANK NA
015 B00AA10 S
015 C01AA10 SAO PAULO
015 D01AA10 BRAZIL
015 E04AA10 X
015 A00AA11 CANADA TRUST CO
015 B00AA11 S
015 C01AA11 TORONTO
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 CITIBANK NA
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 HONG KONG & SHANGHAI BANK
015 B00AA13 S
015 C01AA13 SHANGHAI
015 D01AA13 CHINA
015 E04AA13 X
<PAGE>      PAGE  4
015 A00AA14 HONG KONG & SHANGHAI BANK
015 B00AA14 S
015 C01AA14 SHENZHEN
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CITITRUST SA
015 B00AA15 S
015 C01AA15 BOGOTA
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 BARCLAYS BANK PLC
015 B00AA16 S
015 C01AA16 NICOSIA
015 D01AA16 CYPRUS
015 E04AA16 X
015 A00AA17 CEKOSLOVENSKA OBCHODNI BANKA
015 B00AA17 S
015 C01AA17 PRAGUE
015 D01AA17 CZECH REPUBLIC
015 E04AA17 X
015 A00AA18 DEN DANSKE
015 B00AA18 S
015 C01AA18 COPENHAGEN
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CITIBANK NA
015 B00AA19 S
015 C01AA19 QUITO
015 D01AA19 ECUADOR
015 E04AA19 X
015 A00AA20 NATIONAL BANK OF EGYPT
015 B00AA20 S
015 C01AA20 CAIRO
015 D01AA20 EGYPT
015 E04AA20 X
015 A00AA21 MERITA BANK
015 B00AA21 S
015 C01AA21 HELSINKI
015 D01AA21 FINLAND
015 E04AA21 X
015 A00AA22 BANQUE PARIBAS
015 B00AA22 S
015 C01AA22 PARIS
015 D01AA22 FRANCE
015 E04AA22 X
015 A00AA23 DRESDNER BANK
015 B00AA23 S
015 C01AA23 FRANKFURT
015 D01AA23 GERMANY
015 E04AA23 X
015 A00AA24 BARCLAYS BANK OF GHANA LTD
<PAGE>      PAGE  5
015 B00AA24 S
015 C01AA24 ACCRA
015 D01AA24 GHANA
015 E04AA24 X
015 A00AA25 NATIONAL BANK OF GREECE
015 B00AA25 S
015 C01AA25 ATHENS
015 D01AA25 GREECE
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED
015 B00AA26 S
015 C01AA26 HONG KONG
015 D01AA26 HONG KONG
015 E04AA26 X
015 A00AA27 CITIBANK BUDAPEST
015 B00AA27 S
015 C01AA27 BUDAPEST
015 D01AA27 HUNGARY
015 E04AA27 X
015 A00AA28 HONG KONG & SHANGHAI BANKING CORP
015 B00AA28 S
015 C01AA28 MUMBAI
015 D01AA28 INDIA
015 E04AA28 X
015 A00AA29 DEUTSCHE BANK
015 B00AA29 S
015 C01AA29 MUMBAI
015 D01AA29 INDIA
015 E04AA29 X
015 A00AA30 STANDARD CHARTERED BANK
015 B00AA30 S
015 C01AA30 MUMBAI
015 D01AA30 INDONESIA
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED
015 B00AA31 S
015 C01AA31 JAKARTA
015 D01AA31 INDONESIA
015 E04AA31 X
015 A00AA32 BANK OF IRELAND
015 B00AA32 S
015 C01AA32 DUBLIN
015 D01AA32 IRELAND
015 E04AA32 X
015 A00AA33 BANK HAPOALIM BM
015 B00AA33 S
015 C01AA33 TEL AVIV
015 D01AA33 ISRAEL
015 E04AA33 X
015 A00AA34 MORGAN GUARANTY TRUST COMPANY
015 B00AA34 S
<PAGE>      PAGE  6
015 C01AA34 MONTE TITOLI
015 D01AA34 ITALY
015 E04AA34 X
015 A00AA35 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
015 B00AA35 S
015 C01AA35 IVORY
015 D01AA35 IVORY COAST
015 E04AA35 X
015 A00AA36 SUMITOMO TRUST & BANKING CO. LTD
015 B00AA36 S
015 C01AA36 TOKYO
015 D01AA36 JAPAN
015 E04AA36 X
015 A00AA37 FUJI BANK
015 B00AA37 S
015 C01AA37 TOKYO
015 D01AA37 JAPAN
015 E04AA37 X
015 A00AA38 DAIWA BANK
015 B00AA38 S
015 C01AA38 TOKYO
015 D01AA38 JAPAN
015 E04AA38 X
015 A00AA39 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA39 S
015 C01AA39 AMMAN
015 D01AA39 JORDAN
015 E04AA39 X
015 A00AA40 BARCLAYS BANK OF KENYA LTD
015 B00AA40 S
015 C01AA40 NAIROBI
015 D01AA40 KENYA
015 E04AA40 X
015 A00AA41 SEOUL BANK
015 B00AA41 S
015 C01AA41 SEOUL
015 D01AA41 KOREA
015 E04AA41 X
015 A00AA42 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA42 S
015 C01AA42 BEIRUT
015 D01AA42 LEBANON
015 E04AA42 X
015 A00AA43 STANDARD CHARTERED BANK
015 B00AA43 S
015 C01AA43 KUALA LUMPUR
015 D01AA43 MALAYSIA
015 E04AA43 X
015 A00AA44 CITIBANK MEXICO SA
015 B00AA44 S
015 C01AA44 MEXICO CITY
<PAGE>      PAGE  7
015 D01AA44 MEXICO
015 E04AA44 X
015 A00AA45 BANQUE COMMERCIALE DU MAROC
015 B00AA45 S
015 C01AA45 CASABLANCA
015 D01AA45 MOROCCO
015 E04AA45 X
015 A00AA46 HONG KONG & SHANGHAI BANKING CORP
015 B00AA46 S
015 C01AA46 PORT LOUIS
015 D01AA46 MAURITIUS
015 E04AA46 X
015 A00AA47 MEESPIERSON NV
015 B00AA47 S
015 C01AA47 AMSTERDAM
015 D01AA47 NETHERLANDS
015 E04AA47 X
015 A00AA48 ANZ (NZ)
015 B00AA48 S
015 C01AA48 WELLINGTON
015 D01AA48 NEW ZEALAND
015 E04AA48 X
015 A00AA49 CHRISTIANA
015 B00AA49 S
015 C01AA49 OSLO
015 D01AA49 NORWAY
015 E04AA49 X
015 A00AA50 DEUTSCHE BANK AG
015 B00AA50 S
015 C01AA50 KARACHI
015 D01AA50 PAKISTAN
015 E04AA50 X
015 A00AA51 CITIBANK NA
015 B00AA51 S
015 C01AA51 LIMA
015 D01AA51 PERU
015 E04AA51 X
015 A00AA52 STANDARD CHARTERED
015 B00AA52 S
015 C01AA52 MANILA
015 D01AA52 PHILLIPINES
015 E04AA52 X
015 A00AA53 CITIBANK POLAND SA
015 B00AA53 S
015 C01AA53 WARSAW
015 D01AA53 POLAND
015 E04AA53 X
015 A00AA54 BANCO COMMERCIALE PORTUGEUS
015 B00AA54 S
015 C01AA54 LISBON
015 D01AA54 PORTUGAL
<PAGE>      PAGE  8
015 E04AA54 X
015 A00AA55 STANDARD BANK OF SOUTH AFRICA
015 B00AA55 S
015 C01AA55 JOHANNESBURG
015 D01AA55 SOUTH AFRICA
015 E04AA55 X
015 A00AA56 THE DEVELOPMENT BANK OF SINGAPORE LTD
015 B00AA56 S
015 C01AA56 SINGAPORE
015 D01AA56 SINGAPORE
015 E04AA56 X
015 A00AA57 BANCO SANTANDER
015 B00AA57 S
015 C01AA57 MADRID
015 D01AA57 SPAIN
015 E04AA57 X
015 A00AA58 HONG KONG & SHANGHAI BANK
015 B00AA58 S
015 C01AA58 COLOMBO
015 D01AA58 SRI LANKA
015 E04AA58 X
015 A00AA59 BANK OF SWAZILAND
015 B00AA59 S
015 C01AA59 MBABANE
015 D01AA59 SWAZILAND
015 E04AA59 X
015 A00AA60 SKANDINAVISKA ENSKILDA
015 B00AA60 S
015 C01AA60 STOCKHOLM
015 D01AA60 SWEDEN
015 E04AA60 X
015 A00AA61 CESKOSLOVENSKA OBCHODNA BANK AS
015 B00AA61 S
015 C01AA61 BRATSLAVIA
015 D01AA61 SLOVAK REPUBLIC
015 E04AA61 X
015 A00AA62 UNION BANK OF SWITZERLAND
015 B00AA62 S
015 C01AA62 ZURICH
015 D01AA62 SWITZERLAND
015 E04AA62 X
015 A00AA63 CENTRAL TRUST OF CHINA
015 B00AA63 S
015 C01AA63 TAIPEI
015 D01AA63 TAIWAN
015 E04AA63 X
015 A00AA64 CREDIT SUISSE, ZURICH
015 B00AA64 S
015 C01AA64 MOSCOW
015 D01AA64 RUSSIA
015 E04AA64 X
<PAGE>      PAGE  9
015 A00AA65 STANDARD CHARTERED BANK
015 B00AA65 S
015 C01AA65 BANGKOK
015 D01AA65 THAILAND
015 E04AA65 X
015 A00AA66 BARCLAYS BANK OF ZIMBABWE
015 B00AA66 S
015 C01AA66 ZIMBABWE
015 D01AA66 ZIMBABWE
015 E04AA66 X
015 A00AA67 CITIBANK
015 B00AA67 S
015 C01AA67 ISTANBUL
015 D01AA67 TURKEY
015 E04AA67 X
015 A00AA68 BARCLAYS BANK OF ZAMBIA LTD
015 B00AA68 S
015 C01AA68 WINDHEOK
015 D01AA68 ZAMBIA
015 E04AA68 X
015 A00AA69 STATE STREET BANK
015 B00AA69 S
015 C01AA69 LONDON
015 D01AA69 UNITED KINGDOM
015 E04AA69 X
015 A00AA70 CITIBANK NA
015 B00AA70 S
015 C01AA70 URUAGUAY
015 D01AA70 URUGUAY
015 E04AA70 X
015 A00AA71 CITIBANK NA
015 B00AA71 S
015 C01AA71 CARACAS
015 D01AA71 VENEZUELA
015 E04AA71 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   69
019 C00AA00 PAINEWEBBR
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001    190
020 A000002 MERRILL LYNCH PIERCE FENNER SMITH
020 B000002 13-5674085
020 C000002    123
020 A000003 MORGAN STANLEY & CO.
020 B000003 13-2655998
020 C000003    111
020 A000004 JEFFERIES & CO.
020 B000004 95-2622900
020 C000004     99
<PAGE>      PAGE  10
020 A000005 J.P. MORGAN
020 B000005 13-3224016
020 C000005     86
020 A000006 CJ LAWRENCE
020 B000006 13-2730828
020 C000006     73
020 A000007 SALOMAN BROTHERS
020 B000007 13-3082694
020 C000007     66
020 A000008 NATIONSBANC MONTGOMERY SECURITIES
020 B000008 00-0000000
020 C000008     63
020 A000009 CAPITAL INSTITUTIONAL SERVICES
020 B000009 00-0000000
020 C000009     56
020 A000010 GOLDMAN SACHS & CO.
020 B000010 13-5108880
020 C000010     55
021  000000     2120
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001  14181032
022 D000001    419747
022 A000002 UBS SECURITIES
022 B000002 13-2932996
022 C000002   1037359
022 D000002      5712
022 A000003 SOCIETE GENERALE
022 B000003 13-1976032
022 C000003    662372
022 D000003         0
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004    456171
022 D000004     86158
022 A000005 BEAR STEARNS
022 B000005 13-3299429
022 C000005    266411
022 D000005    157138
022 A000006 CITICORP SECURITIES MARKETS
022 B000006 00-0000000
022 C000006    343829
022 D000006       230
022 A000007 MORGAN STANLEY & CO.
022 B000007 13-2655998
022 C000007    192349
022 D000007    121326
022 A000008 MERRILL LYNCH PIERCE FENNER SMITH
022 B000008 13-3299429
022 C000008    159433
022 D000008    147895
<PAGE>      PAGE  11
022 A000009 DAIWA
022 B000009 04-1867445
022 C000009    284983
022 D000009         0
022 A000010 SALOMON BROTHERS
022 B000010 13-3082694
022 C000010    156659
022 D000010     94246
023 C000000   19414234
023 D000000    1590696
024  00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 Y
040  00AA00 N
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
<PAGE>      PAGE  12
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
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
075 A000000        0
075 B000000        0
076  000000     0.00
077 A000000 Y
077 B000000 Y
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 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00    50000
081 A00AA00 Y
081 B00AA00  57
082 A00AA00 N
082 B00AA00        0
<PAGE>      PAGE  13
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
008 A000110 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000110 A
008 C000110 801-13219
008 D010110 NEW YORK
008 D020110 NY
008 D030110 10019
028 A010100      1481
028 A020100        98
028 A030100         0
028 A040100      1196
028 B010100      3552
028 B020100        82
028 B030100         0
028 B040100       508
028 C010100      1398
028 C020100       102
028 C030100         0
028 C040100      2621
028 D010100      1362
028 D020100       108
028 D030100         0
028 D040100       534
028 E010100      3111
028 E020100        99
028 E030100         0
028 E040100       916
028 F010100      1447
028 F020100       112
028 F030100         0
028 F040100      2861
028 G010100     12351
028 G020100       601
028 G030100         0
<PAGE>      PAGE  14
028 G040100      8635
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   3.1
062 D000100   0.0
062 E000100   0.0
062 F000100   3.1
062 G000100  10.6
062 H000100   3.1
062 I000100  64.6
062 J000100   0.0
062 K000100   0.0
062 L000100  15.5
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  77
063 B000100  0.0
064 A000100 N
064 B000100 N
066 A000100 N
<PAGE>      PAGE  15
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 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 12
072 B000100     1241
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100       76
072 G000100        0
<PAGE>      PAGE  16
072 H000100        0
072 I000100       89
072 J000100        2
072 K000100       12
072 L000100        5
072 M000100       26
072 N000100        8
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100       11
072 S000100       10
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072 U000100       19
072 V000100        0
072 W000100        4
072 X000100      262
072 Y000100      153
072 Z000100     1132
072AA000100        0
072BB000100        1
072CC010100        0
072CC020100        0
072DD010100     1132
072DD020100        0
072EE000100        0
073 A010100   0.0497
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
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074 C000100    25509
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        9
074 L000100      176
074 M000100       81
074 N000100    25776
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074 P000100        0
074 Q000100        0
074 R010100        0
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074 R040100      283
<PAGE>      PAGE  17
074 S000100        0
074 T000100    25493
074 U010100    25494
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074 V010100     1.00
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074 W000100   1.0000
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<PAGE>      PAGE  19
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<PAGE>      PAGE  23
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<PAGE>      PAGE  54
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045  001100 Y
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048 I021100 0.000
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048 J021100 0.000
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048 K021100 0.000
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<PAGE>      PAGE  55
062 D001100   0.0
062 E001100   0.0
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062 J001100   0.0
062 K001100   0.0
062 L001100   0.0
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062 O001100   0.0
062 P001100   0.0
062 Q001100   0.0
062 R001100   0.0
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066 E001100 N
066 F001100 N
066 G001100 N
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070 A021100 Y
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070 C021100 N
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070 D021100 N
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070 E021100 N
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070 G011100 Y
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070 I021100 N
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070 J021100 N
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070 K021100 Y
070 L011100 Y
<PAGE>      PAGE  56
070 L021100 Y
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070 N021100 Y
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070 P021100 N
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070 Q021100 N
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<PAGE>      PAGE  57
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008 A001201 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
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008 C001201 801-13219
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10019
008 A001202 SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC
008 B001202 S
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008 D021202 NY
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028 A011200      2607
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<PAGE>      PAGE  58
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045  001200 Y
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<PAGE>      PAGE  59
048 K021200 0.000
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066 A001200 Y
066 B001200 N
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066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067  001200 N
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070 D021200 N
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070 E021200 N
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<PAGE>      PAGE  60
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<PAGE>      PAGE  61
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SIGNATURE   PAUL SCHUBERT                                
TITLE       TREASURER           
 


<TABLE> <S> <C>

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

<TABLE> <S> <C>

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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
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   <NAME> PACE STRATEGIC FIXED INCOME
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
   <NUMBER> 5
   <NAME> MUNICIPAL FIXED INCOME FUND
<MULTIPLIER> 1000
       
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1950
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2060
<NUMBER-OF-SHARES-REDEEMED>                        850
<SHARES-REINVESTED>                                149
<NET-CHANGE-IN-ASSETS>                           17346
<ACCUMULATED-NII-PRIOR>                            118
<ACCUMULATED-GAINS-PRIOR>                        (155)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              259
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    368
<AVERAGE-NET-ASSETS>                             43239
<PER-SHARE-NAV-BEGIN>                            12.67
<PER-SHARE-NII>                                   0.58
<PER-SHARE-GAIN-APPREC>                           0.02
<PER-SHARE-DIVIDEND>                              0.57
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               12.7
<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> GLOBAL FIXED INCOME INVESTMENTS
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                            86920
<INVESTMENTS-AT-VALUE>                           88140
<RECEIVABLES>                                     7105
<ASSETS-OTHER>                                    1301
<OTHER-ITEMS-ASSETS>                             24274
<TOTAL-ASSETS>                                  120820
<PAYABLE-FOR-SECURITIES>                          6498
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        25484
<TOTAL-LIABILITIES>                              31982
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         89029
<SHARES-COMMON-STOCK>                             7253
<SHARES-COMMON-PRIOR>                             4953
<ACCUMULATED-NII-CURRENT>                        (2153)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            921
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          1041
<NET-ASSETS>                                     88838
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 4541
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     712
<NET-INVESTMENT-INCOME>                           3829
<REALIZED-GAINS-CURRENT>                        (1520)
<APPREC-INCREASE-CURRENT>                         1100
<NET-CHANGE-FROM-OPS>                             3409
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         2452
<DISTRIBUTIONS-OF-GAINS>                           621
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<NUMBER-OF-SHARES-SOLD>                           3272
<NUMBER-OF-SHARES-REDEEMED>                       1218
<SHARES-REINVESTED>                                246
<NET-CHANGE-IN-ASSETS>                           28559
<ACCUMULATED-NII-PRIOR>                          (506)
<ACCUMULATED-GAINS-PRIOR>                           38
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              600
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    923
<AVERAGE-NET-ASSETS>                             75027
<PER-SHARE-NAV-BEGIN>                            12.17
<PER-SHARE-NII>                                   0.62
<PER-SHARE-GAIN-APPREC>                         (0.03)
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<PER-SHARE-NAV-END>                              12.25
<EXPENSE-RATIO>                                   0.95
<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> 7
   <NAME> PACE LARGE COMPANY VALUE EQUITY INVESTMENT
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                          232,829
<INVESTMENTS-AT-VALUE>                         266,521
<RECEIVABLES>                                      800
<ASSETS-OTHER>                                      59
<OTHER-ITEMS-ASSETS>                             10,710
<TOTAL-ASSETS>                                 278,090
<PAYABLE-FOR-SECURITIES>                           407
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       11,328
<TOTAL-LIABILITIES>                             11,735
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       210,654
<SHARES-COMMON-STOCK>                           13,142
<SHARES-COMMON-PRIOR>                            9,029
<ACCUMULATED-NII-CURRENT>                         1,067
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         21,082
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                   266,654
<DIVIDEND-INCOME>                                3,694
<INTEREST-INCOME>                                  317
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   2,185
<NET-INVESTMENT-INCOME>                          1,825
<REALIZED-GAINS-CURRENT>                        25,465
<APPREC-INCREASE-CURRENT>                       (5,712)
<NET-CHANGE-FROM-OPS>                           21,578
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,408
<DISTRIBUTIONS-OF-GAINS>                        14,337
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          5,652
<NUMBER-OF-SHARES-REDEEMED>                      2,415
<SHARES-REINVESTED>                                876
<NET-CHANGE-IN-ASSETS>                          85,548
<ACCUMULATED-NII-PRIOR>                            650
<ACCUMULATED-GAINS-PRIOR>                        9,955
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,787
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  2,185
<AVERAGE-NET-ASSETS>                           223,330
<PER-SHARE-NAV-BEGIN>                            20.03
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                           1.63
<PER-SHARE-DIVIDEND>                              0.14
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                    0.98
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
   <NUMBER> 9
   <NAME> PACE SMALL MEDIUM COMPANY VALUE EQUITY INVESTMENT
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                          171,136
<INVESTMENTS-AT-VALUE>                         183,376
<RECEIVABLES>                                      460
<ASSETS-OTHER>                                      91
<OTHER-ITEMS-ASSETS>                             2,820
<TOTAL-ASSETS>                                 186,747
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        3,189
<TOTAL-LIABILITIES>                              3,189
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       151,336
<SHARES-COMMON-STOCK>                           10,554
<SHARES-COMMON-PRIOR>                            7,710
<ACCUMULATED-NII-CURRENT>                          627
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         19,355
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         12,240
<NET-ASSETS>                                   183,558
<DIVIDEND-INCOME>                                2,271
<INTEREST-INCOME>                                  507
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,727
<NET-INVESTMENT-INCOME>                          1,051
<REALIZED-GAINS-CURRENT>                        22,462
<APPREC-INCREASE-CURRENT>                     (15,463)
<NET-CHANGE-FROM-OPS>                            8,050
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,077
<DISTRIBUTIONS-OF-GAINS>                        10,698
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          4,284
<NUMBER-OF-SHARES-REDEEMED>                      2,104
<SHARES-REINVESTED>                                663
<NET-CHANGE-IN-ASSETS>                          48,511
<ACCUMULATED-NII-PRIOR>                            652
<ACCUMULATED-GAINS-PRIOR>                        7,590
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,385
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,739
<AVERAGE-NET-ASSETS>                           173,101
<PER-SHARE-NAV-BEGIN>                            17.52
<PER-SHARE-NII>                                   0.10
<PER-SHARE-GAIN-APPREC>                           1.14
<PER-SHARE-DIVIDEND>                              0.13
<PER-SHARE-DISTRIBUTIONS>                         1.24
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.39
<EXPENSE-RATIO>                                   0.99
<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> SMALL MEDIUM COMPANY GROWTH FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                           171613
<INVESTMENTS-AT-VALUE>                          200787
<RECEIVABLES>                                     1185
<ASSETS-OTHER>                                    8755
<OTHER-ITEMS-ASSETS>                               724
<TOTAL-ASSETS>                                  211451
<PAYABLE-FOR-SECURITIES>                          3563
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         9033
<TOTAL-LIABILITIES>                              12596
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        164845
<SHARES-COMMON-STOCK>                            12586
<SHARES-COMMON-PRIOR>                             8700
<ACCUMULATED-NII-CURRENT>                        (328)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           5164
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         29174
<NET-ASSETS>                                    198855
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<INTEREST-INCOME>                                  815
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<EXPENSES-NET>                                    1661
<NET-INVESTMENT-INCOME>                          (329)
<REALIZED-GAINS-CURRENT>                          8733
<APPREC-INCREASE-CURRENT>                        12044
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                          6434
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           5487
<NUMBER-OF-SHARES-REDEEMED>                       2057
<SHARES-REINVESTED>                                456
<NET-CHANGE-IN-ASSETS>                           73247
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                         2865
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1329
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1661
<AVERAGE-NET-ASSETS>                            166109
<PER-SHARE-NAV-BEGIN>                            14.44
<PER-SHARE-NII>                                 (0.03)
<PER-SHARE-GAIN-APPREC>                           2.03
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.64
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.80
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PACE SELECT ADVISORS TRUST
<SERIES> 
   <NUMBER> 11
   <NAME> PACE INTERNATIONAL EQUITY INVESTMENTS
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                          144,108
<INVESTMENTS-AT-VALUE>                         166,512
<RECEIVABLES>                                      763
<ASSETS-OTHER>                                   3,967
<OTHER-ITEMS-ASSETS>                             1,768
<TOTAL-ASSETS>                                 173,010
<PAYABLE-FOR-SECURITIES>                         4,132
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        4,401
<TOTAL-LIABILITIES>                              8,533
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       137,035
<SHARES-COMMON-STOCK>                            9,945
<SHARES-COMMON-PRIOR>                            6,575
<ACCUMULATED-NII-CURRENT>                        1,664
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          3,589
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        22,189
<NET-ASSETS>                                   164,477
<DIVIDEND-INCOME>                                2,490
<INTEREST-INCOME>                                  541
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (1,561)
<NET-INVESTMENT-INCOME>                          1,470                    
<REALIZED-GAINS-CURRENT>                         5,383
<APPREC-INCREASE-CURRENT>                        7,482
<NET-CHANGE-FROM-OPS>                           14,335
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,289
<DISTRIBUTIONS-OF-GAINS>                         2,561
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          4,679
<NUMBER-OF-SHARES-REDEEMED>                    (1,584)
<SHARES-REINVESTED>                                275
<NET-CHANGE-IN-ASSETS>                          61,498                        
<ACCUMULATED-NII-PRIOR>                          1,152
<ACCUMULATED-GAINS-PRIOR>                        1,098
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,163
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,561
<AVERAGE-NET-ASSETS>                           129,237
<PER-SHARE-NAV-BEGIN>                            15.66
<PER-SHARE-NII>                                   0.16 
<PER-SHARE-GAIN-APPREC>                           1.20
<PER-SHARE-DIVIDEND>                            (0.16)
<PER-SHARE-DISTRIBUTIONS>                       (0.32)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              16.54
<EXPENSE-RATIO>                                   1.21
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINWEBBER PACE SELECT ADVISORS TRUST
<SERIES>
   <NUMBER> 12
   <NAME> PACE INTERNATIONAL EMERGING MARKETS EQUITY
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                            68349
<INVESTMENTS-AT-VALUE>                           62712
<RECEIVABLES>                                      1253
<ASSETS-OTHER>                                      68
<OTHER-ITEMS-ASSETS>                               3397
<TOTAL-ASSETS>                                   67430
<PAYABLE-FOR-SECURITIES>                           1099
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         3094
<TOTAL-LIABILITIES>                               4193
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         76016
<SHARES-COMMON-STOCK>                             6073
<SHARES-COMMON-PRIOR>                             3509
<ACCUMULATED-NII-CURRENT>                          517
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (7658)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (5638)
<NET-ASSETS>                                     63237
<DIVIDEND-INCOME>                                  1096
<INTEREST-INCOME>                                  311
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     850
<NET-INVESTMENT-INCOME>                            557
<REALIZED-GAINS-CURRENT>                          (7484)
<APPREC-INCREASE-CURRENT>                         (15462)
<NET-CHANGE-FROM-OPS>                             (22389)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (209)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           3585
<NUMBER-OF-SHARES-REDEEMED>                      1039
<SHARES-REINVESTED>                                  18
<NET-CHANGE-IN-ASSETS>                           8478
<ACCUMULATED-NII-PRIOR>                             169
<ACCUMULATED-GAINS-PRIOR>                        (174)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              623
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    850
<AVERAGE-NET-ASSETS>                             56667
<PER-SHARE-NAV-BEGIN>                            15.60
<PER-SHARE-NII>                                   0.09
<PER-SHARE-GAIN-APPREC>                           (5.23)
<PER-SHARE-DIVIDEND>                            (0.05)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.41
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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


 

 
 




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