PAINEWEBBER PACE SELECT ADVISORS TRUST
Supplement to Prospectus dated December 1, 1999
June 21, 2000
Dear Investor,
This is a supplement to the Prospectus of PaineWebber PACE Select
Advisors Trust.
The following replaces the second sentence of the second paragraph in
the "Principal Investment Strategies" section of PACE Large Company Value Equity
Investments and PACE Large Company Growth Equity Investments on Prospectus pages
21 and 24, respectively:
The fund may invest up to 10% of its total assets in U.S. dollar-denominated
foreign securities.
