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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000912057-01-523114.txt : 20010710
<SEC-HEADER>0000912057-01-523114.hdr.sgml : 20010710
ACCESSION NUMBER:		0000912057-01-523114
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAINEWEBBER PACE SELECT ADVISORS TRUST
		CENTRAL INDEX KEY:			0000930007
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		
		SEC FILE NUMBER:	033-87254
		FILM NUMBER:		1676959

	BUSINESS ADDRESS:	
		STREET 1:		C/O MITCHELL HUTCHINS
		STREET 2:		51 WEST 52ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2127133269

	MAIL ADDRESS:	
		STREET 1:		C/O MITCHELL HUTCHINS
		STREET 2:		51 WEST 52ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
		DATE OF NAME CHANGE:	19941212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAINEWEBBER CONSULTING FUND PRODUCT
		DATE OF NAME CHANGE:	19940914
</SEC-HEADER>
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<TYPE>497
<SEQUENCE>1
<FILENAME>a2053673z497.txt
<DESCRIPTION>497
<TEXT>

<PAGE>

                     PAINEWEBBER PACE SELECT ADVISORS TRUST

                      PACE GLOBAL FIXED INCOME INVESTMENTS

               SUPPLEMENT TO PROSPECTUSES DATED NOVEMBER 27, 2000


                                                                  July 6, 2001


Dear Investor,

The purpose of this supplement is to notify you of a change. On the prospectus
page titled "PACE Global Fixed Income Investments - Investment Objective,
Strategies and Risks," the last sentence of the first paragraph appearing under
"Principal Investment Strategies" is revised to read as follows: "The fund
invests, to a limited extent, in lower rated bonds of governmental and private
issuers, including bonds that are rated below investment grade."


For more information on the PACE funds, please contact your investment
professional.


                                                                 Item #: ZS-107


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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