UBS PACE SELECT ADVISORS TRUST

                 UBS PACE INTERMEDIATE FIXED INCOME INVESTMENTS
           UBS PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS

                                SUPPLEMENT TO THE

         PROSPECTUSES RELATING TO CLASS A, CLASS B, CLASS C AND CLASS Y
          ("MULTI-CLASS PROSPECTUS") AND CLASS P ("CLASS P PROSPECTUS")
                DATED NOVEMBER 5, 2001, AS REVISED APRIL 8, 2002


                                                                   July 29, 2002

Dear UBS PACE Investor:

         The purpose of this supplement is to notify you of changes in
investment advisors for UBS PACE INTERMEDIATE FIXED INCOME INVESTMENTS AND UBS
PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS.

         A significant part of the services you receive within the UBS PACE
Program is the ongoing review and due diligence by UBS Global Asset Management
(US) Inc. ("UBS Global AM") of the UBS PACE investment advisors. As part of this
process, the board of trustees of the UBS PACE Trust has engaged new
investment advisors to sub-advise all or a portion of the above listed funds'
assets. The funds, their new investment advisors and the dates on which each
will assume their management responsibilities are listed in the table below.

UBS PACE FUND                            INVESTMENT ADVISOR(S)
- ---------------------------------------- -------------------------------------
UBS PACE Intermediate Fixed Income       Black Rock Financial Management, Inc.
Investments                              (July 29, 2002)

UBS PACE International Emerging Markets  Baring International Investment
Equity Investments                       Limited (August 2, 2002)
                                         Gartmore Global Partners  (August 2,
                                         2002)

         The new investment advisors and related changes in the above funds'
investment strategies are described in greater detail below. The new investment
advisors expect to realign the funds' portfolios to reflect their proprietary
investment strategies over the next several weeks. As a result, during this
period, these funds may experience higher portfolio turnover than normal and
higher related transaction costs, including brokerage commissions. In addition,
a fund may realize capital gains when portfolio positions are sold by a new
investment advisor. These realized capital gains may increase a fund's taxable
distributions for the current year.




AS A RESULT OF THESE CHANGES, THE PROSPECTUSES DATED NOVEMBER 5, 2001, AS
REVISED APRIL 8, 2002 ARE REVISED AS FOLLOWS:

FOR UBS PACE INTERMEDIATE FIXED INCOME INVESTMENTS, THE SECTION CAPTIONED
"PRINCIPAL INVESTMENT STRATEGIES" ON P. 7 OF THE MULTI-CLASS PROSPECTUS AND
P. 10 OF THE CLASS P PROSPECTUS IS REVISED BY REPLACING THE FOURTH PARAGRAPH IN
ITS ENTIRETY WITH THE FOLLOWING:

         UBS Global Asset Management (US) Inc. ("UBS Global AM"), the fund's
         manager, has selected BlackRock Financial Management, Inc.
         ("BlackRock") to serve as the fund's investment advisor. BlackRock
         decides to buy specific bonds for the fund based on its credit
         analysis and review. BlackRock seeks to add value by controlling
         portfolio duration within a narrow band relative to the Lehman
         Brothers Intermediate Government/Credit Index. To do this, BlackRock
         uses an analytical process that involves evaluating macroeconomic
         trends, technical market factors, yield curve exposure and market
         volatility. Once BlackRock establishes the investment themes on
         duration, yield curve exposure, convexity, sector weighting, credit
         quality and liquidity, the fund's investments can be diversified by
         sector, sub-sector and security. BlackRock generally sells securities
         that no longer meet these selection criteria.

FOR UBS PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS, THE SECTION
CAPTIONED "PRINCIPAL INVESTMENT STRATEGIES" ON P. 37 OF THE MULTI-CLASS
PROSPECTUS AND P. 38 OF THE CLASS P PROSPECTUS IS REVISED BY REPLACING THE
THIRD PARAGRAPH IN ITS ENTIRETY WITH THE FOLLOWING:

         UBS Global Asset Management (US) Inc. ("UBS Global AM"), the fund's
         manager, has selected Baring International Investment Limited
         ("Baring") and Gartmore Global Partners ("GGP") to serve as the
         fund's investment advisors. UBS Global AM allocates the fund's assets
         between the two investment advisors and may change the allocation at
         any time. The relative values of each investment advisor's share of the
         fund's assets also may change over time.

         In managing its segment of the fund's assets, Baring seeks to identify
         favorable earnings and valuation characteristics through fundamental
         research. Baring seeks companies and markets that it believes have
         attractive growth prospects that are not fully reflected in their
         prices. Baring's equity criteria embraces a fundamental research to
         uncover these types of investment opportunities and to manage risk in
         order to align its investment conviction with the fund's investment
         objectives. Baring generally sells securities when it believes there
         is a fundamental deterioration in the earnings outlook or when the
         stock achieves its relative valuation target.

         In managing its segment of the fund's assets, GGP seeks to identify
         and quantify unexpected earnings growth. This process is driven by a
         disciplined and consistent investment philosophy which allows GGP
         to identify those companies that GGP believes will deliver
         positive earnings growth which will likely exceed or be sustained
         beyond consensus expectations. To find these opportunities, GGP
         uses a top-down



         and bottom-up fundamental analysis. GGP also uses portfolio
         monitoring to manage the risk spectrum on the stock, sector, country
         and portfolio. GGP generally sells a security that it believes no
         longer has the potential for above consensus earnings growth.

THE SECTION AT P. 50 OF THE MULTI-CLASS PROSPECTUS AND P. 46 OF THE CLASS P
PROSPECTUS CAPTIONED "INVESTMENT ADVISORS AND PORTFOLIO MANAGERS" IS REVISED BY
REPLACING THE TEXT CONCERNING UBS PACE INTERMEDIATE FIXED INCOME INVESTMENTS AND
UBS PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS IN ITS ENTIRETY WITH
THE FOLLOWING:

         UBS PACE INTERMEDIATE FIXED INCOME INVESTMENTS.

         BlackRock Financial Management, Inc. ("BlackRock") serves as investment
         advisor for UBS PACE Intermediate Fixed Income Investments. BlackRock
         is located at 40 East 52nd Street, New York, NY 10022. BlackRock was
         formed in 1988 and, as of June 30, 2002, had $250 billion in assets
         under management.

         BlackRock uses a team approach in the management of the fund's
         portfolio. The team implements investment themes within the
         constraints of the fund. Execution of specific transactions is based
         upon individual sector expertise, and BlackRock's proprietary
         analytics which is an important tool in identifying relative value.
         The team is led by Scott Amero, Managing Director of BlackRock since
         1990.

         UBS PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS.

         Baring International Investment Limited ("Baring") and Gartmore Global
         Partners ("GGP") serve as investment advisors for UBS PACE
         International Emerging Markets Equity Investments. Baring is located at
         High Street Tower, 125 High Street, Suite 2700, Boston, MA 02110-2723.
         The Baring group was founded in 1762 and operates today as part of the
         ING Group, one of the largest financial institutions in Europe and one
         of the world's largest providers of integrated financial services. As
         of June 30, 2002, Baring had approximately $34 billion in assets under
         management.

         Baring uses a team approach in the management of the fund's portfolio.
         The team consists of investment professionals with geographic or
         regional experience, as well as quantitative research specialists who
         serve as a central resource to analyze investment issues from a purely
         quantitative perspective.

         GGP is located at 1200 River Road, Conschocken, PA 19428. GGP offers
         international investment capabilities on behalf of the Gartmore Group
         to the U.S. institutional marketplace. Gartmore Group, the brand name
         of Nationwide Mutual Insurance Company's asset management business,
         represents a unified global marketing and investment platform
         featuring nine affiliated investment advisors including GGP.
         Collectively these affiliates have over $76 billion in net assets
         under management as of June 30, 2002. Gartmore Group encompasses 176
         portfolio managers, analysts and traders supported by approximately
         1,000 professionals working in offices strategically located in the
         United States, UK, Sweden, Italy, Spain, Germany and Japan.

         GGP uses a team approach in portfolio construction. As such, all
         Pacific & Emerging Markets investment managers are involved in
         investment decisions. Chris Palmer is primarily responsible for the
         day-to-day management of the fund.

         Mr. Palmer's background includes investment experience in Asia and
         Latin America as an investment advisor to a private family investment
         group. Prior to this, he was with Bear Stearns & Co Inc., where he was
         a senior counterparty credit risk officer with extensive
         responsibilities for hedge fund counterparty risk.



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