UBS PACE SELECT ADVISORS TRUST

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

              SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
                             DATED NOVEMBER 5, 2001

                                                                  August 6, 2002

Dear Investor,

This is a supplement to the Statement of Additional Information ("SAI") for UBS
PACE Select Advisors Trust ("Trust"). The purpose of the 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 Trust has engaged new investment advisors to
sub-advise all or a portion of the above listed funds' assets. The funds, their
prior and new investment advisors and the dates on which each assumed their
management responsibilities are listed in the table below.



UBS PACE FUND                            PRIOR INVESTMENT ADVISOR               NEW INVESTMENT ADVISOR
- ---------------------------------------- -------------------------------------- --------------------------------------
                                                                          
UBS PACE Intermediate Fixed Income       Metropolitan West Asset Management,    BlackRock Financial Management, Inc.
Investments                              LLC                                    (July 29, 2002)

UBS PACE International Emerging          Schroder Investment Management North   Baring International Investment
Markets Equity Investments               America Inc.                           Limited (August 2, 2002)

                                                                                Gartmore Global Partners
                                                                                (August 2, 2002)


The new investment advisors and related changes to any fees are described in
greater detail below.

                                                                Item #:ZS-157


AS A RESULT OF THESE CHANGES, THE SAI DATED NOVEMBER 5, 2001 IS REVISED AS
FOLLOWS:

I.   THE FUNDS AND THEIR INVESTMENT POLICIES

     A.   UBS PACE Intermediate Fixed Income Investments - On p. 4, the second
          sentence of the first paragraph is replaced with the following:

          BlackRock Financial Management, Inc. ("BlackRock") serves as the
          fund's investment advisor.

     B.   UBS PACE International Emerging Markets Equity Investments:

          1.   The last paragraph on p. 8 and the first two paragraphs of page 9
               are replaced with the following:

               UBS PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS has an
               investment objective of capital appreciation. Baring
               International Investment Limited ("Baring") and Gartmore Global
               Partners ("GGP") serve as the fund's investment advisors. UBS
               Global AM allocates the Fund's assets between the two investment
               advisors. Under normal circumstances, the fund invests at least
               80% of its net assets in equity securities that are tied
               economically to emerging market countries. Such investments may
               include equity securities issued by companies domiciled in
               emerging market countries. "Domiciled," for these purposes, means
               companies (1) that are organized under the laws of an emerging
               market country, (2) for which the principal securities trading
               market is in an emerging market country, (3) that derive a
               significant proportion (at least 50%) of their revenues or
               profits from goods produced or sold, investments made or services
               performed in the respective country, or (4) that have at least
               50% of their assets situated in such a country. The fund
               considers "emerging market countries" to be those countries not
               included in the Morgan Stanley Capital International World Index
               of major world economies.

               Baring and/or GGP may at times determine, based on their own
               analysis, that an economy included in the MSCI World Index should
               nonetheless be considered an emerging market country, in which
               case, that country would constitute an emerging market country
               for purposes of the fund's investments. The fund normally invests
               in the securities of issuers from three or more emerging market
               countries.

               Under normal circumstances, the fund may invest only up to 20% of
               its net assets in bonds, including U.S. government bonds, foreign
               government




               bonds and bonds of private U.S. and foreign issuers, including
               convertible bonds. The fund's investments may include Brady
               Bonds. The fund's investments in bonds of private issuers are
               rated at the time of purchase at least A by S&P or Moody's or, if
               unrated, determined by the investment advisor to be of comparable
               quality, except that up to 10% of the fund's total assets may be
               invested in lower quality bonds, including convertible bonds.
               These lower quality bonds must, at the time of purchase, be rated
               at least C by S&P or determined by the investment advisor to be
               of comparable quality.

          2.   The third paragraph of page 9 is deleted in its entirety.

II.  INVESTMENT MANAGEMENT, ADMINISTRATION AND PRINCIPAL UNDERWRITING
     ARRANGEMENTS

     A.   UBS PACE Intermediate Fixed Income Investments - On page 55, the first
          paragraph in the section for this fund is replaced with the following:

          Under the Sub-Advisory Agreement for this fund with BlackRock, UBS
          Global AM (not the fund) pays BlackRock a fee in the annual amount of
          0.20% of the fund's average daily net assets up to and including $120
          million and 0.10% of the fund's average daily net assets above $120
          million. Prior to July 29, 2002 Metropolitan West Asset Management,
          LLC was the fund's investment advisor. Prior to October 10, 2000,
          Pacific Income Advisers, Inc. was the fund's investment advisor. For
          the fiscal years ended July 31, 2001, July 31, 2000 and July 31, 1999,
          UBS Global AM paid or accrued investment advisory fees to the prior
          investment advisors of $459,159, $276,073 and $246,706, respectively.
          BlackRock is a Delaware corporation founded in 1988 and is a
          wholly-owned subsidiary of BlackRock, Inc., one of the largest
          publicly traded investment management firms in the United States with
          $250 billion of assets under management as of June 30, 2002.
          BlackRock, Inc. is a majority-owned indirect subsidiary of The PNC
          Financial Services Group, Inc., which is also the parent company of
          the fund's transfer agent.

     B.   UBS PACE International Emerging Markets Equity Investments - On page
          57, the first paragraph in the section for this fund is replaced with
          the following:

          Under the current Advisory Agreements for this fund with Baring and
          GGP, UBS Global AM (not the fund) pays each of these investment
          advisors a fee in the annual amount of 0.50% on the average daily net
          assets of the fund that it manages. Prior to August 2, 2002, Schroder
          Investment Management North America Inc. , a wholly owned subsidiary
          of Schroder U.S. Holdings Inc., was the fund's sole investment
          advisor. The fund's investment advisor prior to July 1, 1999 was
          Schroder Capital Management International Inc., another wholly owned




          subsidiary of Schroder U.S. Holdings Inc. For the fiscal years ended
          July 31, 2001, July 31, 2000 and July 31, 1999, UBS Global AM paid or
          accrued investment advisory fees to the prior investment advisors of
          $842,932, $450,653 and $341,405, respectively. 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. 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.