-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R+uNjWUayjK5HiiHxZjnAPUqjFk61P/35FzWfWT3Qqn6GfkFfgeKkOEFGZu1EoBB vgtCOe46KlU2Ft2RMGfrcg== /in/edgar/work/0000930007-00-000004/0000930007-00-000004.txt : 20000930 0000930007-00-000004.hdr.sgml : 20000930 ACCESSION NUMBER: 0000930007-00-000004 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20000731 FILED AS OF DATE: 20000928 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: NSAR-B SEC ACT: SEC FILE NUMBER: 811-08764 FILM NUMBER: 731260 BUSINESS ADDRESS: STREET 1: C/O MITCHELL HUTCHINS ASSET MGMT INC STREET 2: 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2127132000 MAIL ADDRESS: STREET 1: C/O MITCHELL HU51 WEST 52ND ST STREET 2: 23RD FLOOR 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 NSAR-B 1 0001.txt N-SAR (6.1) PAGE 1 000 B000000 07/31/2000 000 C000000 0000930007 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 PAINWEBBER PACE SELECT ADVISORS TRUST 001 B000000 811-8764 001 C000000 2128825000 002 A000000 51 WEST 52ND STREET 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 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 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 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 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 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 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 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 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 74 019 C00AA00 PAINEWEBBR 020 A000001 MERRILL LYNCH,PIERCE,FENNER 020 B000001 13-5674085 020 C000001 330 020 A000002 STATE STREET BANK & TRUST CO. 020 B000002 04-1867445 020 C000002 308 020 A000003 MORGAN STANLEY, DEAN WITTER & CO. INC. 020 B000003 13-2655998 020 C000003 207 020 A000004 GOLDMAN SACHS 020 B000004 13-5100880 020 C000004 196 PAGE 10 020 A000005 JEFFREIS & CO. 020 B000005 00-0000000 020 C000005 178 020 A000006 INSTINET 020 B000006 13-3443395 020 C000006 155 020 A000007 SALOMON SMITH BARNEY INC. 020 B000007 00-0000000 020 C000007 152 020 A000008 CREDIT LYONNAIS 020 B000008 00-0000000 020 C000008 120 020 A000009 CREDIT SUISSE FIRST BOSTON 020 B000009 00-0000000 020 C000009 102 020 A000010 HSBC INVESTMENT BANK PLC. 020 B000010 00-0000000 020 C000010 79 021 000000 3471 022 A000001 STATE STREET BANK & TRUST CO. 022 B000001 04-1867445 022 C000001 17409748 022 D000001 3635882 022 A000002 MORGAN STANLEY AND CO. INC. 022 B000002 13-2655998 022 C000002 701405 022 D000002 451737 022 A000003 BEAR STEARNS & CO. INC. 022 B000003 13-3229429 022 C000003 394048 022 D000003 401583 022 A000004 LEHAMN BROTHERS 022 B000004 00-0000000 022 C000004 425720 022 D000004 192082 022 A000005 CS FIRST BOSTON CORP. 022 B000005 00-0000000 022 C000005 299965 022 D000005 287686 022 A000006 GOLDMAN SACHS & CO. 022 B000006 13-5108880 022 C000006 464003 022 D000006 110510 022 A000007 MERRILL LYNCH PIERCE FENNER 022 B000007 13-5674085 022 C000007 284266 022 D000007 241842 022 A000008 MORGAN, J.P. SECURITES 022 B000008 13-3224016 022 C000008 270024 022 D000008 148657 PAGE 11 022 A000009 CHASE SECURITIES 022 B000009 13-3112953 022 C000009 207877 022 D000009 199540 022 A000010 BARCLAY GOVERNMENT SECURITIES 022 B000010 58-1550508 022 C000010 176158 022 D000010 188120 023 C000000 24025099 023 D000000 7358312 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 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 10000 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 N 077 P000000 N 077 Q010000 Y 077 Q020000 N 077 Q030000 N 078 000000 N 080 A00AA00 ICI MUTUAL INSURANCE CO. 080 B00AA00 . 080 C00AA00 50000 081 A00AA00 Y 081 B00AA00 73 082 A00AA00 N 082 B00AA00 0 083 A00AA00 N 083 B00AA00 0 PAGE 13 084 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 A000101 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000101 A 008 C000101 801-13219 008 D010101 NEW YORK 008 D020101 NY 008 D030101 10019 028 A010100 5722 028 A020100 243 028 A030100 0 028 A040100 5580 028 B010100 12051 028 B020100 250 028 B030100 0 028 B040100 6845 028 C010100 6222 028 C020100 315 028 C030100 0 028 C040100 9460 028 D010100 6082 028 D020100 271 028 D030100 0 028 D040100 4410 028 E010100 5980 028 E020100 317 028 E030100 0 028 E040100 4027 028 F010100 7419 028 F020100 351 028 F030100 0 028 F040100 8434 028 G010100 43476 028 G020100 1747 028 G030100 0 028 G040100 38756 028 H000100 0 PAGE 14 045 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 16.6 062 D000100 0.0 062 E000100 0.0 062 F000100 6.9 062 G000100 0.0 062 H000100 1.5 062 I000100 57.9 062 J000100 0.0 062 K000100 0.0 062 L000100 15.4 062 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 68 063 B000100 0.0 064 A000100 N 064 B000100 N 066 A000100 N 067 000100 N 068 A000100 N PAGE 15 068 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 3575 072 C000100 0 072 D000100 0 072 E000100 0 072 F000100 210 072 G000100 0 072 H000100 0 072 I000100 196 PAGE 16 072 J000100 8 072 K000100 24 072 L000100 24 072 M000100 26 072 N000100 26 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 20 072 S000100 12 072 T000100 0 072 U000100 19 072 V000100 0 072 W000100 4 072 X000100 569 072 Y000100 269 072 Z000100 3275 072AA000100 0 072BB000100 0 072CC010100 0 072CC020100 0 072DD010100 3275 072DD020100 0 072EE000100 0 073 A010100 0.0499 073 A020100 0.0000 073 B000100 0.0000 073 C000100 0.0000 074 A000100 0 074 B000100 0 074 C000100 64384 074 D000100 0 074 E000100 0 074 F000100 0 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 0 074 K000100 6 074 L000100 1723 074 M000100 24 074 N000100 66137 074 O000100 0 074 P000100 0 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 616 074 S000100 0 074 T000100 65521 PAGE 17 074 U010100 65521 074 U020100 0 074 V010100 1.00 074 V020100 0.00 074 W000100 1.0002 074 X000100 39090 074 Y000100 8046058 075 A000100 0 075 B000100 66185 076 000100 0.00 008 A000201 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000201 A 008 C000201 801-13219 008 D010201 NEW YORK 008 D020201 NY 008 D030201 10019 008 A000202 PACIFIC INVESTMENT MANAGEMENT COMPANY 008 B000202 S 008 C000202 801-00000 008 D010202 NEWPORT BEACH 008 D020202 CA 008 D030202 92660 025 D000201 0 025 D000202 0 025 D000203 0 025 D000204 0 025 D000205 0 025 D000206 0 025 D000207 0 025 D000208 0 028 A010200 4037 028 A020200 989 028 A030200 0 028 A040200 7827 028 B010200 5764 028 B020200 1198 028 B030200 0 028 B040200 8357 028 C010200 3188 028 C020200 1094 028 C030200 0 028 C040200 4670 028 D010200 3221 028 D020200 1068 028 D030200 0 028 D040200 5309 028 E010200 3647 028 E020200 997 028 E030200 0 028 E040200 4537 028 F010200 3232 PAGE 18 028 F020200 987 028 F030200 0 028 F040200 3101 028 G010200 23089 028 G020200 6333 028 G030200 0 028 G040200 33801 028 H000200 0 045 000200 Y 046 000200 N 047 000200 Y 048 000200 0.700 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 062 A000200 Y 062 B000200 0.0 062 C000200 0.0 062 D000200 8.1 062 E000200 0.0 062 F000200 0.0 062 G000200 0.0 062 H000200 0.0 062 I000200 0.4 062 J000200 0.0 062 K000200 0.0 062 L000200 0.0 062 M000200 2.5 062 N000200 0.0 062 O000200 0.0 062 P000200 1.5 062 Q000200 152.6 PAGE 19 062 R000200 0.0 063 A000200 0 063 B000200 5.0 064 A000200 N 064 B000200 N 066 A000200 N 067 000200 N 068 A000200 N 068 B000200 N 069 000200 N 070 A010200 Y 070 A020200 Y 070 B010200 Y 070 B020200 N 070 C010200 Y 070 C020200 Y 070 D010200 Y 070 D020200 N 070 E010200 Y 070 E020200 N 070 F010200 Y 070 F020200 N 070 G010200 Y 070 G020200 Y 070 H010200 Y 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 N 070 L010200 N 070 L020200 N 070 M010200 N 070 M020200 N 070 N010200 Y 070 N020200 Y 070 O010200 Y 070 O020200 Y 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 071 A000200 1718 071 B000200 1655 071 C000200 282949 071 D000200 585 072 A000200 12 PAGE 20 072 B000200 13773 072 C000200 0 072 D000200 0 072 E000200 0 072 F000200 1380 072 G000200 0 072 H000200 0 072 I000200 88 072 J000200 120 072 K000200 20 072 L000200 17 072 M000200 26 072 N000200 9 072 O000200 0 072 P000200 39 072 Q000200 0 072 R000200 34 072 S000200 34 072 T000200 0 072 U000200 19 072 V000200 0 072 W000200 13 072 X000200 1799 072 Y000200 84 072 Z000200 12058 072AA000200 15 072BB000200 0 072CC010200 114 072CC020200 0 072DD010200 12319 072DD020200 0 072EE000200 0 073 A010200 0.7500 073 A020200 0.0000 073 B000200 0.0000 073 C000200 0.0000 074 A000200 0 074 B000200 16093 074 C000200 805 074 D000200 311429 074 E000200 0 074 F000200 0 074 G000200 0 074 H000200 0 074 I000200 0 074 J000200 3 074 K000200 0 074 L000200 1744 074 M000200 34 074 N000200 330108 074 O000200 130700 PAGE 21 074 P000200 115 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 375 074 S000200 0 074 T000200 198918 074 U010200 16459 074 U020200 0 074 V010200 12.09 074 V020200 0.00 074 W000200 0.0000 074 X000200 14520 074 Y000200 149769 075 A000200 0 075 B000200 197154 076 000200 0.00 008 A000301 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000301 A 008 C000301 801-13219 008 D010301 NEW YORK 008 D020301 NY 008 D030301 10019 008 A000302 PACIFIC INCOME ADVISORS, INC. 008 B000302 S 008 C000302 801-00000 008 D010302 SANTA MONICA 008 D020302 CA 008 D030302 90401 028 A010300 2371 028 A020300 687 028 A030300 0 028 A040300 5679 028 B010300 3358 028 B020300 687 028 B030300 0 028 B040300 6109 028 C010300 2227 028 C020300 669 028 C030300 0 028 C040300 3707 028 D010300 1887 028 D020300 661 028 D030300 0 028 D040300 4554 028 E010300 1899 028 E020300 665 028 E030300 0 028 E040300 2783 028 F010300 2070 PAGE 22 028 F020300 659 028 F030300 0 028 F040300 2220 028 G010300 13812 028 G020300 4028 028 G030300 0 028 G040300 25052 028 H000300 0 029 000300 N 030 A000300 0 030 B000300 0.00 030 C000300 0.00 045 000300 Y 046 000300 N 047 000300 Y 048 000300 0.600 048 A010300 0 048 A020300 0.000 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 0 048 K020300 0.000 062 A000300 Y 062 B000300 0.0 062 C000300 0.0 062 D000300 2.1 062 E000300 0.0 062 F000300 0.0 062 G000300 0.0 062 H000300 0.0 062 I000300 0.0 062 J000300 0.0 062 K000300 0.0 062 L000300 0.0 062 M000300 25.3 PAGE 23 062 N000300 10.1 062 O000300 0.0 062 P000300 44.0 062 Q000300 16.8 062 R000300 0.0 063 A000300 0 063 B000300 7.4 064 A000300 N 064 B000300 N 066 A000300 N 067 000300 N 068 A000300 N 068 B000300 N 069 000300 N 070 A010300 Y 070 A020300 Y 070 B010300 Y 070 B020300 N 070 C010300 Y 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 Y 070 E020300 N 070 F010300 Y 070 F020300 N 070 G010300 Y 070 G020300 N 070 H010300 Y 070 H020300 N 070 I010300 Y 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 N 070 L010300 Y 070 L020300 Y 070 M010300 Y 070 M020300 N 070 N010300 Y 070 N020300 Y 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 071 A000300 118699 PAGE 24 071 B000300 124467 071 C000300 134675 071 D000300 88 072 A000300 12 072 B000300 9289 072 C000300 0 072 D000300 0 072 E000300 0 072 F000300 828 072 G000300 0 072 H000300 0 072 I000300 44 072 J000300 85 072 K000300 4 072 L000300 18 072 M000300 26 072 N000300 17 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 28 072 S000300 20 072 T000300 0 072 U000300 19 072 V000300 0 072 W000300 3 072 X000300 1092 072 Y000300 14 072 Z000300 8211 072AA000300 0 072BB000300 2316 072CC010300 388 072CC020300 0 072DD010300 8212 072DD020300 0 072EE000300 36 073 A010300 0.7000 073 A020300 0.0000 073 B000300 0.0000 073 C000300 0.0000 074 A000300 0 074 B000300 2844 074 C000300 0 074 D000300 129102 074 E000300 0 074 F000300 0 074 G000300 0 074 H000300 0 074 I000300 0 074 J000300 0 074 K000300 0 PAGE 25 074 L000300 2288 074 M000300 33658 074 N000300 167892 074 O000300 0 074 P000300 70 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 33720 074 S000300 0 074 T000300 134102 074 U010300 11347 074 U020300 0 074 V010300 11.82 074 V020300 0.00 074 W000300 0.0000 074 X000300 7383 074 Y000300 56799 075 A000300 0 075 B000300 138036 076 000300 0.00 008 A000401 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000401 A 008 C000401 801-13219 008 D010401 NEW YORK 008 D020401 NY 008 D030401 10019 008 A000402 PACIFIC INVESTMENT MANAGEMENT COMPANY 008 B000402 S 008 C000402 801-00000 008 D010402 NEWPORT BEACH 008 D020402 CA 008 D030402 92660 028 A010400 3781 028 A020400 1174 028 A030400 0 028 A040400 6318 028 B010400 5612 028 B020400 1119 028 B030400 0 028 B040400 8954 028 C010400 6122 028 C020400 1129 028 C030400 0 028 C040400 4818 028 D010400 2741 028 D020400 1137 028 D030400 0 028 D040400 3922 028 E010400 3442 PAGE 26 028 E020400 1189 028 E030400 0 028 E040400 3771 028 F010400 3257 028 F020400 1116 028 F030400 0 028 F040400 3200 028 G010400 24955 028 G020400 6864 028 G030400 0 028 G040400 30983 028 H000400 0 045 000400 Y 046 000400 N 047 000400 Y 048 000400 0.700 048 A010400 0 048 A020400 0.000 048 B010400 0 048 B020400 0.000 048 C010400 0 048 C020400 0.000 048 D010400 0 048 D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 0 048 K020400 0.000 062 A000400 Y 062 B000400 0.0 062 C000400 0.3 062 D000400 1.2 062 E000400 0.0 062 F000400 0.0 062 G000400 0.0 062 H000400 0.0 062 I000400 0.0 062 J000400 0.0 062 K000400 0.0 062 L000400 0.0 062 M000400 18.5 PAGE 27 062 N000400 27.3 062 O000400 0.0 062 P000400 26.7 062 Q000400 46.6 062 R000400 0.0 063 A000400 0 063 B000400 9.3 064 A000400 N 064 B000400 N 066 A000400 N 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 Y 070 B010400 Y 070 B020400 N 070 C010400 Y 070 C020400 Y 070 D010400 Y 070 D020400 N 070 E010400 Y 070 E020400 N 070 F010400 Y 070 F020400 N 070 G010400 Y 070 G020400 Y 070 H010400 Y 070 H020400 N 070 I010400 Y 070 I020400 N 070 J010400 Y 070 J020400 Y 070 K010400 Y 070 K020400 N 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 Y 070 N010400 Y 070 N020400 Y 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 Y 070 Q020400 N 070 R010400 Y 070 R020400 N 071 A000400 981014 PAGE 28 071 B000400 909986 071 C000400 232446 071 D000400 391 072 A000400 12 072 B000400 15709 072 C000400 0 072 D000400 0 072 E000400 0 072 F000400 1596 072 G000400 0 072 H000400 0 072 I000400 96 072 J000400 139 072 K000400 11 072 L000400 26 072 M000400 26 072 N000400 37 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 27 072 S000400 37 072 T000400 0 072 U000400 19 072 V000400 0 072 W000400 5 072 X000400 2019 072 Y000400 84 072 Z000400 13774 072AA000400 0 072BB000400 5535 072CC010400 0 072CC020400 3151 072DD010400 13546 072DD020400 0 072EE000400 0 073 A010400 0.0720 073 A020400 0.0000 073 B000400 0.0000 073 C000400 0.0000 074 A000400 1013 074 B000400 2822 074 C000400 19340 074 D000400 279616 074 E000400 0 074 F000400 0 074 G000400 0 074 H000400 0 074 I000400 0 074 J000400 3 074 K000400 0 PAGE 29 074 L000400 2803 074 M000400 345 074 N000400 305942 074 O000400 51921 074 P000400 136 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 19137 074 S000400 0 074 T000400 234748 074 U010400 19230 074 U020400 0 074 V010400 12.21 074 V020400 0.00 074 W000400 0.0000 074 X000400 14732 074 Y000400 4594 075 A000400 0 075 B000400 228031 076 000400 0.00 008 A000501 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000501 A 008 C000501 801-13219 008 D010501 NEW YORK 008 D020501 NY 008 D030501 10019 008 A000502 STANDISH, AYER & WOOD, INC 008 B000502 S 008 C000502 801-00000 008 D010502 BOSTON 008 D020502 MA 008 D030502 02111 028 A010500 116 028 A020500 18 028 A030500 0 028 A040500 184 028 B010500 192 028 B020500 18 028 B030500 0 028 B040500 217 028 C010500 81 028 C020500 18 028 C030500 0 028 C040500 163 028 D010500 63 028 D020500 18 028 D030500 0 028 D040500 172 028 E010500 79 PAGE 30 028 E020500 17 028 E030500 0 028 E040500 113 028 F010500 72 028 F020500 15 028 F030500 0 028 F040500 81 028 G010500 603 028 G020500 104 028 G030500 0 028 G040500 930 028 H000500 0 045 000500 Y 046 000500 N 047 000500 Y 048 000500 0.600 048 A010500 0 048 A020500 0.000 048 B010500 0 048 B020500 0.000 048 C010500 0 048 C020500 0.000 048 D010500 0 048 D020500 0.000 048 E010500 0 048 E020500 0.000 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 062 A000500 Y 062 B000500 0.0 062 C000500 0.0 062 D000500 0.0 062 E000500 0.0 062 F000500 0.0 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 0.2 062 M000500 0.0 PAGE 31 062 N000500 0.0 062 O000500 100.5 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0 063 A000500 0 063 B000500 11.6 064 A000500 N 064 B000500 N 066 A000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 N 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 N 070 D020500 N 070 E010500 Y 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 N 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 Y 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 17578 PAGE 32 071 B000500 18071 071 C000500 52769 071 D000500 33 072 A000500 12 072 B000500 3036 072 C000500 0 072 D000500 0 072 E000500 0 072 F000500 329 072 G000500 0 072 H000500 0 072 I000500 26 072 J000500 36 072 K000500 7 072 L000500 14 072 M000500 26 072 N000500 6 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 24 072 S000500 2 072 T000500 0 072 U000500 19 072 V000500 0 072 W000500 1 072 X000500 490 072 Y000500 23 072 Z000500 2569 072AA000500 0 072BB000500 1121 072CC010500 0 072CC020500 233 072DD010500 2582 072DD020500 0 072EE000500 0 073 A010500 0.5700 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 0 074 B000500 0 074 C000500 79 074 D000500 53880 074 E000500 0 074 F000500 0 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 575 074 K000500 0 PAGE 33 074 L000500 850 074 M000500 16 074 N000500 55400 074 O000500 0 074 P000500 26 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 1780 074 S000500 0 074 T000500 53594 074 U010500 4410 074 U020500 0 074 V010500 12.15 074 V020500 0.00 074 W000500 0.0000 074 X000500 2947 074 Y000500 8249 075 A000500 0 075 B000500 54911 076 000500 0.00 008 A000601 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000601 A 008 C000601 801-13219 008 D010601 NEW YORK 008 D020601 NY 008 D030601 10019 008 A000602 ROGGE GLOBAL PARTNERS PLC 008 B000602 S 008 C000602 801-00000 008 D010602 LONDON 008 D050602 ENGLAND 008 D060602 EC4V 5BY 028 A010600 2522 028 A020600 373 028 A030600 0 028 A040600 3586 028 B010600 4299 028 B020600 370 028 B030600 0 028 B040600 4332 028 C010600 1872 028 C020600 368 028 C030600 0 028 C040600 4002 028 D010600 1916 028 D020600 365 028 D030600 0 028 D040600 2819 028 E010600 2227 PAGE 34 028 E020600 367 028 E030600 0 028 E040600 2154 028 F010600 1840 028 F020600 370 028 F030600 0 028 F040600 1408 028 G010600 14676 028 G020600 2213 028 G030600 0 028 G040600 18301 028 H000600 0 045 000600 Y 046 000600 N 047 000600 Y 048 000600 0.800 048 A010600 0 048 A020600 0.000 048 B010600 0 048 B020600 0.000 048 C010600 0 048 C020600 0.000 048 D010600 0 048 D020600 0.000 048 E010600 0 048 E020600 0.000 048 F010600 0 048 F020600 0.000 048 G010600 0 048 G020600 0.000 048 H010600 0 048 H020600 0.000 048 I010600 0 048 I020600 0.000 048 J010600 0 048 J020600 0.000 048 K010600 0 048 K020600 0.000 062 A000600 Y 062 B000600 0.0 062 C000600 0.0 062 D000600 1.9 062 E000600 0.0 062 F000600 0.0 062 G000600 0.0 062 H000600 0.0 062 I000600 0.0 062 J000600 0.0 062 K000600 0.0 062 L000600 1.1 062 M000600 9.7 PAGE 35 062 N000600 0.0 062 O000600 0.0 062 P000600 19.1 062 Q000600 66.9 062 R000600 0.0 063 A000600 0 063 B000600 5.6 064 A000600 N 064 B000600 N 066 A000600 N 067 000600 N 068 A000600 N 068 B000600 Y 069 000600 N 070 A010600 Y 070 A020600 Y 070 B010600 Y 070 B020600 N 070 C010600 Y 070 C020600 N 070 D010600 Y 070 D020600 N 070 E010600 Y 070 E020600 N 070 F010600 Y 070 F020600 N 070 G010600 Y 070 G020600 N 070 H010600 Y 070 H020600 N 070 I010600 Y 070 I020600 N 070 J010600 Y 070 J020600 N 070 K010600 Y 070 K020600 N 070 L010600 Y 070 L020600 Y 070 M010600 Y 070 M020600 Y 070 N010600 Y 070 N020600 Y 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 Y 070 Q020600 N 070 R010600 Y 070 R020600 N 071 A000600 174556 PAGE 36 071 B000600 162394 071 C000600 95723 071 D000600 170 072 A000600 12 072 B000600 5704 072 C000600 0 072 D000600 0 072 E000600 0 072 F000600 821 072 G000600 0 072 H000600 0 072 I000600 97 072 J000600 155 072 K000600 10 072 L000600 15 072 M000600 26 072 N000600 23 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 22 072 S000600 16 072 T000600 0 072 U000600 19 072 V000600 0 072 W000600 10 072 X000600 1214 072 Y000600 240 072 Z000600 4730 072AA000600 0 072BB000600 7433 072CC010600 0 072CC020600 2604 072DD010600 4372 072DD020600 0 072EE000600 781 073 A010600 0.4800 073 A020600 0.0000 073 B000600 0.0885 073 C000600 0.0000 074 A000600 173 074 B000600 1958 074 C000600 1126 074 D000600 96435 074 E000600 0 074 F000600 0 074 G000600 0 074 H000600 0 074 I000600 9074 074 J000600 860 074 K000600 0 PAGE 37 074 L000600 1692 074 M000600 422 074 N000600 111740 074 O000600 1306 074 P000600 45 074 Q000600 0 074 R010600 0 074 R020600 0 074 R030600 0 074 R040600 9558 074 S000600 0 074 T000600 100831 074 U010600 9445 074 U020600 0 074 V010600 10.68 074 V020600 0.00 074 W000600 0.0000 074 X000600 16581 074 Y000600 91338 075 A000600 0 075 B000600 102673 076 000600 0.00 008 A000701 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000701 A 008 C000701 801-13219 008 D010701 NEW YORK 008 D020701 NY 008 D030701 10019 008 A000702 WESTWOOD MGMT CORP 008 B000702 S 008 C000702 801-00000 008 D010702 DALLAS 008 D020702 TX 008 D030702 75201 028 A010700 9364 028 A020700 0 028 A030700 0 028 A040700 11116 028 B010700 23912 028 B020700 0 028 B030700 0 028 B040700 23183 028 C010700 6923 028 C020700 0 028 C030700 0 028 C040700 21463 028 D010700 6772 028 D020700 0 028 D030700 0 028 D040700 8057 028 E010700 7908 PAGE 38 028 E020700 0 028 E030700 0 028 E040700 8631 028 F010700 6209 028 F020700 0 028 F030700 0 028 F040700 5291 028 G010700 61088 028 G020700 0 028 G030700 0 028 G040700 77741 028 H000700 0 045 000700 Y 046 000700 N 047 000700 Y 048 000700 0.800 048 A010700 0 048 A020700 0.000 048 B010700 0 048 B020700 0.000 048 C010700 0 048 C020700 0.000 048 D010700 0 048 D020700 0.000 048 E010700 0 048 E020700 0.000 048 F010700 0 048 F020700 0.000 048 G010700 0 048 G020700 0.000 048 H010700 0 048 H020700 0.000 048 I010700 0 048 I020700 0.000 048 J010700 0 048 J020700 0.000 048 K010700 0 048 K020700 0.000 062 A000700 N 062 B000700 0.0 062 C000700 0.0 062 D000700 0.0 062 E000700 0.0 062 F000700 0.0 062 G000700 0.0 062 H000700 0.0 062 I000700 0.0 062 J000700 0.0 062 K000700 0.0 062 L000700 0.0 062 M000700 0.0 PAGE 39 062 N000700 0.0 062 O000700 0.0 062 P000700 0.0 062 Q000700 0.0 062 R000700 0.0 063 A000700 0 063 B000700 0.0 066 A000700 Y 066 B000700 N 066 C000700 Y 066 D000700 N 066 E000700 N 066 F000700 N 066 G000700 N 067 000700 N 068 A000700 N 068 B000700 N 069 000700 N 070 A010700 Y 070 A020700 Y 070 B010700 Y 070 B020700 N 070 C010700 Y 070 C020700 N 070 D010700 Y 070 D020700 N 070 E010700 Y 070 E020700 N 070 F010700 Y 070 F020700 N 070 G010700 Y 070 G020700 N 070 H010700 Y 070 H020700 N 070 I010700 N 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 N 070 L010700 Y 070 L020700 N 070 M010700 N 070 M020700 N 070 N010700 Y 070 N020700 Y 070 O010700 Y 070 O020700 N 070 P010700 Y 070 P020700 N 070 Q010700 Y PAGE 40 070 Q020700 N 070 R010700 Y 070 R020700 N 071 A000700 692526 071 B000700 663612 071 C000700 339470 071 D000700 195 072 A000700 12 072 B000700 517 072 C000700 5822 072 D000700 0 072 E000700 0 072 F000700 2801 072 G000700 0 072 H000700 0 072 I000700 153 072 J000700 210 072 K000700 16 072 L000700 33 072 M000700 26 072 N000700 54 072 O000700 0 072 P000700 0 072 Q000700 0 072 R000700 31 072 S000700 14 072 T000700 0 072 U000700 19 072 V000700 0 072 W000700 18 072 X000700 3375 072 Y000700 17 072 Z000700 2981 072AA000700 0 072BB000700 4441 072CC010700 0 072CC020700 56911 072DD010700 2496 072DD020700 0 072EE000700 30041 073 A010700 0.1351 073 A020700 0.0000 073 B000700 1.6263 073 C000700 0.0000 074 A000700 33 074 B000700 6800 074 C000700 499 074 D000700 0 074 E000700 0 074 F000700 327993 074 G000700 0 PAGE 41 074 H000700 0 074 I000700 28787 074 J000700 1478 074 K000700 0 074 L000700 478 074 M000700 47 074 N000700 366115 074 O000700 1538 074 P000700 232 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 29051 074 S000700 0 074 T000700 335294 074 U010700 20508 074 U020700 0 074 V010700 16.35 074 V020700 0.00 074 W000700 0.0000 074 X000700 24787 074 Y000700 18009 075 A000700 0 075 B000700 350063 076 000700 0.00 008 A000801 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000801 A 008 C000801 801-13219 008 D010801 NEW YORK 008 D020801 NY 008 D030801 10019 008 A000802 ALLIANCE CAPITAL MANAGEMENT L.P. 008 B000802 S 008 C000802 801-00000 008 D010802 NEW YORK 008 D020802 NY 008 D030802 10036 028 A010800 11892 028 A020800 0 028 A030800 0 028 A040800 11617 028 B010800 15507 028 B020800 0 028 B030800 0 028 B040800 17422 028 C010800 9723 028 C020800 0 028 C030800 0 028 C040800 8592 028 D010800 7954 PAGE 42 028 D020800 0 028 D030800 0 028 D040800 10335 028 E010800 8737 028 E020800 0 028 E030800 0 028 E040800 29278 028 F010800 8045 028 F020800 0 028 F030800 0 028 F040800 6156 028 G010800 61858 028 G020800 0 028 G030800 0 028 G040800 83400 028 H000800 0 045 000800 Y 046 000800 N 047 000800 Y 048 000800 0.800 048 A010800 0 048 A020800 0.000 048 B010800 0 048 B020800 0.000 048 C010800 0 048 C020800 0.000 048 D010800 0 048 D020800 0.000 048 E010800 0 048 E020800 0.000 048 F010800 0 048 F020800 0.000 048 G010800 0 048 G020800 0.000 048 H010800 0 048 H020800 0.000 048 I010800 0 048 I020800 0.000 048 J010800 0 048 J020800 0.000 048 K010800 0 048 K020800 0.000 062 A000800 N 062 B000800 0.0 062 C000800 0.0 062 D000800 0.0 062 E000800 0.0 062 F000800 0.0 062 G000800 0.0 062 H000800 0.0 062 I000800 0.0 PAGE 43 062 J000800 0.0 062 K000800 0.0 062 L000800 0.0 062 M000800 0.0 062 N000800 0.0 062 O000800 0.0 062 P000800 0.0 062 Q000800 0.0 062 R000800 0.0 063 A000800 0 063 B000800 0.0 066 A000800 Y 066 B000800 N 066 C000800 Y 066 D000800 N 066 E000800 N 066 F000800 N 066 G000800 N 067 000800 N 068 A000800 N 068 B000800 N 069 000800 N 070 A010800 Y 070 A020800 Y 070 B010800 Y 070 B020800 N 070 C010800 Y 070 C020800 N 070 D010800 Y 070 D020800 N 070 E010800 Y 070 E020800 N 070 F010800 Y 070 F020800 N 070 G010800 Y 070 G020800 N 070 H010800 Y 070 H020800 N 070 I010800 N 070 I020800 N 070 J010800 Y 070 J020800 N 070 K010800 Y 070 K020800 Y 070 L010800 Y 070 L020800 N 070 M010800 N 070 M020800 N 070 N010800 Y 070 N020800 Y 070 O010800 Y PAGE 44 070 O020800 N 070 P010800 Y 070 P020800 N 070 Q010800 Y 070 Q020800 N 070 R010800 Y 070 R020800 N 071 A000800 249959 071 B000800 254098 071 C000800 427078 071 D000800 59 072 A000800 12 072 B000800 224 072 C000800 2041 072 D000800 0 072 E000800 0 072 F000800 3458 072 G000800 0 072 H000800 0 072 I000800 130 072 J000800 247 072 K000800 13 072 L000800 30 072 M000800 26 072 N000800 42 072 O000800 0 072 P000800 0 072 Q000800 0 072 R000800 44 072 S000800 17 072 T000800 0 072 U000800 19 072 V000800 0 072 W000800 15 072 X000800 4041 072 Y000800 22 072 Z000800 -1754 072AA000800 56956 072BB000800 0 072CC010800 14949 072CC020800 0 072DD010800 0 072DD020800 0 072EE000800 11567 073 A010800 0.0000 073 A020800 0.0000 073 B000800 0.7514 073 C000800 0.0000 074 A000800 0 074 B000800 0 074 C000800 0 PAGE 45 074 D000800 0 074 E000800 0 074 F000800 436401 074 G000800 0 074 H000800 0 074 I000800 68528 074 J000800 2080 074 K000800 0 074 L000800 213 074 M000800 50 074 N000800 507272 074 O000800 622 074 P000800 0 074 Q000800 0 074 R010800 0 074 R020800 0 074 R030800 0 074 R040800 69844 074 S000800 0 074 T000800 436806 074 U010800 14705 074 U020800 0 074 V010800 29.70 074 V020800 0.00 074 W000800 0.0000 074 X000800 25081 074 Y000800 25775 075 A000800 0 075 B000800 432272 076 000800 0.00 008 A000901 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B000901 A 008 C000901 801-13219 008 D010901 NEW YORK 008 D020901 NY 008 D030901 10019 008 A000902 BRANDYWINE ASSET MANAGEMENT, INC. 008 B000902 S 008 C000902 801-27797 008 D010902 WILMINGTON 008 D020902 DE 008 D030902 19801 008 A000903 ARIEL CAPITAL MANAGEMENT, INC. 008 B000903 S 008 C000903 801-00000 008 D010903 CHICAGO 008 D020903 IL 008 D030903 60601 028 A010900 4868 028 A020900 0 028 A030900 0 PAGE 46 028 A040900 5391 028 B010900 13848 028 B020900 0 028 B030900 0 028 B040900 7083 028 C010900 4951 028 C020900 0 028 C030900 0 028 C040900 3904 028 D010900 3883 028 D020900 0 028 D030900 0 028 D040900 4054 028 E010900 4384 028 E020900 0 028 E030900 0 028 E040900 4571 028 F010900 3821 028 F020900 0 028 F030900 0 028 F040900 2736 028 G010900 35755 028 G020900 0 028 G030900 0 028 G040900 27739 028 H000900 0 045 000900 Y 046 000900 N 047 000900 Y 048 000900 0.800 048 A010900 0 048 A020900 0.000 048 B010900 0 048 B020900 0.000 048 C010900 0 048 C020900 0.000 048 D010900 0 048 D020900 0.000 048 E010900 0 048 E020900 0.000 048 F010900 0 048 F020900 0.000 048 G010900 0 048 G020900 0.000 048 H010900 0 048 H020900 0.000 048 I010900 0 048 I020900 0.000 048 J010900 0 048 J020900 0.000 048 K010900 0 PAGE 47 048 K020900 0.000 062 A000900 N 062 B000900 0.0 062 C000900 0.0 062 D000900 0.0 062 E000900 0.0 062 F000900 0.0 062 G000900 0.0 062 H000900 0.0 062 I000900 0.0 062 J000900 0.0 062 K000900 0.0 062 L000900 0.0 062 M000900 0.0 062 N000900 0.0 062 O000900 0.0 062 P000900 0.0 062 Q000900 0.0 062 R000900 0.0 063 A000900 0 063 B000900 0.0 066 A000900 Y 066 B000900 N 066 C000900 Y 066 D000900 N 066 E000900 N 066 F000900 N 066 G000900 N 067 000900 N 068 A000900 N 068 B000900 N 069 000900 N 070 A010900 Y 070 A020900 Y 070 B010900 Y 070 B020900 N 070 C010900 Y 070 C020900 N 070 D010900 Y 070 D020900 N 070 E010900 Y 070 E020900 N 070 F010900 Y 070 F020900 N 070 G010900 Y 070 G020900 N 070 H010900 Y 070 H020900 N 070 I010900 Y 070 I020900 N 070 J010900 Y PAGE 48 070 J020900 N 070 K010900 Y 070 K020900 N 070 L010900 N 070 L020900 N 070 M010900 N 070 M020900 N 070 N010900 Y 070 N020900 Y 070 O010900 N 070 O020900 N 070 P010900 N 070 P020900 N 070 Q010900 N 070 Q020900 N 070 R010900 Y 070 R020900 N 071 A000900 182553 071 B000900 157812 071 C000900 189538 071 D000900 83 072 A000900 12 072 B000900 505 072 C000900 2978 072 D000900 0 072 E000900 0 072 F000900 1575 072 G000900 0 072 H000900 0 072 I000900 111 072 J000900 118 072 K000900 16 072 L000900 27 072 M000900 26 072 N000900 36 072 O000900 0 072 P000900 0 072 Q000900 0 072 R000900 48 072 S000900 10 072 T000900 0 072 U000900 19 072 V000900 0 072 W000900 11 072 X000900 1997 072 Y000900 32 072 Z000900 1518 072AA000900 2717 072BB000900 0 072CC010900 0 072CC020900 25897 PAGE 49 072DD010900 832 072DD020900 0 072EE000900 9001 073 A010900 0.0624 073 A020900 0.0000 073 B000900 0.6748 073 C000900 0.0000 074 A000900 1 074 B000900 11103 074 C000900 0 074 D000900 0 074 E000900 0 074 F000900 201585 074 G000900 0 074 H000900 0 074 I000900 18674 074 J000900 1287 074 K000900 0 074 L000900 236 074 M000900 67 074 N000900 232953 074 O000900 155 074 P000900 0 074 Q000900 0 074 R010900 0 074 R020900 0 074 R030900 0 074 R040900 19049 074 S000900 0 074 T000900 213749 074 U010900 16035 074 U020900 10 074 V010900 13.33 074 V020900 0.00 074 W000900 0.0000 074 X000900 23464 074 Y000900 11314 075 A000900 0 075 B000900 196866 076 000900 0.00 008 A001001 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B001001 A 008 C001001 801-13219 008 D011001 NEW YORK 008 D021001 NY 008 D031001 10019 008 A001002 DELAWARE MANAGEMENT COMPANY, INC. 008 B001002 S 008 C001002 801-32108 008 D011002 PHILADELPHIA 008 D021002 PA PAGE 50 008 D031002 19103 028 A011000 7548 028 A021000 0 028 A031000 0 028 A041000 9266 028 B011000 8350 028 B021000 0 028 B031000 0 028 B041000 36000 028 C011000 4718 028 C021000 0 028 C031000 0 028 C041000 9975 028 D011000 4790 028 D021000 0 028 D031000 0 028 D041000 7310 028 E011000 6748 028 E021000 0 028 E031000 0 028 E041000 7448 028 F011000 4820 028 F021000 0 028 F031000 0 028 F041000 4880 028 G011000 36974 028 G021000 0 028 G031000 0 028 G041000 74879 028 H001000 0 045 001000 Y 046 001000 N 047 001000 Y 048 001000 0.800 048 A011000 0 048 A021000 0.000 048 B011000 0 048 B021000 0.000 048 C011000 0 048 C021000 0.000 048 D011000 0 048 D021000 0.000 048 E011000 0 048 E021000 0.000 048 F011000 0 048 F021000 0.000 048 G011000 0 048 G021000 0.000 048 H011000 0 048 H021000 0.000 048 I011000 0 PAGE 51 048 I021000 0.000 048 J011000 0 048 J021000 0.000 048 K011000 0 048 K021000 0.000 062 A001000 N 062 B001000 0.0 062 C001000 0.0 062 D001000 0.0 062 E001000 0.0 062 F001000 0.0 062 G001000 0.0 062 H001000 0.0 062 I001000 0.0 062 J001000 0.0 062 K001000 0.0 062 L001000 0.0 062 M001000 0.0 062 N001000 0.0 062 O001000 0.0 062 P001000 0.0 062 Q001000 0.0 062 R001000 0.0 063 A001000 0 063 B001000 0.0 066 A001000 Y 066 B001000 N 066 C001000 Y 066 D001000 N 066 E001000 N 066 F001000 N 066 G001000 N 067 001000 N 068 A001000 N 068 B001000 N 069 001000 N 070 A011000 Y 070 A021000 Y 070 B011000 Y 070 B021000 N 070 C011000 Y 070 C021000 N 070 D011000 Y 070 D021000 N 070 E011000 Y 070 E021000 N 070 F011000 Y 070 F021000 N 070 G011000 Y 070 G021000 N 070 H011000 Y PAGE 52 070 H021000 N 070 I011000 Y 070 I021000 N 070 J011000 Y 070 J021000 N 070 K011000 Y 070 K021000 N 070 L011000 Y 070 L021000 N 070 M011000 Y 070 M021000 N 070 N011000 Y 070 N021000 Y 070 O011000 Y 070 O021000 N 070 P011000 Y 070 P021000 N 070 Q011000 Y 070 Q021000 N 070 R011000 Y 070 R021000 N 071 A001000 242393 071 B001000 343766 071 C001000 297915 071 D001000 81 072 A001000 12 072 B001000 764 072 C001000 201 072 D001000 0 072 E001000 0 072 F001000 2495 072 G001000 0 072 H001000 0 072 I001000 121 072 J001000 188 072 K001000 12 072 L001000 31 072 M001000 26 072 N001000 20 072 O001000 0 072 P001000 0 072 Q001000 0 072 R001000 35 072 S001000 34 072 T001000 0 072 U001000 19 072 V001000 0 072 W001000 13 072 X001000 2994 072 Y001000 17 072 Z001000 -2012 PAGE 53 072AA001000 128088 072BB001000 0 072CC011000 30703 072CC021000 0 072DD011000 0 072DD021000 0 072EE001000 34400 073 A011000 0.0000 073 A021000 0.0000 073 B001000 2.7400 073 C001000 0.0000 074 A001000 0 074 B001000 12966 074 C001000 0 074 D001000 0 074 E001000 0 074 F001000 303623 074 G001000 0 074 H001000 0 074 I001000 0 074 J001000 7339 074 K001000 0 074 L001000 47974 074 M001000 61 074 N001000 371963 074 O001000 3957 074 P001000 233 074 Q001000 0 074 R011000 0 074 R021000 0 074 R031000 0 074 R041000 48202 074 S001000 0 074 T001000 319571 074 U011000 10556 074 U021000 0 074 V011000 30.27 074 V021000 0.00 074 W001000 0.0000 074 X001000 24204 074 Y001000 27342 075 A001000 0 075 B001000 311928 076 001000 0.00 008 A001101 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B001101 A 008 C001101 801-13219 008 D011101 NEW YORK 008 D021101 NY 008 D031101 10019 008 A001102 MARTIN CURRIE INC. PAGE 54 008 B001102 S 008 C001102 801-00000 008 D011102 EDINBURGH 008 D051102 SCOTLAND 008 D061102 EH12ES 028 A011100 7137 028 A021100 0 028 A031100 0 028 A041100 5441 028 B011100 8641 028 B021100 0 028 B031100 0 028 B041100 11087 028 C011100 4952 028 C021100 0 028 C031100 0 028 C041100 5416 028 D011100 5028 028 D021100 0 028 D031100 0 028 D041100 5018 028 E011100 5709 028 E021100 0 028 E031100 0 028 E041100 4953 028 F011100 5084 028 F021100 0 028 F031100 0 028 F041100 3037 028 G011100 36551 028 G021100 0 028 G031100 0 028 G041100 34952 028 H001100 0 045 001100 Y 046 001100 N 047 001100 Y 048 001100 0.900 048 A011100 0 048 A021100 0.000 048 B011100 0 048 B021100 0.000 048 C011100 0 048 C021100 0.000 048 D011100 0 048 D021100 0.000 048 E011100 0 048 E021100 0.000 048 F011100 0 048 F021100 0.000 048 G011100 0 PAGE 55 048 G021100 0.000 048 H011100 0 048 H021100 0.000 048 I011100 0 048 I021100 0.000 048 J011100 0 048 J021100 0.000 048 K011100 0 048 K021100 0.000 062 A001100 N 062 B001100 0.0 062 C001100 0.0 062 D001100 0.0 062 E001100 0.0 062 F001100 0.0 062 G001100 0.0 062 H001100 0.0 062 I001100 0.0 062 J001100 0.0 062 K001100 0.0 062 L001100 0.0 062 M001100 0.0 062 N001100 0.0 062 O001100 0.0 062 P001100 0.0 062 Q001100 0.0 062 R001100 0.0 063 A001100 0 063 B001100 0.0 066 A001100 Y 066 B001100 N 066 C001100 Y 066 D001100 N 066 E001100 N 066 F001100 N 066 G001100 N 067 001100 N 068 A001100 N 068 B001100 Y 069 001100 N 070 A011100 Y 070 A021100 Y 070 B011100 Y 070 B021100 N 070 C011100 Y 070 C021100 N 070 D011100 Y 070 D021100 N 070 E011100 Y 070 E021100 N 070 F011100 Y PAGE 56 070 F021100 N 070 G011100 Y 070 G021100 N 070 H011100 Y 070 H021100 N 070 I011100 Y 070 I021100 N 070 J011100 Y 070 J021100 Y 070 K011100 Y 070 K021100 Y 070 L011100 Y 070 L021100 Y 070 M011100 Y 070 M021100 Y 070 N011100 Y 070 N021100 Y 070 O011100 Y 070 O021100 N 070 P011100 Y 070 P021100 N 070 Q011100 Y 070 Q021100 N 070 R011100 Y 070 R021100 N 071 A001100 168546 071 B001100 170837 071 C001100 233415 071 D001100 72 072 A001100 12 072 B001100 879 072 C001100 2902 072 D001100 0 072 E001100 0 072 F001100 2228 072 G001100 0 072 H001100 0 072 I001100 111 072 J001100 351 072 K001100 10 072 L001100 33 072 M001100 26 072 N001100 23 072 O001100 0 072 P001100 0 072 Q001100 0 072 R001100 32 072 S001100 15 072 T001100 0 072 U001100 19 072 V001100 0 PAGE 57 072 W001100 11 072 X001100 2869 072 Y001100 8 072 Z001100 920 072AA001100 15442 072BB001100 0 072CC011100 16381 072CC021100 0 072DD011100 1492 072DD021100 0 072EE001100 13070 073 A011100 0.1200 073 A021100 0.0000 073 B001100 1.0200 073 C001100 0.0000 074 A001100 3516 074 B001100 7214 074 C001100 0 074 D001100 0 074 E001100 2360 074 F001100 231896 074 G001100 0 074 H001100 0 074 I001100 0 074 J001100 2202 074 K001100 0 074 L001100 645 074 M001100 5783 074 N001100 253616 074 O001100 1045 074 P001100 197 074 Q001100 0 074 R011100 0 074 R021100 0 074 R031100 0 074 R041100 5922 074 S001100 0 074 T001100 246452 074 U011100 13204 074 U021100 0 074 V011100 18.67 074 V021100 0.00 074 W001100 0.0000 074 X001100 22297 074 Y001100 51010 075 A001100 0 075 B001100 247524 076 001100 0.00 008 A001201 MITCHELL HUTCHINS ASSET MANAGEMENT INC. 008 B001201 A 008 C001201 801-13219 PAGE 58 008 D011201 NEW YORK 008 D021201 NY 008 D031201 10019 008 A001202 SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA 008 B001202 S 008 C001202 801-00000 008 D011202 NEW YORK 008 D021202 NY 008 D031202 10019 028 A011200 2985 028 A021200 0 028 A031200 0 028 A041200 2151 028 B011200 6289 028 B021200 0 028 B031200 0 028 B041200 3135 028 C011200 1896 028 C021200 0 028 C031200 0 028 C041200 1633 028 D011200 1832 028 D021200 0 028 D031200 0 028 D041200 1605 028 E011200 2367 028 E021200 0 028 E031200 0 028 E041200 1717 028 F011200 1959 028 F021200 0 028 F031200 0 028 F041200 1097 028 G011200 17328 028 G021200 0 028 G031200 0 028 G041200 11338 028 H001200 0 045 001200 Y 046 001200 N 047 001200 Y 048 001200 1.100 048 A011200 0 048 A021200 0.000 048 B011200 0 048 B021200 0.000 048 C011200 0 048 C021200 0.000 048 D011200 0 048 D021200 0.000 048 E011200 0 PAGE 59 048 E021200 0.000 048 F011200 0 048 F021200 0.000 048 G011200 0 048 G021200 0.000 048 H011200 0 048 H021200 0.000 048 I011200 0 048 I021200 0.000 048 J011200 0 048 J021200 0.000 048 K011200 0 048 K021200 0.000 062 A001200 N 062 B001200 0.0 062 C001200 0.0 062 D001200 0.0 062 E001200 0.0 062 F001200 0.0 062 G001200 0.0 062 H001200 0.0 062 I001200 0.0 062 J001200 0.0 062 K001200 0.0 062 L001200 0.0 062 M001200 0.0 062 N001200 0.0 062 O001200 0.0 062 P001200 0.0 062 Q001200 0.0 062 R001200 0.0 063 A001200 0 063 B001200 0.0 066 A001200 Y 066 B001200 Y 066 C001200 N 066 D001200 N 066 E001200 N 066 F001200 N 066 G001200 N 067 001200 N 068 A001200 N 068 B001200 Y 069 001200 N 070 A011200 Y 070 A021200 Y 070 B011200 Y 070 B021200 N 070 C011200 Y 070 C021200 N 070 D011200 Y PAGE 60 070 D021200 N 070 E011200 Y 070 E021200 N 070 F011200 Y 070 F021200 N 070 G011200 Y 070 G021200 N 070 H011200 Y 070 H021200 N 070 I011200 Y 070 I021200 N 070 J011200 Y 070 J021200 N 070 K011200 Y 070 K021200 Y 070 L011200 Y 070 L021200 Y 070 M011200 Y 070 M021200 Y 070 N011200 Y 070 N021200 Y 070 O011200 Y 070 O021200 N 070 P011200 Y 070 P021200 N 070 Q011200 Y 070 Q021200 N 070 R011200 Y 070 R021200 N 071 A001200 98685 071 B001200 106618 071 C001200 85980 071 D001200 115 072 A001200 12 072 B001200 79 072 C001200 1198 072 D001200 0 072 E001200 0 072 F001200 991 072 G001200 0 072 H001200 0 072 I001200 100 072 J001200 321 072 K001200 11 072 L001200 15 072 M001200 26 072 N001200 22 072 O001200 0 072 P001200 0 072 Q001200 0 072 R001200 35 PAGE 61 072 S001200 25 072 T001200 0 072 U001200 19 072 V001200 0 072 W001200 7 072 X001200 1572 072 Y001200 222 072 Z001200 -73 072AA001200 0 072BB001200 9755 072CC011200 8150 072CC021200 0 072DD011200 725 072DD021200 0 072EE001200 0 073 A011200 0.1000 073 A021200 0.0000 073 B001200 0.0000 073 C001200 0.0000 074 A001200 1714 074 B001200 558 074 C001200 0 074 D001200 0 074 E001200 5549 074 F001200 73553 074 G001200 0 074 H001200 0 074 I001200 342 074 J001200 791 074 K001200 0 074 L001200 241 074 M001200 2238 074 N001200 84986 074 O001200 332 074 P001200 60 074 Q001200 0 074 R011200 0 074 R021200 0 074 R031200 0 074 R041200 2415 074 S001200 0 074 T001200 82179 074 U011200 6869 074 U021200 0 074 V011200 11.96 074 V021200 0.00 074 W001200 0.0000 074 X001200 20059 074 Y001200 4767 075 A001200 0 075 B001200 90131 PAGE 62 076 001200 0.00 SIGNATURE PAUL SCHUBERT TITLE TREASURER EX-27 2 0002.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 1 PACE MONEY MARKET INVESTMENTS 1,000 12-MOS JUL-31-2000 AUG-1-1999 JUL-31-2000 64384 34384 1730 1 22 66137 0 0 616 616 0 65521 65521 47174 0 0 0 0 0 65521 0 3575 0 300 3275 0 0 3275 0 (3275) 0 0 95347 (80153) 3153 18347 0 0 0 0 210 0 569 66185 1.00 0.05 0 (0.05) 0 0 1.00 0.50
EX-27 3 0003.txt
6 0000930007 PACE SELECT ADVISOR TRUST 2 PACE GOVERNMENT SECURITIES FIXED INCOME 1,000 12-MOS JUL-31-2000 AUG-1-1999 JUL-31-2000 330884 328327 1747 0 34 330108 130700 0 490 131190 0 203803 16459 15850 1182 0 (3517) 0 (2550) 198918 0 13773 0 1715 12058 15 114 12187 0 12319 0 0 5226 5620 1004 7331 1229 0 0 (3318) 1380 39 1799 197154 12.10 0.73 0.01 0.75 0 0 12.09 0.87
EX-27 4 0004.txt WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000093007 PAINEWEBBER PACE SELECT ADVISORS TRUST 3 PACE INTERMEDIATE FIXED INCOME INVESTMENTS 1,000 12-MOS JUL-31-2000 AUG-1-1999 JUL-31-2000 134553 131946 2288 1 33658 167893 0 0 33791 33791 0 138976 11347 11609 642 0 (2910) 0 (2606) 134102 0 9289 0 1078 8211 (2316) 388 6283 0 8212 36 0 3407 4352 684 (4941) 622 0 0 2889 828 0 1092 138036 11.98 0.70 (0.16) 0.70 0 0 11.82 0.78
EX-27 5 0005.txt
6 0000930007 PACE SELECT ADVISORS TRUST 4 PACE STRATEGIC FIXED INCOME 1,000 12-MOS JUL-31-2000 AUG-1-1999 JUL-31-2000 286383 283067 3121 19 19735 305942 51921 0 19273 71194 0 248479 19230 18019 426 0 (11257) 0 (2900) 234748 0 15709 0 1935 13774 (5535) 3151 11389 0 13546 0 0 5275 5165 1102 12533 1046 976 0 0 1596 0 1935 228031 12.33 0.73 (0.13) 0.72 0 0 12.21 0.85
EX-27 6 0006.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 5 MUNICIPAL FIXED INCOME INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 54327 53959 1424 16 1 55400 1629 0 177 1806 0 55163 4410 4554 201 0 (1402) 0 (368) 53594 0 3036 0 467 2569 (1121) (233) 1215 0 2582 0 0 1343 1693 206 (3065) 213 0 0 (281) 329 0 467 54911 12.44 0.57 (0.29) (0.57) 0 0 12.15 0.85
EX-27 7 0007.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 6 GLOBAL FIXED INCOME INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 105540 99519 2551 9669 1 111740 1306 0 9603 10909 0 115038 9445 8558 (5181) 0 (2985) 0 (6041) 100831 0 5704 0 974 4730 (7433) (2604) (5307) 0 (4372) (781) 0 3522 3086 450 (312) (1773) 780 0 0 821 0 1215 102673 11.82 0.53 (1.10) (0.48) (0.09) 0 10.68 0.95
EX-27 8 0008.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 7 LARGE COMPANY VALUE EQUITY INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 344403 335292 1956 28834 33 366115 1538 0 29283 30821 0 354857 20508 17759 1716 0 (12168) 0 (9111) 335294 5822 517 0 3358 2981 (4441) (56911) (58371) 0 2496 30041 0 8384 (7493) 1857 (40171) 1276 23558 0 0 2801 0 3375 350063 21.14 0.15 (3.17) 0.14 1.63 0 16.35 0.96
EX-27 9 0009.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 8 LARGE COMPANY GROWTH EQUITY INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 304,876 436,401 2,292 68,579 0 507,272 622 0 69,844 70,466 0 249,985 14,705 14,681 1 0 55,295 0 131,525 436,806 2,041 224 0 4,019 (1,754) 56,956 14,949 70,151 0 0 11,567 0 4,839 5,210 395 56,819 1 9907 0 0 3,458 0 4,041 432,272 25.88 (0.12) 4.69 0 0.75 0 29.70 0.94
EX-27 10 0010.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 9 SMALL/MEDIUM COMPANY VALUE EQUITY INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 229343 212688 1523 18742 0 232953 155 0 19049 19204 0 230680 16035 13085 1069 0 (1345) 0 (16655) 213749 2978 505 0 1965 1518 2718 (25897) (21661) 0 832 9001 0 6289 4083 743 7618 392 6275 0 0 1575 0 1997 196866 15.75 0.10 (1.79) 0.06 0.67 0 13.33 1.00
EX-27 11 0011.txt WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000093007 PAINEWEBBER PACE SELECT ADVISORS TRUST 10 PACE SMALL MEDIUM COMPANY GROWTH FUND 1,000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 202530 316589 7339 61 47974 371963 3957 0 48435 52392 0 97574 10556 12869 1 0 107937 0 114059 319571 201 764 0 2977 (2012) 128088 30703 156779 0 0 33400 0 2701 6287 1274 54166 1 15261 0 0 2495 0 2994 311928 20.62 (0.19) 12.58 0 2.74 0 30.27 0.95
EX-27 12 0012.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 11 INTERNATIONAL EQUITY INVESTMENTS 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 201742 241470 2850 51 9245 253616 1045 0 6119 7164 0 190877 13204 12454 264 0 15631 0 39680 246452 2902 879 0 2861 920 15442 16381 32743 0 1492 13070 0 1856 1764 723 32435 1160 12936 0 0 2228 0 2861 247524 17.18 0.07 2.51 0.12 1.02 0 18.67 1.16
EX-27 13 0013.txt
6 0000930007 PAINEWEBBER PACE SELECT ADVISORS TRUST 12 PACE INTERNATIONAL EMERGING MARKETS EQUITY 1000 12-MOS JUL-31-2000 AUG-01-1999 JUL-31-2000 76659 80002 1032 43 3909 84986 332 0 2475 2807 0 79890 6869 7342 0 134 0 877 3300 82179 1198 79 0 1350 (73) 9755 (8150) 1532 0 725 0 0 2298 2822 51 (6319) 725 0 0 10875 991 0 1220 90131 12.05 (0.01) 0.02 (0.10) 0.0 0 11.96 1.50
EX-99 14 0014.txt Report of Independent Auditors To the Shareholders and Board of Directors of PaineWebber PACE Select Advisors Trust In planning and performing our audit 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, 2000, we considered its internal control, including control activities for safeguarding securities, 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, and not to provide assurance on 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 control. Generally, internal 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 internal controls include the safeguarding of assets against unauthorized acquisition, use, or disposition. Because of inherent limitations in internal control, misstatements due to errors or fraud may occur and not be detected. Also, projections of any evaluation of internal control to future periods are subject to the risk that internal control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our consideration of internal control would not necessarily disclose all matters in 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 specific 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 internal control, including control activities for safeguarding securities, and its operation that we consider to be material weaknesses as defined above at July 31, 2000. This report is intended solely for the information and use of management, the Board of Directors of PaineWebber PACE Select Advisors Trust, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. ERNST & YOUNG LLP September 22, 2000 EX-99 15 0015.txt For period ending July 31, 2000 Exhibit 77D File number 811-8764 PACE Large Company Value Equity Investments and PACE Large Company Growth Equity Investments The board of trustees approved a change in the above named Funds' investment policies to allow investments of up to 10% of each Fund's total assets in U.S. dollar-denominated securities of foreign issuers. For period ending July 31, 2000 Exhibit 77Q1(b) File number 811-8764 PACE Large Company Value Equity Investments and PACE Large Company Growth Equity Investments The board of trustees approved a change in the above named Funds' investment policies to allow investments of up to 10% of each Fund's total assets in U.S. dollar-denominated securities of foreign issuers. For period ending July 31, 2000 Exhibit 77Q1(e) File number 811-8764 Revised Sub-Advisory Contract for PACE Government Securities Fixed Income Investments Pacific Investment Management Company SUB-ADVISORY AGREEMENT Agreement made as of May 5, 2000 between MITCHELL HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation, and PACIFIC INVESTMENT MANAGEMENT COMPANY LLC ("Sub-Adviser" PIMCO), a Delaware general partnership (the "Agreement"). RECITALS (1) Mitchell Hutchins has entered into a Management Agreement dated June 15, 1995 ("Management Agreement") with PaineWebber PACE Select Advisors Trust (formerly known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to PACE GOVERNMENT SECURITIES FIXED INCOME INVESTMENTS ("Portfolio"); and (2) Mitchell Hutchins entered into a Sub-Advisory Agreement dated as of June 15, 1995 (the Old Sub-Advisory Agreement) with PIMCO with respect to the Portfolio, pursuant to which PIMCO agreed to furnish certain investment advisory services; (3) Effective May 5, 2000, PIMCO became an indirect majority wholly owned subsidiary of Allianz AG and as a result of this transaction, the Old Sub- Advisory Agreement between Mitchell Hutchins and PIMCO automatically terminated; and (4) Mitchell Hutchins and PIMCO wish to enter into a new Sub-Advisory Agreement embodying substantially the same terms and provisions as the Old Sub-Advisory Agreement; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows: 1. Appointment. Mitchell Hutchins hereby appoints the Sub-Adviser as an investment sub-adviser with respect to the Portfolio for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided. 2. Duties as Sub-Adviser. (a) Subject to the supervision and direction of the Trust's Board of Trustees ("Board") and review by Mitchell Hutchins, and any written guidelines adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a continuous investment program for the Portfolio, including investment research and management. The Sub-Adviser may from time to time seek research assistance and may rely upon resources available to it through its affiliated companies to the extent such actions would not constitute an "assignment" for purposes of the 1940 Act but in no case shall such assistance and/or reliance relieve the Sub- Adviser of any of its obligations hereunder, nor shall the Portfolio or Mitchell Hutchins be responsible for any additional fees or expenses hereunder as a result. The Sub-Adviser will determine from time to time what investments will be purchased, retained or sold by the Portfolio. The Sub-Adviser will be responsible for placing purchase and sell orders for investments and for other related transactions. The Sub-Adviser will be responsible for voting proxies of issuers of securities held by the Portfolio. The Sub- Adviser understand that the Portfolio's assets need to be managed so as to permit the Portfolio to qualify or to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended ("Code"). The Sub-Adviser will provide services under this Agreement in accordance with the Portfolio's investment objective, policies and restrictions as stated in the Portfolio's Prospectus and in the Trust's currently effective registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"). (b) The Sub-Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Portfolio, and the Sub-Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Sub-Adviser's determination in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Portfolio and its other clients and that the total commissions paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long term. In no instance will portfolio securities be purchased from or sold to Mitchell Hutchins or the Sub-Adviser, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. The Sub-Adviser may aggregate sales and purchase orders with respect to the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Portfolio and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each account. Mitchell Hutchins recognizes that in some cases this procedure may adversely affect the results obtained for the Portfolio. (c) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions by the Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell Hutchins with such periodic and special reports as the Board or Mitchell Hutchins reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Portfolio upon request by the Trust. (d) At such times as shall be reasonably requested by the Board or Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with economic and investment analyses and reports as well as quarterly reports setting forth the Portfolio's performance and make available to the Board and Mitchell Hutchins any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. (e) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser is responsible for assisting in the fair valuation of all portfolio securities and will use its reasonable efforts to arrange for the provision of a price(s) from a party(ies) independent of the Sub-Adviser for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service. 3. Further Duties. In all matters relating to the performance of this Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust Instrument, By-Laws and Registration Statement with the written instructions and written directions of the Board and Mitchell Hutchins; and will comply with the requirements of the 1940 Act, and the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the rules under each, the Code, and all other federal and state laws and regulations applicable to the Trust and the Portfolio. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written instructions and directions of the Board and Mitchell Hutchins, and any amendments or supplements to any of these materials as soon as practicable after such materials become available; and further agrees to identify to the Sub-Adviser in writing any broker-dealers that are affiliated with Mitchell Hutchins (other than PaineWebber Incorporated and Mitchell Hutchins itself). 4. Expenses. During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Portfolio or Mitchell Hutchins. 5. Compensation. (a) For the services provided and the expenses assumed by the Sub-Adviser pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets (computed in the manner specified in the Management Agreement), and will provide the Sub-Adviser with a schedule showing the manner in which the fee was computed. (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser on or before the last business day of the next succeeding calendar month. (c) For those periods in which Mitchell Hutchins has agreed to waive all or a portion of its management fee, Mitchell Hutchins may ask the Sub-Adviser to waive the same proportion of its fees, but the Sub-Adviser is under no obligation to do so. (d) If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion which such period bears to the full month in that such effectiveness or termination occurs. 6. Limitation Of Liability. The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio, the Trust or its shareholders or by Mitchell Hutchins in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived. 7. Representations of Sub-Adviser. The Sub-Adviser represents, warrants and agrees as follows: (a) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. (b) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell Hutchins and the Board with a copy of such code of ethics, together with evidence of its adoption. Within fifteen days of the end of the last calendar quarter of each year that this Agreement is in effect, the president or a vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no violation of the Sub-Adviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents to examine the reports required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the Sub-Adviser's code of ethics. (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form ADV, as most recently filed with the Securities and Exchange Commission ("SEC"), and promptly will furnish a copy of all amendments to Mitchell Hutchins at least annually. (d) The Sub-Adviser shall provide notice to Mitchell Hutchins within a reasonable time after being informed or learning of the death or withdrawal of any if its partners, upon the admission of any new partners or upon any other change in its membership. (e) The Sub-Adviser will notify Mitchell Hutchins of any change of control of the Sub-Adviser, including any change of its general partners or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio or senior management of the Sub-Adviser, in each case prior to or promptly after such change. (f) The Sub-Adviser agrees that neither it, nor any of its affiliates, will in any way refer directly or indirectly to its relationship with the Trust, the Portfolio, Mitchell Hutchins or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of Mitchell Hutchins. 8. Representations of Mitchell Hutchins. Mitchell Hutchins represents that (i) the Trust was duly organized as a Delaware business trust under the laws of Delaware, (ii) the appointment of the Sub-Adviser has been duly authorized and (iii) the Trust has acted and will continue to act in conformity with the 1940 Act and other applicable laws. 9. Services Not Exclusive. The services furnished by the Sub-Adviser hereunder are not to be deemed exclusive, and except as the Sub-Adviser may otherwise agree in writing, the Sub- Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Sub-Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature. 10. Duration and Termination. (a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Portfolio's outstanding voting securities, unless Mitchell Hutchins has authority to enter into this Agreement pursuant to exemptive relief from the SEC without a vote of the Portfolio's outstanding voting securities. (b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Portfolio. (c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on 60 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days' written notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any of the representations, warranties and agreements set forth in Paragraph 7 of this Agreement, or (iii) immediately if, in the reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as financial insolvency of the Sub-Adviser or other circumstances that could adversely affect the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on 120 days' written notice to Mitchell Hutchins. This Agreement will terminate automatically in the event of its assignment or upon termination of the Management Agreement, as it relates to this Portfolio. 11. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. To the extent required by applicable law, no amendment of this Agreement shall be effective until approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (ii) if the terms of this Agreement shall have changed, by a vote of a majority of the Portfolio's outstanding voting securities (except in the case of (ii), pursuant to the terms and conditions of the SEC order permitting it to modify the Agreement without such vote). 12. Governing Law. This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. 13. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meanings as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement may be signed in counterpart. 14. Notices. Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the same at their respective addresses set forth below. All written notices required are permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or a similar means of same delivery which providers evidence of receipt (with a confirming copy by mail as set forth herein). All notices provided to Mitchell Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General Counsel. All notices provided to the Sub-Adviser will be sent to the attention of Senior Counsel. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written. Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC. 51 West 52nd Street New York, New York 10019-6114 By:/s/ Andrew S. Novak___ Name: Andrew S. Novak Title: Vice President By:/s/ Dianne E. O'Donnell________ Name: Dianne E. O'Donnell Title: Deputy General Counsel Attest: PACIFIC INVESTMENT MANAGEMENT COMPANY LLC 840 Newport Center Drive Suite 300 Newport Beach, California 92660 By:/s/ M. Fejaaz_________ Name: M. Fejaaz Title: By:/s/ William R. Benz_____________ Name: William R. Benz, II Title: Managing Director For period ending July 31, 2000 Exhibit 77Q1(e) File number 811-8764 Revised Sub-Advisory Contract for PACE Strategic Fixed Income Investments Pacific Investment Management Company SUB-ADVISORY AGREEMENT Agreement made as of May 5, 2000 between MITCHELL HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation, and PACIFIC INVESTMENT MANAGEMENT COMPANY LLC ("Sub-Adviser" PIMCO), a Delaware general partnership (the "Agreement"). RECITALS (1) Mitchell Hutchins has entered into a Management Agreement dated June 15, 1995 ("Management Agreement") with PaineWebber PACE Select Advisors Trust (formerly known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to PACE STRATEGIC FIXED INCOME INVESTMENTS ("Portfolio"); and (2) Mitchell Hutchins entered into a Sub-Advisory Agreement dated as of June 15, 1995 (the Old Sub-Advisory Agreement) with PIMCO with respect to the Portfolio, pursuant to which PIMCO agreed to furnish certain investment advisory services; (3) Effective May 5, 2000, PIMCO became an indirect majority wholly owned subsidiary of Allianz AG and as a result of this transaction, the Old Sub- Advisory Agreement between Mitchell Hutchins and PIMCO automatically terminated; and (4) Mitchell Hutchins and PIMCO wish to enter into a new Sub-Advisory Agreement embodying substantially the same terms and provisions as the Old Sub-Advisory Agreement; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows: 1. Appointment. Mitchell Hutchins hereby appoints the Sub-Adviser as an investment sub-adviser with respect to the Portfolio for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided. 2. Duties as Sub-Adviser. (a) Subject to the supervision and direction of the Trust's Board of Trustees ("Board") and review by Mitchell Hutchins, and any written guidelines adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a continuous investment program for the Portfolio, including investment research and management. The Sub-Adviser may from time to time seek research assistance and may rely upon resources available to it through its affiliated companies to the extent such actions would not constitute an "assignment" for purposes of the 1940 Act but in no case shall such assistance and/or reliance relieve the Sub- Adviser of any of its obligations hereunder, nor shall the Portfolio or Mitchell Hutchins be responsible for any additional fees or expenses hereunder as a result. The Sub-Adviser will determine from time to time what investments will be purchased, retained or sold by the Portfolio. The Sub-Adviser will be responsible for placing purchase and sell orders for investments and for other related transactions. The Sub-Adviser will be responsible for voting proxies of issuers of securities held by the Portfolio. The Sub- Adviser understand that the Portfolio's assets need to be managed so as to permit the Portfolio to qualify or to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended ("Code"). The Sub-Adviser will provide services under this Agreement in accordance with the Portfolio's investment objective, policies and restrictions as stated in the Portfolio's Prospectus and in the Trust's currently effective registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"). (b) The Sub-Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Portfolio, and the Sub-Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Sub-Adviser's determination in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Portfolio and its other clients and that the total commissions paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long term. In no instance will portfolio securities be purchased from or sold to Mitchell Hutchins or the Sub-Adviser, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. The Sub-Adviser may aggregate sales and purchase orders with respect to the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Portfolio and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each account. Mitchell Hutchins recognizes that in some cases this procedure may adversely affect the results obtained for the Portfolio. (c) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions by the Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell Hutchins with such periodic and special reports as the Board or Mitchell Hutchins reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Portfolio upon request by the Trust. (d) At such times as shall be reasonably requested by the Board or Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with economic and investment analyses and reports as well as quarterly reports setting forth the Portfolio's performance and make available to the Board and Mitchell Hutchins any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. (e) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser is responsible for assisting in the fair valuation of all portfolio securities and will use its reasonable efforts to arrange for the provision of a price(s) from a party(ies) independent of the Sub-Adviser for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service. 3. Further Duties. In all matters relating to the performance of this Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust Instrument, By-Laws and Registration Statement with the written instructions and written directions of the Board and Mitchell Hutchins; and will comply with the requirements of the 1940 Act, and the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the rules under each, the Code, and all other federal and state laws and regulations applicable to the Trust and the Portfolio. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written instructions and directions of the Board and Mitchell Hutchins, and any amendments or supplements to any of these materials as soon as practicable after such materials become available; and further agrees to identify to the Sub-Adviser in writing any broker-dealers that are affiliated with Mitchell Hutchins (other than PaineWebber Incorporated and Mitchell Hutchins itself). 4. Expenses. During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Portfolio or Mitchell Hutchins. 5. Compensation. (a) For the services provided and the expenses assumed by the Sub-Adviser pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets (computed in the manner specified in the Management Agreement), and will provide the Sub-Adviser with a schedule showing the manner in which the fee was computed. (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser on or before the last business day of the next succeeding calendar month. (c) For those periods in which Mitchell Hutchins has agreed to waive all or a portion of its management fee, Mitchell Hutchins may ask the Sub-Adviser to waive the same proportion of its fees, but the Sub-Adviser is under no obligation to do so. (d) If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion which such period bears to the full month in that such effectiveness or termination occurs. 6. Limitation Of Liability. The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio, the Trust or its shareholders or by Mitchell Hutchins in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived. 7. Representations of Sub-Adviser. The Sub-Adviser represents, warrants and agrees as follows: (a) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. (b) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell Hutchins and the Board with a copy of such code of ethics, together with evidence of its adoption. Within fifteen days of the end of the last calendar quarter of each year that this Agreement is in effect, the president or a vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no violation of the Sub-Adviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents to examine the reports required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the Sub-Adviser's code of ethics. (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form ADV, as most recently filed with the Securities and Exchange Commission ("SEC"), and promptly will furnish a copy of all amendments to Mitchell Hutchins at least annually. (d) The Sub-Adviser shall provide notice to Mitchell Hutchins within a reasonable time after being informed or learning of the death or withdrawal of any if its partners, upon the admission of any new partners or upon any other change in its membership. (e) The Sub-Adviser will notify Mitchell Hutchins of any change of control of the Sub-Adviser, including any change of its general partners or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio or senior management of the Sub-Adviser, in each case prior to or promptly after such change. (f) The Sub-Adviser agrees that neither it, nor any of its affiliates, will in any way refer directly or indirectly to its relationship with the Trust, the Portfolio, Mitchell Hutchins or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of Mitchell Hutchins. 8. Representations of Mitchell Hutchins. Mitchell Hutchins represents that (i) the Trust was duly organized as a Delaware business trust under the laws of Delaware; (ii) the appointment of the Sub-Adviser has been duly authorized and (iii) the Trust has acted and will continue to act in conformity with the 1940 Act and other applicable laws. 9. Services Not Exclusive. The services furnished by the Sub-Adviser hereunder are not to be deemed exclusive, and except as the Sub-Adviser may otherwise agree in writing, the Sub- Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Sub-Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature. 10. Duration and Termination. (a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Portfolio's outstanding voting securities, unless Mitchell Hutchins has authority to enter into this Agreement pursuant to exemptive relief from the SEC without a vote of the Portfolio's outstanding voting securities. (b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Portfolio. (c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on 60 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days' written notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any of the representations, warranties and agreements set forth in Paragraph 7 of this Agreement, or (iii) immediately if, in the reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as financial insolvency of the Sub-Adviser or other circumstances that could adversely affect the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on 120 days' written notice to Mitchell Hutchins. This Agreement will terminate automatically in the event of its assignment or upon termination of the Management Agreement, as it relates to this Portfolio. 11. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. To the extent required by applicable law, no amendment of this Agreement shall be effective until approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (ii) if the terms of this Agreement shall have changed, by a vote of a majority of the Portfolio's outstanding voting securities (except in the case of (ii), pursuant to the terms and conditions of the SEC order permitting it to modify the Agreement without such vote). 12. Governing Law. This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. 13. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meanings as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement may be signed in counterpart. 14. Notices. Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the same at their respective addresses set forth below. All written notices required are permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or a similar means of same delivery which providers evidence of receipt (with a confirming copy by mail as set forth herein). All notices provided to Mitchell Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General Counsel. All notices provided to the Sub-Adviser will be sent to the attention of Senior Counsel. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written. Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC. 51 West 52nd Street New York, New York 10019-6114 By:/s/ Andrew S. Novak___ Name: Andrew S. Novak Title: Vice President By:/s/ Dianne E. O'Donnell________ Name: Dianne E. O'Donnell Title: Deputy General Counsel Attest: PACIFIC INVESTMENT MANAGEMENT COMPANY LLC 840 Newport Center Drive Suite 300 Newport Beach, California 92660 By:/s/ M. Fejaaz_________ Name: M. Fejaaz Title: By:/s/ William R. Benz____________ Name: William R. Benz, II Title: Managing Director For period ending July 31, 2000 Exhibit 77Q1(e) File number 811-8764 New Sub-Advisory Contract for PACE Municipal Fixed Income Investments Standish, Ayer & Wood Agreement SUB-ADVISORY AGREEMENT Agreement made as of June 1, 2000 between MITCHELL HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation, and STANDISH, AYER & Wood, Inc. ("Sub-Adviser"), a Massachusetts corporation (the "Agreement"). RECITALS (1) Mitchell Hutchins has entered into a Management Agreement dated June 15, 1995 ("Management Agreement") with PaineWebber PACE Select Advisors Trust (formerly known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to PACE MUNICIPAL FIXED INCOME INVESTMENTS ("Portfolio"); and (2) Mitchell Hutchins wishes to retain the Sub- Adviser to furnish certain investment advisory services to Mitchell Hutchins and the Portfolio; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows: 1. Appointment. Mitchell Hutchins hereby appoints the Sub-Adviser as an investment sub-adviser with respect to the Portfolio for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided. 2. Duties as Sub-Adviser. (a) Subject to the supervision and direction of the Trust's Board of Trustees (the "Board") and review by Mitchell Hutchins, and any written guidelines adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a continuous investment program for the Portfolio, including investment research and discretionary management. The Sub-Adviser will determine from time to time what investments will be purchased, retained or sold by the Portfolio. The Sub-Adviser will be responsible for placing purchase and sell orders for investments and for other related transactions. The Sub-Adviser will be responsible for voting proxies of issuers of securities held by the Portfolio. The Sub- Adviser understands that the Portfolio's assets need to be managed so as to permit the Portfolio to qualify or to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended ("Code"). The Sub-Adviser will provide services under this Agreement in accordance with the Portfolio's investment objective, policies and restrictions as stated in the Portfolio's Prospectus and in the Trust's currently effective registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"). (b) The Sub-Adviser agrees that, in placing orders with brokers, it will obtain the best net result in terms of price and execution; provided that, on behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Portfolio, and the Sub-Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Sub-Adviser's determination in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Portfolio and its other clients and that the total commissions paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long term. In no instance will portfolio securities be purchased from or sold to Mitchell Hutchins or the Sub-Adviser, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. The Sub-Adviser may aggregate sales and purchase orders with respect to the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Portfolio and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each account. Mitchell Hutchins recognizes that in some cases this procedure may adversely affect the results obtained for the Portfolio. (c) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to actions by the Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell Hutchins with such periodic and special reports as the Board or Mitchell Hutchins reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Portfolio upon request by the Trust. (d) At such times as shall be reasonably requested by the Board or Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with economic and investment analyses and reports as well as quarterly reports setting forth the Portfolio's performance and make available to the Board and Mitchell Hutchins any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. (e) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser is responsible for assisting in the fair valuation of all portfolio securities and will use its reasonable efforts to arrange for the provision of a price(s) from a party(ies) independent of the Sub-Adviser for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service. 3. Further Duties. In all matters relating to the performance of this Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust Instrument, By-Laws and Registration Statement and with the written instructions and written directions of the Board and Mitchell Hutchins; and will comply with the requirements of the 1940 Act, and the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the rules under each, the Code, and all other federal and state laws and regulations applicable to the Trust and the Portfolio. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written instructions and directions of the Board and Mitchell Hutchins, and any amendments or supplements to any of these materials as soon as practicable after such materials become available; and further agrees to identify to the Sub-Adviser in writing any broker-dealers that are affiliated with Mitchell Hutchins (other than PaineWebber Incorporated and Mitchell Hutchins itself). 4. Expenses. During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Portfolio or Mitchell Hutchins. 5. Compensation. (a) For the services provided and the expenses assumed by the Sub-Adviser pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of 0.20% of the Portfolio's average daily net assets (computed in the manner specified in the Management Agreement), together with a schedule showing the manner in which the fee was computed. (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser on or before the last business day of the next succeeding calendar month. (c) For those periods in which Mitchell Hutchins has agreed to waive all or a portion of its management fee, Mitchell Hutchins may ask the Sub-Adviser to waive the same proportion of its fees, but the Sub-Adviser is under no obligation to do so. (d) If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion which such period bears to the full month in that such effectiveness or termination occurs. 6. Limitation Of Liability. (a) The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio, the Trust or its shareholders or by Mitchell Hutchins in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. (b) In no event will the Sub-Adviser have any responsibility for any other series of the Trust, for any portion of the Portfolio not managed by the Sub-Adviser or for the acts or omissions of any other sub-adviser to the Trust or Portfolio, the Trust's custodian, administrator, distributor or any broker-dealer selected with due care by the Sub- Adviser to effect transactions for the Portfolio. In particular, in the event the Sub-Adviser shall manage only a portion of the Portfolio, the Sub-Adviser shall have no responsibility for the Portfolio's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Portfolio as a whole or for the Portfolio's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the portion of the Portfolio managed by the Sub-Adviser are such that such portion would not be in such violation or fail to so qualify if such portion were deemed a separate series of the Trust or a separate "regulated investment company" under the Code. Nothing in this section shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived. 7. Representations of Sub-Adviser. The Sub-Adviser represents, warrants and agrees as follows: (a) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. (b) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell Hutchins and the Board with a copy of such code of ethics, together with evidence of its adoption. Within fifteen days of the end of the last calendar quarter of each year that this Agreement is in effect, the president or a vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no violation of the Sub-Adviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents to examine the reports required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the Sub-Adviser's code of ethics. (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form ADV, as most recently filed with the Securities and Exchange Commission ("SEC"), and promptly will furnish a copy of all amendments to Mitchell Hutchins at least annually. (d) The Sub-Adviser shall provide notice to Mitchell Hutchins within a reasonable time after being informed or learning of the death or withdrawal of any if its partners, upon the admission of any new partners or upon any other change in its membership. (e) The Sub-Adviser will notify Mitchell Hutchins of any change of control of the Sub-Adviser, including any change of its general partners or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio or senior management of the Sub-Adviser, in each case prior to or promptly after such change. (f) The Sub-Adviser agrees that neither it, nor any of its affiliates, will in any way refer directly or indirectly to its relationship with the Trust, the Portfolio, Mitchell Hutchins or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of Mitchell Hutchins. 8. Services Not Exclusive. The services furnished by the Sub-Adviser hereunder are not to be deemed exclusive, and except as the Sub-Adviser may otherwise agree in writing, the Sub- Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Sub-Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature. 9. Duration and Termination. (a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Portfolio's outstanding voting securities. (b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Portfolio. (c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on 60 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days' written notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any of the representations, warranties and agreements set forth in Paragraph 7 of this Agreement; or (iii) immediately if, in the reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as financial insolvency of the Sub-Adviser or other circumstances that could adversely affect the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on 120 days' written notice to Mitchell Hutchins. This Agreement will terminate automatically in the event of its assignment or upon termination of the Management Agreement, as it relates to this Portfolio. 10. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. To the extent required by applicable law, no amendment of this Agreement shall be effective until approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (ii) if the terms of this Agreement shall have changed, by a vote of a majority of the Portfolio's outstanding voting securities (except in the case of (ii), pursuant to the terms and conditions of the SEC order permitting it to modify the Agreement without such vote). 11. Governing Law. This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. 12. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meanings as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement may be signed in counterpart. 13. Notices. Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the same at their respective addresses set forth below. All written notices required are permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or a similar means of same delivery which providers evidence of receipt (with a confirming copy by mail as set forth herein). All notices provided to Mitchell Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General Counsel. All notices provided to the Sub-Adviser will be sent to the attention of Beverly E. Banfeld, Compliance Officer. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written. Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC. 51 West 52nd Street New York, New York 10019-6114 By:/s/ Andrew S. Novak___________ Name: Andrew S. Novak Title: Vice President By:/s/Dianne E. O'Donnell Name: Dianne E. O'Donnell Title: Deputy General Counsel Attest: STANDISH, AYER & WOOD, INC. One Financial Center Boston, Massachusetts 02111- 2662 By:/s/ Tom Healey Name: Tom Healey Title: Compliance Officer By:/s/ Austin C. Smith__ Name: Austin C. Smith Title: Treasurer For period ending July 31, 2000 Exhibit 77Q1(e) File number 811-8764 New Sub-Advisory Contract for PACE Large Company Value Equity Investments Institutional Capital Corporation Agreement SUB-ADVISORY AGREEMENT Agreement made as of July 1, 2000 between MITCHELL HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation, and INSTITUTIONAL CAPITAL CORPORATION ("Sub-Adviser"), a Delaware corporation (the "Agreement"). RECITALS (1) Mitchell Hutchins has entered into a Management Agreement dated June 15, 1995 ("Management Agreement") with PaineWebber PACE Select Advisors Trust (formerly known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to PACE LARGE COMPANY VALUE EQUITY INVESTMENTS ("Portfolio"); and (2) Mitchell Hutchins desires to allocate the portfolio investments of the Portfolio between two segments, and to retain the Sub-Adviser to furnish certain investment advisory services with respect to one segment of the investments of the Portfolio; and (3) The Sub-Adviser is willing to furnish such services; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows: 1. Appointment. Mitchell Hutchins hereby appoints the Sub-Adviser as an investment sub-adviser with respect to one segment of the Portfolio's investments for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided. 2. Duties as Sub-Adviser. (a) Subject to the supervision and direction of the Trust's Board of Trustees (the "Board") and review by Mitchell Hutchins, and any written guidelines adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a continuous investment program with respect to its segment of the Portfolio's investments, including investment research and discretionary management to all securities and investments and cash equivalents in the Portfolio allocated by Mitchell Hutchins to the Sub-Adviser's segment of the Portfolio's investments. The Sub-Adviser will determine from time to time what investments will be purchased, retained or sold by the Portfolio in its segment of the Portfolio's investments. The Sub-Adviser will be responsible for placing purchase and sell orders for investments and for other related transactions with respect its segment of the Portfolio. The Sub-Adviser will be responsible for voting proxies of issuers of securities held by the Sub- Adviser's segment of the Portfolio. The Sub-Adviser understands that the Portfolio's assets need to be managed so as to permit the Portfolio to qualify or to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended ("Code"). The Sub-Adviser will provide services under this Agreement in accordance with the Portfolio's investment objective, policies and restrictions as stated in the Portfolio's Prospectus and in the Trust's currently effective registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"). (b) The Sub-Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Portfolio, and the Sub-Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Sub-Adviser's determination in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Portfolio and its other clients and that the total commissions paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long term. In no instance will portfolio securities be purchased from or sold to Mitchell Hutchins or the Sub-Adviser, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. The Sub-Adviser may aggregate sales and purchase orders with respect to the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Portfolio and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each account. Mitchell Hutchins recognizes that in some cases this procedure may adversely affect the results obtained for the Portfolio. (c) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions by the Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell Hutchins with such periodic and special reports as the Board or Mitchell Hutchins reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Portfolio upon request by the Trust. (d) At such times as shall be reasonably requested by the Board or Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with economic and investment analyses and reports as well as quarterly reports setting forth the performance of the Sub- Adviser's segment of the Portfolio's investments and make available to the Board and Mitchell Hutchins any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. (e) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser is responsible for assisting in the fair valuation of all portfolio securities in the Sub-Adviser's segment of the Portfolio and will use its reasonable efforts to arrange for the provision of a price(s) from a party(ies) independent of the Sub-Adviser for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service. 3. Further Duties. In all matters relating to the performance of this Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust Instrument, By-Laws and Registration Statement and with the written instructions and written directions of the Board and Mitchell Hutchins; and will comply with the requirements of the 1940 Act, and the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the rules under each, the Code, and all other federal and state laws and regulations applicable to the Trust and the Portfolio. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written instructions and directions of the Board and Mitchell Hutchins, and any amendments or supplements to any of these materials as soon as practicable after such materials become available; and further agrees to identify to the Sub-Adviser in writing any broker-dealers that are affiliated with Mitchell Hutchins (other than PaineWebber Incorporated and Mitchell Hutchins itself). 4. Expenses. During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Portfolio or Mitchell Hutchins. 5. Compensation. (a) For the services provided and the expenses assumed by the Sub-Adviser pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of 0.30% of the Portfolio's average daily net assets allocated to its management(computed in the manner specified in the Management Agreement), and will provide the Sub-Adviser with a schedule showing the manner in which the fee was computed. Under this fee agreement, the Sub-Adviser will receive fees based on the value of portfolio assets under its management as these assets have been allocated to it by Mitchell Hutchins. (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser on or before the last business day of the next succeeding calendar month. (c) For those periods in which Mitchell Hutchins has agreed to waive all or a portion of its management fee, Mitchell Hutchins may ask the Sub-Adviser to waive the same proportion of its fees, but the Sub-Adviser is under no obligation to do so. (d) If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion which such period bears to the full month in that such effectiveness or termination occurs. 7. Limitation Of Liability. (a) The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio, the Trust or its shareholders or by Mitchell Hutchins in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. (b) In no event will the Sub-Adviser have any responsibility for any other series of the Trust, for any portion of the Portfolio not managed by the Sub-Adviser or for the acts or omissions of any other sub-adviser to the Trust or Portfolio. The Sub-Adviser shall have no responsibility for the Portfolio's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Portfolio as a whole or for the Portfolio's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the segment of the Portfolio managed by the Sub- Adviser are such that such segment would not be in such violation or fail to so qualify if such segment were deemed a separate series of the Trust or a separate "regulated investment company" under the Code. Nothing in this section shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived. 7. Representations of Sub-Adviser. The Sub-Adviser represents, warrants and agrees as follows: (a) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. (b) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell Hutchins and the Board with a copy of such code of ethics, together with evidence of its adoption. Within fifteen days of the end of the last calendar quarter of each year that this Agreement is in effect, the president or a vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no violation of the Sub-Adviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents to examine the reports required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the Sub-Adviser's code of ethics. (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form ADV, as most recently filed with the Securities and Exchange Commission ("SEC"), and promptly will furnish a copy of all amendments to Mitchell Hutchins at least annually. (d) The Sub-Adviser shall provide notice to Mitchell Hutchins within a reasonable time after being informed or learning of the death or withdrawal of any if its partners, upon the admission of any new partners or upon any other change in its membership. (e) The Sub-Adviser will notify Mitchell Hutchins of any change of control of the Sub-Adviser, including any change of its general partners or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio or senior management of the Sub-Adviser, in each case prior to or promptly after such change. (f) The Sub-Adviser agrees that neither it, nor any of its affiliates, will in any way refer directly or indirectly to its relationship with the Trust, the Portfolio, Mitchell Hutchins or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of Mitchell Hutchins. 8. Representation of Mitchell Hutchins. Mitchell Hutchins represents that (i) the Trust was duly organized as a Delaware business trust under the laws of Delaware, (ii) the appointment of the Sub-Adviser has been duly authorized and (iii) the Trust has acted and will continue to act in conformity with the 1940 Act and other applicable laws. 9. Services Not Exclusive. The services furnished by the Sub-Adviser hereunder are not to be deemed exclusive, and except as the Sub-Adviser may otherwise agree in writing, the Sub- Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Sub-Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature. 10. Duration and Termination. (a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Portfolio's outstanding voting securities, unless Mitchell Hutchins has authority to enter into this Agreement pursuant to exemptive relief from the SEC without a vote of the Portfolio's outstanding voting securities. (b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Portfolio. (c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on 60 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days' written notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any of the representations, warranties and agreements set forth in Paragraph 7 of this Agreement; or (iii) immediately if, in the reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as financial insolvency of the Sub-Adviser or other circumstances that could adversely affect the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on 120 days' written notice to Mitchell Hutchins. This Agreement will terminate automatically in the event of its assignment or upon termination of the Management Agreement, as it relates to this Portfolio. 11. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. To the extent required by applicable law, no amendment of this Agreement shall be effective until approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (ii) if the terms of this Agreement shall have changed, by a vote of a majority of the Portfolio's outstanding voting securities (except in the case of (ii), pursuant to the terms and conditions of the SEC order permitting it to modify the Agreement without such vote). 12. Governing Law. This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. 13. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meanings as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement may be signed in counterpart. 14. Notices. Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the same at their respective addresses set forth below. All written notices required are permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or a similar means of same delivery which providers evidence of receipt (with a confirming copy by mail as set forth herein). All notices provided to Mitchell Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General Counsel. All notices provided to the Sub-Adviser will be sent to the attention of Pamela H. Conroy, Compliance Officer. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written. Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC. 51 West 52nd Street New York, New York 10019-6114 By: /s/ Andrew S. Novak__ Name: Andrew S. Novak Title: Vice President By:/s/ Dianne E. O'Donnell___ Name: Dianne E. O'Donnell Title: Deputy General Counsel Attest: INSTITUTIONAL CAPITAL CORPORATION 225 West Wacker Suite 2400 Chicago, Illinois 60606 By:/s/ Celeste Hill______ Name: Celeste Hill Title: Administrative Assistant By:/s/Pamela H. Conroy___________ Name: Pamela H. Conroy Title: Senior Vice President For period ending July 31, 2000 Exhibit 77Q1(e) File number 811-8764 New Sub-Advisory Contract for PACE Large Company Value Equity Investments Westwood Management Corporation Agreement SUB-ADVISORY AGREEMENT Agreement made as of July 1, 2000 between MITCHELL HUTCHINS ASSET MANAGEMENT INC. ("Mitchell Hutchins"), a Delaware corporation, and WESTWOOD MANAGEMENT CORPORATION ("Sub-Adviser"), a New York corporation (the "Agreement"). RECITALS (1) Mitchell Hutchins has entered into a Management Agreement dated June 15, 1995 ("Management Agreement") with PaineWebber PACE Select Advisors Trust (formerly known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to PACE LARGE COMPANY VALUE EQUITY INVESTMENTS ("Portfolio"); and (2) Mitchell Hutchins desires to allocate the portfolio investments of the Portfolio between two segments, and to retain the Sub-Adviser to furnish certain investment advisory services with respect to one segment of the investments of the Portfolio; and (3) The Sub-Adviser is willing to furnish such services; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Mitchell Hutchins and the Sub-Adviser agree as follows: 1. Appointment. Mitchell Hutchins hereby appoints the Sub-Adviser as an investment sub-adviser with respect to one segment of the Portfolio's investments for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided. 2. Duties as Sub-Adviser. (a) Subject to the supervision and direction of the Trust's Board of Trustees (the "Board") and review by Mitchell Hutchins, and any written guidelines adopted by the Board or Mitchell Hutchins, the Sub-Adviser will provide a continuous investment program with respect to its segment of the Portfolio's investments, including investment research and discretionary management to all securities and investments and cash equivalents in the Portfolio allocated by Mitchell Hutchins to the Sub-Adviser's segment of the Portfolio's investments. The Sub-Adviser will determine from time to time what investments will be purchased, retained or sold by the Portfolio in its segment of the Portfolio's investments. The Sub-Adviser will be responsible for placing purchase and sell orders for investments and for other related transactions with respect its segment of the Portfolio. The Sub-Adviser will be responsible for voting proxies of issuers of securities held by the Sub- Adviser's segment of the Portfolio. The Sub-Adviser understands that the Portfolio's assets need to be managed so as to permit the Portfolio to qualify or to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended ("Code"). The Sub-Adviser will provide services under this Agreement in accordance with the Portfolio's investment objective, policies and restrictions as stated in the Portfolio's Prospectus and in the Trust's currently effective registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"). (b) The Sub-Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, on behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Portfolio, and the Sub-Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Sub-Adviser's determination in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Portfolio and its other clients and that the total commissions paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long term. In no instance will portfolio securities be purchased from or sold to Mitchell Hutchins or the Sub-Adviser, or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder. The Sub-Adviser may aggregate sales and purchase orders with respect to the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by the Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Portfolio and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each account. Mitchell Hutchins recognizes that in some cases this procedure may adversely affect the results obtained for the Portfolio. (c) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions by the Sub-Adviser on behalf of the Portfolio, and will furnish the Board and Mitchell Hutchins with such periodic and special reports as the Board or Mitchell Hutchins reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Portfolio are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Portfolio upon request by the Trust. (d) At such times as shall be reasonably requested by the Board or Mitchell Hutchins, the Sub-Adviser will provide the Board and Mitchell Hutchins with economic and investment analyses and reports as well as quarterly reports setting forth the performance of the Sub- Adviser's segment of the Portfolio's investments and make available to the Board and Mitchell Hutchins any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. (e) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser is responsible for assisting in the fair valuation of all portfolio securities in the Sub-Adviser's segment of the Portfolio and will use its reasonable efforts to arrange for the provision of a price(s) from a party(ies) independent of the Sub-Adviser for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service. 3. Further Duties. In all matters relating to the performance of this Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust Instrument, By-Laws and Registration Statement and with the written instructions and written directions of the Board and Mitchell Hutchins; and will comply with the requirements of the 1940 Act, and the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the rules under each, the Code, and all other federal and state laws and regulations applicable to the Trust and the Portfolio. Mitchell Hutchins agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written instructions and directions of the Board and Mitchell Hutchins, and any amendments or supplements to any of these materials as soon as practicable after such materials become available; and further agrees to identify to the Sub-Adviser in writing any broker-dealers that are affiliated with Mitchell Hutchins (other than PaineWebber Incorporated and Mitchell Hutchins itself). 4. Expenses. During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Portfolio or Mitchell Hutchins. 5. Compensation. (a) For the services provided and the expenses assumed by the Sub-Adviser pursuant to this Agreement, Mitchell Hutchins, not the Portfolio, will pay to the Sub-Adviser a fee, computed daily and payable monthly, at an annual rate of 0.30% of the Portfolio's average daily net assets allocated to its management(computed in the manner specified in the Management Agreement), and will provide the Sub-Adviser with a schedule showing the manner in which the fee was computed. Under this fee agreement, the Sub-Adviser will receive fees based on the value of portfolio assets under its management as these assets have been allocated to it by Mitchell Hutchins. (b) The fee shall be accrued daily and payable monthly to the Sub-Adviser on or before the last business day of the next succeeding calendar month. (c) For those periods in which Mitchell Hutchins has agreed to waive all or a portion of its management fee, Mitchell Hutchins may ask the Sub-Adviser to waive the same proportion of its fees, but the Sub-Adviser is under no obligation to do so. (d) If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion which such period bears to the full month in that such effectiveness or termination occurs. 8. Limitation Of Liability. (a) The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio, the Trust or its shareholders or by Mitchell Hutchins in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. (b) In no event will the Sub-Adviser have any responsibility for any other series of the Trust, for any portion of the Portfolio not managed by the Sub-Adviser or for the acts or omissions of any other sub-adviser to the Trust or Portfolio. The Sub-Adviser shall have no responsibility for the Portfolio's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Portfolio as a whole or for the Portfolio's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the segment of the Portfolio managed by the Sub- Adviser are such that such segment would not be in such violation or fail to so qualify if such segment were deemed a separate series of the Trust or a separate "regulated investment company" under the Code. Nothing in this section shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived. 7. Representations of Sub-Adviser. The Sub-Adviser represents, warrants and agrees as follows: (a) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify Mitchell Hutchins of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. (b) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Mitchell Hutchins and the Board with a copy of such code of ethics, together with evidence of its adoption. Within fifteen days of the end of the last calendar quarter of each year that this Agreement is in effect, the president or a vice-president of the Sub-Adviser shall certify to Mitchell Hutchins that the Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous year and that there has been no violation of the Sub-Adviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of Mitchell Hutchins, the Sub-Adviser shall permit Mitchell Hutchins, its employees or its agents to examine the reports required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other records relevant to the Sub-Adviser's code of ethics. (c) The Sub-Adviser has provided Mitchell Hutchins with a copy of its Form ADV, as most recently filed with the Securities and Exchange Commission ("SEC"), and promptly will furnish a copy of all amendments to Mitchell Hutchins at least annually. (d) The Sub-Adviser shall provide notice to Mitchell Hutchins within a reasonable time after being informed or learning of the death or withdrawal of any if its partners, upon the admission of any new partners or upon any other change in its membership. (e) The Sub-Adviser will notify Mitchell Hutchins of any change of control of the Sub-Adviser, including any change of its general partners or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio or senior management of the Sub-Adviser, in each case prior to or promptly after such change. (f) The Sub-Adviser agrees that neither it, nor any of its affiliates, will in any way refer directly or indirectly to its relationship with the Trust, the Portfolio, Mitchell Hutchins or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of Mitchell Hutchins. 8. Representations of Mitchell Hutchins. Mitchell Hutchins represents that (i) the Trust was duly organized as a Delaware business trust under the laws of Delaware; (ii) the appointment of the Sub-Adviser has been duly authorized and (iii) the Trust has acted and will continue to act in conformity with the 1940 Act and other applicable laws. 9. Services Not Exclusive. The services furnished by the Sub-Adviser hereunder are not to be deemed exclusive, and except as the Sub-Adviser may otherwise agree in writing, the Sub- Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Sub-Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature. 10. Duration and Termination. (a) This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Portfolio's outstanding voting securities, unless Mitchell Hutchins has authority to enter into this Agreement pursuant to exemptive relief from the SEC without a vote of the Portfolio's outstanding voting securities. (b) Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from its effective date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Portfolio. (c) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on 60 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty, by Mitchell Hutchins: (i) upon 120 days' written notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any of the representations, warranties and agreements set forth in Paragraph 7 of this Agreement; or (iii) immediately if, in the reasonable judgment of Mitchell Hutchins, the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as financial insolvency of the Sub-Adviser or other circumstances that could adversely affect the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on 120 days' written notice to Mitchell Hutchins. This Agreement will terminate automatically in the event of its assignment or upon termination of the Management Agreement, as it relates to this Portfolio. 11. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. To the extent required by applicable law, no amendment of this Agreement shall be effective until approved (i) by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (ii) if the terms of this Agreement shall have changed, by a vote of a majority of the Portfolio's outstanding voting securities (except in the case of (ii), pursuant to the terms and conditions of the SEC order permitting it to modify the Agreement without such vote). 12. Governing Law. This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. 13. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meanings as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement may be signed in counterpart. 14. Notices. Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser or Mitchell Hutchins upon receipt of the same at their respective addresses set forth below. All written notices required are permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or a similar means of same delivery which providers evidence of receipt (with a confirming copy by mail as set forth herein). All notices provided to Mitchell Hutchins will be sent to the attention of Dianne E. O'Donnell, Deputy General Counsel. All notices provided to the Sub-Adviser will be sent to the attention of Jacqueline L. Finley, Compliance Officer. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written. Attest: MITCHELL HUTCHINS ASSET MANAGEMENT INC. 51 West 52nd Street New York, New York 10019-6114 By:/s/ Andrew S. Novak____ Name: Andrew S. Novak Title: Vice President By:/s/Dianne E. ODonnell_________ Name: Dianne E. O'Donnell Title: Deputy General Counsel Attest: WESTWOOD MANAGEMENT CORPORATION 300 Crescent Court Suite 1300 Dallas, Texas 75201 By:/s/ Jacqueline L. Finely___ Name: Jacqueline L. Finely Title: Secretary By:/s/ Susan M. Byrne____ Name: Susan M. Byrne Title: President Chief Investment Officer
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