For period ending January 31, 2001		Exhibit 77D
File number 811-8764


In November 2000, the investment policies for the following
portfolios were revised to permit investment of up to 15% of
a portfolio's net assets in illiquid securities (previously,
each had been subject to a 10% cap): PACE Government Securities
Fixed Income Investments, PACE Intermediate Fixed Income
Investments; PACE Strategic Fixed Income Investments; PACE
Municipal Fixed Income Investments; PACE Large Company Value
Equity Investments; PACE Large Company Growth Equity Investments;
and PACE Small/Medium Company Growth Equity Investments.  Each
of the registrant's other portfolios already had policies
permitting investment of up to 15% of net assets in illiquid
securities, except for the PACE Money Market Investments
portfolio, which remains subject to a 10% cap.