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<PAGE> PAGE 2
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SIGNATURE NICK CHUNIAS
TITLE TREASURER
February 18, 1998
To the Investors and Board of Trustees of the UBS Private Investor Funds, Inc.:
In planning and performing our audits of the financial statements of the
International Equity Fund, Institutional International Equity Fund, Value Equity
Fund, Bond Fund, High Yield Bond Fund, Large Cap Growth Fund, and Small Cap Fund
(six of the Funds constituting the series of UBS Private Investor Funds, Inc.,
hereafter referred to as the "Funds") for the year ended December 31, 1997 we
considered their internal control, including control activities for safeguarding
securities, in order 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, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities 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 control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation 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 any
specific internal control components does not reduce to a relatively low level
risk that errors or irregularities 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 over the safeguarding of securities, that we consider to be material
weaknesses as defined above, as of December 31, 1997.
This report is intended solely for the information and use of management and the
Board of Trustees of the Funds and the Securities and Exchange Commission.
Price Waterhouse LLP
