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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber S&P 500 Index Fund
In planning and performing our audit of the financial statements of
PaineWebber S&P 500 Index Fund for the period December 31, 1997
(commencement of operations) to May 31, 1998, we considered its
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 the internal control.
The management of PaineWebber S&P 500 Index Fund 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 controls.
Generally, 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 controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
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 the internal control would not necessarily disclose
all matters in the 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 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 the internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above at May 31, 1998.
This report is intended solely for the information and use of the
shareholders, Board of Trustees and management of PaineWebber S&P 500 Index
Fund and the Securities and Exchange Commission.
ERNST & YOUNG LLP
July 24, 1998
FOR ANNUAL N-SARs ONLY
For the period May 31, 1998 Exhibit 77Q1
File No. 811-8229
The Fund's Trust Instrument and By-Laws are incorporated by reference
to its N-1A Registration Statement filed on May 28, 1998 via EDGAR
(accession no. 0000898432-97-000294).
The Fund's Investment Advisory and Administration Contract is
incorporated by reference to its Pre-Effective Amendment No. 1 filed
on October 16, 1997 via EDGAR (accession no. 0000898432-97-000442).
