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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of
Trustees of
PaineWebber Asia Pacific Growth Fund
In planning and performing our audit of
the financial statements of PaineWebber
Asia Pacific Growth Fund for the year
ended October 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, and not to provide assurance
on the internal control.
The management of PaineWebber Asia
Pacific Growth 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 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 and its operation,
including controls for safeguarding
securities, that we consider to be
material weaknesses as defined above at
October 31, 1998.
This report is intended solely for the
information and use of the board of
trustees and management of PaineWebber
Asia Pacific Growth Fund 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
December 21, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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