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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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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<ACCUMULATED-NET-GAINS> (137)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17
<NET-ASSETS> 193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> 4
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> 57
<NET-CHANGE-FROM-OPS> 60
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21
<NUMBER-OF-SHARES-REDEEMED> 8
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (44)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4
<AVERAGE-NET-ASSETS> 123
<PER-SHARE-NAV-BEGIN> 6.79
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 2.89
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 2.34
[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
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,
1999, 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
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, error 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 internal control components does
not reduce to a relatively low level the
risk that
misstatements caused by error 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, 1999.
This report is intended solely for the
information and use of management, the Board
of Trustees 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 17, 1999
