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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent
Auditors
To the Shareholders and Board of Trustees
of
PaineWebber Tax-Managed Equity Fund
In planning and performing our audit of
the financial statements of PaineWebber
Tax-Managed Equity
Fund for the period December 14, 1998
(commencement of operations) through
August 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, and not to provide assurance
on the internal
control.
The management of PaineWebber Tax-Managed
Equity 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 August 31,
1999.
This report is intended solely for the
information and use of the shareholders,
board of trustees and
management of PaineWebber Tax-Managed
Equity 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
October 14, 1999
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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</TABLE>
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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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 116
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1
<AVERAGE-NET-ASSETS> 19
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.88
<EXPENSE-RATIO> 1.37
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
