WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
<NUMBER> 1
<NAME> GROWTH FUND CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 27012
<INVESTMENTS-AT-VALUE> 52929
<RECEIVABLES> 297
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3405
<TOTAL-ASSETS> 56631
<PAYABLE-FOR-SECURITIES> 406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3509
<TOTAL-LIABILITIES> 3915
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24532
<SHARES-COMMON-STOCK> 1728
<SHARES-COMMON-PRIOR> 1457
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25918
<NET-ASSETS> 52716
<DIVIDEND-INCOME> 141
<INTEREST-INCOME> 273
<OTHER-INCOME> 0
<EXPENSES-NET> 608
<NET-INVESTMENT-INCOME> (194)
<REALIZED-GAINS-CURRENT> 2267
<APPREC-INCREASE-CURRENT> 10912
<NET-CHANGE-FROM-OPS> 12984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2924)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1412
<NUMBER-OF-SHARES-REDEEMED> 1241
<SHARES-REINVESTED> 100
<NET-CHANGE-IN-ASSETS> 14285
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2641
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 351
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 891
<AVERAGE-NET-ASSETS> 45531
<PER-SHARE-NAV-BEGIN> 24.56
<PER-SHARE-NII> (0.28)
<PER-SHARE-GAIN-APPREC> 8.17
<PER-SHARE-DIVIDEND> (1.94)
<PER-SHARE-DISTRIBUTIONS> 30.51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.93
</TABLE>