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 A
<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> 230045
<INVESTMENTS-AT-VALUE> 450775
<RECEIVABLES> 2530
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28999
<TOTAL-ASSETS> 482304
<PAYABLE-FOR-SECURITIES> 3465
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29879
<TOTAL-LIABILITIES> 33344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 208927
<SHARES-COMMON-STOCK> 13276
<SHARES-COMMON-PRIOR> 11021
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19303
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 220730
<NET-ASSETS> 448960
<DIVIDEND-INCOME> 1196
<INTEREST-INCOME> 2323
<OTHER-INCOME> 0
<EXPENSES-NET> 5174
<NET-INVESTMENT-INCOME> (1655)
<REALIZED-GAINS-CURRENT> 19305
<APPREC-INCREASE-CURRENT> 92929
<NET-CHANGE-FROM-OPS> 110580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (23651)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3700
<NUMBER-OF-SHARES-REDEEMED> 4089
<SHARES-REINVESTED> 728
<NET-CHANGE-IN-ASSETS> 122907
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 21836
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2988
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4625
<AVERAGE-NET-ASSETS> 396285
<PER-SHARE-NAV-BEGIN> 26.85
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 8.99
<PER-SHARE-DIVIDEND> (1.94)
<PER-SHARE-DISTRIBUTIONS> 33.82
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.15
</TABLE>