Report of Independent Auditors
To the Shareholders and
Board of Trustees of
PaineWebber Global Equity Fund
In planning and performing our audit of the financial
statements of PaineWebber Global Equity Fund for
the year ended October 31, 2000, we considered its
internal control, including control activities for
safeguarding securities, 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 internal control.
The management of PaineWebber Global 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
control. Generally, internal controls that are relevant
to an audit pertain to the entitys objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those internal controls include
the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and
not be detected. Also, projections of any evaluation
of internal control to future periods are subject to the
risk that internal control may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures 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, including control activities
for safeguarding securities, and its operation that we
consider to be material weaknesses as defined above
at October 31, 2000.
This report is intended solely for the information and
use of the shareholders, Board of Trustees and
management of PaineWebber Global 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
December 22, 2000
