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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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Report of Independent Auditors
To the Shareholders and Board of Trustees
of
PaineWebber Emerging Market Fund
In planning and performing our audit of
the financial statements of PaineWebber
Emerging Market 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 Emerging
Market 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 Emerging
Market 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
