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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
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<REALIZED-GAINS-CURRENT> 727
<APPREC-INCREASE-CURRENT> 1,175
<NET-CHANGE-FROM-OPS> 1,850
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 771
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 220
<NUMBER-OF-SHARES-REDEEMED> 694
<SHARES-REINVESTED> 71
<NET-CHANGE-IN-ASSETS> 2037
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 680
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 382
<AVERAGE-NET-ASSETS> 14,301
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14
<EXPENSE-RATIO> 2.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
September 20, 1995
To the Trustees of
PaineWebber Small Cap Value Fund
In planning and performing our audit of the financial statements
of PaineWebber Small Cap Value Fund (the "Fund") for the year
ended July 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion
on the financial statement and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are appropriately safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected.
Also, projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
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 the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of July 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
