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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent Accountants
To the Shareholders and Board
of Trustees
of PaineWebber Strategic
Income Fund
In planning and performing our audit
of the financial statements of
PaineWebber Strategic Income Fund
(the Company for the year ended
November 30, 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 the Company
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 entitys 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, errors 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
controls may become inadequate
because of changes in
conditions or that the
effectiveness of their
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 as of
November 30, 1999.
This report is intended
solely for the
information and use of
the Board of Trustees,
management and the
Securities and Exchange
Commission and is not
intended to be and should
not be used by anyone
other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
January 26, 1999
1
2
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PER-SHARE-DIVIDEND> -0.63
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> -0.06
<PER-SHARE-NAV-END> 8.53
<EXPENSE-RATIO> 1.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
