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Exhibit No. 10
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus and
Statement of Additional Information constituting parts of this Post-Effective
Amendment No. 28 to the registration statement on Form N-1A (the "Registration
Statement") of our report dated September 25, 2000, relating to the financial
statements and financial highlights appearing in the July 31, 2000 Annual Report
to Shareholders of PaineWebber Small Cap Fund, which are also incorporated by
reference into the Registration Statement. We also consent to the references to
us under the headings "Financial Highlights" in the Prospectus and "Auditors" in
the Statement of Additional Information.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
November 28, 2000
