Attached is a 1Q 2001 Market Commentary from the PaineWebber Tactical 
Allocation Fund.



Hank Emery
Financial Advisor
Emery Financial Group
UBS PaineWebber Incorporated
Houston, Texas
713-957-7060




Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of 
all e-mail communications sent and/or received by its employees.
 - Market Commentary _1Q01.pdf