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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of
Independent Auditors
To the Shareholders and Board of
Trustees of
PaineWebber Growth & Income Fund
In planning and performing our
audit of the financial statements
of PaineWebber Growth & Income
Fund for the year ended August 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, and not
to provide assurance on the
internal control.
The management of PaineWebber
Growth & Income 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, 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 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
specific internal control
components does not reduce to a
relatively low level the risk that
errors 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
August 31,
1999.
This report is intended solely for
the information and use of the
shareholders, board of trustees and
management of PaineWebber Growth &
Income 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
October 14, 1999
Exhibit 77D
For period ending August 31, 1999
File number 811-3502
PaineWebber Growth and Income Fund
The board of trustees has approved an amendment
in the
investment policies under which the Fund will
have two,
overlapping 65% baskets: one for income-
producing securities
and one for equity securities believed by
Mitchell Hutchins to
have the potential for rapid earnings growth.
FORM 10f-3 FUND: PaineWebber Growth &
Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Delphi
2. Date of Purchase: 2-24-99 3. Date
offering
commenced: 2-24-99
3. Underwriters from whom purchased: Morgan
Stanley
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase:
1,020,000
6. Aggregate principal amount of offering:
$1.4 Billion
7. Purchase price (net of fees and expenses):
$17.00
8. Initial public offering price: $17.00
9. Commission, spread or profit: %
$.46
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of 1933
which is being offered to the public or are
"municipal securities" as defined in
Section 3(a)(29) of the Securities Exchange Act
of 1934.
X
b. The securities were purchased prior to the
end of the first full business day of
the offering at not more than the initial
offering price (or, if a rights offering, the
securities were purchased on or before the
fourth day preceding the day on
which the offering terminated.
X
c. The underwriting was a firm commitment
underwriting.
X
d. The commission, spread or profit was
reasonable and fair in relation to that
being received by others for underwriting
similar securities during the same
period.
X
e. (1) If securities are registered under
the Securities Act of 1933, the issuer of the
securities and its predecessor have been in
continuous operation for not less than
three years.
X
(2) If securities are municipal
securities, the issue of securities has received
an
investment grade rating from a nationally
recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which the
issue is to be paid shall have been in
continuous operation for less than three
years (including any predecessor), the issue has
received one of the three highest
ratings from at least one such rating
organization.
X
f. The amount of such securities purchased by
all of the investment companies
advised by Mitchell Hutchins did not exceed 4%
of the principal amount of the
offering or $500,000 in principal amount,
whichever is greater, provided that in
no event did such amount exceed 10% of the
principal amount of the offering.
X
g. The purchase price was less than 3% of the
Fund's total assets.
X
h. No Affiliated Underwriter was a direct or
indirect participant in or beneficiary
of the sale or, with respect to municipal
securities, no purchases were designated
as group sales or otherwise allocated to the
account of any Affiliated
Underwriter.
X
Approved: /s/ Mark Tincher Date:
3-11-99
FORM 10f-3 FUND: PaineWebber Growth &
Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Lowes
2. Date of Purchase: 2-24-99 3. Date
offering
commenced: 2-24-99
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase:
$3,190,000
6. Aggregate principal amount of offering:
$278,400,00
7. Purchase price (net of fees and expenses):
$58.00
8. Initial public offering price: $58.00
9. Commission, spread or profit: %
$.1.15
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of 1933
which is being offered to the public or are
"municipal securities" as defined in
Section 3(a)(29) of the Securities Exchange Act
of 1934.
X
b. The securities were purchased prior to the
end of the first full business day of
the offering at not more than the initial
offering price (or, if a rights offering, the
securities were purchased on or before the
fourth day preceding the day on
which the offering terminated.
X
c. The underwriting was a firm commitment
underwriting.
X
d. The commission, spread or profit was
reasonable and fair in relation to that
being received by others for underwriting
similar securities during the same
period.
X
e. (1) If securities are registered under
the Securities Act of 1933, the issuer of the
securities and its predecessor have been in
continuous operation for not less than
three years.
X
(2) If securities are municipal
securities, the issue of securities has received
an
investment grade rating from a nationally
recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which the
issue is to be paid shall have been in
continuous operation for less than three
years (including any predecessor), the issue has
received one of the three highest
ratings from at least one such rating
organization.
X
f. The amount of such securities purchased by
all of the investment companies
advised by Mitchell Hutchins did not exceed 4%
of the principal amount of the
offering or $500,000 in principal amount,
whichever is greater, provided that in
no event did such amount exceed 10% of the
principal amount of the offering.
X
g. The purchase price was less than 3% of the
Fund's total assets.
X
h. No Affiliated Underwriter was a direct or
indirect participant in or beneficiary
of the sale or, with respect to municipal
securities, no purchases were designated
as group sales or otherwise allocated to the
account of any Affiliated
Underwriter.
X
Approved: /s/ Mark Tincher Date:
3-11-99
FORM 10f-3 FUND: PaineWebber Growth &
Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Pepsi Bottling Group Inc.
2. Date of Purchase: 3-30-99 3. Date
offering
commenced: 3-30-99
3. Underwriters from whom purchased:
Sanford Bernstein
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase:
7,500
6. Aggregate principal amount of offering:
$100,000,000
7. Purchase price (net of fees and expenses):
$23.00
8. Initial public offering price: $23.00
9. Commission, spread or profit: %
$.56
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of 1933
which is being offered to the public or are
"municipal securities" as defined in
Section 3(a)(29) of the Securities Exchange Act
of 1934.
X
b. The securities were purchased prior to the
end of the first full business day of
the offering at not more than the initial
offering price (or, if a rights offering, the
securities were purchased on or before the
fourth day preceding the day on
which the offering terminated.
X
c. The underwriting was a firm commitment
underwriting.
X
d. The commission, spread or profit was
reasonable and fair in relation to that
being received by others for underwriting
similar securities during the same
period.
X
e. (1) If securities are registered under
the Securities Act of 1933, the issuer of the
securities and its predecessor have been in
continuous operation for not less than
three years.
X
(2) If securities are municipal
securities, the issue of securities has received
an
investment grade rating from a nationally
recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which the
issue is to be paid shall have been in
continuous operation for less than three
years (including any predecessor), the issue has
received one of the three highest
ratings from at least one such rating
organization.
X
f. The amount of such securities purchased by
all of the investment companies
advised by Mitchell Hutchins did not exceed 4%
of the principal amount of the
offering or $500,000 in principal amount,
whichever is greater, provided that in
no event did such amount exceed 10% of the
principal amount of the offering.
X
g. The purchase price was less than 3% of the
Fund's total assets.
X
h. No Affiliated Underwriter was a direct or
indirect participant in or beneficiary
of the sale or, with respect to municipal
securities, no purchases were designated
as group sales or otherwise allocated to the
account of any Affiliated
Underwriter.
X
Approved: /s/ Mark Tincher Date:
FORM 10f-3 FUND: PaineWebber Growth &
Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Pepsi Bottling Group Inc.
2. Date of Purchase: 3-30-99 3. Date
offering
commenced: 3-30-99
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase:
215,600
6. Aggregate principal amount of offering:
$100,000,000
7. Purchase price (net of fees and expenses):
$23.00
8. Initial public offering price: $23.00
9. Commission, spread or profit: %
$.56
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of 1933
which is being offered to the public or are
"municipal securities" as defined in
Section 3(a)(29) of the Securities Exchange Act
of 1934.
X
b. The securities were purchased prior to the
end of the first full business day of
the offering at not more than the initial
offering price (or, if a rights offering, the
securities were purchased on or before the
fourth day preceding the day on
which the offering terminated.
X
c. The underwriting was a firm commitment
underwriting.
X
d. The commission, spread or profit was
reasonable and fair in relation to that
being received by others for underwriting
similar securities during the same
period.
X
e. (1) If securities are registered under
the Securities Act of 1933, the issuer of the
securities and its predecessor have been in
continuous operation for not less than
three years.
X
(2) If securities are municipal
securities, the issue of securities has received
an
investment grade rating from a nationally
recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which the
issue is to be paid shall have been in
continuous operation for less than three
years (including any predecessor), the issue has
received one of the three highest
ratings from at least one such rating
organization.
X
f. The amount of such securities purchased by
all of the investment companies
advised by Mitchell Hutchins did not exceed 4%
of the principal amount of the
offering or $500,000 in principal amount,
whichever is greater, provided that in
no event did such amount exceed 10% of the
principal amount of the offering.
X
g. The purchase price was less than 3% of the
Fund's total assets.
X
h. No Affiliated Underwriter was a direct or
indirect participant in or beneficiary
of the sale or, with respect to municipal
securities, no purchases were designated
as group sales or otherwise allocated to the
account of any Affiliated
Underwriter.
X
Approved: /s/ Mark Tincher Date:
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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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