<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Infinity Broadcasting
2. Date of Purchase: 12/9/98 3.
Date offering commenced: 12/9/98
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $2,870,000
6. Aggregate principal amount of
offering: $2,870,000,000
7. Purchase price (net of fees and
expenses): $20.5
8. Initial public offering price:
$20.5
9. Commission, spread or profit:
% $ .50
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:
12/16/98
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Fox Entertainment
2. Date of Purchase: 11/10/98 3.
Date offering commenced: 11/10/98
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $1,620,000
6. Aggregate principal amount of
offering: $2,808,000,000
7. Purchase price (net of fees and
expenses): $22.50
8. Initial public offering price:
$22.50
9. Commission, spread or profit:
% $ .55
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:
12/16/98
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: AES Corp (convertible)
2. Date of Purchase: 8/4/98 3.
Date offering commenced: 8/4/98
3. Underwriters from whom purchased:
Smith Barney
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $3,900,000
6. Aggregate principal amount of
offering: $15,000,000,000
7. Purchase price (net of fees and
expenses): $100
8. Initial public offering price: $100
9. Commission, spread or profit:
% $ .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:
8/30/98
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Republic Services
2. Date of Purchase: 6/30/98 3.
Date offering commenced: 7/7/98
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $3,844,800
6. Aggregate principal amount of
offering: $1,320,000,000
7. Purchase price (net of fees and
expenses): $24
8. Initial public offering price: $24
9. Commission, spread or profit:
% $ .73
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:
7/98
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: KN Energy
2. Date of Purchase: 3/4/98 3.
Date offering commenced: 3/4/98
3. Underwriters from whom purchased:
Morgan Stanley
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $5,196,000
6. Aggregate principal amount of
offering: $520,000,000
7. Purchase price (net of fees and
expenses): $52
8. Initial public offering price: $52
9. Commission, spread or profit:
% $ 1.25
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:
4/7/98
FORM 10f-3 FUND: PaineWebber Growth and
Income Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Young & Rubicam
2. Date of Purchase: 5/12/98 3.
Date offering commenced: 5/12/98
3. Underwriters from whom purchased:
Donaldson, Lufkin & Jenrette
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $612,500
6. Aggregate principal amount of
offering: $400,000,000
7. Purchase price (net of fees and
expenses): $25
8. Initial public offering price: $25
9. Commission, spread or profit:
% $ .825
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:
6/9/98
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