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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
<NUMBER> 102
<NAME> PAINEWEBBER GROWTH FUND CLASS B
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
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<S> <C>
<PERIOD-TYPE> YEAR
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FORM 10f-3 FUND: PW Growth, PW Series Trust Growth and
PW Global Energy
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Railtex RTEX
2. Date of Purchase: March 7, 1995 3.Date offering commenced: March 7,1995
4. Underwriters from whom purchased: Morgan Stanley and Werthiem
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $1,080,000.00
7. Aggregate principal amount of offering: $51,960,000.00
8. Purchase price (net of fees and expenses): $24.00
9. Initial public offering price: $24.00
10. Commission, spread or profit: % $_.74_
11. 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 end 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: Date:
10/26/95
FORM 10f-3 FUND: PW Growth and PW Series Trust Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Anthon Indust. ANT
# 036798106.
2. Date of Purchase: May 25, 1995 3. Date offering commenced: May 25, 1995
4. Underwriters from whom purchased: Solomon, AG Edwards, Smith Barney
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $930,000
7. Aggregate principal amount of offering: $62,000,000
8. Purchase price (net of fees and expenses): $15.50
9. Initial public offering price: $15.50
10. Commission, spread or profit: ____% $_.465_
11. 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 end 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: Date:
10/26/95
FORM 10f-3 FUND: PW Growth and PW Series Trust Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Easco Esco
27033e103
2. Date of Purchase: April 13, 1995 3.Date offering commenced: April 13, 1995
4. Underwriters from whom purchased: First Boston and Oppenhiemer
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $700,000
7. Aggregate principal amount of offering: $56,000,000
8. Purchase price (net of fees and expenses): $14.00
9. Initial public offering price: $14.00
10. Commission, spread or profit: _____% .58____
11. 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 end 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: Date:
10/26/95
FORM 10f-3 FUND: PW Growth Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Corporate Express CEXP
2. Date of Purchase: March 23, 1995 3. Date offering commenced: March 23,
1995
4. Underwriters from whom purchased: Alex Brown, DLJ, William Blair,
Montgomery
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $1,000,000
7. Aggregate principal amount of offering: $98,125,000
8. Purchase price (net of fees and expenses): $25.00
9. Initial public offering price: $25.00
10. Commission, spread or profit: ___% $ .69
11. 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 end 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: Date:
For Communications & Technology Growth Fund
For the year ended August 31, 1995 Exhibit 77C
File Number 811 - 4180
A special meeting of shareholders of the PaineWebber Communications &
Technology Growth Fund ("ComTech Fund"), a series of PaineWebber Olympus
Fund,
("Trust") was held on August 11, 1995. At the meeting the following agreement
was approved
for ComTech Fund:
1) To consider an Agreement and Plan of Reorganization and Termination
under
which PaineWebber Growth Fund ("Growth Fund"), a series of the Trust,
would
acquire the assets of ComTech Growth Fund in exchange solely for shares of
beneficial interest in Growth Fund and the assumption by Growth Fund of
ComTech
Growth Fund's liabilities, followed by the distribution of those shares to the
shareholders of ComTech Growth Fund.
The votes were as follows:
Shares Voting as a Single Class
Shares Shares Shares
Voted For Voted Against Withhold Authority
--------- ------------- ------------------
2,862,606 134,153 194,523
For Growth Fund
For filing period ended August 31, 1995
File number 811-4180 Exhibit 77M
The Combined Proxy Statement and Prospectus (the "Proxy Statement") included
in
the Registrant's Registration Statement on Form N-14 filed with the Securities
and Exchange Commission through EDGAR on June 5, 1995 (Accession
No.0000950112-95-
001530: ) is
incorporated herein by reference in response to this Sub-Item. The transaction
described in the Proxy Statement was consummated on August 18, 1995. Pursuant
to
state law, no vote of the Registrant's shareholders was required. Actions
required by applicable state law, such as the registration of additional shares
of the Registrant under certain Blue Sky laws, either have been or will be
effected in accordance with such laws. The two other parties to the transaction,
PaineWebber Blue Chip Growth Fund and PaineWebber Communications &
Technology
Growth Fund, series of PaineWebber Master Series, Inc. and PaineWebber
Olympus
Fund, respectively. PaineWebber Master Series, Inc. and PaineWebber Olympus
Fund
do not intend to deregister with the Commission pursuant to the Investment
Company Act of 1940, as amended, because each is comprised of another
portfolio
or portfolio which continue to operate.
The Reorganizations
Each Board approved a Reorganization Plan with respect to its Acquired
Fund at a combined meeting of the Boards held on April 28, 1995. Each
Reorganization Plan provides for the acquisition by Growth Fund of the assets
of an Acquired Fund in exchange solely for shares of Growth Fund and the
assumption by Growth Fund of the liabilities of the Acquired Fund. Each
Acquired Fund then will distribute the Growth Fund Shares to its shareholders,
by class, so that each shareholder will receive the number of full and
fractional shares of the class of Growth Fund that corresponds in terms
of fees and other characteristics ("Corresponding Class") and that is
equal in value to the value of such shareholder's holdings in the
Acquired Funds as of the Closing Date (defined below).
Each Acquired Fund will then be terminated as soon as practicable thereafter.
The exchange of each Acquired Fund's assets for Growth Fund shares and
Growth Fund's assumption of its liabilities will occur at or as of 4:00 p.m.,
eastern time, on August 18,1995, or on such later date as the conditions to
the closing are satisfied ("Closing Date").
Growth Fund Currently offers for sale four classes of shares
(each a "Class" and collectively, "Classes"), designated as Class A,
Class B, Class C and Class D shares. Growth Fund will only issue Class A,
Class B and Class D shares in exchange for an Acquired Fund's assets;
Class C shared will not be issued in the Reorganizations. Each Acquired
Fund has three Classes of shares, designated as Class A, Class B and Class
D shares, which are identical to the correspondingly lettered Classes of
Growth Fund's shares.
The rights and privileges of the former shareholders of each Class of an
Acquired Fund will be effectively unchanged by the Reorganizations.
Accordingly, the Reorganizations will have no effect on the holding period
of Class B shares of the Acquired Funds for purposes of calculating
any applicable contingent deferred sales charges.("CDSC") or the holding
period for the conversion of Class B shares into Class A shares. Similarly,
the Reorganizations will have no effect on the policies regarding the ability
of investors to qualify for reduced or waived sales charges, as currently in
effect for the Acquired Funds.
The Board of Trustees and Shareholders
PaineWebber Growth Fund
In planning and performing our audit of the financial statements of
PaineWebber Growth Fund for the year ended August 31, 1995,
we considered its internal control structure, including procedures 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
the internal control structure.
The management of PaineWebber Growth Fund is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 23, 1995
