<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000759729
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000 F000000 Y
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000 H000000 N
000 I000000 3.0
000 J000000 A
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001 B000000 811-4180
001 C000000 2127131074
002 A000000 1285 AVE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
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007 C020100 PAINEWEBBER GROWTH FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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<PAGE> PAGE 2
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008 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-13219
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10019
010 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B00AA01 801-13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-00000
<PAGE> PAGE 3
012 C01AA01 PHILADELPHIA
012 C02AA01 PA
012 C03AA01 19110
013 A00AA01 ERNST & YOUNG
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
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015 C02AA01 MA
015 C03AA01 02171
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019 A00AA00 Y
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020 A000006 MORGAN STANLEY AND COMPANY
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020 A000007 BROWN ALEX & SONS INCORPORATED
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020 A000008 PAINE WEBBER INCORPORATED
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020 A000009 CS FIRST BOSTON CORPORATTION
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<PAGE> PAGE 4
022 B000001 04-1867445
022 C000001 2036493
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<PAGE> PAGE 5
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<PAGE> PAGE 6
070 K01AA00 Y
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 6
<CIK> 0000759729
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<PERIOD-START> SEP-01-1996
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<SHARES-COMMON-PRIOR> 8368
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<OVERDISTRIBUTION-NII>
<ACCUMULATED-NET-GAINS> 40925
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61230
<NET-ASSETS> 201726
<DIVIDEND-INCOME> 848
<INTEREST-INCOME> 1212
<OTHER-INCOME> 0
<EXPENSES-NET> (2755)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
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<NUMBER-OF-SHARES-REDEEMED> (2048)
<SHARES-REINVESTED> 499
<NET-CHANGE-IN-ASSETS> (12009)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12805
<OVERDISTRIB-NII-PRIOR> (1236)
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<PER-SHARE-NII> (0.26)
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<PER-SHARE-DISTRIBUTIONS> (2.11)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
<NUMBER> 1
<NAME> GROWTH CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
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<NET-ASSETS> 24760
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<OTHER-INCOME> 0
<EXPENSES-NET> (567)
<NET-INVESTMENT-INCOME> (314)
<REALIZED-GAINS-CURRENT> 5268
<APPREC-INCREASE-CURRENT> (1276)
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<DISTRIBUTIONS-OF-GAINS> (2626)
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<NET-CHANGE-IN-ASSETS> (2608)
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<OVERDISTRIB-NII-PRIOR> (263)
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 567
<AVERAGE-NET-ASSETS> 28713
<PER-SHARE-NAV-BEGIN> 23.48
<PER-SHARE-NII> (0.27)
<PER-SHARE-GAIN-APPREC> 3.61
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.71
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
<NUMBER> 1
<NAME> GROWTH CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 15915
<INVESTMENTS-AT-VALUE> 22071
<RECEIVABLES> 646
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22721
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 2440
<TOTAL-LIABILITIES> 2440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10011
<SHARES-COMMON-STOCK> 767
<SHARES-COMMON-PRIOR> 865
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6156
<NET-ASSETS> 20281
<DIVIDEND-INCOME> 85
<INTEREST-INCOME> 122
<OTHER-INCOME> 0
<EXPENSES-NET> (229)
<NET-INVESTMENT-INCOME> (22)
<REALIZED-GAINS-CURRENT> 4315
<APPREC-INCREASE-CURRENT> (1045)
<NET-CHANGE-FROM-OPS> 3248
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1819)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 441
<NUMBER-OF-SHARES-REDEEMED> (614)
<SHARES-REINVESTED> 75
<NET-CHANGE-IN-ASSETS> (1805)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1951
<OVERDISTRIB-NII-PRIOR> (188)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 229
<AVERAGE-NET-ASSETS> 22028
<PER-SHARE-NAV-BEGIN> 24.74
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 3.84
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.46
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber Growth Fund
In planning and performing our audit of the financial
statements of PaineWebber Growth Fund for the year ended
August 31, 1997, 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, not to provide assurance on the internal control.
The management of PaineWebber Growth 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
irregularities 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 the internal control would not necessarily
disclose all matters in the 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 internal control components 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at August 31, 1997.
This report is intended solely for the information and use of the
shareholders, board of trustees and management of PaineWebber Growth
Fund and the Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
October 14, 1997
FORM 10f-3 FUND: PW Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Washington Mutual
2. Date of Purchase: 1/22/97
3. Date offering commenced: 1/22/97
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $641,250
7. Aggregate principal amount of offering: $692,977,500
8. Purchase price (net of fees and expenses): $47.50
9. Initial public offering price: $47.50
10. Commission, spread or profit: % $0.57
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. N/A ___
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: Ellen R. Harris Date: 1/29/97
FORM 10f-3 FUND: PW Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Yurie Systems.
2. Date of Purchase: 2/5/97
3. Date offering commenced: 2/5/97
4. Underwriters from whom purchased: Alex Brown
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $96,000
7. Aggregate principal amount of offering: $48,000,000
8. Purchase price (net of fees and expenses): $12
9. Initial public offering price: $12
10. Commission, spread or profit: % $0.47
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. N/A ___
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: Ellen R. Harris Date: 2/5/97
FORM 10f-3 FUND: PW Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Samonite
2. Date of Purchase: 2/6/97
3. Date offering commenced: 2/6/97
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $352,800
7. Aggregate principal amount of offering: $328,572,552
8. Purchase price (net of fees and expenses): $42.00
9. Initial public offering price: $42.00
10. Commission, spread or profit: % $1.26
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.N/A___
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: Ellen R. Harris Date: 2/6/97
FORM 10f-3 FUND: PW Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Four Media
2. Date of Purchase: 2/7/97
3. Date offering commenced: 2/7/97
4. Underwriters from whom purchased: Furman Selz
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $1,850,000
7. Aggregate principal amount of offering: $50,000,000
8. Purchase price (net of fees and expenses): $10
9. Initial public offering price: $10
10.Commission, spread or profit: % $0.42
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: Ellen R. Harris Date: 2/7/97
