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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 5
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<PAGE> PAGE 6
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
FORM 10f-3 FUND: PaineWebber Growth 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/ Ellen R. Harris
Date: 12/9/98
FORM 10f-3 FUND: PaineWebber Growth 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: $1,350,000
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/ Ellen R. Harris
Date: 12/16/98
FORM 10f-3 FUND: PaineWebber Growth 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: $2,354,400
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/ Ellen R. Harris
Date: 7/17/98
FORM 10f-3 FUND: PaineWebber Growth 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: $475,500
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/ Ellen R. Harris
Date: 6/9/98
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
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<PERIOD-END> FEB-28-1999
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<RECEIVABLES> 869
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22484
<TOTAL-ASSETS> 300835
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<OTHER-ITEMS-LIABILITIES> 23135
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<ACCUMULATED-NET-GAINS> 10812
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<NET-ASSETS> 276729
<DIVIDEND-INCOME> 411
<INTEREST-INCOME> 455
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<EXPENSES-NET> 1451
<NET-INVESTMENT-INCOME> (585)
<REALIZED-GAINS-CURRENT> 8612
<APPREC-INCREASE-CURRENT> 70560
<NET-CHANGE-FROM-OPS> 78587
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<NUMBER-OF-SHARES-REDEEMED> (1005)
<SHARES-REINVESTED> 794
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1451
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<PER-SHARE-NAV-BEGIN> 20.08
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 7.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.01
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<PER-SHARE-NAV-END> 25.74
<EXPENSE-RATIO> 1.18
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759729
<NAME> PAINEWEBBER OLYMPUS FUND
<SERIES>
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<NAME> GROWTH FUND CLASS B
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<S> <C>
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