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<PAGE> PAGE 2
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012 C03AA01 19110
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013 B03AA01 10172
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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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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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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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
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, 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 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 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
