<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 5
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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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
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<NAME> PAINEWEBBER BLUE CHIP GROWTH FUND - CLASS A
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1177 Avenue of the Americas Telephone 212 596 7000
New York, NY 10036 Facsimile 212 596 8910
Price Waterhouse LLP
April 17, 1995
To the Board of Directors of PaineWebber Master Series, Inc.
In planning and performing our audit of the financial statements of
PaineWebber Master Series, Inc. (the "Fund") for the year ended February
28, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes 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 structure.
The management of the 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 appropriately 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 February 28,
1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
FORM 10f-3 FUND NAME: PaineWebber Blue Chip Growth Fund
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Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Covenant Transport (CVTI)
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2. Date of Purchase: 10/28/94 3. Date offering commenced: 10/28/94
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4. Underwriter from whom purchased: Werthheim, Smith Barney
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5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
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6. Aggregate principal amount of purchase: $49,500
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7. Aggregate principal amount of offering: $62,000,000
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8. Purchase price (net of fees and expenses: $16.50
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9. Initial Public Offering Price: $16.50
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10. Commission, spread or profit: % $ .70
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11. Have the following conditions been satisfied? YES NO
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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
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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
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c. The underwriting was a firm commitment
underwriting. X
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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
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e. If the 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
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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
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g. The purchase price was less than 3% of the Fund's
total assets. X
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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
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Approved By: [Signature] Date: 1/29/95
