<PAGE> PAGE 1
000 A000000 08/31/95
000 C000000 0000780403
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PAINEWEBBER MASTER SERIES, INC.
001 B000000 811-4448
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 BALANCED FUND (FORMERLY ASSET ALLOCATION)
007 C030200 N
007 C010300 3
007 C020300 BLUE CHIP GROWTH FUND
007 C030300 Y
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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
<PAGE> PAGE 2
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICE WATERHOUSE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 PFPC, INC.
015 B00AA01 C
015 C01AA01 WILMINGTON
015 C02AA01 DE
015 C03AA01 19809
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 81
019 C00AA00 PAINEWEBBE
020 A000001 SALOMON BROS
020 B000001 13-3082694
020 C000001 29
020 A000002 BRIDGE TRADING CO.
020 B000002 43-1450530
020 C000002 19
020 A000003 BROWN (ALEX) & SONS INC.
020 B000003 52-1319768
020 C000003 14
020 A000004 BEAR, STEARNS & CO., INC.
020 B000004 13-3299429
020 C000004 13
020 A000005 SMITH BARNEY SHEARSON
020 C000005 12
020 A000006 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
020 B000006 13-5674085
020 C000006 11
020 A000007 DILLON, READ, & CO., INC.
020 B000007 13-1939216
020 C000007 11
020 A000008 GRUNTAL & CO., INC.
020 B000008 13-3179859
020 C000008 11
020 A000009 KEEFE, BRUYETTE & WOODS, INC.
020 B000009 13-1964616
020 C000009 8
020 A000010 WERTHEIM SCHRODER & CO., INC.
<PAGE> PAGE 3
020 B000010 13-2697272
020 C000010 6
021 000000 196
022 A000001 CITICORP SECURITIES MARKETS INC.
022 B000001 13-2765182
022 C000001 441431
022 D000001 0
022 A000002 SALOMON BROS. INC.
022 B000002 13-3082694
022 C000002 368025
022 D000002 22510
022 A000003 DAIWA SECURITIES AMERICA INC.
022 B000003 13-5680329
022 C000003 313842
022 D000003 135
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 15-5108880
022 C000004 177461
022 D000004 38166
022 A000005 NOMURA SECURITIES INTERNATIONAL INC.
022 B000005 13-2642206
022 C000005 169746
022 D000005 0
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 167898
022 D000006 498
022 A000007 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007 76499
022 D000007 89918
022 A000008 FNB CHICAGO
022 C000008 142975
022 D000008 0
022 A000009 MORGAN (J.P.) SECURITIES INC.
022 B000009 13-3224016
022 C000009 81716
022 D000009 0
022 A000010 LEHMAN BROS
022 C000010 54039
022 D000010 6949
023 C000000 2285455
023 D000000 198353
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 N
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054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
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054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
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<PAGE> PAGE 5
078 000000 N
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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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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BLUE CHIP GROWTH FUND CLASS A
<SERIES>
<NUMBER> 204
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> AUG-31-1995
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<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 3,470
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 207
<INTEREST-INCOME> 164
<OTHER-INCOME> 0
<EXPENSES-NET> (375)
<NET-INVESTMENT-INCOME> (4)
<REALIZED-GAINS-CURRENT> 1,244
<APPREC-INCREASE-CURRENT> 5,418
<NET-CHANGE-FROM-OPS> 6,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64)
<DISTRIBUTIONS-OF-GAINS> (2,564)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 190
<NUMBER-OF-SHARES-REDEEMED> (3,817)
<SHARES-REINVESTED> 157
<NET-CHANGE-IN-ASSETS> (184)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,138
<OVERDISTRIB-NII-PRIOR> (34)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 375
<AVERAGE-NET-ASSETS> 51,056
<PER-SHARE-NAV-BEGIN> 14.54
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (13.75)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.80)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BLUE CHIP GROWTH FUND CLASS B
<SERIES>
<NUMBER> 204
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<EXPENSES-NET> (334)
<NET-INVESTMENT-INCOME> (116)
<REALIZED-GAINS-CURRENT> 730
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BLUE CHIP GROWTH FUND CLASS D
<SERIES>
<NUMBER> 205
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BALANCED FUND CLASS A
<SERIES>
<NUMBER> 201
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BALANCED FUND CLASS B
<SERIES>
<NUMBER> 202
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> BALANCED FUND CLASS D
<SERIES>
<NUMBER> 203
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
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<GROSS-EXPENSE> (81)
<AVERAGE-NET-ASSETS> 7,710
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> 0.11
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> MONEY MARKET FUND CLASS A
<SERIES>
<NUMBER> 101
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> AUG-31-1995
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<SHARES-COMMON-STOCK> 15,407
<SHARES-COMMON-PRIOR> 21,043
<ACCUMULATED-NII-CURRENT> 1
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<ACCUMULATED-NET-GAINS> (5)
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<REALIZED-GAINS-CURRENT> 1
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (472)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,091
<NUMBER-OF-SHARES-REDEEMED> (29,956)
<SHARES-REINVESTED> 360
<NET-CHANGE-IN-ASSETS> (5,504)
<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 18,997
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.17
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> MONEY MARKET FUND CLASS B
<SERIES>
<NUMBER> 102
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 32,812
<INVESTMENTS-AT-VALUE> 32,812
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,244
<SHARES-COMMON-STOCK> 32,250
<SHARES-COMMON-PRIOR> 39,139
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,235
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,213
<OTHER-INCOME> 0
<EXPENSES-NET> (402)
<NET-INVESTMENT-INCOME> 811
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (811)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,409
<NUMBER-OF-SHARES-REDEEMED> (62,681)
<SHARES-REINVESTED> 753
<NET-CHANGE-IN-ASSETS> (11,517)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 402
<AVERAGE-NET-ASSETS> 36,312
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.65
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> MONEY MARKET FUND CLASS D
<SERIES>
<NUMBER> 103
<NAME> PAINEWEBBER MASTER SERIES, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 8,729
<INVESTMENTS-AT-VALUE> 8,729
<RECEIVABLES> 15
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,757
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182
<TOTAL-LIABILITIES> 182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,577
<SHARES-COMMON-STOCK> 8,579
<SHARES-COMMON-PRIOR> 16,141
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 8,575
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 322
<OTHER-INCOME> 0
<EXPENSES-NET> 17
<NET-INVESTMENT-INCOME> 305
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,410
<NUMBER-OF-SHARES-REDEEMED> (16,674)
<SHARES-REINVESTED> 200
<NET-CHANGE-IN-ASSETS> (3,064)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17
<AVERAGE-NET-ASSETS> 13,425
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
For the six months ended August 31, 1995 Exhibit 77C
File Number 811 - 4448
A special meeting of shareholders of PaineWebber Blue Chip Growth Fund
("Blue Chip Growth Fund") was held on August 11, 1995. At the meeting the
following agreement was approved for Blue Chip Growth Fund:
1) To consider an Agreement and Plan of Reorganization and Termination
under which PaineWebber Growth Fund ("Growth Fund"), a series of PaineWebber
Olympus Fund, would acquire the assets of Blue Chip Growth Fund in exchange
solely for shares of beneficial interest in Growth Fund and the assumption by
Growth Fund of Blue Chip Growth Fund's liabilities, followed by the distribution
of those shares to the shareholders of Blue Chip Growth Fund.
The votes were as follows:
All Shares Voting as a Single Class
-----------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
--------- ------------- ------------------
2,728,110 120,458 219,302
<PAGE>
for filing period ended August 31, 1995
File Number: 811-4448
Exhibit 77Q 1(a)
ARTICLES OF AMENDMENT
TO THE
ARTICLES OF INCORPORATION
OF PAINEWEBBER
MASTER SERIES, INC.
Pursuant to Sections 2-605(a) (4) and 2-607 of the Maryland General
Corporation Law, PaineWebber Master Series, Inc. ("Corporation") adopts the
following Articles of Amendment to the Corporation's Articles of Incorporation's
Articles of Incorporation, effective as of July 20, 1995:
FIRST: The name of the following Series of capital stock of the Corporation
is changed as follows:
PaineWebber Asset Allocation Fund to PaineWebber Balanced Fund
SECOND: The Amendments herein contained were approved by a majority of the
entire Board of Directors of the Corporation and are limited to a change
expressly permitted by Section 2-605 (a) (4) of the Maryland General Corporation
Law to be made without action by the stockholders of the Corporation.
THIRD: The Corporation is registered with the Securities and Exchange
Commission as an open-end investment company under the Investment Company Act of
1940, as amended.
IN WITNESS WHEREOF, the undersigned vice-president of PaineWebber Master
Series, Inc. hereby executes these Articles of Amendment of behalf of said
Corporation, acknowledging them to be the act of said Corporation and certifies
that, to the best of her knowledge, information and belief, the matters and
facts set forth herein are true in all material respects, under the penalties of
perjury.
Dated: July __, 1995 PAINEWEBBER MASTER SERIES, INC.
Attest: By:
Gregory K. Todd Dianne O'Donnell
Assistant Secretary Vice President
<PAGE>
for filing period ended August 31, 1995
File Number: 811-4448
Exhibit 77Q 1(b)
Certain non-fundamental investment policies of PaineWebber Balanced Fund
("Balanced Fund"), a series of the Registrant, were amended by the Registrant's
Board of Directors; those changed polices were effective August 14, 1995. The
sections of Balanced Funds' current prospectus captioned "Investment Objective
and Polices" and "Management" and the section of Balanced Funds' current
Statement of Additional Information captioned "Investment Policies and
Restrictions" are incorporated herein by reference to the filing made pursuant
to Rule 497 on May 11, 1995. Accession number: 0000950109-95-001774.
