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SIGNATURE JULIAN SLUYTERS
TITLE VICE PRESIDENT
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Articles of Amendment
to the
Articles of Incorporation
of
PaineWebber Master Series, Inc.
Pursuant to Selections 2-605 (a) 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, effective as of November 10, 1995:
FIRST: The Class D Common Stock of each Series of the Corporation
is renamed Class C Common Stock.
SECOND: The Amendment herein contained was approved by a majority
of the entire Board of Directors of the Corporation and is 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 ass an open-end investment company under the Investment
Company Act of 1940, as amended.
IN WITNESS WHEREOF, the undersigned vice-president of the
Corporation hereby executes these Articles of Amendment on 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: November 6, 1995 PaineWebber Master
Series, Inc.
Attest: By:
Gregory K. Todd Dianne E. O'Donnell
Assistant Secretary Vice President
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Komag Inc.
2. Date of Purchase: September 14, 1995
3. Date offering commenced: September 14, 1995
4. Underwriters from whom purchased: Goldman Sachs
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$116,800
7. Aggregate principal amount of offering:
$124,100,00
0
8. Purchase price (net of fees and expenses):
73
9. Initial public offering price: 73
10. Commission, spread or profit: ___ % $1.70
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
exceed10% 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/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Pediatrixs
2. Date of Purchase: September 19, 1995
3. Date offering commenced: September 19, 1995
4. Underwriters from whom purchased: Dean Witter
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebbe
r
6. Aggregate principal amount of purchase:
$100,000
7. Aggregate principal amount of offering:
$88,100,00
0
8. Purchase price (net of fees and expenses):
20
9. Initial public offering price: 20
10. Commission, spread or profit: ___ % $.80
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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Depot Tech.
2. Date of Purchase: September 29, 1995
3. Date offering commenced: September 29, 1995
4. Underwriters from whom purchased: Dillon Reed
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$18,000
7. Aggregate principal amount of offering:
$26,400
8. Purchase price (net of fees and expenses):
12
9. Initial public offering price: 12
10. Commission, spread or profit: ___ % $.50
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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Prudential Re.
2. Date of Purchase: October 2, 1995
3. Date offering commenced: October 2, 1995
4. Underwriters from whom purchased: Goldman Sachs
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$185,925
7. Aggregate principal amount of offering:
$737,000,000
8. Purchase price (net of fees and expenses):
16.75
9. Initial public offering price: 16.75
10. Commission, spread or profit: ___ % $.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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: ESS Tech
2. Date of Purchase: October 5, 1995
3. Date offering commenced: October 5, 1995
4. Underwriters from whom purchased: Morgan Stanley
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$40,500
7. Aggregate principal amount of offering:
$90,000,000
8. Purchase price (net of fees and expenses):
15
9. Initial public offering price: 15
10. Commission, spread or profit: ___ % $.63
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 issuehas 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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: De Rigo SPA ADR
2. Date of Purchase: October 19, 1995
3. Date offering commenced: October 19, 1995
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$24,000
7. Aggregate principal amount of offering:
$123,840,000
8. Purchase price (net of fees and expenses):
16
9. Initial public offering price: 16
10. Commission, spread or profit: ___ % $.60
11. Have the following conditions been satisfied?
YES
NO
a. The securities are part of an issue registered under the Securities
Act of 933 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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Oneida Healthcare ORND
2. Date of Purchase: October 31, 1995
3. Date offering commenced: October 31, 1995
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$881,250
7. Aggregate principal amount of offering:
$176,250,000
8. Purchase price (net of fees and expenses): 17
7/8
9. Initial public offering price: 17 7/8
10. Commission, spread or profit: ___ % $.43
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: /s/ Mark Tincher Date: 11/6/95
<PAGE>
Attachment 77 O
FORM 10f-3 FUND: PW Balanced Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: National Surgery Centers
2. Date of Purchase: November 10, 1995
3. Date offering commenced: November 10, 1995
4. Underwriters from whom purchased: Alex Brown
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$18,000
7. Aggregate principal amount of offering:
$36,000,000
8. Purchase price (net of fees and expenses):
18
9. Initial public offering price: 18
10. Commission, spread or profit: ___ % $.74
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 thesame 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 peration 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: /s/ Mark Tincher Date: 11/6/95
