<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000789576
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PAINEWEBBER FINANCIAL SERVICES GROWTH FUND
001 B000000 811-4587
001 C000000 2127131074
002 A000000 1285 AVE 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 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-13219
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PAINEWEBBER INC.
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PNC
012 B000001 85-00000
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19809
013 A000001 ERNST & YOUNG
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 PAINEWEBBER INC.
014 B000001 8-16267
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02171
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 69
019 C000000 PAINEWEBBE
020 A000001 MERRILL LYNCH PIERCE, FENNER & SMITH
020 B000001 13-5674085
020 C000001 3
020 A000002 BERSTEIN SANFORD C & CO
020 B000002 13-2625874
020 C000002 2
020 A000003 ALEX BROWN & SONS
020 B000003 00-0000000
020 C000003 2
020 A000004 MORGAN STANELY
020 B000004 13-3251044
020 C000004 2
020 A000005 PIPER JAFFRAY
020 B000005 00-0000000
020 C000005 1
020 A000006 DONALDSON LUFKIN & JENRETTE
020 B000006 13-2741729
020 C000006 1
020 A000007 ADLER, COLEMAN & CO.
020 B000007 13-3241294
020 C000007 1
020 A000008 OPPENHEIMER & CO.
020 B000008 13-2798343
020 C000008 1
020 A000009 ROBINSON HUMPHREY
020 B000009 58-1472560
020 C000009 1
020 A000010 BEAR STEARNS SECURITIES
020 B000010 13-3299429
020 C000010 1
021 000000 16
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
<PAGE> PAGE 3
022 C000001 226101
022 D000001 0
022 A000002 DAIWA
022 B000002 13-5680329
022 C000002 124340
022 D000002 0
022 A000003 FIRST CHICAGO CAPITAL MARKETS
022 B000003 36-3595942
022 C000003 107631
022 D000003 0
022 A000004 CITICORP SECURITIES MARKETS
022 B000004 00-0000000
022 C000004 85560
022 D000004 0
022 A000005 SALOMON BROTHERS
022 B000005 13-3082694
022 C000005 23554
022 D000005 0
022 A000006 DISCOUNT CORPORATION OF NY
022 B000006 13-5031465
022 C000006 13105
022 D000006 0
022 A000007 FUJI GOVERNMENT SECURITIES
022 B000007 00-0000000
022 C000007 6953
022 D000007 0
022 A000008 PRUDENTIAL SECURITIES INCORPORATED
022 B000008 22-2347336
022 C000008 6759
022 D000008 0
022 A000009 MORGAN STANLEY AND CO.
022 B000009 13-3251044
022 C000009 6050
022 D000009 0
022 A000010 GX CLARKE
022 B000010 13-2961436
022 C000010 4986
022 D000010 500
023 C000000 613875
023 D000000 4596
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
<PAGE> PAGE 4
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 1038
028 A020000 0
028 A030000 0
028 A040000 2415
028 B010000 565
028 B020000 0
028 B030000 0
028 B040000 2257
028 C010000 428
028 C020000 0
028 C030000 0
028 C040000 1697
028 D010000 732
028 D020000 0
028 D030000 0
028 D040000 2108
028 E010000 1113
028 E020000 0
028 E030000 0
028 E040000 1579
028 F010000 3616
028 F020000 0
028 F030000 0
028 F040000 2543
028 G010000 7492
028 G020000 0
028 G030000 0
028 G040000 12599
028 H000000 1114
029 000000 Y
030 A000000 30
030 B000000 4.50
030 C000000 0.00
031 A000000 10
031 B000000 0
032 000000 0
033 000000 20
034 000000 Y
035 000000 64
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
<PAGE> PAGE 5
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 251
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.700
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
<PAGE> PAGE 6
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
<PAGE> PAGE 7
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 5773
071 B000000 13992
071 C000000 88670
071 D000000 7
072 A000000 6
072 B000000 263
072 C000000 975
072 D000000 0
072 E000000 0
072 F000000 345
072 G000000 0
072 H000000 0
072 I000000 56
072 J000000 34
072 K000000 19
072 L000000 42
072 M000000 8
072 N000000 38
<PAGE> PAGE 8
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 24
072 S000000 29
072 T000000 251
072 U000000 0
072 V000000 0
072 W000000 14
072 X000000 860
072 Y000000 0
072 Z000000 378
072AA000000 5084
072BB000000 0
072CC010000 6179
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 8627
074 C000000 4974
074 D000000 0
074 E000000 0
074 F000000 91772
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 434
074 M000000 68
074 N000000 105875
074 O000000 0
074 P000000 103
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 100
074 S000000 0
074 T000000 105672
074 U010000 2911
074 U020000 1562
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
<PAGE> PAGE 9
074 X000000 6404
074 Y000000 0
075 A000000 0
075 B000000 98453
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 45
081 A000000 Y
081 B000000 69
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789576
<NAME> PAINEWEBBER FINANCIAL SERVICES GROWTH FUND INC.
<SERIES>
<NUMBER> 1
<NAME> FINANCIAL SERVICES GROWTH FUND - A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 43755
<INVESTMENTS-AT-VALUE> 69135
<RECEIVABLES> 285
<ASSETS-OTHER> 44
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69464
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 133
<TOTAL-LIABILITIES> 133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35784
<SHARES-COMMON-STOCK> 2911
<SHARES-COMMON-PRIOR> 3025
<ACCUMULATED-NII-CURRENT> 587
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7580
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25380
<NET-ASSETS> 69331
<DIVIDEND-INCOME> 640
<INTEREST-INCOME> 172
<OTHER-INCOME> 0
<EXPENSES-NET> (481)
<NET-INVESTMENT-INCOME> 331
<REALIZED-GAINS-CURRENT> 3335
<APPREC-INCREASE-CURRENT> 4054
<NET-CHANGE-FROM-OPS> 7720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105
<NUMBER-OF-SHARES-REDEEMED> (220)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4370
<ACCUMULATED-NII-PRIOR> 334
<ACCUMULATED-GAINS-PRIOR> 4177
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 227
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 481
<AVERAGE-NET-ASSETS> 64622
<PER-SHARE-NAV-BEGIN> 21.16
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.82
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789576
<NAME> PAINEWEBBER FINANCIAL SERVICES GROTH FUND INC.
<SERIES>
<NUMBER> 2
<NAME> FINANCIAL SERVICES GROWTH FUND - B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 18018
<INVESTMENTS-AT-VALUE> 28470
<RECEIVABLES> 75
<ASSETS-OTHER> 61
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28606
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55
<TOTAL-LIABILITIES> 55
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14736
<SHARES-COMMON-STOCK> 1227
<SHARES-COMMON-PRIOR> 1356
<ACCUMULATED-NII-CURRENT> 242
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3121
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10452
<NET-ASSETS> 28551
<DIVIDEND-INCOME> 263
<INTEREST-INCOME> 71
<OTHER-INCOME> 0
<EXPENSES-NET> (300)
<NET-INVESTMENT-INCOME> 34
<REALIZED-GAINS-CURRENT> 1374
<APPREC-INCREASE-CURRENT> 1669
<NET-CHANGE-FROM-OPS> 3077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 134
<NUMBER-OF-SHARES-REDEEMED> (263)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1697
<ACCUMULATED-NII-PRIOR> 147
<ACCUMULATED-GAINS-PRIOR> 1837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 300
<AVERAGE-NET-ASSETS> 27037
<PER-SHARE-NAV-BEGIN> 20.75
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.27
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789576
<NAME> PAINEWEBBER FINANCIAL SERVICES GROWTH FUND INC.
<SERIES>
<NUMBER> 3
<NAME> FINANCIAL SERVICES GROWTH FUND - C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 4917
<INVESTMENTS-AT-VALUE> 7769
<RECEIVABLES> 32
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7806
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15
<TOTAL-LIABILITIES> 15
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4021
<SHARES-COMMON-STOCK> 335
<SHARES-COMMON-PRIOR> 337
<ACCUMULATED-NII-CURRENT> 66
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 852
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2852
<NET-ASSETS> 7791
<DIVIDEND-INCOME> 72
<INTEREST-INCOME> 19
<OTHER-INCOME> 0
<EXPENSES-NET> (79)
<NET-INVESTMENT-INCOME> 12
<REALIZED-GAINS-CURRENT> 375
<APPREC-INCREASE-CURRENT> 455
<NET-CHANGE-FROM-OPS> 842
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 128
<NUMBER-OF-SHARES-REDEEMED> (130)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 466
<ACCUMULATED-NII-PRIOR> 36
<ACCUMULATED-GAINS-PRIOR> 456
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 6794
<PER-SHARE-NAV-BEGIN> 20.75
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.27
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For period ending September 30, 1996 Attachment 77C
File Number 811-4587
Financial Services Growth Fund Inc.
A special meeting of shareholders was held on April 10, 1996, at which the
following proposals were approved:
To vote for or against the following changes to the Fund s
fundamental investment restrictions and policies (the
renumeration below follows that used in the related proxy
statement):
Shares Voted For
Shares Voted Against
Shares Abstain
1. Modification of Fundamental Restriction on Portfolio
Diversification for Diversified Funds
2,287,157
41,127
114,019
2. Modification of Fundamental Restriction on Concentration
2,287,157
41,127
114,019
3. Modification of Fundamental Restriction on Senior
Securities and Borrowing
2,287,157
41,127
114,019
4. Modification of Fundamental Restriction on Making Loans
2,287,157
41,127
114,019
5. Modification of Fundamental Restriction on Underwriting
Securities
2,287,157
41,127
114,019
6. Modification of Fundamental Restriction on Real Estate
Investments
2,287,157
41,127
114,019
7. Modification of Fundamental Restriction on Investing in
Commodities
2,287,157
41,127
114,019
8. Elimination of Fundamental Restriction on Margin
Transactions
2,287,157
41,127
114,019
9. Elimination of Fundamental Restriction on Short Sales
2,287,157
41,127
114,019
10. Elimination of Fundamental Restriction on Investments in
Oil, Gas and Mineral Leases and Programs
2,287,157
41,127
114,019
11. Elimination of Fundamental Restriction on Investments in
Other Investment Companies
2,287,157
41,127
114,019
In addition to the item noted above, the Fund s shareholders elected
board members. Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR,
it is not necessary to provide in this exhibit details concerning
shareholder action on this proposal since there were no solicitations in
opposition to the registrant s nominees and all of the nominees were
elected.
A more complete description of the proposal referred to above is hereby
incorporated by reference to the Fund s proxy materials dated
February 28, 1996 relating to the Special Meeting of Shareholders.
These Schedule 14A materials were filed with the Securities and Exchange
Commission via EDGAR on February 28, 1996; the accession code number
was 0000950112-96-000634.
<PAGE>
FORM 10f-3 FUND: Financial Services Growth Fund Inc.
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Conti Financial
2. Date of Purchase: 2-8-96 3. Date offering commenced: 2-8-96
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in syndicate:
Paine Webber
6. Aggregate principal amount of purchase: $315,000
7. Aggregate principal amount of offering: $130,700,000
8. Purchase price (net of fees and expenses): 21
9. Initial public offering price: 21
10. Commission, spread or profit: % $0.80
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.
____Y___
_______
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.
____Y___
_______
c. The underwriting was a firm commitment underwriting.
____Y___
_______
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.
____Y___
_______
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.
____Y___
_______
(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.
_____Y__
_______
g. The purchase price was less than 3% of the Fund's total
assets.
____Y___
_______
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.
____Y___
_______
Approved: Karen Finkel Date: 3-4-96
