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<PAGE> PAGE 2
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012 C030001 19809
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013 B020001 NY
013 B030001 10019
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<PAGE> PAGE 3
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
If filing more
than one
Page 32, "X" box: ?
For period ending September 30,1999
File number 811-4587
77. A. Is the Registrant filing any of the
following attachments with the current filing of Form
N-SAR? (ANSWER FOR ALL SERIES AS A
GROUP) _Y_
Y/N
NOTE: If answer is "Y" (Yes), mark those items below
being
filed as an attachment to this form or incorporated
by reference. __
Y/N
B. Accountant's report on internal control
___
C. Matters submitted to a vote of security
holders _N_
D. Policies with respect to security
investments _N_
E. Legal proceedings _N_
F. Changes in security for debt _N_
G. Defaults and arrears on senior securities
_N_
H. Changes in control of Registrant _N_
I. Terms of new or amended securities _N_
J. Revaluation of assets or restatement of
capital share account __
K. Changes in Registrant's certifying
accountant __
L. Changes in accounting principles and
practices ___
M. Mergers _N_
N. Actions required to be reported pursuant
to Rule 2a-7 _N_
O. Transactions effected pursuant to Rule
10f-3 _Y_
P. Information required to be filed pursuant
to existing exemptive orders _N_
Attachment Information (Cont. On Screen 39)
If filing more than one
Page 32, "X" box: ?
For period ending September 30,1999
File number 811-4587
Attachment Information (Cont. from Screen 38)
77. Q. 1. Exhibits _N_
Y/N
2. Any information called for by
instructions to sub-item 77Q2 _N_
Y/N
3.
Any information called for by instructions to sub-
item 77Q3 _N_
Y/N
SCREEN NUMBER: 39
79. ? List the "811" numbers and names of
Registrant's wholly-owned
investment company
subsidiaries consolidated in this report.
811 Number Subsidiary Name
FORM 10f-3 FUND: PaineWebber Financial Services
Growth Fund, Inc.
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: Goldman Sachs
2. Date of Purchase: 5/3/99 3. Date offering
commenced: 5/3/99
4. Underwriters from whom purchased: Goldman
Sachs
5. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $900
7. Aggregate principal amount of offering: $60
mil.
8. Purchase price (net of fees and expenses): $53
9. Initial public offering price: $53
10. Commission, spread or profit: % $1.35
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 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. 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
___
____
___
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: Andrew B. Dinnhaupt Date
5/19/99
FORM 10f-3 FUND: PaineWebber Financial Services
Growth Fund, Inc.
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: DLJ direct Inc.
2. Date of Purchase: 5/25/99. Date offering
commenced: 5/26/99
4. Underwriters from whom purchased: Donaldson
Luftkin
5. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
$15,000
7. Aggregate principal amount of offering:
$16mil.
8. Purchase price (net of fees and expenses): $20
9. Initial public offering price: $20
10. Commission, spread or profit: % $.81
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 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. 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___
_______
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: Andrew B. Dinnhaupt Date
5/26/99
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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<NAME> PAINEWEBBER FINANCIAL SERVICES GROWTH FUND Y
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