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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of Directors of
PaineWebber Financial Services Growth Fund Inc.
In planning and performing our audit of the financial
statements of PaineWebber Financial Services
Growth Fund Inc. for the year ended March 31, 1999,
we considered its internal control, including
control activities for safeguarding securities, in order
to determine our auditing procedures for the
purpose of expressing our opinion on the financial state
ments and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal
control.
The management of PaineWebber Financial Services Growth Fund
Inc. is responsible for
establishing and maintaining internal control. In
fulfilling
this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial
statements for external purposes that are fairly presented
in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected.
Also, projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control
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 one or
more of the specific internal control components does not
reduce to a relatively low level the risk
that errors or fraud 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 internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses
as defined above at March 31, 1999.
This report is intended solely for the information and use
of the shareholders, board of directors and
management of PaineWebber Financial Services Growth Fund Inc.
and the Securities and Exchange
Commission and is not intended to be and should not be used
by anyone other than these specified
parties.
ERNST & YOUNG LLP
May 14, 1999
PaineWebber Financial Services Growth
Fund Inc. Attachment 77 0.
FORM 10f-3 FUND:
PaineWebber Financial Services Growth
Fund Inc.
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Scottish Annuity & Life
2. Date of Purchase: 11/23/98
3. Date offering commenced: 11/23/98
4. Underwriters from whom purchased:
Prudential
5. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
6. Aggregate principal amount of
purchase: $2,250,000
7. Aggregate principal amount of offering:
$240,000,000
8. Purchase price (net of fees and
expenses): $22.50
9. Initial public offering price: $22.50
10. Commission, spread or profit: % $.54
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).
c. The securities were purchased at a price not more than
the
price paid by each other purchaser in the offering.
____X____
___X____
_________
d. The underwriting was a firm commitment under
writing.
____X___
_________
e. 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___
_______
f. 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___
_______
g. The amount of such securities purchased by all of
the
investment companies advised by Mitchell Huchins (or
the Fund's Sub-Adviser, if applicable) did not exceed
25% of the principal amount of the offering.
___X___
_______
h. No Affiliated Underwriter was a direct or indirect
participant in or beneficiary of the sale.
___X___
_______
Approved: Karen Finkel
Date
e: 12/16/98
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 72
<REALIZED-GAINS-CURRENT> 113
<APPREC-INCREASE-CURRENT> (658)
<NET-CHANGE-FROM-OPS> (473)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (48)
<DISTRIBUTIONS-OF-GAINS> (55)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,397
<NUMBER-OF-SHARES-REDEEMED> (937)
<SHARES-REINVESTED> 103
<NET-CHANGE-IN-ASSETS> 4,987
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> 21
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 39
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51
<AVERAGE-NET-ASSETS> 3
<PER-SHARE-NAV-BEGIN> 33.56
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (2.89)
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.23
<EXPENSE-RATIO> 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
