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<PAGE> PAGE 5
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
015 D010336 SINGAPORE
015 E040336 X
015 A000337 THE STANDARD BANK OF SOUTH AFRICA
015 B000337 S
015 C010337 JOHANNESBURG
015 D010337 SOUTH AFRICA
015 E040337 X
015 A000338 BANCO SANTANDER
015 B000338 S
015 C010338 MADRID
015 D010338 SPAIN
015 E040338 X
015 A000339 HONG KONG SHANGHAI BANKING CORP
015 B000339 S
015 C010339 COLOMBO
015 D010339 SRI LANKA
015 E040339 X
015 A000340 SKANDINAVISKA ENSKILDA BANKEN
015 B000340 S
015 C010340 STOCKHOLM
015 D010340 SWEDEN
015 E040340 X
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015 C010341 ZURICH
015 D010341 SWITZERLAND
015 D020341 CH-4002
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015 D010342 TAIWAN
015 E040342 X
015 A000343 STANDARD CHARTERED
015 B000343 S
015 C010343 BANGKOK
015 D010343 THAILAND
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015 A000344 CITIBANK, N.A.
015 B000344 S
015 C010344 ISTANBUL
015 D010344 TURKEY
015 D020344 80200
015 E040344 X
015 A000345 BARCLAYS GLOBAL SECURITIES SERVICES
015 B000345 S
015 C010345 LONDON
015 D010345 UNITED KINGDOM
015 D020345 EC4YOJT
015 E040345 X
<PAGE> PAGE 21
015 A000346 CITIBANK, N.A.
015 B000346 S
015 C010346 MONTEVIDEO
015 D010346 URUGUAY
015 E040346 X
015 A000347 CITIBANK, N.A.
015 B000347 S
015 C010347 CARACAS
015 D010347 VENEZUELA
015 D020347 1010
015 E040347 X
015 A000348 DELETE
015 A000349 DELETE
015 A000350 DELETE
015 A000351 DELETE
015 A000352 DELETE
015 A000353 DELETE
015 A000354 DELETE
015 A000355 DELETE
015 A000356 DELETE
028 A010300 85
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<PAGE> PAGE 22
047 000300 Y
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066 G000300 N
<PAGE> PAGE 23
067 000300 N
068 A000300 N
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069 000300 N
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070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
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070 N020300 Y
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070 P020300 N
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070 Q020300 N
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070 R020300 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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008 A000401 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000401 A
008 C000401 801-13219
008 D010401 NY
008 D020401 NY
008 D030401 10019
015 A000401 BROWN BROTHERS HARRIMAN & CO
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02109
015 E010401 X
015 A000402 CITIBANK, N.A.
015 B000402 S
015 C010402 BUENOS AIRES
015 D010402 ARGENTINA
015 E040402 X
015 A000403 NATIONAL AUSTRALIA BANK
015 B000403 S
015 C010403 MELBOURNE
015 D010403 AUSTALIA
015 E040403 X
015 A000404 CREDITANSTALT BANKVEREIN
015 B000404 S
015 C010404 VIENNA
015 D010404 AUSTRIA
015 E040404 X
015 A000405 STANDARD CHARTERED BANK
015 B000405 S
015 C010405 DHAKA
015 D010405 BANGLADESH
015 E040405 X
015 A000406 BANQUE BRUXELLES LAMBERT
015 B000406 S
015 C010406 BRUSSESL
015 D010406 BELGIUM
015 E040406 X
015 A000407 BANK OF BOSTON
015 B000407 S
<PAGE> PAGE 26
015 C010407 SAO PAULO
015 D010407 BRAZIL
015 E040407 X
015 A000408 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000408 S
015 C010408 TORONTO
015 D010408 CANADA
015 E040408 X
015 A000409 DEN DANSKE BANK
015 B000409 S
015 C010409 COPENHAGEN
015 D010409 DENMARK
015 E040409 X
015 A000410 MERITA BANK LIMITED
015 B000410 S
015 C010410 HELSINKI
015 D010410 FINLAND
015 E040410 X
015 A000411 BANQUE PARIBAS
015 B000411 S
015 C010411 PARIS
015 D010411 FRANCE
015 E040411 X
015 A000412 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
015 B000412 S
015 C010412 FRANKFURT
015 D010412 GERMANY
015 E040412 X
015 A000413 CITIBANK, N.A.
015 B000413 S
015 C010413 ATHENS
015 D010413 GREECE
015 E040413 X
015 A000414 CHASE MANHATTAN BANK
015 B000414 S
015 C010414 HONG KONG
015 D010414 HONG KONG
015 E040414 X
015 A000415 CITIBANK, N.A.
015 B000415 S
015 C010415 JAKARTA
015 D010415 INDONESIA
015 E040415 X
015 A000416 ALLIED IRISH BANKS PLC
015 B000416 S
015 C010416 DUBLIN
015 D010416 IRELAND
015 E040416 X
015 A000417 BANCA COMMERCIALE ITALIANA
015 B000417 S
015 C010417 MILAN
<PAGE> PAGE 27
015 D010417 ITALY
015 E040417 X
015 A000418 THE SUMITOMO TRUST & BANKING CO., LTD.
015 B000418 S
015 C010418 TOKYO
015 D010418 JAPAN
015 E040418 X
015 A000419 CITIBANK, N.A.
015 B000419 S
015 C010419 SEOUL
015 D010419 SOUTH KOREA
015 E040419 X
015 A000420 HONG KONG & SHANGHAI BANKING CORP
015 B000420 S
015 C010420 KUALA LAMPUR
015 D010420 MALAYSIA
015 E040420 X
015 A000421 CITIBANK, N.A.
015 B000421 S
015 C010421 MEXICO CITY
015 D010421 MEXICO
015 E040421 X
015 A000422 ABN AMRO BANK
015 B000422 S
015 C010422 BREDA
015 D010422 NETHERLANDS
015 E040422 X
015 A000423 NATIONAL NOMINEES LIMITED
015 B000423 S
015 C010423 AUCKLAND
015 D010423 NEW ZEALAND
015 E040423 X
015 A000424 DEN NORSKE BANK
015 B000424 S
015 C010424 NORWAY
015 D010424 NORWAY
015 E040424 X
015 A000425 CITIBANK, N.A.
015 B000425 S
015 C010425 LIMA
015 D010425 PERU
015 E040425 X
015 A000426 CITIBANK, N.A.
015 B000426 S
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015 D010426 PHILIPPINES
015 E040426 X
015 A000427 CITIBANK
015 B000427 S
015 C010427 WARSAW
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<PAGE> PAGE 28
015 E040427 X
015 A000428 BANCO ESPIRITO SANTO E COMERICAL DE LISBOA
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015 C010428 LISBON
015 D010428 PORTUGAL
015 E040428 X
015 A000429 HONGKONG & SHANGHAI BANKING CORP.
015 B000429 S
015 C010429 SINGAPORE
015 D010429 SINGAPORE
015 E040429 X
015 A000430 FIRST NATIONAL BANK OF SOUTHERN AFRICA LTD
015 B000430 S
015 C010430 JOHANNESBURG
015 D010430 SOUTH AFRICA
015 E040430 X
015 A000431 BANCO SANTADER
015 B000431 S
015 C010431 MADRID
015 D010431 SPAIN
015 E040431 X
015 A000432 SKANKINAVISKA ENSKILDA BANKEN
015 B000432 S
015 C010432 STOCKHOLM
015 D010432 SWEDEN
015 E040432 X
015 A000433 SWISS BANK CORPORATION
015 B000433 S
015 C010433 ZURICH
015 D010433 SWITZERLAND
015 E040433 X
015 A000434 HONGKONG & SHANGHAI BANKING CORP.
015 B000434 S
015 C010434 BANKOK
015 D010434 THAILAND
015 E040434 X
015 A000435 LLOYD'S BANK PLC
015 B000435 S
015 C010435 LONDON
015 D010435 UNITED KINGDOM
015 E040435 X
015 A000436 CITIBANK, N.A.
015 B000436 S
015 C010436 CARACAS
015 D010436 VENEZUELA
015 E040436 X
015 A000437 CESKOSLOVENSKA OBCHODNI BANKA (CESKO)
015 B000437 S
015 C010437 PRAGUE
015 D010437 CZECK REPUBLIC
015 E040437 X
<PAGE> PAGE 29
015 A000438 CITIBANK NA
015 B000438 S
015 C010438 CAIRO
015 D010438 EGYPT
015 E040438 X
015 A000439 CITIBANK
015 B000439 S
015 C010439 BUDAPEST
015 D010439 HUNGARY
015 E040439 X
015 A000440 CSOB
015 B000440 S
015 C010440 SLOVAKIA
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015 E040440 X
015 A000441 CITIBAK
015 B000441 S
015 C010441 ISTANBUL
015 D010441 TURKEY
015 E040441 X
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<PAGE> PAGE 30
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<PAGE> PAGE 31
070 A010400 Y
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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008 A000501 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000501 A
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008 D030501 10019
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 B000601 A
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015 A000601 STATE STREET BANK & TRUST CO.
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806591
<NAME> PAINEWEBBER SERIES TRUST
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<NAME> GLOBAL GROWTH
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<NAME> PAINEWEBBER SERIES TRUST
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<TABLE> <S> <C>
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<CIK> 0000806591
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 5
<NAME> STRATEGIC FIXED INCOME
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<GROSS-EXPENSE> 60
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<NAME> PAINEWEBBER SERIES TRUST
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<NUMBER> 6
<NAME> BALANCED
<MULTIPLIER> 1000
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 252
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<SERIES>
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<MULTIPLIER> 1000
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<ACCUMULATED-NII-CURRENT> 80
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4452
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<EXPENSES-NET> 99
<NET-INVESTMENT-INCOME> 76
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<APPREC-INCREASE-CURRENT> 1266
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<NUMBER-OF-SHARES-REDEEMED> (209)
<SHARES-REINVESTED> 210
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<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (9)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 99
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<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> 0.05
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<PER-SHARE-NAV-END> 14.47
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</TABLE>
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<SERIES>
<NUMBER> 8
<NAME> AGGRESSIVE GROWTH
<MULTIPLIER> 1000
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<PAID-IN-CAPITAL-COMMON> 14566
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<SHARES-COMMON-PRIOR> 1464
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 1435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5276
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<DIVIDEND-INCOME> 49
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> 117
<NET-INVESTMENT-INCOME> (56)
<REALIZED-GAINS-CURRENT> 1431
<APPREC-INCREASE-CURRENT> 326
<NET-CHANGE-FROM-OPS> 1757
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96
<NUMBER-OF-SHARES-REDEEMED> (195)
<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> 2051
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5
<OVERDISTRIB-NII-PRIOR> (3)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117
<AVERAGE-NET-ASSETS> 19721
<PER-SHARE-NAV-BEGIN> 13.09
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.24
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
For period ending June 30, 1997 EXHIBIT 77D
-------------
File number 811-4919
--------
PAINEWEBBER SERIES TRUST - BALANCED PORTFOLIO
The Board of Trustees of the Balanced Portfolio has eliminated the
non-fundamental policy that the portfolio will seek to maintain a
dollar-weighted average maturity of three to ten years for its fixed income
investments. The Portfolio now has no limits on the maturities of its fixed
income investments.
PAINEWEBBER SERIES TRUST - GLOBAL INCOME PORTFOLIO
The following is a summary of the Portfolio's revised policies regarding credit
quality.
- - Under normal circumstances, the Portfolio will continue to invest at least
65% of its total assets in high quality debt securities. Debt securities
are considered to be high quality if they are assigned one of Moody's or
S&P s two highest ratings, assigned a comparable rating by another
nationally recognized statistical rating organization ("NRSRO"), or, if
unrated by an NRSRO, are determined by Mitchell Hutchins to be of
comparable quality.
- - The Portfolio may invest up to 35% of its total assets in securities that
are rated below the top two grades by Moody's or S&P s, assigned a
comparable rating by another NRSRO, or if unrated by an NRSRO, are
determined by Mitchell Hutchins to be of comparable quality.
- - Within the 35% limitation, the Portfolio may not invest more than 20% of
its total assets in debt securities rated below investment grade (e.g., as
low as D by S&P or C by Moody's, or, in the case of securities assigned a
commercial paper rating by S&P, as low as D) or if not so rated, determined
by Mitchell Hutchins to be of comparable quality. Investment grade
securities are securities rated in one of the four highest grades by S&P or
Moody's (e.g., at least BBB by S&P or Baa by Moody's), assigned a
comparable rating by another NRSRO, or if unrated by an NRSRO, determined
by Mitchell Hutchins to be of comparable quality.
The Board of Trustees also has approved a change to the Portfolio's investment
policies to permit investment in debt securities that are not paying current
income if Mitchell Hutchins believes these securities have the potential for
capital appreciation.
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Ticketmaster
-----------------------------------------------------------------
2. Date of Purchase: 11/19/96 3. Date offering commenced: 11/19/96
----------- --------------
3. Underwriters from whom purchased: Allen & Co.
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 290,000
---------------------------------
6. Aggregate principal amount of offering: 105,125,000
---------------------------------
7. Purchase price (net of fees and expenses): 14 1/2
------------------------------
8. Initial public offering price: 14 1/2
------------------------------------------
9. Commission, spread or profit: % $ .61
----------- ------------------------
10. 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. (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/ Ellen R. Harris Date: 11/19/96
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Triangle Pharm.
-----------------------------------------------------------------
2. Date of Purchase: 11/1/96 3. Date offering commenced: 11/1/96
----------- --------------
3. Underwriters from whom purchased: Dillon Reed
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
---------------------------------------------------------------
5. Aggregate principal amount of purchase: 100,000
---------------------------------
6. Aggregate principal amount of offering: 40,000,000
---------------------------------
7. Purchase price (net of fees and expenses): 10
------------------------------
8. Initial public offering price: 10
------------------------------------------
9. Commission, spread or profit: % $ .42
---------- ------------------------
10. 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. (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/ Ellen R. Harris Date: 11/17/96
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
--------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: APT Satellite Holdings
-----------------------------------------------------------------
2. Date of Purchase: 12/13/96 3. Date offering commenced: 12/13/96
----------- --------------
3. Underwriters from whom purchased: Donaldson Lufkin & Jenrette
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 70,000
---------------------------------
6. Aggregate principal amount of offering: 183,820,000
---------------------------------
7. Purchase price (net of fees and expenses): 14
------------------------------
8. Initial public offering price: 14
------------------------------------------
9. Commission, spread or profit: % $ .42
--------------- -------------------
10. 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. (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/ Ellen R. Harris Date: 12/17/96
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Washington Mutual
-----------------------------------------------------------------
2. Date of Purchase: 1/22/97 3. Date offering commenced: 1/22/97
----------- --------------
3. Underwriters from whom purchased: Merrill Lynch
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 71,250
---------------------------------
6. Aggregate principal amount of offering: 642,977,500
---------------------------------
7. Purchase price (net of fees and expenses): 47 1/2
------------------------------
8. Initial public offering price: 47 1/2
------------------------------------------
9. Commission, spread or profit: % $ .57
--------------- -------------------
10. 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. (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/ Ellen R. Harris Date: 1/29/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Yurie Systems
-----------------------------------------------------------------
2. Date of Purchase: 2/5/97 3. Date offering commenced: 2/5/97
----------- --------------
3. Underwriters from whom purchased: Alex Brown
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 10,800
---------------------------------
6. Aggregate principal amount of offering: 48,000,000
---------------------------------
7. Purchase price (net of fees and expenses): 12
------------------------------
8. Initial public offering price: 12
------------------------------------------
9. Commission, spread or profit: % $ .47
--------------- -------------------
10. 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. (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/ Ellen R. Harris Date: 2/5/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Samsonite Corp.
-----------------------------------------------------------------
2. Date of Purchase: 2/6/97 3. Date offering commenced: 2/6/97
----------- --------------
3. Underwriters from whom purchased: Merrill Lynch
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 37,800
---------------------------------
6. Aggregate principal amount of offering: 328,572,552
---------------------------------
7. Purchase price (net of fees and expenses): 42
------------------------------
8. Initial public offering price: 42
------------------------------------------
9. Commission, spread or profit: % $ .1.21
--------------- -------------------
10. 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. (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/ Ellen R. Harris Date: 2/6/97
------------------------ --------------
<PAGE>
FORM 10F-3 FUND: PaineWebber Series Trust - Growth Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Four Media
-----------------------------------------------------------------
2. Date of Purchase: 2/7/97 3. Date offering commenced: 2/7/97
----------- --------------
3. Underwriters from whom purchased: Furman Selz
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 150,000
---------------------------------
6. Aggregate principal amount of offering: 50,000,000
---------------------------------
7. Purchase price (net of fees and expenses): 10
------------------------------
8. Initial public offering price: 10
------------------------------------------
9. Commission, spread or profit: % $ .42
--------------- -------------------
10. 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. (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/ Ellen R. Harris Date: 2/7/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth & Income Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Yurie Systems
-----------------------------------------------------------------
2. Date of Purchase: 2/5/97 3. Date offering commenced: 2/5/97
----------- --------------
3. Underwriters from whom purchased: Alex Brown
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 3,600
---------------------------------
6. Aggregate principal amount of offering: 48,000,000
---------------------------------
7. Purchase price (net of fees and expenses): 12
------------------------------
8. Initial public offering price: 12
------------------------------------------
9. Commission, spread or profit: % $ .47
--------------- -------------------
10. 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. (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: 2/5/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth and Income Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Samsonite Corp.
-----------------------------------------------------------------
2. Date of Purchase: 2/6/97 3. Date offering commenced: 2/6/97
----------- --------------
3. Underwriters from whom purchased: Merrill Lynch
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 12,600
---------------------------------
6. Aggregate principal amount of offering: 328,572,552
---------------------------------
7. Purchase price (net of fees and expenses): 42
------------------------------
8. Initial public offering price: 42
------------------------------------------
9. Commission, spread or profit: % $ 1.26
--------------- -------------------
10. 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. (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: 2/6/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Growth & Income Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: U.S. Rental
-----------------------------------------------------------------
2. Date of Purchase: 2/21/97 3. Date offering commenced: 2/21/97
----------- --------------
3. Underwriters from whom purchased: Donaldson, Lufkin & Jenrette
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 4,800
---------------------------------
6. Aggregate principal amount of offering: 200,000,000
---------------------------------
7. Purchase price (net of fees and expenses): 20
------------------------------
8. Initial public offering price: 20
------------------------------------------
9. Commission, spread or profit: % $ .75
--------------- -------------------
10. 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. (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: 2/24/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Balanced Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Yurie Systems
-----------------------------------------------------------------
2. Date of Purchase: 2/5/97 3. Date offering commenced: 2/5/97
----------- --------------
3. Underwriters from whom purchased: Alex Brown
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 6,000
---------------------------------
6. Aggregate principal amount of offering: 48,000
---------------------------------
7. Purchase price (net of fees and expenses): 12
------------------------------
8. Initial public offering price: 12
-------------------------------------------
9. Commission, spread or profit: % $ .47
--------------- -------------------
10. 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. (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: 2/5/97
------------------------ --------------
<PAGE>
FORM 10f-3 FUND: PaineWebber Series Trust - Balanced Portfolio
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Samsonite Corp.
-----------------------------------------------------------------
2. Date of Purchase: 2/6/97 3. Date offering commenced: 2/6/97
----------- --------------
3. Underwriters from whom purchased: Merrill Lynch
---------------------------------------
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
--------------------------------------------------------------
5. Aggregate principal amount of purchase: 35,200
---------------------------------
6. Aggregate principal amount of offering: 328,572,552
---------------------------------
7. Purchase price (net of fees and expenses): 42
------------------------------
8. Initial public offering price: 42
------------------------------------------
9. Commission, spread or profit: % $ 1.26
--------------- -------------------
10. 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. (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: 2/6/97
------------------------ --------------
