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<PAGE> PAGE 4
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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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015 D010334 POLAND
015 D020334 00-082
015 E040334 X
<PAGE> PAGE 20
015 A000335 BANCO COMMERCIALE PORTUGEUS
015 B000335 S
015 C010335 LIBSON
015 D010335 PORTUGAL
015 E040335 X
015 A000336 DBS
015 B000336 S
015 C010336 SINGAPORE
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 A000342 CENTRAL TRUST OF CHINA
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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 E040343 X
015 A000344 CITIBANK, N.A.
015 B000344 S
015 C010344 ISTANBUL
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<PAGE> PAGE 21
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
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 168
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<PAGE> PAGE 22
028 F040300 685
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<PAGE> PAGE 23
063 B000300 0.0
066 A000300 Y
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066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
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069 000300 N
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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
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070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
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070 P020300 N
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070 Q020300 N
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070 R020300 N
071 A000300 19140
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<PAGE> PAGE 24
071 D000300 81
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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
<PAGE> PAGE 26
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
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
<PAGE> PAGE 27
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
015 D010417 ITALY
015 E040417 X
015 A000418 THE SUMITOMO TRUST & BANKING CO., LTD.
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015 D010418 JAPAN
015 E040418 X
015 A000419 CITIBANK, N.A.
015 B000419 S
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015 D010419 SOUTH KOREA
015 E040419 X
015 A000420 HONG KONG & SHANGHAI BANKING CORP
015 B000420 S
015 C010420 KUALA LAMPUR
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015 E040420 X
015 A000421 CITIBANK, N.A.
015 B000421 S
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015 E040421 X
015 A000422 ABN AMRO BANK
015 B000422 S
015 C010422 BREDA
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015 E040422 X
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015 B000423 S
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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
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<PAGE> PAGE 28
015 B000426 S
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015 E040426 X
015 A000427 CITIBANK
015 B000427 S
015 C010427 WARSAW
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015 E040427 X
015 A000428 BANCO ESPIRITO SANTO E COMERICAL DE LISBOA
015 B000428 S
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015 D010428 PORTUGAL
015 E040428 X
015 A000429 HONGKONG & SHANGHAI BANKING CORP.
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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
<PAGE> PAGE 29
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
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015 B000438 S
015 C010438 CAIRO
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015 E040438 X
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015 B000439 S
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015 C010440 SLOVAKIA
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015 A000441 CITIBAK
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015 C010441 ISTANBUL
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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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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<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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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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<TABLE> <S> <C>
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<CIK> 0000806591
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<MULTIPLIER> 1000
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Report of Independent Auditors
To the Shareholders and Board of Trustees of
Mitchell Hutchins Series Trust
In planning and performing our audit of the financial statements of Mitchell
Hutchins Series Trust (comprising, respectively, the Money Market, Growth,
Global Growth, Global Income, Strategic Fixed Income, Growth and Income,
Aggressive Growth, Balanced, High Grade Fixed Income Portfolios) (the "Fund")
for the year ended December 31, 1997, 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 statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control.
The management of Mitchell Hutchins Series Trust 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 the internal control would not necessarily disclose all
matters in the 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 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 the internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at December 31, 1997.
This report is intended solely for the information and use of the
shareholders, board of trustees and management of Mitchell Hutchins Series
Trust and the Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
February 13, 1998
For period ending December 31, 1997
File number 811- 4919
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 Y
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 N
K. Changes in Registrant s certifying accountant N
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)
<PAGE>
For period ending December 31, 1997
File number 811-4919
Attachment Information (Cont. from Screen 38)
77. Q. 1. Exhibits Y
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
<PAGE>
For period ending December 31, 1997
File number 811-4919
ANNUAL SUPPLEMENT
Page 53 is to be filed only once each year at the end of Registrant s
fiscal year.
105. Fidelity bond(s) in effect at the end of the period:
A. Insurer Name: ICI Mutual Insurance Co.
B. Second Insurer:
C. Aggregate face amount of coverage for Registrant on all bonds on
which it is named as an insured ($000 s omitted) $45,000
106. A. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Y
Y/N
B. If the answer to 106A is Y (Yes), how many other investment
companies or other entities are covered by the bond? 57
NOTE: Count each series as a separate investment company.
107. A. Does the mandatory coverage of the fidelity bond have a
deductible? N
Y/N
B. If the answer to 107A is Y (Yes), what is the
amount of the deductible? $______
108. A. Were any claims with respect to this Registrant filed under the
bond during the period? N
Y/N
B. If the answer to 108A is Y (Yes), what was the total amount
of such claim(s)? $______
109. A. Were any losses incurred with respect to this Registrant that
could have been filed as a claim under the fidelity bond but were not? N
Y/N
B. If the answer to sub-item 109A is Y (Yes), what was the
total amount of such losses? ($000 s omitted) ____
110. A. Are Registrant s officers and directors covered as officers
and directors of Registrant under any errors and omissions insurance
policy owned by the Registrant or anyone else? Y
Y/N
B. Were any claims filed under such policy during the period
with respect to Registrant? N
Y/N
<PAGE>
For period ending December 31, 1997 EXHIBIT 77D
File number 811-4919
Series Trust - Global Income Portfolio
Global Income Portfolio s investment policies
require that it normally invest at least 65% of
its total assets in certain fixed income
securities. The board of trustees has
approved an amendment to the non-fundamental
investment policy to include receivables from
sales of portfolio securities in calculating
the 65% total assets.
Series Trust - Global Gro wth Portfolio
The board of trustees has approved an amendment
to the non-fundamental investment policies to
authorize investment in money market
instruments, those instruments may include
shares of the collective investment trust
( Investment Trust ) that is managed by the
Portfolio s sub-adviser, GE Investment
Management Incorporated, but also the
specific types of instruments that may be
purchased by the Investment Trust.
For period ending December 31, 1997 EXHIBIT 77-Q-1
File number 811-4919
PAINEWEBBER SERIES TRUST
CERTIFICATE OF VICE PRESI DENT AND SECRETARY
I, Dianne E. O Donnell, Vice President and Secretary of Mitchell
Hutchins Series Trust (formerly PaineWebber Series Trust)
( Trust ), hereby certify that the board of trustees of the Trust
adopted the following resolutions at a meeting held on November 19, 1997,
and that the resolutions became effective on that date:
RESOLVED, that the name of the Trust be, and hereby is,
changed from PAINEWEBBER SERIES TRUST to MITCHELL
HUTCHINS SERIES TRUST; and be it further
RESOLVED, that Sections 1 and 2(b) of Article I of the Declaration
of Trust be, and hereby are, amended to reflect the change in
the name of the Trust, the amended Sections to read,
in relevant part, as follows:
Section 1. This Trust shall be known as Mitchell Hutchins
Series Trust. .
Section 2
(a) The Trust refers to Mitchell Hutchins Series
Trust and reference to the Trust, when applicable to one
or more Series of the Trust, shall refer to
any such Series; and be it further
RESOLVED, that any other references in the Declaration of Trust to
PaineWebber Series Trust be, and hereby are, changed to
Mitchell Hutchins Series Trust; and be it further
RESOLVED, that all references in the Trust s By-Laws to
PaineWebber Series Trust be, and hereby are, changed to Mitchell
Hutchins Series Trust; and be it further
RESOLVED, that pursuant to Section 2 of Article III of the Trust s
Declaration of Trust, there are hereby established and
designated two new series of shares of beneficial interest in the
Trust, having the rights and privileges specified in the Trust s
Declaration of Trust, such new Series to be known as Small Cap
Portfolio and Strategic Income Portfolio; and be it further
RESOLVED, that Section 1 of Article III of the Trust s Declaration
of Trust be, and hereby is, amended to reflect the new Series
of the Trust, the amended section to read, in relevant part, as follows:
Section 1. . . . Without limiting the authority of the Trustees
set forth in this Section 1 to establish and designate any
further Series, the Trustees have established and designated
fifteen Series of Shares, to be known as the Aggressive
Growth Portfolio, Asia Pacific Growth Portfolio, Balanced
Portfolio, Financial Services Growth Portfolio,
Growth Portfolio, Growth and Income Portfolio, Global
Growth Portfolio, Global Income Portfolio, High
Grade Fixed Income Portfolio, High Income Portfolio,
Money Market Portfolio, Small Cap Portfolio; Strategic
Fixed Income Portfolio; Strategic Income Portfolio;
and Tactical Allocation Portfolio.
Dated: December 12, 1997
By: /s/ Dianne E. O Donnell
Dianne E. O Donnell
Vice President and Secretary
Mitchell Hutchins Series Trust
New York, New York (ss)
Subscribed and sworn before me this 12th day of December, 1997.
Ilene Shore
Notary Public<PAGE>
FORM 10f-3 FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Knoll Inc.
2. Date of Purchase: 5/9/97
3. Date offering commenced: 5/9/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $207,400
6. Aggregate principal amount of offering: 136,000,000
7. Purchase price (net of fees and expenses): 17
8. Initial public offering price: 17
9. Commission, spread or profit: % $ .60
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 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.
____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: /s/ Ellen R. Harris
Date: 5/12/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Knoll Inc.
2. Date of Purchase: 5/9/97 3. Date offering commenced: 5/9/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing
or participating in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $57,800
6. Aggregate principal amount of offering: 136,000,000
7. Purchase price (net of fees and expenses): 17
8. Initial public offering price: 17
9. Commission, spread or profit: % $ .60
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 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.
____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: /s/ Mark Tincher
Date: 5/12/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced 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: $14,700
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 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: 2/24/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Knoll Inc.
2. Date of Purchase: 5/9/97
3. Date offering commenced: 5/9/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 91,800
6. Aggregate principal amount of offering: 136,000,000
7. Purchase price (net of fees and expenses): 17
8. Initial public offering price: 17
9. Commission, spread or profit: % $ .60
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 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.
___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: /s. Mark Tincher
Date: 5/12/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Boston Properties
2. Date of Purchase: 6/17/97
3. Date offering commenced: 6/17/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 25,000
6. Aggregate principal amount of offering: 785,000,000
7. Purchase price (net of fees and expenses): 25
8. Initial public offering price: 25
9. Commission, spread or profit: $ .95
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 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.
___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: /s/ Mark Tincher
Date: 6/19/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: MCN Energy Group
2. Date of Purchase: 6/24/97
3. Date offering commenced: 6/24/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 55,337
6. Aggregate principal amount of offering: 247,562,500
7. Purchase price (net of fees and expenses): 29 1/8
8. Initial public offering price: 29 1/8
9. Commission, spread or profit: $ .50
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 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.
___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: /s/ Mark Tincher
Date: 6/30/97 <PAGE>
FORM 10f-3 FUND:
Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Equity Office
2. Date of Purchase: 7/7/97 3. Date offering commenced: 7/7/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 10,500
6. Aggregate principal amount of offering: 525,000,000
7. Purchase price (net of fees and expenses): 21
8. Initial public offering price: 21
9. Commission, spread or profit: % $ .82
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 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.
___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: /s/ Mark Tincher
Date: 7/8/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Ispat International
2. Date of Purchase: 8/7/97
3. Date offering commenced: 8/7/97
3. Underwriters from whom purchased: First Boston
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 56,700
6. Aggregate principal amount of offering: 519,750,000
7. Purchase price (net of fees and expenses): 27
8. Initial public offering price: 27
9. Commission, spread or profit: % $ .73
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 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.
___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: /s/ Mark Tincher
Date: 8/7/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Steel Dynamics
2. Date of Purchase: 8/13/97
3. Date offering commenced: 8/13/97
3. Underwriters from whom purchased: Morgan Stanley
4. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $87,500
6. Aggregate principal amount of offering: 210,000,000
7. Purchase price (net of fees and expenses): 25
8. Initial public offering price: 25
9. Commission, spread or profit: % $ .60
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 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.
___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: /s/ Mark Tincher
Date: 8/14/97 <PAGE>
FORM 10f-3 FUND:
Series Trust - Balanced Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Security Capital
2. Date of Purchase: 9/18/97
3. Date offering commenced: 9/18/97
3. Underwriters from whom purchased: JP Morgan
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
5. Aggregate principal amount of purchase: $21,000
6. Aggregate principal amount of offering: 422,800,000
7. Purchase price (net of fees and expenses): 28
8. Initial public offering price: 28
9. Commission, spread or profit: % $ 1.10
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 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.
___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: /s/ Mark Tincher
Date:
9/27/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Santa Fe International
2. Date of Purchase: 6/9/97
3. Date offering commenced: 6/9/97
3. Underwriters from whom purchased: Goldman Sachs
4. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 14,250
6. Aggregate principal amount of offering: 1,140,000,000
7. Purchase price (net of fees and expenses): 28 1/2
8. Initial public offering price: 28 1/2
9. Commission, spread or profit: % $ .80
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 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.
___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: /s/ Ellen R. Harris
Date: 6/17/97 <PAGE>
FORM 10f-3
\FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Boston Properties
2. Date of Purchase: 6/17/97
3. Date offering commenced: 6/18/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 35,000
6. Aggregate principal amount of offering: 785,000,000
7. Purchase price (net of fees and expenses): 25
8. Initial public offering price: 25
9. Commission, spread or profit: % $ .95
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 end first full business day of the offering at
not more than the initial offering price (or, i
f 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.
___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: /s/ Ellen R. Harris
Date: 6/19/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: MCN Energy Group
2. Date of Purchase: 6/24/97
3. Date offering commenced: 6/24/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 66,987
6. Aggregate principal amount of offering: 247,562,500
7. Purchase price (net of fees and expenses): 29 1/8
8. Initial public offering price: 29 1/8
9. Commission, spread or profit: % $ .50
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 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.
___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: /s/ Ellen R. Harris
Date:6/30/97 <PAGE>
FORM 10f-3 FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Lear Corp
2. Date of Purchase: 6/24/97
3. Date offering commenced: 6/24/97
3. Underwriters from whom purchased: Lehman Bros.
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: $ 200,000
6. Aggregate principal amount of offering: 411,200,000
7. Purchase price (net of fees and expenses): 40
8. Initial public offering price: 40
9. Commission, spread or profit: % $ .72
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 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.
___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: /s/ Ellen R. Harris
Date: 6/30/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Equity Office
2. Date of Purchase: 7/7/97
3. Date offering commenced: 7/7/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 25,200
6. Aggregate principal amount of offering: 525,000,000
7. Purchase price (net of fees and expenses): 21
8. Initial public offering price: 21
9. Commission, spread or profit: % $ .82
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 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.
___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: /s/ Ellen R. Harris
Date: 7/8/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Ispat International
2. Date of Purchase: 8/7/97
3. Date offering commenced: 8/7/97
3. Underwriters from whom purchased: First Boston
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 81,000
6. Aggregate principal amount of offering: 519,750,000
7. Purchase price (net of fees and expenses): 27
8. Initial public offering price: 27
9. Commission, spread or profit: % $ .73
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 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.
___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: /s/ Ellen R. Harris
Date: 8/7/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Steel Dynamics
2. Date of Purchase: 8/13/97
3. Date offering commenced: 8/13/97
3. Underwriters from whom purchased: Morgan Stanley
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 187,500
6. Aggregate principal amount of offering: 210,000,000
7. Purchase price (net of fees and expenses): 25
8. Initial public offering price: 25
9. Commission, spread or profit: % $ .60
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
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.
___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: /s/ Ellen R. Harris
Date: 8/14/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Security Capital
2. Date of Purchase: 9/18/97
3. Date offering commenced: 9/18/97
3. Underwriters from whom purchased: JP Morgan
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 56,000
6. Aggregate principal amount of offering: 422,800,000
7. Purchase price (net of fees and expenses): 28
8. Initial public offering price: 28
9. Commission, spread or profit: % $ 1.10
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
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.
___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: /s/ Ellen R. Harris
Date: 9/30/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: MCN Energy Group
2. Date of Purchase: 6/24/97
3. Date offering commenced: 6/24/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 37,866
6. Aggregate principal amount of offering: 247,562,500
7. Purchase price (net of fees and expenses): 29 1/8
8. Initial public offering price: 29 1/8
9. Commission, spread or profit: % $ .50
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 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.
___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: /s/ Mark Tincher
Date: 6/30/97 <PAGE>
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Equity Office
2. Date of Purchase: 7/7/97
3. Date offering commenced: 7/7/97
3. Underwriters from whom purchased: Merrill Lynch
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 6,300
6. Aggregate principal amount of offering: 525,000,000
7. Purchase price (net of fees and expenses): 21
8. Initial public offering price: 21
9. Commission, spread or profit: % $ .82
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
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.
___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: /s/ Mark Tincher
Date: 7/8/97
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Tower Automotive
2. Date of Purchase: 7/24/97
3. Date offering commenced: 7/24/97
3. Underwriters from whom purchased: Donaldson Lufkin & Jenrette
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 10,000
6. Aggregate principal amount of offering: 15,000,000
7. Purchase price (net of fees and expenses): 100
8. Initial public offering price: 100
9. Commission, spread or profit: % $ 16.50
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
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.
___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: /s/ Mark Tincher
Date: 7/29/97
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Ispat International
2. Date of Purchase: 8/7/97
3. Date offering commenced: 8/7/97
3. Underwriters from whom purchased: First Boston
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 37,800
6. Aggregate principal amount of offering: 519,750,000
7. Purchase price (net of fees and expenses): 27
8. Initial public offering price: 27
9. Commission, spread or profit: % $ .73
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 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.
___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: /s/ Mark Tincher
Date: 8/7/97
FORM 10f-3
FUND: Series Trust - Growth and Income Portfolio
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Security Capital
2. Date of Purchase: 9/18/97
3. Date offering commenced: 9/18/97
3. Underwriters from whom purchased: JP Morgan
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: $ 21,000
6. Aggregate principal amount of offering: 422,800,000
7. Purchase price (net of fees and expenses): 28
8. Initial public offering price: 28
9. Commission, spread or profit: % $ 1.10
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 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.
___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: /s/ Mark Tincher
Date: 9/22/97
