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<PAGE> PAGE 2
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
If filing more than one
Page 32, "X" box: ?
For period ending August 31, 1998
File number 811-6376
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 N
M. Mergers N
N. Actions required to be reported
pursuant to Rule 2a-7 N
O. Transactions effected pursuant
to Rule 10f-3 Y
P. Information required to be filed
pursuant to existing exemptive orders
N
Attachment Information (Cont. On Screen 39)
If filing more than one
Page 32, "X" box: ?
For period ending August 31, 1998
File number 811-6376
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 subsidiariesconsolidated
in this report.
811 Number Subsidiary Name
For period ending August 31, 1998
File number 811-6376 EXHIBIT 77D
FUND: PW Mid Cap Fund
Effective on May 1, 1998, narrowing the
Fund's definition of mid-cap companies to
include
those companies with market capitalizations
of at least $750 million and no more than $6
billion at the time of purchase.
For period ending August 31, 1998
File number 811-6376 EXHIBIT 77O
FORM 10f-3 FUND: PW Mid Cap Fund
Registered Domestic Securities
1. Issuer: Dura Automotive
2. Date of Purchase: 6/12/98
3. Date offering commenced: 6/17/98
4. Underwriters from whom purchased: DLJ
5. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
6. Aggregate principal amount of
purchase: $327,500
7. Aggregate principal amount of
offering: $144,427,500
8. Purchase price (net of fees and
expenses): $32.75
9. Initial public offering price: $32.75
10. Commission, spread or profit: %
$0.95
11. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered
under the Securities Act of 1933 that is
being
offered to the public.
X
b. The securities were purchased prior to
the end
of the first day on which any sales are made
(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 securities were purchased at a price
not
more than the price paid by each other
purchaser in the offering .
X
d. The underwriting was a firm commitment
underwriting.
X
e. The commission, spread or profit was
reasonable and fair in relation to that
being
received by others for underwriting similar
securities during the same period.
X
f. e. The issuer of the securities and its
predecessor have been in continuous
operation for not less than three years.
X
g. The amount of such securities purchased
by
all of the investment companies advised by
Mitchell Hutchins (or the Fund's sub-
Advisor, if
applicable) did not exceed 25% of the
principal
amount of the offering.
X
h. No Affiliated Underwriter was a direct
or
indirect participant in or beneficiary of
the
sale.
X
Note: Refer to the Rule 10f-3 Procedures for
the definitions of the capitalized terms
above. In particular,
"Affiliated Underwriter" is defined a
PaineWebber Group Inc. and any of its
affiliates, including PaineWebber
Incorporated. In the case of a Fund advised
by a Sub-Adviser, "Affiliated Underwriter"
shall also include any
brokerage affiliate of the Sub-Adviser.
Approved: Chris Altschul Date:
7/21/98
If filing more than one
Page 49, "X" box: ?
For period ending August 31, 1998
File number 811-6376
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) $50,000
106. A. ? Is the bond part of a
joint fidelity bond(s) shared with other
investment companies
or other entities? Y
B. ? If the answer to 106A is
"Y" (Yes), how many other investment
companies or other
entities are covered by
the bond? 68
NOTE: Count each series
as a separate investment company.
107. A. ? Does the mandatory
coverage of the fidelity bond have a
deductible? 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
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
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
B. ? Were any claims filed
under such policy during the period with
respect to
Registrant? N
Y/N
Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber MidCap Fund
In planning and performing our audit of the financial
statements of PaineWebber MidCap Fund for the period
ended August 31, 1998, 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 PaineWebber MidCap Fund 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 August 31, 1998.
This report is intended solely for the information and use of
the board of trustees and management of PaineWebber
MidCap Fund and the Securities and Exchange
Commission.
ER
NST & YOUNG LLP
October 16, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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