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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878089
<NAME> PAINEWEBBER MANAGED ASSETS TRUST
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</TABLE>
Report of Independent
Auditors
To the Shareholders and Board of Trustees
of
PaineWebber Mid Cap Fund
In planning and performing our audit of
the financial statements of PaineWebber
Mid Cap Fund for the
year ended August 31, 1999, we considered
its internal control, including control
activities for
safeguarding securities, in order to
determine our auditing procedures for the
purpose of expressing our
opinion on the financial statements and to
comply with the requirements of Form N-
SAR, and not to
provide assurance on the internal control.
The management of PaineWebber Mid Cap 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 internal control
would not necessarily disclose all matters
in internal control that
might be material weaknesses under
standards established by the American
Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation
of one or more of the
specific internal control components does
not reduce to a relatively low level the
risk that errors or fraud
in amounts that would be material in
relation to the financial statements being
audited may occur and
not be detected within a timely period by
employees in the normal course of
performing their assigned
functions. However, we noted no matters
involving internal control and its
operation, including controls
for safeguarding securities, that we
consider to be material weaknesses as
defined above at August 31,
1999.
This report is intended solely for the
information and use of the shareholders,
board of trustees and
management of PaineWebber Mid Cap Fund and
the Securities and Exchange Commission and
is not
intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG LLP
October 14, 1999
FORM 10f-3 FUND: PaineWebber Mid Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3
Procedures
1. Issuer: Delphi
2. Date of Purchase: 2/4/99
Date offering
commenced: 2/4/99
3. Underwriters from whom purchased:
Morgan Stanley
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $204,000
6. Aggregate principal amount of
offering: $1,450,000,000
7. Purchase price (net of fees and
expenses): $17.00
8. Initial public offering price:
$17.00
9. Commission, spread or profit:
% $ .46
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of
1933 which is being offered to the public
or are "municipal securities" as
defined in Section 3(a)(29) of the
Securities Exchange Act of 1934.
___X__
_______
b. The securities were purchased prior
to the end of the first full business
day of the offering at not more than the
initial offering price (or, if a rights
offering, the securities were purchased on
or before the fourth day
preceding the day on which the offering
terminated.
___X___
_______
c. The underwriting was a firm
commitment underwriting.
___X___
_______
d. The commission, spread or profit was
reasonable and fair in relation to
that being received by others for
underwriting similar securities during the
same period.
___X___
_______
e. (1) If securities are registered
under the Securities Act of 1933, the
issuer of the securities and its
predecessor have been in continuous
operation for not less than three years.
___X___
_______
(2) If securities are municipal
securities, the issue of securities has
received
an investment grade rating from a
nationally recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which
the issue is to be paid shall have been in
continuous operation for less
than three years (including any
predecessor), the issue has received one
of the three highest ratings from at least
one such rating organization.
___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:
3/11/99
FORM 10f-3 FUND: PaineWebber Mid Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3
Procedures
1. Issuer: Web Trends
2. Date of Purchase: 2/19/99 3.
Date offering
commenced: 2/19/99
3. Underwriters from whom purchased:
Dain Bosworth
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: $6,500
6. Aggregate principal amount of
offering: $45,500,000
7. Purchase price (net of fees and
expenses): $13.00
8. Initial public offering price:
$13.00
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 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:
3/11/99
FORM 10f-3 FUND: PaineWebber Mid Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3
Procedures
1. Issuer: Autobytel
2. Date of Purchase: 3/26/99 3.
Date offering
commenced: 3/26/99
3. Underwriters from whom purchased: BT
Alex Brown
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: 400
6. Aggregate principal amount of
offering: $4,500,000
7. Purchase price (net of fees and
expenses): $23.00
8. Initial public offering price:
$23.00
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 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/ Antony Scott Date:
6/13/99
FORM 10f-3 FUND: PaineWebber Mid Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3
Procedures
1. Issuer: Pepsi Bottling Group Inc.
2. Date of Purchase: 3/30/99 3.
Date offering
commenced: 3/30/99
3. Underwriters from whom purchased:
Merrill Lynch
4. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
5. Aggregate principal amount of
purchase: 53,000
6. Aggregate principal amount of
offering: $100,000,000
7. Purchase price (net of fees and
expenses): $23.00
8. Initial public offering price:
$23.00
9. Commission, spread or profit:
% $ .56
10. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered under the Securities Act of
1933 which is being offered to the public
or are "municipal securities" as
defined in Section 3(a)(29) of the
Securities Exchange Act of 1934.
___X__
_______
b. The securities were purchased prior
to the end of the first full business
day of the offering at not more than the
initial offering price (or, if a rights
offering, the securities were purchased on
or before the fourth day
preceding the day on which the offering
terminated.
___X___
_______
c. The underwriting was a firm
commitment underwriting.
___X___
_______
d. The commission, spread or profit was
reasonable and fair in relation to
that being received by others for
underwriting similar securities during the
same period.
___X___
_______
e. (1) If securities are registered
under the Securities Act of 1933, the
issuer of the securities and its
predecessor have been in continuous
operation for not less than three years.
___X___
_______
(2) If securities are municipal
securities, the issue of securities has
received
an investment grade rating from a
nationally recognized statistical rating
organization or, if the issuer or entity
supplying the revenues from which
the issue is to be paid shall have been in
continuous operation for less
than three years (including any
predecessor), the issue has received one
of the three highest ratings from at least
one such rating organization.
___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/Chris Altschul
Date: 4/14/99
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For period ending August 31, 1999
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
Y/N
B. ? If the answer to 106A is
"Y" (Yes), how
many other investment companies or other
entities are covered by
the bond? 72
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
