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010 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
010 B00AA01 801-13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
<PAGE> PAGE 2
012 A00AA01 PROVIDENT FINANCIAL PROCESSING CORP.
012 B00AA01 84-0000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICEWATERHOUSE COOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
014 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
014 B00AA02 8-21901
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
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015 C02AA01 MA
015 C03AA01 02171
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020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
020 B000001 13-2741729
020 C000001 16
020 A000002 BEAR, STEARNS & COMPANY, INC
020 B000002 13-3299429
020 C000002 16
020 A000003 CIBC WORLD MARKET CORP
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020 A000004 BROWN(ALEX) & SONS INC.
020 B000004 00-0000000
020 C000004 13
020 A000005 BERNSTEIN SANFORD
020 B000005 00-0000000
020 C000005 10
020 A000006 WARBURG DILLON READ LLC
020 B000006 00-0000000
020 C000006 10
020 A000007 MERRILL LYNCH, PIERCE FENNER & SMITH, INC
020 B000007 13-5674085
020 C000007 9
020 A000008 LEHMAN INC.
020 B000008 13-2518466
020 C000008 8
020 A000009 JEFFERIES & CO
020 B000009 00-0000000
020 C000009 8
020 A000010 GERARD KLAUER MATTISON & CO
<PAGE> PAGE 3
020 B000010 00-0000000
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022 C000003 41317
022 D000003 883
022 A000004 DRESDNER GILTS
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022 C000004 32475
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022 B000005 13-2655998
022 C000005 30842
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022 A000006 MORGAN J.P. SECURITIES INC
022 B000006 13-3224016
022 C000006 19569
022 D000006 202
022 A000007 ZIONS ZIONS BANK
022 B000007 00-0000000
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022 B000008 13-3299429
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022 B000009 13-6124068
022 C000009 13634
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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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SIGNATURE PAUL H. SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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For period ending July 31,
1999
Exhibit
77D
File number 811-7374
PaineWebber Small Cap Fund
The board of trustees
approved a change in the
definition of small cap
company to include companies
with market capitalizations
of up to $1.5 billion.
FORM 10f-3 FUND:
PaineWebber Small Cap
Fund
Record of Securities
Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Autobytel Com
Inc.
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: 100
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/ Alan Aaron
Date: 4-13-99
Independent Auditors Report
To the Shareholders and
Board of Directors of
PaineWebber Small Cap Fund
In planning and performing our audit of the financial
statements of PaineWebber Small Cap Fund (the
Fund) for the year ended July 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, not
to provide assurance on internal control.
The management of the 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
entitys 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
internal control components does not reduce to a
relatively low level the risk that misstatements caused
by error 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 as of July 31,
1999.
This report is intended solely for the information and
use of management and the Board of Directors of
PaineWebber Small 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.
PricewaterhouseCoopers LLP
New York, New York
September 13, 1999
(2)
To the Shareholders and Board of Directors of
PaineWebber Small Cap Fund