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SIGNATURE PAUL H. SCHUBERT
TITLE TREASURER
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FORM 10f-3
Registered Domestic Securities
Fund: _PaineWebber Small Cap Fund
1. Issuer:. Dhisytech
2. Date of Purchase: 3/26/98
3. Date offering commenced: 3/26/98
4. Underwriters from whom purchased:
Warburg Dillon Reade
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $612,500
7. Aggregate principal amount of offering:
$80,500,000
8. Purchase price (net of fees and expenses):
$ 24 1/2
9. Initial public offering price: $ 24 1/2
10. Commission, spread or profit: % $0.50
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 (of, 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 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. The issuer of the securities and any 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-Adviser, 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 as Paine Webber Group Inc.
and any of its affiliates, including PaineWebber
Incorporated. In
the cash of a fund advised by a Sub-Adviser,
"Affiliated Underwriter" shall also include any brokerage
affiliate of the
Sub-Adviser.
Approved: Donald Jones
Date: 4/8/98
FORM 10f-3
Registered Domestic Securities
Fund: _PaineWebber Small Cap Fund
1. Issuer:. Elder Beerman
2. Date of Purchase: 7/31/98
3. Date offering commenced: 7/31/98
4. Underwriters from whom purchased:
McDonald & Co.
5. "Affiliated Underwriter" managing
or participating in syndicate: Paine Webber
6. Aggregate principal amount of purchase:
$ 286,000
7. Aggregate principal amount of offering:
$ 61,600,00
8. Purchase price (net of fees and expenses): $ 22
9. Initial public offering price: $ 22
10. Commission, spread or profit: % $0.85
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 (of, 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 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. The issuer of the securities and any 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-Adviser, 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 as Paine Webber Group Inc. and any
of its affiliates, including PaineWebber Incorporated. In
the cash of a fund advised by a Sub-Adviser, "Affiliated
Underwriter" shall also include any brokerage affiliate
of the
Sub-Adviser.
Approved: Donald Jones
Date: 8/17/98
FORM 10f-3 FUND: PAINEWEBBER SMALL CAP FUND
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: L-3 Communications
2. Date of Purchase: 5/18/98
3. Date offering commenced: 5/18/98
4. Underwriters from whom purchased: Lehman
5. "Affiliated Underwriter" managing
or participating in syndicate: PaineWebber
6. Aggregate principal amount of purchase:
$ 110,000
7. Aggregate principal amount of offering:
$121,000,000
8. Purchase price (net of fees and expenses):
$22
9. Initial public offering price: $22
10. Commission, spread or profit: % $ 0.92
11. 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
___
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.
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: Donald Jones Date: 6/9/98
FORM 10f-3 FUND: PAINEWEBBER SMALL CAP FUND
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: Hawk Corporation
2. Date of Purchase: 5/12/98
3. Date offering commenced: 5/12/98
4. Underwriters from whom purchased:
Schroder & Co.
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $425,000
7. Aggregate principal amount of offering:
$87,295,000
8. Purchase price (net of fees and expenses): $17
9. Initial public offering price: $17
10. Commission, spread or profit: % $ 0.70
11. 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
___
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.
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: Donald Jones Date: 6/9/98
FORM 10f-3 FUND: PAINEWEBBER SMALL CAP FUND
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: Rock Financial
2. Date of Purchase: 5/1/98
3. Date offering commenced: 5/1/98
4. Underwriters from whom purchased: Bear Stearns
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase:
$200,000
7. Aggregate principal amount of offering:
$33,000,000
8. Purchase price (net of fees and expenses): $10
9. Initial public offering price: $10
10. Commission, spread or profit: % $ 0.42
11. 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
___
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.
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: Donald Jones Date: 5/5/98
