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<PAGE> PAGE 2
011 C010001 NEW YORK
011 C020001 NY
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012 A000001 PROVIDENT FINANCIAL PROCESSING CORP.
012 B000001 84-0000
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000703875
<NAME> PAINEWEBBER RMA TAX-FREE FUND, INC
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1,599,892
<INVESTMENTS-AT-VALUE> 1,599,892
<RECEIVABLES> 10,286
<ASSETS-OTHER> 167
<OTHER-ITEMS-ASSETS> 1,309
<TOTAL-ASSETS> 1,611,654
<PAYABLE-FOR-SECURITIES> 47,196
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,418
<TOTAL-LIABILITIES> 49,613
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,563,026
<SHARES-COMMON-STOCK> 1,563,026
<SHARES-COMMON-PRIOR> 1,428,737
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (928)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,562,040
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 55,770
<OTHER-INCOME> 0
<EXPENSES-NET> (9,649)
<NET-INVESTMENT-INCOME> 46,121
<REALIZED-GAINS-CURRENT> 27
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 46,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (46,121)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,451,980
<NUMBER-OF-SHARES-REDEEMED> (8,362,807)
<SHARES-REINVESTED> 45,116
<NET-CHANGE-IN-ASSETS> 134,316
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,649
<AVERAGE-NET-ASSETS> 1,539
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: District of Columbia
--------------------
2. Date of Purchase: 12-29-94
---------
3. Underwriter from whom purchased: Prudential Securities
----------------------
4. "Affiliated Underwriter" managing or
participating in syndicate: Paine Webber
-----------------
5. Aggregate principal amount
of purchase: 9,000,000
----------
6. Aggregate principal amount
of offering: 250,000,000
------------
7. Purchase price (net of fees and expenses): 100.96
------
8. Date offering commenced: 12-29-94
--------
9. Initial public offering price: 100.962
-------
10. Commission, spread or profit: % $ 80
--- --
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 x
Securities Exchange Act of 1934? ----- -----
b. The securities were purchased prior to
the 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 x
the day on which the offering ----- -----
terminated?
<PAGE>
YES NO
--- ---
c. The underwriting was a firm commitment x
underwriting? ----- -----
d. The commission, spread or profit was
reasonable and fair in relation to that
being received by others for
underwriting similar securities during x
the same period? ----- -----
e. (1) If securities are registered under
the Securities Act of 1933, the issuer
of the securities and its continuous
operation for not less than three years; x
or -----
(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? ----- -----
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 x
offering? ----- -----
g. The purchase price was less than 3% of x
the Fund's total assets? ----- -----
<PAGE>
YES NO
--- ---
h. No Affiliated Underwriter was a direct
or indirect participant in or
beneficiary of the sale or, in respect
to municipal securities, no purchases
were designated as group sales or
otherwise allocated to the account of x
any Affiliated Underwriter? ----- -----
Approved: /s/Gregory W. Serbe Date: 1/9/95
(10/94) ------------------- ----------
/s/ Date: 1/9/95
------------------- ----------
Shareholders and Board Directors
PaineWebber RMA Tax-Free Fund, Inc.
In planning and performing our audit of the financial statements of
PaineWebber RMA Tax-Free Fund, Inc. for the year ended June 30, 1995,
we considered its internal control structure, including procedures 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 structure.
The management of PaineWebber RMA Tax-Free Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
August 17, 1995
