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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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FORM 10f-3 FUND: PaineWebber RMA Tax-Free
Fund
Record of Securities Purchased Under the Fund's Rule 10f-3
Procedures
1. Issuer: South Jersey Transportation Authority
2. Date of Purchase: 10-29-98 3. Date offering
commenced: 10-29-98
3. Underwriters from whom purchased: Commerce Capital
4. "Affiliated Underwriter" managing or participating in
syndicate:
PaineWebber
5. Aggregate principal amount of purchase: 12,000 M
6. Aggregate principal amount of offering: 133 MM
7. Purchase price (net of fees and expenses): 100
8. Initial public offering price: 100
9. Commission, spread or profit: % $0.75
10. Have the following conditions been satisfied?
YES
NO
a. The securities 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
day on which any sales are made.
____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. The issuer 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 highest
ratings from at least one such rating organization.
_____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 purchases were designated as group sales or otherwise
allocated to the account of any Affiliated Underwriter.
___X____
_______
Approved: Elbridge T. Gerry Date: 11/3/98
Report of Independent Auditors
To the Shareholders and Board of Directors of
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, 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 RMA Tax-Free
Fund, Inc. 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 June
30, 1999.
This report is intended solely for the information and
use of the board of directors and management of
PaineWebber RMA Tax-Free Fund, Inc. 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
August 19, 1999
