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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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FORM 10f-3 FUND: PaineWebber Utility Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Westfield America
2. Date of Purchase: 5/15/97
3. Date offering commenced: 5/15/97
4. Underwriters from whom purchased: Furman Selz
5. "Affiliated Underwriter" managing or participating in
syndicate: PWJ
6. Aggregate principal amount of purchase: $ 75,000
7. Aggregate principal amount of offering: $270,000,000
8. Purchase price (net of fees and expenses): $15
9. Initial public offering price: $15
10. Commission, spread or profit: % $ 0.58
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 end 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. N/A
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: Mark Tincher Date: 5/20/97
FORM 10f-3 FUND: PaineWebber Utility Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Westfield America
2. Date of Purchase: 5/15/97
3. Date offering commenced: 5/15/97
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in syndicate: PWJ
6. Aggregate principal amount of purchase: $ 150,000
7. Aggregate principal amount of offering: $270,000,000
8. Purchase price (net of fees and expenses): $15
9. Initial public offering price: $15
10.Commission, spread or profit: % $ 0.58
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 end 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. N/A
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: Mark Tincher Date: 5/20/97