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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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: North Point Communications
2. Date of Purchase: 5/5/99 3. Date offering
commenced: 5/5/99
4. Underwriters from whom purchased: Goldman Sachs
5. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: 7,000
shares
7. Aggregate principal amount of offering: $13
mil.
8. Purchase price (net of fees and expenses): $24
9. Initial public offering price: $24
10. Commission, spread or profit: % $1.00
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. 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.
___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: Christopher Solmssen Date 6/2/99
