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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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<ACCUMULATED-GAINS-PRIOR> 450
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3325
<AVERAGE-NET-ASSETS> 375848
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> (0.73)
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> NATIONAL TAX FREE INCOME FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1995
<PERIOD-END> FEB-28-1995
<INVESTMENTS-AT-COST> 59638
<INVESTMENTS-AT-VALUE> 61666
<RECEIVABLES> 2057
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 63735
<PAYABLE-FOR-SECURITIES> 4192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 585
<TOTAL-LIABILITIES> 4777
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58874
<SHARES-COMMON-STOCK> 5237
<SHARES-COMMON-PRIOR> 5920
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1945)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2029
<NET-ASSETS> 58958
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4127
<OTHER-INCOME> 0
<EXPENSES-NET> (1040)
<NET-INVESTMENT-INCOME> 3087
<REALIZED-GAINS-CURRENT> (1944)
<APPREC-INCREASE-CURRENT> (3208)
<NET-CHANGE-FROM-OPS> (2065)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3087)
<DISTRIBUTIONS-OF-GAINS> (79)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 955
<NUMBER-OF-SHARES-REDEEMED> (1798)
<SHARES-REINVESTED> 160
<NET-CHANGE-IN-ASSETS> (683)
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 74
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 317
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1040
<AVERAGE-NET-ASSETS> 63466
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> (0.72)
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> NATIONAL TAX FREE INCOME FUND CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1995
<PERIOD-END> FEB-28-1995
<INVESTMENTS-AT-COST> 102813
<INVESTMENTS-AT-VALUE> 106311
<RECEIVABLES> 3546
<ASSETS-OTHER> 17
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 109877
<PAYABLE-FOR-SECURITIES> 7227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1008
<TOTAL-LIABILITIES> 8235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101497
<SHARES-COMMON-STOCK> 9025
<SHARES-COMMON-PRIOR> 15654
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3353)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3497
<NET-ASSETS> 101642
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9069
<OTHER-INCOME> 0
<EXPENSES-NET> (1940)
<NET-INVESTMENT-INCOME> 7129
<REALIZED-GAINS-CURRENT> (3352)
<APPREC-INCREASE-CURRENT> (5530)
<NET-CHANGE-FROM-OPS> (1753)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7129)
<DISTRIBUTIONS-OF-GAINS> (176)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3013
<NUMBER-OF-SHARES-REDEEMED> (10137)
<SHARES-REINVESTED> 495
<NET-CHANGE-IN-ASSETS> (6629)
<ACCUMULATED-NII-PRIOR> 31
<ACCUMULATED-GAINS-PRIOR> 195
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1940
<AVERAGE-NET-ASSETS> 138898
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.73)
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
The Board of Trustees and Shareholders
PaineWebber Mutual Fund Trust
In planning and performing our audit of the financial statements of
PaineWebber Mutual Fund Trust (comprising, respectively, the PaineWebber
California Tax-Free Income Fund and the PaineWebber National Tax-Free
Income Fund) for the year ended February 28, 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 Mutual Fund Trust 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 February 28, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
April 21, 1995
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
RULE 10f-3
RECORD OF MUNICIPAL SECURITIES PURCHASED UNDER THE FUND'S RULE 10f-3 PROCEDURES
Fund Name: PW NY TAX FREE
1. Issuer NYS THRU WAY - GAS TAX REV
2. Date of purchase: 8/3/94
3. Date offering commenced: 8/2/94
4. Underwriter from whom purchased: Smith Barney, Bear Stearns,
Artemis
5. Affiliated Underwriter: Paine Webber
6. Aggregate principal amount of purchase: 2MM
7. Aggregate principal amount of offering: 375MM
8. Purchase price (net of fees and expenses): 98.294
9. Initial public offering price: 98.294
10. Commission, spread or profit: 5/8
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 [X]
in Section 3(a)(29) of the Securities Exchange Act
of 1934.
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 [X]
offering, the securities were purchased on or before
the fourth date preceding the day on which the
offering terminated).
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 [X]
underwriting similar securities during the same
period.
E. The issue of securities has received an investment
grade rating from a nationally recognized statistical
rating organization or, if the issuer or entity [X]
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), it 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 [X]
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 [X]
total assets.
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 [X]
designated as group sales or otherwise allocated to
the account of any affiliated Underwriter.
APPROVED BY: /s/ Gregory W. Serbe DATE: 8/3/94
<PAGE>
RULE 10f-3
RECORD OF MUNICIPAL SECURITIES PURCHASED UNDER THE FUND'S RULE 10f-3 PROCEDURES
Fund Name: PW NAT'L TAX FREE
1. Issuer NYS THRUWAY - GAS TAX REV
2. Date of purchase: 8/3/94
3. Date offering commenced: 8/3/94
4. Underwriter from whom purchased: SMITH BARNEY
5. Affiliated Underwriter: PAINE WEBBER
6. Aggregate principal amount of purchase: 1150M
7. Aggregate principal amount of offering: 375MM
8. Purchase price (net of fees and expenses): 95.294
9. Initial public offering price: 95.294
10. Commission, spread or profit: 5/8
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 [X]
in Section 3(a)(29) of the Securities Exchange Act
of 1934.
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 [X]
offering, the securities were purchased on or before
the fourth date preceding the day on which the
offering terminated).
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 [X]
underwriting similar securities during the same
period.
E. The issue of securities has received an investment
grade rating from a nationally recognized statistical
rating organization or, if the issuer or entity [X]
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), it 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 [X]
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 [X]
total assets.
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 [X]
designated as group sales or otherwise allocated to
the account of any affiliated Underwriter.
APPROVED BY: /s/ SIGNATURE ILLEGIBLE DATE: 8/3/94
</TABLE>
