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<PER-SHARE-DIVIDEND> (.30)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> .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
<CIK> 0000769894
<NAME> PAINEWEBBER MUTUAL FUND TRUST
<SERIES>
<NUMBER> 2
<NAME> NATIONAL TAX-FREE INCOME FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1996
<PERIOD-START> MAR-01-1995
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 52166
<INVESTMENTS-AT-VALUE> 54628
<RECEIVABLES> 890
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 55531
<PAYABLE-FOR-SECURITIES> 307
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 343
<TOTAL-LIABILITIES> 650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53822
<SHARES-COMMON-STOCK> 4794
<SHARES-COMMON-PRIOR> 5237
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1402)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2462
<NET-ASSETS> 54881
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1771
<OTHER-INCOME> 0
<EXPENSES-NET> (475)
<NET-INVESTMENT-INCOME> 1296
<REALIZED-GAINS-CURRENT> 553
<APPREC-INCREASE-CURRENT> 422
<NET-CHANGE-FROM-OPS> 2271
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1296)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 307
<NUMBER-OF-SHARES-REDEEMED> (812)
<SHARES-REINVESTED> 63
<NET-CHANGE-IN-ASSETS> (4002)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 475
<AVERAGE-NET-ASSETS> 57619
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000769894
<NAME> PAINEWEBBER MUTUAL FUND TRUST
<SERIES>
<NUMBER> 2
<NAME> NATIONAL TAX-FREE INCOME FUND CLASS D
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1996
<PERIOD-START> MAR-01-1995
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 82164
<INVESTMENTS-AT-VALUE> 86041
<RECEIVABLES> 1404
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 87465
<PAYABLE-FOR-SECURITIES> 484
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 540
<TOTAL-LIABILITIES> 1024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84772
<SHARES-COMMON-STOCK> 7549
<SHARES-COMMON-PRIOR> 9025
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2208)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3877
<NET-ASSETS> 86441
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2880
<OTHER-INCOME> 0
<EXPENSES-NET> (659)
<NET-INVESTMENT-INCOME> 2221
<REALIZED-GAINS-CURRENT> 872
<APPREC-INCREASE-CURRENT> 665
<NET-CHANGE-FROM-OPS> 3757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2221)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 254
<NUMBER-OF-SHARES-REDEEMED> (1869)
<SHARES-REINVESTED> 138
<NET-CHANGE-IN-ASSETS> (15248)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659
<AVERAGE-NET-ASSETS> 93413
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PW National Tax-Free Income Fund
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: Penn Hg. Ed
-----------
2. Date of Purchase: 3-10-95
-------
3. Underwriter from whom purchased: Grigsby Branford
----------------
4. "Affiliated Underwriter" managing or
participating in syndicate: PW
--
5. Aggregate principal amount
of purchase: 5,400M
-----
6. Aggregate principal amount
of offering: 158MM
-----
7. Purchase price (net of fees and expenses): 98.855
------
8. Date offering commenced: 3-15-95
-------
9. Initial public offering price: 98.855
------
10. Commission, spread or profit: .05% $
-- --
11. Have the following YES NO
conditions been satisfied? --- --
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 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
--- --
<PAGE>
YES NO
--- --
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; or N/A
---
- -----
(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? 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
--- --
<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 any Affiliated
Underwriter? X
--- --
Approved: /s/ RSM Date: 3-16-95
----------- --------
(10/94)
<PAGE>
PW National Tax-Free Income fund
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: Puerto Rico G.O.
----------------
2. Date of Purchase: 4-20-95
-------
3. Underwriter from whom purchased: Lehman
--------
4. "Affiliated Underwriter" managing or
participating in syndicate: PW
--
5. Aggregate principal amount
of purchase: 1,500M
-----
6. Aggregate principal amount
of offering: 325MM
-----
7. Purchase price (net of fees and expenses): 100
---
8. Date offering commenced: 4-19-95
-------
9. Initial public offering price: 100
---
10. Commission, spread or profit: % $
-- --
11. Have the following YES NO
conditions been satisfied? --- --
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 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
--- --
<PAGE>
YES NO
--- --
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; 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? 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
--- --
<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 any Affiliated
Underwriter? X
--- --
Approved: /s/ RSM Date: 4-20-95
----------- --------
(10/94)
<PAGE>
PW National Tax-Free Income Fund
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: Ky Tpke. Auth.
--------------
2. Date of Purchase: 4-20-95
-------
3. Underwriter from whom purchased: ML
----
4. "Affiliated Underwriter" managing or
participating in syndicate: PW
--
5. Aggregate principal amount
of purchase: 4,885M
------
6. Aggregate principal amount
of offering: 245MM
-----
7. Purchase price (net of fees and expenses): 99.452
------
8. Date offering commenced: 4-14-95
-------
9. Initial public offering price: 99.452
------
10. Commission, spread or profit: 5/8% $
---- --
11. Have the following YES NO
conditions been satisfied? --- --
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 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
--- --
<PAGE>
YES NO
--- --
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; or 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? 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
--- - -
<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 any Affiliated
Underwriter? X
--- --
Approved: /s/ RSM Date: 4-20-95
----------- --------
(10/94)
<PAGE>
PW National Tax-Free
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: St of Conn
----------
2. Date of Purchase: 3-22-95
-------
3. Underwriter from whom purchased: Morgan Stanley
--------------
4. "Affiliated Underwriter" managing or
participating in syndicate: PW
--
5. Aggregate principal amount
of purchase: $8,885M
-------
6. Aggregate principal amount
of offering: $438MM
------
7. Purchase price (net of fees and expenses): 98.305
------
8. Date offering commenced: 3-21-95
-------
9. Initial public offering price: 98.305
------
10. Commission, spread or profit: .05 %
----- -----
11. Have the following conditions been YES NO
satisfied? --- --
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 define in Section 3(a)(29)
of the Securities Exchange Act
of 1934? X
--- --
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 the
day on which the offering X
terminated? --- --
<PAGE>
YES NO
--- --
c. The underwriting was a X
firm commitment underwriting? --- --
d. The commission, spread or
profit was reasonable and
fair in relation to that being
received by others for underwriting
similar securities during the X
same period? --- --
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 N/A
three years; 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 X
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 X
amount of the offering? --- --
g. The purchase price was less
than 3% of the Fund's total X
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 X
of any Affiliated Underwriter? --- --
Approved: /s/ RSM Date: 3/22/95
------------------ -------
(10/94)
<PAGE>
FORM 10f-3 FUND: National Tax-Free
-----------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Nebraska P P D
-------------------------------------
2. Date of Purchase: 6-8-95 3. Date offering commenced: 6-8-95
------- ------
4. Underwriters from whom purchased: Bear Stearns
------------
5. "Affiliated Underwriter" managing or
participating in syndicate: PW
-----------
6. Aggregate principal amount
of purchase: 4,930M
----------
7. Aggregate principal amount
of offering: 153MM
------------
8. Purchase price (net of fees and expenses): 97.927
------
9. Initial public offering price: 97.927
------
10. Commission, spread or profit: % $5
----- -----
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) X
of the 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? --- --
c. The underwriting was a firm commitment under-writing? X
--- --
d. The commission, spread or profit was reasonable and
fair in relation to that being received by others
for under-writing similar securities during the X
same period? --- --
e. (1) If securities are registered under the
Securities Act of 1933, the issuer of the
securities and its predecessor have been in X
continuous operation for not less than three years; --- --
(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 X
least one such rating organization? --- --
f. The amount of such securities purchased by all of
the invest-ment 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 X
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
participant in or beneficiary of the sale or, in
respect to municipal securities, no purchases were
designated as group sales or otherwise allocated to X
the account of any Affiliated Underwriter? --- --
Approved: /s/ RSM Date: 6/8/95
------------------ ------
(1/95)
<PAGE>
PaineWebber California Tax-Free
PAINEWEBBER FUNDS
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: City of Los Angeles Harbor Department
-------------------------------------
2. Date of Purchase: 1-19-95
-------
3. Underwriter from whom purchased: Bear Stearns
------------
4. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
-----------
5. Aggregate principal amount
of purchase: $4,595,000
----------
6. Aggregate principal amount
of offering: $200,000,000
------------
7. Purchase price (net of fees and expenses): 98.762
------
8. Date offering commenced: 1-18-95
-------
9. Initial public offering price: 98.762
------
10. Commission, spread or profit: % $1.25
----- -----
11. Have the following conditions been YES NO
satisfied? --- --
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 X
terminated? --- --
<PAGE>
YES NO
--- --
c. The underwriting was a X
firm commitment underwriting? --- --
d. The commission, spread or
profit was reasonable and
fair in relation to that being
received by others for underwriting
similar securities during the X
same period? --- --
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 X
three years; 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 X
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 X
amount of the offering? --- --
g. The purchase price was less
than 3% of the Fund's total X
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 X
of any Affiliated Underwriter? --- --
Approved: /s/ Date: 1/19/95
------------------ -------
(10/94)
<PAGE>
Fund: New York Tax Free Income
------------------------
FORM 10f-3
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
1. Issuer: Puerto Rico Electric Power Authority
------------------------------------
2. Date of Purchase: 8-11-95
-------
3. Date offering commenced: 8-8-95
-------
4. Underwriters from whom purchased: Bear Stearns
------------
5. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
-----------
6. Aggregate principal amount
of purchase: 1,000,000
----------
7. Aggregate principal amount
of offering: 830,350,000
------------
8. Purchase price (net of fees and expenses): 97.725
------
9. Initial public offering price: 97.725
------
10. Commission, spread or profit: 5/8% $6.25
---- -----
11. Have the following conditions been YES NO
satisfied? --- --
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 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 X
terminated? --- --
c. The underwriting was a X
firm commitment under-writing? --- --
d. The commission, spread or
profit was reasonable and
fair in relation to that being
received by others for under-writing
similar securities during the X
same period? --- --
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 X
three years; --- --
(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 X
one such rating organization? --- --
f. The amount of such securities
purchased by all of the invest-ment
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 X
amount of the offering? --- --
g. The purchase price was less
than 3% of the Fund's total X
assets? --- --
h. No Affiliated Underwriter
was a direct or 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 X
of any Affiliated Underwriter? --- --
Approved: Date: 8/11/95
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(1/95)
