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TITLE TREASURER
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<SHARES-REINVESTED> 889
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<AVERAGE-NET-ASSETS> 332,900
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For the period ended February 29, 1996
File Number 811-4312
PaineWebber Mutual Fund Trust - National Tax-Free Income Fund
As of November 3, 1995, the Fund began offering new Class C shares
(now called Class Y shares), which may be offered only to limited
classes of investors, and are subject to neither an initial or
contingent sales charge nor ongoing service or distribution fees.
The Fund has taken actions during the period covered by this report
in an attempt to conform the nomenclature used for its share classes
with the uniform nomenclature system suggested by the Investment Company
Institute.
As a result, shares of the Fund outstanding prior to November 10, 1995,
that had been designated Class C shares were redesignated Class Y shares
as of that date. The Fund continues to offer a class of shares having
characteristics substantially similar to those which were previously
designated Class C shares prior to November 10, 1995, but these shares are
now named Class Y shares.
Shares of the Fund outstanding prior to November 10, 1995, that had been
designated Class D shares were redesignated Class C shares as of that
date. The Fund continues to offer a class of shares having characteristics
substantially similar to those which were previously designated Class D
shares prior to November 10, 1995, but these shares are now named Class C
shares.
The current Prospectus and Statement of Additional Information of the Fund
contain a complete description of the above referenced A, B and C share
classes and are hereby incorporated by reference to the Registrant's Form
497 with the Securities and Exchange Commission through EDGAR on February
21, 1996, (Accession No: 0000889812-96-000165) in response to the Item 77I
of Form N-SAR.
A separate Prospectus and Statement of Additional Information of the Fund
contain a complete description of the above referenced Class Y shares and
are hereby incorporated by reference to the Registrant's Form 497 filed
with the Securities and Exchange Commission through EDGAR on February 6,
1996, (Accession No: 0000889812-96-000070) in response to this item 77I of
Form N-SAR.
For filing period ended February 29, 1996 Attachment 77m
File number 811-4312
PaineWebber Mutual Fund Trust - PaineWebber National Tax-Free
Income Fund
The Combined Proxy Statement and Prospectus (the "Proxy Statement)
included in the Registrant's Registration Statement of Form N-14
filed with the Securities and Exchange Commission through EDGAR
on August 29, 1995, (Accession NO: 0000950112-95-002292), is
incorporated herein by reference in response to the Sub-Item.
The transaction described in the Proxy Statement was consummated
on November 3, 1995. Pursuant to state law, no vote of the
Registrant's shareholders was required. Actions required by
applicable state law, such as the registration of additional shares
of the Registrant under certain Blue Sky laws, either have been
or will be effected in accordance with such laws. Another registerezd
investment company party to the transaction, Mithcell Hutchins/
Kidder,Peabody Municipal Bond Fund, described in the Proxy Statement
intends to deregister with the Commission under the Investment
Company Act of 1940, as amended.
For filing period ended February 29, 1996 Exhibit 77Q (1) (g)
File number 811-4312
PaineWebber Mutual Fund Trust - PaineWebber National Tax-Free Income Fund
The Combined Proxy Statement and Prospectus (the "Proxy Statement")
included in the Registrant's Registration Statement on Form N-14 filed
with the Securities and Exchange Commission through EDGAR on August
29, 1995, (Accession No. : 0000950112-95-002292), is incorporated herein
by reference in response to this Sub-Item.
Attachment 77 O
FORM 10f-3 FUND: National Tax-Free Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Detroit W & S
2. Date of Purchase: November 15, 1995
3. Date offering commenced: November 15, 1995
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebbe
r
6. Aggregate principal amount of purchase:
$4,000,00
0
7. Aggregate principal amount of offering:
$287,000,00
0
8. Purchase price (net of fees and expenses):
90.125
9. Initial public offering price: 90.125
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 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.
____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: Date:
10/26/95
PAINEWEBBER MUTUAL FUND TRUST
CERTIFICATE OF VICE PRESIDENT AND SECRETARY
I, Dianne E. O'Donnell, Vice President and Secretary of PaineWebber
Managed Assets Trust ("Trust"), hereby certify that the board of
trustees of the Trust adopted the following resolutions which became
effective on November 10, 1995:
RESOLVED, that the unlimited number of shares of beneficial interest
previously known as the "Class D shares" of PaineWebber California
Tax-Free Income Fund be renamed the "Class C" shares of that Fund; and
be it further
RESOLVED, that the unlimited number of shares of beneficial interest
previously known as the "Class C shares" of PaineWebber California
Tax-Free Income Fund be renamed the "Class Y" shares of that Fund; and
be it further
RESOLVED, that the unlimited number of shares of beneficial interest
previously known as the "Class D shares" of PaineWebber National
Tax-Free Income Fund be renamed the "Class C" shares of that Fund; and
be it further
RESOLVED, that the unlimited number of shares of beneficial interest
previously known as the "Class C shares" of PaineWebber National
Tax-Free Income Fund be renamed the "Class Y" shares of that Fund.
Dated: December 15, 1995 By: Diane O'Donnell
Diane O'Donnell
Vice President and Secretary
PaineWebber Mutual Fund Trust
New York, New York (ss)
Subscribed and sworn to before me this 15th day of December, 1995.
Karyn Freeman
Notary Public
Board of Trustees
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 29, 1996, 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 29, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
April 12, 1996
