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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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FORM 10f-3 FUND: PaineWebber National Tax-Free Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Puerto Rico
2. Date of Purchase: 3/14/97
Date offering commenced: 3/13/97
3. Underwriters from whom purchased: Lehman
4. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
5. Aggregate principal amount of purchase: 6MM
6. Aggregate principal amount of offering: 700MM
7. Purchase price (net of fees and expenses): 4.65N
8. Initial public offering price: 4.65N
9. Commission, spread or profit: % $ 5
10. 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. ___ ___
(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: R. S. Murphy Date: 3/14/97
