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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.
<TABLE> <S> <C>
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<NAME> PAINEWEBBER MUTUAL FUND TRUST
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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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PaineWebber Municipal Series
Attachment 77O
FORM 10f-3
Municipal Securities
FUND: PaineWebber California Tax ?Free Income Fund
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: California Department of Water
2. Date of Purchase: 11-19-98
3. Date offering commenced: 11-19-98
4. Underwriters from whom purchased: JP Morgan
5. "Affiliated Underwriter" managing or
participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: $22,370
7. Aggregate principal amount of offering: 235,325,000
8. Purchase price (net of fees and expenses): 102.237
9. Initial public offering price: 102.237
10. Commission, spread or profit: % $.1/2 pt
11. Have the following conditions been satisfied?
YES
NO
a. The securities 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 day on which any sales are made
___X___
_______
c. The Securities were purchased at a price not
more than the price paid by each other purchaser
in the offering.
___X___
_______
d. The underwriting was a firm commitment
underwriting.
___X___
_______
e. 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___
_______
f. The issuer had 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
preparation for less than three years (including
any predecessor), the issue has received on of
the three highest ratings from at least one such
rating organization.
___X___
_______
g. The amount of such securities purchased by all
of the investment companies advised by
Mitchell Hutchins (or the Fund?s Sub-Adviser,
if applicable) did not exceed 25% of the
principal amount of the offering.
___X___
_______
h. No purchases were designated as group sales or
otherwise allocated to the account of any
Affiliated Underwriter.
___X____
_______
Note: Refer to Rule 10f-3 Procedures for the definitions
of capitalized terms. In particular, Affiliated Underwriter
is defined as PaineWebber Group Inc. and any of its affiliates,
including PaineWebber incorporated and PaineWebber Puerto Rico.
In the case of a Fund advised by a Sub-Adviser, Affiliated
Underwriter shall also include any brokerage affiliate of
the Sub-Adviser.
Approved: Date: 11-20-98
FORM 10f-3
Municipal Securities
FUND: PaineWebber National Tax ?Free Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3
Procedures
1. Issuer: LI Power Auth.
2. Date of Purchase: 5-14-98
3. Date offering commenced: 5-13-98
4. Underwriters from whom purchased: Bear Stearns
5. "Affiliated Underwriter" managing or participating
in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: 4 M
7. Aggregate principal amount of offering: $3B
8. Purchase price (net of fees and expenses):
9. Initial public offering price:
10. Commission, spread or profit: % $6.25
11. Have the following conditions been satisfied?
YES
NO
a. The securities 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 day on which any sales are made
___X___
_______
c. The Securities were purchased at a price not
more than the price paid by each other purchaser
in the offering.
___X___
_______
d. The underwriting was a firm commitment
underwriting.
___X___
_______
e. 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___
_______
f. The issuer had 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
preparation for less than three years (including
any predecessor), the issue has received on of
the three highest ratings from at least one such
rating organization.
___X___
_______
g. The amount of such securities purchased
by all of the investment companies advised by
Mitchell Hutchins (or the Fund?s Sub-Adviser,
if applicable) did not exceed 25% of the
principal amount of the offering.
___X___
_______
h. No purchases were designated as group sales or
otherwise allocated to the account of any
Affiliated Underwriter.
___X____
_______
Note: Refer to Rule 10f-3 Procedures for the definitions
of capitalized terms. In particular, Affiliated
Underwriter is defined as PaineWebber Group Inc. and
any of its affiliates, including PaineWebber
incorporated and PaineWebber Puerto Rico. In the case
of a Fund advised by a Sub-Adviser, Affiliated
Underwriter shall also include any brokerage affiliate
of the Sub-Adviser.
Approved: Date: 5-14-98
Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber Mutual Fund Trust
In planning and performing our audit of the financial
statements of PaineWebber Mutual Fund Trust
(comprising, respectively, PaineWebber California
Tax-Free Income Fund and PaineWebber National
Tax-Free Income Fund) for the year ended February
28, 1999, we considered its internal control, including
control activities 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,
and not to provide assurance on the internal control.
The management of PaineWebber Mutual Fund Trust
is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not
necessarily disclose all matters in internal control 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 one or
more of the specific internal control components does
not reduce to a relatively low level the risk that errors
or fraud 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 internal control and its operation, including
controls for safeguarding securities, that we consider
to be material weaknesses as defined above at
February 28, 1999.
This report is intended solely for the information and
use of the board of trustees and management of
PaineWebber Mutual Fund Trust and the Securities
and Exchange Commission and is not intended to be
and should not be used by anyone other than these
specified parties.
ERNST & YOUNG LLP
April 16, 1999
