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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.
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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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Report of Independent Auditors
Board of Trustees
of Mutual Fund Trust
In planning and performing our audit of the financial
statements of Mutual Fund Trust (comprising, respectively,
PaineWebber California Tax-Free Income Fund and
PaineWebber National Tax-Free Income Fund) for the
year ended February 29, 2000, 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 internal control.
The management of 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 internal control. 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, projections
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 control activities for safeguarding
securities, and its operation that we consider to be
material weaknesses as defined above as of
February 29, 2000.
This report is intended solely for the information and
use of the board of trustees and management of 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 14, 2000
FORM 10f-3 FUND:PaineWebber California Tax-Free
Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Foothill Eastern Corridor Agency
2. Date of Purchase: 7/16/99
3. Date offering commenced: 7/15/99
4. Underwriters from whom purchased:
Smith Barney
5. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
6. Aggregate principal amount of purchase:
4,750
7. Aggregate principal amount of offering:
1,595,000,000
8. Purchase price (net of fees and expenses):
$99.625
9. Initial public offering price:
$99.625
10. Commission, spread or profit: %
$.50
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.
X
b. The securities were purchased prior to the end
of the first day on which any sales are made
(or, if a rights offering, the securities were
purchased on or before the fourth day preceding
the day on which the offering terminated).
c. The securities were purchased at a price not
more than the price paid by each other
purchaser in the offering.
d. The underwriting was a firm commitment
underwriting.
X
X
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.
f. The issuer of the securities and any
predecessor have been in continuous operations
for not less than three years.
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.
h. No Affiliated Underwriter was a direct
or indirect participant in or beneficiary
of the sales.
Note: Refer to the Rule 10f-3 Procedures
for the definitions of the capitalized terms above.
In particular, "Affiliated Underwriter" is defined
as PaineWebber Group Inc. and any of its
affiliates, including PaineWebber Incorporated.
In the case of a Fund advised by a Sub-Adviser,
"Affiliated Underwriter" shall also include any
brokerage affiliate of the Sub-Adviser.
X
X
X
X
Approved: /s/ Richard S. Murphy
Date: 7-16-99
FORM 10f-3
FUND: PaineWebber National Tax-Free Income Fund
Record of Securities Purchased Under the Fund's
Rule 10f-3 Procedures
1. Issuer: Foothill Toll Road
2. Date of Purchase: 7/16/99
3. Date offering commenced: 7/16/99
4. Underwriters from whom purchased:
Smith Barney
5. "Affiliated Underwriter" managing
or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
52,500
7. Aggregate principal amount of offering:
1,500,000,000
8. Purchase price (net of fees and expenses):
$99.00
9. Initial public offering price: $99.00
10. Commission, spread or profit: %$5.00
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.
X
b. The securities were purchased prior to the
end of the first day on which any sales are
made (or, if a rights offering, the securities
were purchased on or before the fourth day
preceding the day on which the offering
terminated).
c. The securities were purchased at a price
not more than the price paid by each other
purchaser in the offering.
d. The underwriting was a firm commitment
underwriting.
X
X
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.
f. The issuer of the securities and any
predecessor have been in continuous operations
for not less than three years.
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.
h. No Affiliated Underwriter was a direct
or indirect participant in or beneficiary
of the sales.
Note: Refer to the Rule 10f-3 Procedures
for the definitions of the capitalized terms
above. In particular, "Affiliated Underwriter"
is defined as PaineWebber Group Inc. and any
of its affiliates, including PaineWebber
Incorporated. In the case of a Fund advised
by a Sub-Adviser, "Affiliated Underwriter"
shall also include any brokerage affiliate
of the Sub-Adviser.
X
X
X
X
Approved: /s/ Richard S. Murphy
Date: 7-19-99
