<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 C000008 3175
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022 B000009 00-0000000
022 C000009 7471
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<PAGE>
FORM 10f-3 FUND: REGIONAL FINANCIAL
------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: General Acceptance G. ACC 368749107
---------------------------------------------
2. Date of Purchase: April 6, 1995 3. Date offering commenced: April 6. 1995
------------- -------------
4. Underwriters from whom purchased: William Blair
-------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
-----------
6. Aggregate principal amount of purchase: $85,000.00
----------
7. Aggregate principal amount of offering: $28,900,000.00
--------------
8. Purchase price (net of fees and expenses): $17.00
------
9. Initial public offering price: $17.00
------
10. Commission, spread or profit: % $ 0.64
----------- -------
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 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:____________________
<PAGE>
FORM 10f-3 FUND: REGIONAL FINANCIAL
------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Transaction Systems TSAI #893416107
------------------------------------------
2. Date of Purchase:February 23, 1995 3. Date offerig commenced:
-----------------
February23, 1995
----------------
4. Underwriters from whom purchased: Goldman Sachs, Alex Brown
---------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
-----------
6. Aggregate principal amount of purchase: $112,500.00
-----------
7. Aggregate principal amount of offering: $41,250,000.00
--------------
8. Purchase price (net of fees and expenses): $15.00
------
9. Initial public offering price: $15.00
------
10. Commission, spread or profit: % $ 0.60
----------- -------
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 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:____________________
