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SIGNATURE JULIAN SLUYTERS
TITLE VICE PRESIDENT
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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FORM 10f-3 Fund: PaineWebber New York Tax-Free Income
------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Puerto Rico Electric Power Authority
------------------------------------
2. Date of Purchase: August 11, 1995
---------------
3. Date offering commenced: August 8, 1995
--------------
4. Underwriter from whom purchased: Bear Stearns
-------------
5. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
-----------
6. Aggregate principal amount
of purchase: $1,000,000
----------
7. Aggregate principal amount
of offering: $830,350,000
------------
8. Purchase price (net of fees and expenses): 97.725
------
9. Initial public offering price: 97.725
------
10. Commission, spread or profit: 5/8% $6.25
---- -----
11. Have the following conditions been YES NO
satisfied? --- --
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 X
terminated. --- --
c. The underwriting was a X
firm commitment underwriting. ___ __
d. The commission, spread or
profit was reasonable and
fair in relation to that being
received by others for underwriting
similar securities during the X
same period. --- --
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 X
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 X
one such rating organization. --- --
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 X
amount of the offering. --- --
g. The purchase price was less
than 3% of the Fund's total X
assets. --- --
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 X
of any Affiliated Underwriter. --- --
Approved: Date:
------------------ -------
10/26/95
