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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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<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
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<NAME> NEW YORK TAX FREE INCOME FUND CLASS Y
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINEWEBBER MUNICIPAL SERIES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINEWEBBER MUNICIPAL SERIES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
FORM 10f-3 FUND: PaineWebber New York Tax Free
Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: New York City
2. Date of Purchase: 12/10/97 3. Date offering
commenced: 12/9/97
3. Underwriters from whom purchased: JP Morgan
4. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase: 1,000
6. Aggregate principal amount of offering: 1,034 MM
7. Purchase price (net of fees and expenses):
8. Initial public offering price:
9. Commission, spread or profit: % $6.25
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 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: /s/ Richard S. Murphy Date: 12/10/97
