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PAINEWEBBER PREMIER INTERMEDIATE TAX-FREE INCOME FUND INC. TRADES ON THE AMERICAN STOCK EXCHANGE

 NEW YORK, Aug. 20 /PRNewswire/ -- The American Stock Exchange today announced that it has commenced trading the initial public offering of the common shares of PaineWebber Premier Intermediate Tax-Free Income Fund Inc. The Fund, trading under ticker symbol "PIT", opened at 10:00 a.m. at 15 on 1,000 shares.
 AGS Specialist Partners has been selected as the Fund's specialist firm.
 PaineWebber Premier Intermediate Tax-Free Income Fund is a newly organized, closed-end, diversified management investment company. The Fund's investment objective is to provide a high level of current income exempt from federal income tax, consistent with the preservation of capital. The Fund will invest substantially all its assets in a diversified portfolio of investment grade Municipal Obligations.
 The Fund's initial public offering consists of 4 million common shares with an over-allotment option of 600,000 shares. The Fund's investment advisor is New York-based Mitchell Hutchins Asset Management Inc.
 The American Stock Exchange occupies a unique niche among U.S. financial markets. It is the only exchange to successfully provide both a primary equities market for growth companies, as well as a principal market to trade derivatives. No other exchange has balanced traditional and cutting edge trading products. And because of the efficiencies associated with the AMEX auction marketplace, investors of all sizes achieve the greatest value and protection.
 -0- 8/20/93
 /CONTACT: Melissa Grand, manager, communications of American Stock Exchange, 212-306-1635/
 (PIT)


CO: PaineWebber Premier Intermediate Tax-Free Income Fund Inc. ST: New York IN: FIN SU:

TS -- NY017 -- 4657 08/20/93 10:27 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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