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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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For the period ending August 31, 1996 Attachment 77C
File Number 811-5014
PaineWebber Municipal Series
A special meeting of shareholders was held on April 10, 1996, at which the
following proposals were approved:
Approval of the proposed changes to the Trust s fundamental investment
restrictions and policies:
1. Modification of Fundamental Restriction on Concentration;
2. Modification of Fundamental Restriction on Senior Securities and
Borrowing;
3. Modification of Fundamental Restriction on Making Loans;
4. Modification of Fundamental Restriction on Underwriting Securities;
5. Modification of Fundamental Restriction on Real Estate Investments;
6. Modification of Fundamental Restriction on Investing in Commodities;
7. Elimination of Fundamental Restriction on Margin Transactions;
8. Elimination of Fundamental Restriction on Short Sales;
9. Elimination of Fundamental Restriction on Investments in Oil, Gas and
Mineral Leases and Programs; and
10. Elimination of Fundamental Restriction on Investments in Other
Investment Companies.
For each of the proposals listed above the votes were as follows:
Shares Shares
For Voted Voted Against Shares Abstain
Municipal High
Income Fund 5,203,624 95,169 309,966
New York Tax-Free
Fund 2,644,032 41,582 239,239
In addition to the items noted above, the Trust's shareholders elected
board members. Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR, it
is not necessary to provide in this exhibit details concerning shareholder
action on this proposal since there were no solicitations in opposition to
the registrant's nominees and all of the nominees were elected.
A more complete description of the proposal referred to above is hereby
incorporated by reference to the Trust's proxy materials dated February 28,
1996 relating to the Special Meeting of Shareholders. These Schedule 14A
materials were filed with the Securities and Exchange Commission via EDGAR
on February 28, 1996, the accession code number was 0000950112-96-000634.
For period ending August 31, 1996 Attachment 77D
File Number 811-5014
PaineWebber Municipal Series
Municipal High Income Fund and New York Tax-Free Fund amended their
investment policies to allow for the current use of options and futures
strategies, including interest rate futures.
