<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER STRATEGIC INCOME FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-END> MAY-31-1996
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<OVERDISTRIBUTION-NII> (22)
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<NET-ASSETS> 9,257
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<EXPENSES-NET> (61)
<NET-INVESTMENT-INCOME> 245
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<APPREC-INCREASE-CURRENT> (144)
<NET-CHANGE-FROM-OPS> 155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (251)
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<NUMBER-OF-SHARES-SOLD> 63
<NUMBER-OF-SHARES-REDEEMED> (133)
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> (55)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,229)
<OVERDISTRIB-NII-PRIOR> (36)
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NII> 0.23
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<PER-SHARE-NAV-END> 8.90
<EXPENSE-RATIO> 1.98
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINWEBBER STRATEGIC INCOME FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<OVERDISTRIBUTION-NII> (200)
<ACCUMULATED-NET-GAINS> (4,408)
<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 1,276
<OTHER-INCOME> 0
<EXPENSES-NET> (353)
<NET-INVESTMENT-INCOME> 923
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<APPREC-INCREASE-CURRENT> (610)
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<DISTRIBUTIONS-OF-INCOME> (951)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 201
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<ACCUMULATED-GAINS-PRIOR> (5,076)
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER STRATEGIC INCOME FUND - CLASS C
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<S> <C>
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<PERIOD-END> MAY-31-1996
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<INVESTMENTS-AT-VALUE> 18,460
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<TOTAL-LIABILITIES> 1,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,821
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<SHARES-COMMON-PRIOR> 2,141
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (81)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (646)
<NET-ASSETS> 17,522
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<OTHER-INCOME> 0
<EXPENSES-NET> (151)
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<REALIZED-GAINS-CURRENT> 107
<APPREC-INCREASE-CURRENT> (288)
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<DISTRIBUTIONS-OF-INCOME> (463)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> (171)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,041)
<OVERDISTRIB-NII-PRIOR> (70)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151
<AVERAGE-NET-ASSETS> 18,456
<PER-SHARE-NAV-BEGIN> 8.98
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.89
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For period ending May 31, 1996 Attachment 77C
--------------
File Number 811-7374
Strategic Income Fund
---------------------
A Special Meeting of Shareholders was held on April 15, 1996, at which the
following proposals were approved:
<TABLE>
<CAPTION>
To vote for or against the following changes to the Fund's fundamental
investment restrictions and policies (the enumeration below follows that Shares Voted Shares Voted
used in the related proxy statement): For Against Shares Abstain
------------ ------------ --------------
<S> <C> <C> <C>
2. Modification of Fundamental Restriction on Concentration 3,808,497 63,898 374,773
3. Modification of Fundamental Restriction on Senior Securities and 3,808,497 63,898 374,773
Borrowing
4. Modification of Fundamental Restriction on Making Loans 3,808,497 63,898 374,773
5. Modification of Fundamental Restriction on Underwriting Securities 3,808,497 63,898 374,773
6. Modification of Fundamental Restriction on Real Estate 3,808,497 63,898 374,773
Investments
7. Modification of Fundamental Restriction on Investing in 3,808,497 63,898 374,773
Commodities
8. Elimination of Fundamental Restriction on Margin Transactions 3,808,497 63,898 374,773
9. Elimination of Fundamental Restriction on Short Sales 3,808,497 63,898 374,773
10. Elimination of Fundamental Restriction on Investments in Oil, Gas 3,808,497 63,898 374,773
and Mineral Leases and Programs
</TABLE>
In addition to the item noted above, the Fund's shareholders (i) elected
board members and (ii) ratified the selection of independent auditors. 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 these two proposals
since there were no solicitations in opposition to the registrant's nominees and
all of the nominees were elected.
A more complete description of each of the proposals referred to above is
hereby incorporated by reference to the Fund's proxy materials relating to the
Special Meeting of Shareholders dated February 28, 1996. 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.
