<PAGE> PAGE 1
000 A000000 08/31/97
000 C000000 0000809991
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PAINEWEBBER MUNICIPAL SERIES
001 B000000 811-5014
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 PAINEWEBBER MUNICIPAL HIGH INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 PAINEWEBBER NEW YORK TAX-FREE INCOME FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-13219
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10019
008 A00AA02 DELETE
010 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
010 B00AA01 801-13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER, INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK
<PAGE> PAGE 2
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC INC.
012 B00AA01 84-0000000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 64
019 C00AA00 PAINEWEBBR
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SMITH BARNEY INC.
022 B000001 13-1912900
022 C000001 10829
022 D000001 13076
022 A000002 NUVEEN (JOHN) & COMPANY
022 B000002 36-2639476
022 C000002 4900
022 D000002 4800
022 A000003 LEHMAN BROTHERS INC.
022 B000003 00-0000000
022 C000003 1700
022 D000003 5364
022 A000004 PRUDENTIAL SECURITIES INC.
022 B000004 22-2347336
022 C000004 2000
022 D000004 4511
022 A000005 MORGAN STANLEY AND COMPANY
<PAGE> PAGE 3
022 B000005 13-2655998
022 C000005 1300
022 D000005 2829
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006 3447
022 D000006 0
022 A000007 O'CONNOR & AYER INC.
022 B000007 00-0000000
022 C000007 3350
022 D000007 0
022 A000008 SEATTLE NORTHWEST
022 B000008 00-0000000
022 C000008 2604
022 D000008 0
022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000009 13-5674085
022 C000009 1497
022 D000009 941
022 A000010 EDWARDS AG & SONS INC.
022 B000010 00-0000000
022 C000010 0
022 D000010 2414
023 C000000 35462
023 D000000 39793
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
<PAGE> PAGE 4
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 539
028 A020100 206
028 A030100 0
028 A040100 1923
028 B010100 804
028 B020100 181
028 B030100 0
028 B040100 1393
028 C010100 1237
028 C020100 231
028 C030100 0
028 C040100 1869
028 D010100 2073
028 D020100 177
028 D030100 0
028 D040100 1305
028 E010100 4551
028 E020100 185
028 E030100 0
028 E040100 5342
028 F010100 8390
<PAGE> PAGE 5
028 F020100 222
028 F030100 0
028 F040100 6707
028 G010100 17594
028 G020100 1202
028 G030100 0
028 G040100 18539
028 H000100 2890
029 000100 Y
030 A000100 37
030 B000100 4.00
030 C000100 0.00
031 A000100 24
031 B000100 0
032 000100 0
033 000100 13
034 000100 Y
035 000100 57
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 226
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.600
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
<PAGE> PAGE 6
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 1000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 1.4
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 1.2
<PAGE> PAGE 7
062 M000100 0.0
062 N000100 0.0
062 O000100 96.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 19.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
<PAGE> PAGE 8
071 A000100 10899
071 B000100 12943
071 C000100 86517
071 D000100 13
072 A000100 6
072 B000100 2871
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 268
072 G000100 0
072 H000100 0
072 I000100 26
072 J000100 27
072 K000100 6
072 L000100 15
072 M000100 6
072 N000100 27
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 15
072 S000100 25
072 T000100 226
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 651
072 Y000100 0
072 Z000100 2220
072AA000100 524
072BB000100 0
072CC010100 1671
072CC020100 0
072DD010100 1393
072DD020100 852
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 46
074 B000100 0
074 C000100 1300
074 D000100 87737
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
<PAGE> PAGE 9
074 K000100 0
074 L000100 2722
074 M000100 98
074 N000100 91903
074 O000100 0
074 P000100 85
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 380
074 S000100 0
074 T000100 91438
074 U010100 5093
074 U020100 3491
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 3037
074 Y000100 0
075 A000100 0
075 B000100 88462
076 000100 0.00
028 A010200 154
028 A020200 113
028 A030200 0
028 A040200 1403
028 B010200 198
028 B020200 101
028 B030200 0
028 B040200 1364
028 C010200 577
028 C020200 127
028 C030200 0
028 C040200 857
028 D010200 649
028 D020200 97
028 D030200 0
028 D040200 1216
028 E010200 334
028 E020200 99
028 E030200 0
028 E040200 713
028 F010200 875
028 F020200 116
028 F030200 0
028 F040200 931
028 G010200 2787
028 G020200 653
028 G030200 0
028 G040200 6484
<PAGE> PAGE 10
028 H000200 1182
029 000200 Y
030 A000200 33
030 B000200 4.00
030 C000200 0.00
031 A000200 31
031 B000200 0
032 000200 0
033 000200 2
034 000200 Y
035 000200 15
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 123
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
<PAGE> PAGE 11
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A000200 Y
054 B000200 Y
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 1000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 1.4
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 97.8
062 P000200 0.0
062 Q000200 0.0
<PAGE> PAGE 12
062 R000200 0.0
063 A000200 0
063 B000200 18.1
064 A000200 Y
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 4263
071 B000200 7250
071 C000200 43608
071 D000200 10
072 A000200 6
<PAGE> PAGE 13
072 B000200 1297
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 134
072 G000200 0
072 H000200 0
072 I000200 19
072 J000200 14
072 K000200 7
072 L000200 12
072 M000200 6
072 N000200 26
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 23
072 S000200 17
072 T000200 123
072 U000200 0
072 V000200 0
072 W000200 10
072 X000200 391
072 Y000200 96
072 Z000200 1002
072AA000200 330
072BB000200 0
072CC010200 342
072CC020200 0
072DD010200 535
072DD020200 467
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 45
074 B000200 0
074 C000200 600
074 D000200 43060
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 580
074 M000200 56
074 N000200 44341
074 O000200 0
<PAGE> PAGE 14
074 P000200 39
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 266
074 S000200 0
074 T000200 44036
074 U010200 2052
074 U020200 2016
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 1608
074 Y000200 7915
075 A000200 0
075 B000200 44379
076 000200 0.00
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER MUNICIPAL HIGH INCOME FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 50,315
<INVESTMENTS-AT-VALUE> 52,835
<RECEIVABLES> 1,615
<ASSETS-OTHER> 58
<OTHER-ITEMS-ASSETS> 27
<TOTAL-ASSETS> 54,535
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 276
<TOTAL-LIABILITIES> 276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,439
<SHARES-COMMON-STOCK> 5,093
<SHARES-COMMON-PRIOR> 5,061
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (699)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,520
<NET-ASSETS> 54,259
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,704
<OTHER-INCOME> 0
<EXPENSES-NET> (318)
<NET-INVESTMENT-INCOME> 1,386
<REALIZED-GAINS-CURRENT> 311
<APPREC-INCREASE-CURRENT> 992
<NET-CHANGE-FROM-OPS> 2,689
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,380)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,441
<NUMBER-OF-SHARES-REDEEMED> (11,001)
<SHARES-REINVESTED> 713
<NET-CHANGE-IN-ASSETS> 1,461
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,006)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 159
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 318
<AVERAGE-NET-ASSETS> 52,209
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER MUNICIPAL HIGH INCOME FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 16,754
<INVESTMENTS-AT-VALUE> 17,593
<RECEIVABLES> 538
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 9
<TOTAL-ASSETS> 18,159
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92
<TOTAL-LIABILITIES> 92
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,462
<SHARES-COMMON-STOCK> 1,697
<SHARES-COMMON-PRIOR> 1,870
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (233)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 839
<NET-ASSETS> 18,067
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 567
<OTHER-INCOME> 0
<EXPENSES-NET> (178)
<NET-INVESTMENT-INCOME> 389
<REALIZED-GAINS-CURRENT> 103
<APPREC-INCREASE-CURRENT> 330
<NET-CHANGE-FROM-OPS> 822
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (420)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,477
<NUMBER-OF-SHARES-REDEEMED> (3,663)
<SHARES-REINVESTED> 237
<NET-CHANGE-IN-ASSETS> 454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (372)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178
<AVERAGE-NET-ASSETS> 18,587
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 1.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER MUNICIPAL HIGH INCOME FUND CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 17,721
<INVESTMENTS-AT-VALUE> 18,609
<RECEIVABLES> 569
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 10
<TOTAL-ASSETS> 19,208
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97
<TOTAL-LIABILITIES> 97
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,469
<SHARES-COMMON-STOCK> 1,794
<SHARES-COMMON-PRIOR> 1,633
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (246)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 888
<NET-ASSETS> 19,111
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 600
<OTHER-INCOME> 0
<EXPENSES-NET> (156)
<NET-INVESTMENT-INCOME> 444
<REALIZED-GAINS-CURRENT> 109
<APPREC-INCREASE-CURRENT> 349
<NET-CHANGE-FROM-OPS> 902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (420)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,677
<NUMBER-OF-SHARES-REDEEMED> (3,875)
<SHARES-REINVESTED> 251
<NET-CHANGE-IN-ASSETS> 537
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (325)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156
<AVERAGE-NET-ASSETS> 17,665
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER NEW YORK TAX-FREE INCOME FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 20,803
<INVESTMENTS-AT-VALUE> 22,026
<RECEIVABLES> 292
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 23
<TOTAL-ASSETS> 22,369
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154
<TOTAL-LIABILITIES> 154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,165
<SHARES-COMMON-STOCK> 2,052
<SHARES-COMMON-PRIOR> 2,174
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (204)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,254
<NET-ASSETS> 22,215
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 650
<OTHER-INCOME> 0
<EXPENSES-NET> (114)
<NET-INVESTMENT-INCOME> 536
<REALIZED-GAINS-CURRENT> 165
<APPREC-INCREASE-CURRENT> 164
<NET-CHANGE-FROM-OPS> 865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (536)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110
<NUMBER-OF-SHARES-REDEEMED> (321)
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> (1,553)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (369)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162
<AVERAGE-NET-ASSETS> 22,214
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER NEW YORK TAX-FREE INCOME FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 8,138
<INVESTMENTS-AT-VALUE> 8,617
<RECEIVABLES> 114
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 9
<TOTAL-ASSETS> 8,751
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 60
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,586
<SHARES-COMMON-STOCK> 803
<SHARES-COMMON-PRIOR> 888
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (161)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 266
<NET-ASSETS> 8,691
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 264
<OTHER-INCOME> 0
<EXPENSES-NET> (81)
<NET-INVESTMENT-INCOME> 183
<REALIZED-GAINS-CURRENT> 68
<APPREC-INCREASE-CURRENT> 72
<NET-CHANGE-FROM-OPS> 323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (183)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 803
<NUMBER-OF-SHARES-REDEEMED> (1,195)
<SHARES-REINVESTED> 88
<NET-CHANGE-IN-ASSETS> (164)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (228)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100
<AVERAGE-NET-ASSETS> 9,026
<PER-SHARE-NAV-BEGIN> 10.65
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809991
<NAME> PAINEWBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER NEW YORK TAX-FREE INCOME FUND CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 12,296
<INVESTMENTS-AT-VALUE> 13,018
<RECEIVABLES> 173
<ASSETS-OTHER> 17
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 13,221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91
<TOTAL-LIABILITIES> 91
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,448
<SHARES-COMMON-STOCK> 1,213
<SHARES-COMMON-PRIOR> 1,294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (216)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,102)
<NET-ASSETS> 13,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 384
<OTHER-INCOME> 0
<EXPENSES-NET> (101)
<NET-INVESTMENT-INCOME> 283
<REALIZED-GAINS-CURRENT> 98
<APPREC-INCREASE-CURRENT> 105
<NET-CHANGE-FROM-OPS> 486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (283)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 799
<NUMBER-OF-SHARES-REDEEMED> (1,869)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (656)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (314)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129
<AVERAGE-NET-ASSETS> 13,139
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
