<PAGE> PAGE 1
000 B000000 02/29/2000
000 C000000 0000809991
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PAINEWEBBER MUNICIPAL SERIES
001 B000000 811-5014
001 C000000 2127133041
002 A000000 51 WEST 52ND STREET
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
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
011 C02AA01 NY
<PAGE> PAGE 2
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 76
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 SALOMON SMITH BARNEY INC
022 B000001 13-1912900
022 C000001 34007
022 D000001 31187
022 A000002 MORGAN J.P. SECURITIES INC
022 B000002 13-3224016
022 C000002 19545
022 D000002 13345
022 A000003 MORGAN STANLEY & CO, INC.
022 B000003 13-2655998
022 C000003 11771
022 D000003 15592
022 A000004 RAMIREZ, SAMUEL A. & CO.
022 B000004 13-2695511
022 C000004 0
022 D000004 6375
022 A000005 GOLDMAN SACHS & CO. INC.
022 B000005 13-5108880
<PAGE> PAGE 3
022 C000005 5791
022 D000005 0
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 2804
022 D000006 2884
022 A000007 EQUITY SECURITITY SYSTEMS
022 B000007 00-0000006
022 C000007 0
022 D000007 5311
022 A000008 FIRST ALBANY CORP.
022 B000008 00-0000000
022 C000008 2825
022 D000008 1900
022 A000009 BANK OF AMERICA
022 B000009 00-0000000
022 C000009 3069
022 D000009 0
022 A000010 BEAR, STEARS & CO.
022 B000010 13-3299429
022 C000010 0
022 D000010 3020
023 C000000 92804
023 D000000 99054
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 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
<PAGE> PAGE 4
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 50000
081 A00AA00 Y
081 B00AA00 75
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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 1030
028 A020100 249
028 A030100 0
028 A040100 2481
028 B010100 1361
028 B020100 265
028 B030100 0
028 B040100 1621
028 C010100 934
028 C020100 628
028 C030100 0
028 C040100 3336
028 D010100 3002
028 D020100 252
028 D030100 0
<PAGE> PAGE 5
028 D040100 10919
028 E010100 6628
028 E020100 218
028 E030100 0
028 E040100 3372
028 F010100 1342
028 F020100 232
028 F030100 0
028 F040100 1604
028 G010100 14297
028 G020100 1844
028 G030100 0
028 G040100 23333
028 H000100 7150
029 000100 Y
030 A000100 40
030 B000100 4.00
030 C000100 0.00
031 A000100 26
031 B000100 0
032 000100 0
033 000100 14
034 000100 Y
035 000100 78
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 505
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
<PAGE> PAGE 6
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
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 Y
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 6.8
062 F000100 0.0
<PAGE> PAGE 7
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 92.4
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 17.4
064 A000100 Y
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 Y
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
<PAGE> PAGE 8
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 19638
071 B000100 28504
071 C000100 102513
071 D000100 19
072 A000100 12
072 B000100 6697
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 637
072 G000100 0
072 H000100 0
072 I000100 32
072 J000100 46
072 K000100 17
072 L000100 14
072 M000100 11
072 N000100 40
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 32
072 S000100 24
072 T000100 505
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 1358
072 Y000100 0
072 Z000100 5339
072AA000100 709
072BB000100 0
072CC010100 0
072CC020100 9091
072DD010100 3474
072DD020100 1865
072EE000100 607
073 A010100 0.5500
073 A020100 0.4700
073 B000100 0.0600
073 C000100 0.0000
074 A000100 85
074 B000100 0
074 C000100 6600
074 D000100 89294
<PAGE> PAGE 9
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1781
074 M000100 85
074 N000100 97845
074 O000100 864
074 P000100 81
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 271
074 S000100 0
074 T000100 96629
074 U010100 6348
074 U020100 3456
074 V010100 9.86
074 V020100 9.85
074 W000100 0.0000
074 X000100 2608
074 Y000100 15852
075 A000100 0
075 B000100 106088
076 000100 0.00
028 A010200 140
028 A020200 92
028 A030200 0
028 A040200 470
028 B010200 110
028 B020200 95
028 B030200 0
028 B040200 939
028 C010200 83
028 C020200 344
028 C030200 0
028 C040200 1128
028 D010200 195
028 D020200 105
028 D030200 0
028 D040200 720
028 E010200 204
028 E020200 85
028 E030200 0
028 E040200 746
028 F010200 872
028 F020200 82
<PAGE> PAGE 10
028 F030200 0
028 F040200 911
028 G010200 1604
028 G020200 803
028 G030200 0
028 G040200 4914
028 H000200 249
029 000200 Y
030 A000200 22
030 B000200 4.00
030 C000200 0.00
031 A000200 14
031 B000200 0
032 000200 0
033 000200 8
034 000200 Y
035 000200 13
036 A000200 Y
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 189
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
<PAGE> PAGE 11
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 Y
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 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
<PAGE> PAGE 12
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 100.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 17.9
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
<PAGE> PAGE 13
070 R020200 N
071 A000200 7358
071 B000200 13749
071 C000200 38300
071 D000200 19
072 A000200 12
072 B000200 2216
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 238
072 G000200 0
072 H000200 0
072 I000200 17
072 J000200 22
072 K000200 7
072 L000200 13
072 M000200 11
072 N000200 40
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 34
072 S000200 33
072 T000200 189
072 U000200 0
072 V000200 0
072 W000200 17
072 X000200 621
072 Y000200 125
072 Z000200 1720
072AA000200 118
072BB000200 0
072CC010200 0
072CC020200 3766
072DD010200 1104
072DD020200 617
072EE000200 340
073 A010200 0.4800
073 A020200 0.4000
073 B000200 0.0900
073 C000200 0.0000
074 A000200 5
074 B000200 0
074 C000200 0
074 D000200 37526
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
<PAGE> PAGE 14
074 J000200 0
074 K000200 0
074 L000200 945
074 M000200 32
074 N000200 38508
074 O000200 2336
074 P000200 20
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 240
074 S000200 0
074 T000200 35912
074 U010200 2282
074 U020200 1311
074 V010200 9.99
074 V020200 9.99
074 W000200 0.0000
074 X000200 1144
074 Y000200 0
075 A000200 0
075 B000200 39728
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> MUNICIPAL HIGH INCOME CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 65129
<INVESTMENTS-AT-VALUE> 62092
<RECEIVABLES> 1153
<ASSETS-OTHER> 55
<OTHER-ITEMS-ASSETS> 55
<TOTAL-ASSETS> 63355
<PAYABLE-FOR-SECURITIES> 560
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227
<TOTAL-LIABILITIES> 787
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66107
<SHARES-COMMON-STOCK> 6348
<SHARES-COMMON-PRIOR> 6138
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (502)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3037)
<NET-ASSETS> 62568
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4168
<OTHER-INCOME> 0
<EXPENSES-NET> (693)
<NET-INVESTMENT-INCOME> 3475
<REALIZED-GAINS-CURRENT> (459)
<APPREC-INCREASE-CURRENT> (5886)
<NET-CHANGE-FROM-OPS> (2871)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3474)
<DISTRIBUTIONS-OF-GAINS> (385)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2110
<NUMBER-OF-SHARES-REDEEMED> (2104)
<SHARES-REINVESTED> 204
<NET-CHANGE-IN-ASSETS> (4455)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 694
<AVERAGE-NET-ASSETS> 65979
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 1.05
</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> MUNICIPAL HIGH INCOME CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 14572
<INVESTMENTS-AT-VALUE> 13893
<RECEIVABLES> 259
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 12
<TOTAL-ASSETS> 14176
<PAYABLE-FOR-SECURITIES> 125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51
<TOTAL-LIABILITIES> 176
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14792
<SHARES-COMMON-STOCK> 1421
<SHARES-COMMON-PRIOR> 1718
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (112)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (680)
<NET-ASSETS> 14000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1062
<OTHER-INCOME> 0
<EXPENSES-NET> (306)
<NET-INVESTMENT-INCOME> 756
<REALIZED-GAINS-CURRENT> (103)
<APPREC-INCREASE-CURRENT> (1317)
<NET-CHANGE-FROM-OPS> (665)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (756)
<DISTRIBUTIONS-OF-GAINS> (93)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437
<NUMBER-OF-SHARES-REDEEMED> (775)
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> (4529)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 91
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 306
<AVERAGE-NET-ASSETS> 16854
<PER-SHARE-NAV-BEGIN> 10.87
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 1.81
</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> MUNICIPAL HIGH INCOME CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 20630
<INVESTMENTS-AT-VALUE> 19668
<RECEIVABLES> 365
<ASSETS-OTHER> 17
<OTHER-ITEMS-ASSETS> 18
<TOTAL-ASSETS> 20068
<PAYABLE-FOR-SECURITIES> 177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72
<TOTAL-LIABILITIES> 249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20940
<SHARES-COMMON-STOCK> 2011
<SHARES-COMMON-PRIOR> 2239
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (159)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (962)
<NET-ASSETS> 19819
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1440
<OTHER-INCOME> 0
<EXPENSES-NET> (355)
<NET-INVESTMENT-INCOME> 1085
<REALIZED-GAINS-CURRENT> (145)
<APPREC-INCREASE-CURRENT> (1865)
<NET-CHANGE-FROM-OPS> (925)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1086)
<DISTRIBUTIONS-OF-GAINS> (125)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 422
<NUMBER-OF-SHARES-REDEEMED> (731)
<SHARES-REINVESTED> 81
<NET-CHANGE-IN-ASSETS> (4450)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 119
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 137
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 355
<AVERAGE-NET-ASSETS> 22823
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.97)
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 1.55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>0000809991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 1
<NAME> MUNICIPAL HIGH INCOME CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 252
<INVESTMENTS-AT-VALUE> 241
<RECEIVABLES> 4
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 245
<PAYABLE-FOR-SECURITIES> 2
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 3
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 256
<SHARES-COMMON-STOCK> 25
<SHARES-COMMON-PRIOR> 38
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12)
<NET-ASSETS> 242
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> (4)
<NET-INVESTMENT-INCOME> 23
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> (23)
<NET-CHANGE-FROM-OPS> (2)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24)
<DISTRIBUTIONS-OF-GAINS> (4)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44
<NUMBER-OF-SHARES-REDEEMED> (60)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (152)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4
<AVERAGE-NET-ASSETS> 432
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 0.86
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 2
<NAME> NEW YORK TAX FREE INCOME FUND- CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-31-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 24660
<INVESTMENTS-AT-VALUE> 23835
<RECEIVABLES> 600
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 21
<TOTAL-ASSETS> 24459
<PAYABLE-FOR-SECURITIES> 1484
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165
<TOTAL-LIABILITIES> 1649
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23672
<SHARES-COMMON-STOCK> 2282
<SHARES-COMMON-PRIOR> 2463
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 38
<ACCUM-APPREC-OR-DEPREC> 824
<NET-ASSETS> 22810
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1408
<OTHER-INCOME> 0
<EXPENSES-NET> 259
<NET-INVESTMENT-INCOME> 1149
<REALIZED-GAINS-CURRENT> 75
<APPREC-INCREASE-CURRENT> (2393)
<NET-CHANGE-FROM-OPS> (1169)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1104
<DISTRIBUTIONS-OF-GAINS> 210
<DISTRIBUTIONS-OTHER> 1314
<NUMBER-OF-SHARES-SOLD> 353
<NUMBER-OF-SHARES-REDEEMED> 615
<SHARES-REINVESTED> 82
<NET-CHANGE-IN-ASSETS> 5782
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 97
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335
<AVERAGE-NET-ASSETS> 24204
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.95)
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 1.02
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 02
<NAME> NEW YORK TAX FREE INCOME FUND- CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-31-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 3992
<INVESTMENTS-AT-VALUE> 3858
<RECEIVABLES> 97
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 3959
<PAYABLE-FOR-SECURITIES> 240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 267
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3831
<SHARES-COMMON-STOCK> 370
<SHARES-COMMON-PRIOR> 545
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6
<ACCUM-APPREC-OR-DEPREC> 133
<NET-ASSETS> 3692
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 227
<OTHER-INCOME> 0
<EXPENSES-NET> 76
<NET-INVESTMENT-INCOME> 151
<REALIZED-GAINS-CURRENT> 12
<APPREC-INCREASE-CURRENT> (387)
<NET-CHANGE-FROM-OPS> (224)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 179
<DISTRIBUTIONS-OF-GAINS> 35
<DISTRIBUTIONS-OTHER> 214
<NUMBER-OF-SHARES-SOLD> 59
<NUMBER-OF-SHARES-REDEEMED> 88
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 937
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92
<AVERAGE-NET-ASSETS> 4738
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.95)
<PER-SHARE-DIVIDEND> 0.40
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 1.77
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 02
<NAME> NEW YORK TAX FREE INCOME FUND- CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-31-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 10102
<INVESTMENTS-AT-VALUE> 9764
<RECEIVABLES> 246
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 9
<TOTAL-ASSETS> 10020
<PAYABLE-FOR-SECURITIES> 608
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68
<TOTAL-LIABILITIES> 676
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9697
<SHARES-COMMON-STOCK> 935
<SHARES-COMMON-PRIOR> 1069
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 16
<ACCUM-APPREC-OR-DEPREC> 337
<NET-ASSETS> 9344
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 577
<OTHER-INCOME> 0
<EXPENSES-NET> 160
<NET-INVESTMENT-INCOME> 417
<REALIZED-GAINS-CURRENT> 31
<APPREC-INCREASE-CURRENT> (980)
<NET-CHANGE-FROM-OPS> (532)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 436
<DISTRIBUTIONS-OF-GAINS> 94
<DISTRIBUTIONS-OTHER> 530
<NUMBER-OF-SHARES-SOLD> 59
<NUMBER-OF-SHARES-REDEEMED> 234
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> 2360
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 42
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193
<AVERAGE-NET-ASSETS> 10752
<PER-SHARE-NAV-BEGIN> 11.04
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.95)
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 1.52
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000080991
<NAME> PAINEWEBBER MUNICIPAL SERIES
<SERIES>
<NUMBER> 02
<NAME> NEW YORK TAX FREE INCOME FUND- CLASS D
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-31-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 71
<INVESTMENTS-AT-VALUE> 68
<RECEIVABLES> 2
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70
<PAYABLE-FOR-SECURITIES> 4
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 5
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67
<SHARES-COMMON-STOCK> 7
<SHARES-COMMON-PRIOR> 2
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2
<NET-ASSETS> 65
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> 1
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (7)
<NET-CHANGE-FROM-OPS> (4)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 2
<NUMBER-OF-SHARES-SOLD> 7
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1
<AVERAGE-NET-ASSETS> 34
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.95)
<PER-SHARE-DIVIDEND> 0.50
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 0.77
</TABLE>
Report of Independent Auditors
Board of Trustees
of PaineWebber Municipal Series
In planning and performing our audit of the financial
statements of PaineWebber
Municipal Series (comprising, respectively, PaineWebber
Municipal High Income
Fund and PaineWebber New York Tax-Free Income Fund) for the
year ended
February 29, 2000, we considered its internal control,
including control activities for
safeguarding securities, in order to determine our auditing
procedures for the
purpose of expressing our opinion on the financial statements
and to comply with the
requirements of Form N-SAR, and not to provide assurance on
internal control.
The management of PaineWebber Municipal Series is responsible
for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and
judgments by management are required to assess the expected
benefits and related
costs of internal control. Generally, controls that are
relevant to an audit pertain to
the entitys objective of preparing financial statements for
external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not
be detected. Also, projection of any evaluation of internal
control to future periods
is subject to the risk that may become inadequate because of
changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in
internal control that might be material weaknesses under
standards established by the
American Institute of Certified Public Accountants. A material
weakness is a
condition in which the design or operation of one or more of
the specific internal
control components does not reduce to a relatively low level
the risk that errors or
fraud in amounts that would be material in relation to the
financial statements being
audited may occur and not be detected within a timely period
by employees in the
normal course of performing their assigned functions.
However, we noted no
matters involving internal control, and its operation,
including control activities for
safeguarding securities, and its operation that we consider to
be material weaknesses
as defined above as of February 29, 2000.
This report is intended solely for the information and use of
the board of trustees and
management of PaineWebber Municipal Series and the Securities
and Exchange
Commission and is not intended to be and should not be used by
anyone other than
these specified parties.
ERNST & YOUNG LLP
April 14, 2000
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: NYSDA (State University)
2. Date of Purchase: 9/2/99 3. Date offering
commenced: 9/2/99
4. Underwriters from whom purchased: First Albany
5. Affiliated Underwriter managing or participating in
syndicate: PaineWebber
6. Aggregate principal amount of purchase: 1,000
7. Aggregate principal amount of offering: 41,000,000
8. Purchase price (net of fees and expenses): $5.25
9. Initial public offering price: $5.25
10. Commission, spread or profit: % $5.00
11. 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.
X
b. The securities were purchased prior to the end of the first
day on which any
sales are made (or, if a rights offering, the securities were
purchased on or
before the fourth day preceding the day on which the offering
terminated).
c. The securities were purchased at a price not more than the
price paid by each
other purchaser in the offering.
d. The underwriting was a firm commitment underwriting.
X
X
X
e. 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.
f. The issuer of the securities and any predecessor have been
in continuous
operations for not less than three years.
g. The amount of such securities purchased by all of the
investment companies
advised by Mitchell Hutchins (or the Fund's Sub-Adviser, if
applicable) did not
exceed 25% of the principal amount of the offering.
h. No Affiliated Underwriter was a direct or indirect
participant in or beneficiary
of the sales.
Note: Refer to the Rule 10f-3 Procedures for the definitions
of the capitalized
terms above. In particular, Affiliated Underwriter is
defined as PaineWebber
Group Inc. and any of its affiliates, including PaineWebber
Incorporated. In the
case of a Fund advised by a Sub-Adviser, Affiliated
Underwriter shall also
include any brokerage affiliate of the Sub-Adviser.
X
X
X
X
Approved: /s/ Richard S. Murphy Date: 9-2-99
1
DC-232684.01
