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<PAGE> PAGE 2
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINEWEBBER SECURITIES TRUST
<SERIES>
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<NAME> PAINEWEBBER STRATEGIC INCOME-CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 10-MOS
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</TABLE>
January 27, 1996
To the Board of Trustees of
PaineWebber Strategic Income Fund
In planning and performing our audit of the financial
statements of PaineWebber Strategic Income Fund (the
"Fund") for the year ended November 30, 1996, we
considered its internal control structure, including
procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control
structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of internal control
structure policies and procedures. Two of the
objectives of an internal control structure are to
provide management with reasonable, but not absolute,
assurance that assets are appropriately safeguarded
against loss from unauthorized use or disposition and
that transactions are executed in accordance with
management's authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure 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 the specific internal control structure
elements does not reduce to a relatively low level the
risk that errors or irregularities 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 the internal control
structure, including procedures for safeguarding
securities, that we consider to be material weaknesses
as defined above as of November 30, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
