<PAGE> PAGE 1
000 B000000 07/31/98
000 C000000 0000894632
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PAINEWEBBER SECURITIES TRUST
001 B000000 811-7374
001 C000000 2127133041
002 A000000 1285 AVE. 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 C010200 2
007 C020200 PAINEWEBBER SMALL CAP 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
011 C02AA01 NY
011 C03AA01 10019
<PAGE> PAGE 2
012 A00AA01 PROVIDENT FINANCIAL PROCESSING CORP.
012 B00AA01 84-0000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICE WATERHOUSE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
014 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
014 B00AA02 8-21901
015 A00AA01 STATE STREET BANK & 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 65
019 C00AA00 PAINEWEBBE
020 A000001 DONALDSON, LUFKIN & JENRETTE
020 B000001 13-2741729
020 C000001 13
020 A000002 A.G. EDWARDS & SONS INC
020 B000002 00-0000000
020 C000002 13
020 A000003 BEAR STEARNS & CO.
020 B000003 13-3299429
020 C000003 11
020 A000004 CANTOR FITZGERALD & CO.
020 B000004 00-0000000
020 C000004 10
020 A000005 CIBC OPPENHEIMER & CO.
020 B000005 00-0000000
020 C000005 8
020 A000006 RAYMOND JAMES AND ASSOCIATES
020 B000006 00-0000000
020 C000006 7
020 A000007 SBC WARBURG DILLON READ
020 B000007 00-0000000
020 C000007 7
020 A000008 MORGAN KEEGAN & CO. INC
020 B000008 00-0000000
020 C000008 5
020 A000009 BRICK SECURITIES
020 B000009 00-0000000
020 C000009 5
020 A000010 FERRIS BAKER
<PAGE> PAGE 3
020 B000010 00-0000000
020 C000010 5
021 000000 163
022 A000001 STATE STREET BANK & TRUST
022 B000001 04-1867445
022 C000001 137281
022 D000001 45982
022 A000002 DAIWA
022 B000002 13-5680329
022 C000002 172033
022 D000002 0
022 A000003 SOCIETE GENERALE
022 B000003 13-1976032
022 C000003 152052
022 D000003 0
022 A000004 CITICORP SECURITIES MARKETS
022 B000004 00-0000000
022 C000004 111437
022 D000004 0
022 A000005 SALOMON BROTHERS INC.
022 B000005 13-3082694
022 C000005 68263
022 D000005 775
022 A000006 DRESDNER GILTS
022 B000006 00-0000000
022 C000006 64355
022 D000006 0
022 A000007 FIRST CHICAGO CAPITAL MARKETS
022 B000007 36-3595942
022 C000007 40901
022 D000007 0
022 A000008 SMITH BARNEY
022 B000008 13-1912900
022 C000008 7057
022 D000008 476
022 A000009 DONALDSON, LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 5616
022 D000009 1081
022 A000010 MORGAN KEEGAN & CO
022 B000010 64-0474907
022 C000010 5857
022 D000010 245
023 C000000 821851
023 D000000 65057
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
<PAGE> PAGE 4
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 N
027 000000 Y
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE> PAGE 5
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 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 A010200 6258
028 A020200 0
028 A030200 0
028 A040200 2771
028 B010200 10778
028 B020200 0
028 B030200 0
028 B040200 4583
028 C010200 9368
028 C020200 0
028 C030200 0
028 C040200 6508
028 D010200 6538
028 D020200 0
028 D030200 0
028 D040200 5929
028 E010200 4465
028 E020200 0
028 E030200 0
028 E040200 3114
028 F010200 4217
028 F020200 0
028 F030200 0
028 F040200 4074
028 G010200 41624
028 G020200 0
028 G030200 0
028 G040200 26979
<PAGE> PAGE 6
028 H000200 7381
029 000200 Y
030 A000200 299
030 B000200 4.50
030 C000200 0.00
031 A000200 192
031 B000200 0
032 000200 0
033 000200 107
034 000200 Y
035 000200 96
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
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 957
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
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 7
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 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
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 Y
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 N
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
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
<PAGE> PAGE 8
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 Y
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 97549
071 B000200 58276
071 C000200 130058
<PAGE> PAGE 9
071 D000200 45
072 A000200 12
072 B000200 226
072 C000200 537
072 D000200 0
072 E000200 0
072 F000200 1340
072 G000200 0
072 H000200 0
072 I000200 131
072 J000200 82
072 K000200 16
072 L000200 20
072 M000200 14
072 N000200 48
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 24
072 S000200 20
072 T000200 957
072 U000200 69
072 V000200 0
072 W000200 5
072 X000200 2726
072 Y000200 0
072 Z000200 -1963
072AA000200 17478
072BB000200 0
072CC010200 0
072CC020200 9803
072DD010200 0
072DD020200 0
072EE000200 10542
073 A010200 0.0000
073 A020200 0.0000
073 B000200 1.1700
073 C000200 0.0000
074 A000200 28
074 B000200 635
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 140520
074 G000200 0
074 H000200 0
074 I000200 55
074 J000200 1705
074 K000200 0
074 L000200 242
074 M000200 7430
<PAGE> PAGE 10
074 N000200 150615
074 O000200 979
074 P000200 225
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 7841
074 S000200 0
074 T000200 141570
074 U010200 3566
074 U020200 7331
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 11922
074 Y000200 0
075 A000200 0
075 B000200 134057
076 000200 0.00
080 A000200 ICI MUTUAL INSURANCE CO.
080 C000200 50000
081 A000200 Y
081 B000200 68
082 A000200 N
082 B000200 0
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 Y
085 B000200 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 Y
SIGNATURE PAUL H. SCHUBERT
TITLE TREASURER
September 23, 1998
To the Shareholders and
Board of Directors of
PaineWebber Small Cap Fund
In planning and performing our audit of the
financial statements of PaineWebber Small Cap
Fund for the year ended July 31, 1998, 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, not to provide assurance on
internal control.
The management of PaineWebber Small Cap
Fund 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 controls. Generally,
controls that are relevant to an audit pertain to
the entity's 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
it 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 internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error
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 controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of July
31, 1998.
This report is intended solely for the information
and use of management and the Board of
Directors of PaineWebber Small Cap Fund and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
FORM 10f-3 FUND: PaineWebber Small Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Chart Indust.
2. Date of Purchase: 10/9/97
3. Date offering commenced: 10/9/97
4. Underwriters from whom purchased:
McDonald & Co.
5. "Affiliated Underwriter" managing or
participating in syndicate: PWJ
6. Aggregate principal amount of
purchase: 42,000
7. Aggregate principal amount of
offering: 58,800,000
8. Purchase price (net of fees and
expenses): 21
9. Initial public offering price: 21
10. Commission, spread or profit:
% $ .69
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 or are
"municipal securities" as defined in
Section 3(a)(29) of the
Securities Exchange Act of 1934.
X
b. The securities were purchased prior
to the end of the first full
business day of the offering at not more
than the initial offering
price (or, if a rights offering, the
securities were purchased on or
before the fourth day preceding the day on
which the offering
terminated.
X
c. The underwriting was a firm
commitment underwriting.
X
d. 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.
X
e. (1) If securities are registered
under the Securities Act of 1933,
the issuer of the securities and its
predecessor have been in
continuous operation for not less than
three years.
X
(2) If securities are municipal
securities, the issue of securities
has received an investment grade rating
from a nationally
recognized statistical rating organization
or, if the issuer or entity
supplying the revenues from which the
issue is to be paid shall
have been in continuous operation for less
than three years
(including any predecessor), the issue has
received one of the
three highest ratings from at least one
such rating organization.
X
f. The amount of such securities
purchased by all of the investment
companies advised by Mitchell Hutchins did
not exceed 4% of
the principal amount of the offering or
$500,000 in principal
amount, whichever is greater, provided
that in no event did such
amount exceed 10% of the principal amount
of the offering.
X
g. The purchase price was less than 3%
of the Fund's total assets.
X
h. No Affiliated Underwriter was a
direct or indirect participant in or
beneficiary of the sale or, with respect
to municipal securities, no
purchases were designated as group sales
or otherwise
allocated to the account of any Affiliated
Underwriter.
X
Approved: /s/ Donald Jones Date:
10/9/97
FORM 10f-3 FUND: PaineWebber Small Cap
Fund
Record of Securities Purchased Under the
Fund's Rule 10f-3 Procedures
1. Issuer: Chart Indust.
4. Date of Purchase: 10/9/97
5. Date offering commenced: 10/9/97
4. Underwriters from whom purchased:
Schroeder & Co..
5. "Affiliated Underwriter" managing or
participating in syndicate: PWJ
6. Aggregate principal amount of
purchase: 525,000
7. Aggregate principal amount of
offering: 58,800,000
8. Purchase price (net of fees and
expenses): 21
9. Initial public offering price: 21
10. Commission, spread or profit:
% $ .69
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
or are "municipal securities" as
defined in Section 3(a)(29) of the
Securities Exchange Act of 1934.
____X___
_______
b. The securities were purchased prior
to the end of the first full business day
of the offering at not more than the
initial offering price (or, if a rights
offering, the securities were purchased on
or before the fourth day
preceding the day on which the offering
terminated.
____X___
_______
c. The underwriting was a firm
commitment underwriting.
____X___
_______
d. 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.
____X___
_______
e. (1) If securities are registered
under the Securities Act of 1933, the
issuer
of the securities and its predecessor have
been in continuous operation for
not less than three years.
____X___
_______
(2) If securities are municipal
securities, the issue of securities has
received an investment grade rating from a
nationally recognized statistical
rating organization or, if the issuer or
entity supplying the revenues from
which the issue is to be paid shall have
been in continuous operation for
less than three years (including any
predecessor), the issue has received
one of the three highest ratings from at
least one such rating organization.
___X__
_______
f. The amount of such securities
purchased by all of the investment
companies advised by Mitchell Hutchins did
not exceed 4% of the principal
amount of the offering or $500,000 in
principal amount, whichever is
greater, provided that in no event did
such amount exceed 10% of the
principal amount of the offering.
____X___
_______
g. The purchase price was less than 3%
of the Fund's total assets.
____X___
_______
h. No Affiliated Underwriter was a
direct or indirect participant in or
beneficiary
of the sale or, with respect to municipal
securities, no purchases were
designated as group sales or otherwise
allocated to the account of any
Affiliated Underwriter.
____X___
_______
Approved: /s/ Donald Jones Date:
10/9/9
FORM 10f-3
Registered Domestic Securities
FUND: PaineWebber Small Cap Fund
1. Issuer: Alaska Airlines.
2. Date of Purchase: 12/10/97
3. Date offering commenced: 12/16/97
4. Underwriters from whom purchased:
Merrill Lynch.
5. "Affiliated Underwriter" managing or
participating in syndicate: PaineWebber
6. Aggregate principal amount or number
of shares purchased: 255,300
7. Aggregate principal amount or total
number of shares of offering: 111,000,000
8. Purchase price (net of fees and
expenses): 37
9. Initial public offering price: 37
10. Commission, spread or profit:
% $ .95
11. Have the following conditions been
satisfied?
YES
NO
a. The securities are part of an issue
registered
under the Securities Act of 1933 that is
being
offered to the public.
X
___
b. The securities were purchased prior
to the
end of the first day on which any sales
were
made (or, if a rights offering, the
securities
were purchased on or before the fourth day
preceding the day on which the offering
terminated).
X
___
c. The securities were purchased at a
price not
more than the price paid by each other
purchaser in the offering
X
___
d. The underwriting was a firm
commitment
underwriting.
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.
X
___
f. The issuer of the securities and any
predecessor have been in continuous
operation for not less than three years.
X
___
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.
X
___
h. No Affiliated Underwriter was a
direct or
indirect participant in or beneficiary of
the
sale.
X
___
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-Advisor, "Affiliated Underwriter"
shall also include any brokerage affiliate
of the Sub-Adviser.
Approved: /s/ Donald Jones Date:
12/16/97
If filing more than one
Page 49, "X" box: ?
For period ending July 31, 1998
File number 811-7374
FOR ANNUAL N-SARs ONLY
ANNUAL SUPPLEMENT
Page 53 is to be filed only once each year
at the end of Registrant's fiscal year.
105. Fidelity bond(s) in effect at the
end of the period:
A. ? Insurer Name: ICI
Mutual Insurance Co.
B. ? Second Insurer:
C. ? Aggregate face amount of
coverage for Registrant on all bonds on
which
it is named as an
insured ($000's omitted)
$50,000
106. A. ? Is the bond part of a
joint fidelity bond(s) shared with other
investment companies
or other entities?
Y
Y/N
B. ? If the answer to 106A is
"Y" (Yes), how many other investment
companies or other
entities are covered by
the bond? 68
NOTE: Count each series
as a separate investment company.
107. A. ? Does the mandatory
coverage of the fidelity bond have a
deductible? N
Y/N
B. ? If the answer to 107A is
"Y" (Yes), what is the amount of the
deductible? $______
108. A. ? Were any claims with
respect to this Registrant filed under the
bond during
the period? N
Y/N
B. ? If the answer to 108A is
"Y" (Yes), what was the total amount of
such claim(s)? $______
109. A. ? Were any losses incurred
with respect to this Registrant that could
have been filed
as a claim under the
fidelity bond but were not? N
Y/N
B. ? If the answer to sub-
item 109A is "Y" (Yes), what was the total
amount of such
losses? ($000's
omitted) $______
110. A. ? Are Registrant's
officers and directors covered as officers
and directors of
Registrant under any
errors and omissions insurance policy
owned by the Registrant
or anyone else?
Y
Y/N
B. ? Were any claims filed
under such policy during the period with
respect to
Registrant? N
Y/N
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000894632
<NAME> PAINEWEBBER SECURITIES TRUST
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER SMALL CAP CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 45306
<INVESTMENTS-AT-VALUE> 47468
<RECEIVABLES> 665
<ASSETS-OTHER> 2497
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50630
<PAYABLE-FOR-SECURITIES> 329
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2712
<TOTAL-LIABILITIES> 3041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40795
<SHARES-COMMON-STOCK> 3566
<SHARES-COMMON-PRIOR> 2456
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4631
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2163
<NET-ASSETS> 47589
<DIVIDEND-INCOME> 181
<INTEREST-INCOME> 76
<OTHER-INCOME> 0
<EXPENSES-NET> 708
<NET-INVESTMENT-INCOME> (451)
<REALIZED-GAINS-CURRENT> 5874
<APPREC-INCREASE-CURRENT> (3295)
<NET-CHANGE-FROM-OPS> 2128
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3469
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1574
<NUMBER-OF-SHARES-REDEEMED> 723
<SHARES-REINVESTED> 259
<NET-CHANGE-IN-ASSETS> 11446
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3041
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 708
<AVERAGE-NET-ASSETS> 45428
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.34
<EXPENSE-RATIO> 1.56
<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> 0000894632
<NAME> PAINEWEBBER SECURITIES TRUST
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER SMALL CAP FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 52016
<INVESTMENTS-AT-VALUE> 54500
<RECEIVABLES> 762
<ASSETS-OTHER> 2868
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58130
<PAYABLE-FOR-SECURITIES> 378
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3113
<TOTAL-LIABILITIES> 3491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46838
<SHARES-COMMON-STOCK> 4276
<SHARES-COMMON-PRIOR> 3136
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5317
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2484
<NET-ASSETS> 54639
<DIVIDEND-INCOME> 87
<INTEREST-INCOME> 208
<OTHER-INCOME> 0
<EXPENSES-NET> 1225
<NET-INVESTMENT-INCOME> (930)
<REALIZED-GAINS-CURRENT> 6745
<APPREC-INCREASE-CURRENT> (3783)
<NET-CHANGE-FROM-OPS> 2032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4427
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1742
<NUMBER-OF-SHARES-REDEEMED> 936
<SHARES-REINVESTED> 334
<NET-CHANGE-IN-ASSETS> 16379
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 3759
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 517
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1225
<AVERAGE-NET-ASSETS> 54179
<PER-SHARE-NAV-BEGIN> 13.00
<PER-SHARE-NII> (0.22)
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.78
<EXPENSE-RATIO> 2.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000894632
<NAME> PAINEWEBBER SECURITIES TRUST
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER SMALL CAP FUND CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 30630
<INVESTMENTS-AT-VALUE> 32092
<RECEIVABLES> 448
<ASSETS-OTHER> 1689
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34229
<PAYABLE-FOR-SECURITIES> 222
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1833
<TOTAL-LIABILITIES> 2055
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27580
<SHARES-COMMON-STOCK> 2521
<SHARES-COMMON-PRIOR> 1449
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1463
<NET-ASSETS> 32174
<DIVIDEND-INCOME> 122
<INTEREST-INCOME> 52
<OTHER-INCOME> 0
<EXPENSES-NET> 704
<NET-INVESTMENT-INCOME> (530)
<REALIZED-GAINS-CURRENT> 3972
<APPREC-INCREASE-CURRENT> (2228)
<NET-CHANGE-FROM-OPS> 1214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2421
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3045
<NUMBER-OF-SHARES-REDEEMED> 2161
<SHARES-REINVESTED> 188
<NET-CHANGE-IN-ASSETS> 13580
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1705
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 704
<AVERAGE-NET-ASSETS> 30200
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.76
<EXPENSE-RATIO> 2.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000894632
<NAME> PAINEWEBBER SECURITIES TRUST
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER SMALL CAP FUND CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 6824
<INVESTMENTS-AT-VALUE> 7150
<RECEIVABLES> 100
<ASSETS-OTHER> 376
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7627
<PAYABLE-FOR-SECURITIES> 50
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 408
<TOTAL-LIABILITIES> 458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6145
<SHARES-COMMON-STOCK> 534
<SHARES-COMMON-PRIOR> 206
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 698
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 326
<NET-ASSETS> 7169
<DIVIDEND-INCOME> 27
<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> 89
<NET-INVESTMENT-INCOME> (51)
<REALIZED-GAINS-CURRENT> 885
<APPREC-INCREASE-CURRENT> (496)
<NET-CHANGE-FROM-OPS> 338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 225
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428
<NUMBER-OF-SHARES-REDEEMED> 117
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 4869
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89
<AVERAGE-NET-ASSETS> 4250
<PER-SHARE-NAV-BEGIN> 13.46
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.2
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
