FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12 / 31/ 95 (b)
Is this a transition report? (Y/N): __N__
Y/N
Is this an amendment to a previous filing? (Y/N): __N__
Y/N
___
Those items or sub-items with a box "|_/_|" after the item number should be
completed only if the answer has changed from the previous filing on this form.
- -------------------------------------------------------------------------------
1. A. Registrant Name: PaineWebber Life Variable Annuity Account
B. File Number: 811 - 7536
C. Telephone Number: (201) 902-3301
2. A. Street: 1200 Harbor Boulevard
B. City: Weehawken C. State: NJ D. Zip Code: 07087 Zip Ext:
E. Foreign Country Foreign Postal Code:
3. Is this the first filing on this form by Registrant?(Y/N)------------ __N__
Y/N
4. Is this the last filing on this form by Registrant? (Y/N) ----------- __N__
Y/N
5. Is Registrant a small business investment company (SBIC)? (Y/N)------ __N__
[If answer is "Y" (Yes), complete only items 89 through 110.] Y/N
6. Is Registrant a unit investment trust (UIT)? (Y/N)------------------- __Y__
[If answer is "Y" (Yes), complete only items 111 through 132.] Y/N
7. A. Is Registrant a series or multiple portfolio company? (Y/N)------- _____
[If answer is "N" (No), go to item 8.] Y/N
B. How many separate series or portfolios did Registrant have
at the end of the period?----------------------------------------- _____
<PAGE>
For period ending: 12/31/95 If filing more than one
Page 47, "X" box: _____
File number: 811 - 7536
UNIT INVESTMENT TRUSTS
___
111. A. |_/_| Depositor Name:_______________________________________________
___
B. |_/_| File Number (If any): ________________________________________
___
C. |_/_| City:_______________ State:___ Zip Code:_______Zip Ext:_______
___
|_/_| Foreign Country:_______________ Foreign Postal Code:__________
___
111. A. |_/_| Depositor Name:_______________________________________________
___
B. |_/_| File Number (If any):_________________________________________
___
C. |_/_| City:__________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:________________Foreign Postal Code:__________
___
112. A. |_/_| Sponsor Name:_________________________________________________
___
B. |_/_| File Number (If any): _______________________________________
___
C. |_/_| City:__________________ State:__ Zip Code:______Zip Ext:_____
___
|_/_| Foreign Country:______________Foreign Postal Code:___________
___
112. A. |_/_| Sponsor Name:________________________________________________
___
B. |_/_| File Number (If any):________________________________________
___
C. |_/_| City:__________________State:__Zip Code:_____Zip Ext:________
___
|_/_| Foreign Country:____________________Foreign Postal Code:_____
<PAGE>
For period ending : 12/31/95 If filing more than one
Page 48, "X" box: _____
File number: 811 - 7536
___
113. A. |_/_| Trustee Name:___________________________________________________
___
B. |_/_| City:____________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:__________________Foreign Postal Code:__________
___
113. A. |_/_| Sponsor Name:__________________________________________________
___
B. |_/_| City:____________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:___________________Foreign Postal Code:_________
___
114. A. |_/_| Principal Underwriter Name:_____________________________________
___
B. |_/_| File Number: 8 - ____________________________
___
C. |_/_| City:___________________State:___Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:__________________Foreign Postal Code:__________
___
114. A. |_/_| Principal Underwriter Name:_____________________________________
___
B. |_/_| File Number: 8 - ____________________________
___
C. |_/_| City:____________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:__________________Foreign Postal Code:__________
___
115. A. |_/_| Independent Public Accountant Name:____________________________
___
B. |_/_| City:____________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:___________________ Foreign Postal Code:________
___
115. A. |_/_| Independent Public Accountant Name:____________________________
___
B. |_/_| City:____________________State:__Zip Code:______Zip Ext:________
___
|_/_| Foreign Country:__________________Foreign Postal Code:__________
<PAGE>
For period ending: 12/31/95 If filing more than one
Page 49, "X" box: _____
File number: 811 - 7536
116. Family of investment companies information:
___
A. |_/_| Is Registrant part of a family of investment
companies? (Y/N)--------------------------------------- _______
Y/N
___
B. |_/_| Identify the family in 10 letters:___ ___ ___ ___ ___
___ ___ ___ ___ ___
(NOTE: In filing this form, use this identification
consistently for all investment companies in family. This
designation is for purposes of this form only.)
___
117. A. |_/_| Is Registrant a separate account of an insurance
company? (Y/N)---------------------------------------- _______
Y/N
If answer is "Y" (Yes), are any of the following types of contracts funded
by the Registrant?:
___
B. |_/_| Variable annuity contracts?(Y/N)------------------------ _______
Y/N
___
C. |_/_| Scheduled premium variable life contracts?(Y/N)--------- _______
Y/N
___
D. |_/_| Flexible premium variable life contracts?(Y/N)---------- _______
Y/N
___
E. |_/_| Other types of insurance products registered under
the Securities Act of 1933? (Y/N)----------------------- _______
Y/N
___
118. |_/_| State the number of series existing at the end of the period
that had securities registered under the Securities Act of
1933--------------------------------------------------------- _______
___
119. |_/_| State the number of new series for which registration statements
under the Securities Act of 1933 became effective during the
period------------------------------------------------------- _______
___
120. |_/_| State the total value of the portfolio securities on the date of
deposit for the new series included in item 119 ($000's
omitted)-----------------------------------------------------$_______
___
121. |_/_| State the number of series for which a current prospectus was
in existence at the end of the period------------------------ _______
___
122. |_/_| State the number of existing series for which additional
units were registered under the Securities Act of 1933
during the period-------------------------------------------- _______
<PAGE>
For period ending: 12/31/95 If filing more than one
Page 50, "X" box: _____
File number: 811 - 7536
___
123. |_/_| State the total value of the additional units considered in answering
item 122 ($000's omitted)-----------------------------------$ _______
___
124. |_/_| State the value of units of prior series that were placed in the
portfolios of subsequent series during the current period (the value
of these units is to be measured on the date they were placed in the
subsequent series) ($000's omitted)-------------------------$ _______
___
125. |_/_| State the total dollar amount of sales loads collected (before
reallowances to other brokers or dealers) by Registrant's principal
underwriter and any underwriter which is an affiliated person of the
principal underwriter during the current period solely from the sale
of units of all series of Registrant ($000's omitted)-------$ _______
126. Of the amount shown in item 125, state the total dollar amount of
sales loads collected from secondary market operations in
Registrant's units (include the sales loads, if any, collected on
units of a prior series placed in the portfolio of a subsequent
series.) ($000's omitted)-----------------------------------$ -0-____
127. List opposite the appropriate description below the number of series
whose portfolios are invested primarily (based upon a percentage of
NAV) in each type of security shown, the aggregate total assets at
market value as of a date at or near the end of the current period of
each such group of series and the total income distributions made by
each such group of series during the current period (excluding
distributions of realized gains, if any):
Number of Total Assets Total Income
Series (000's Distributions
Investing omitted) ($000's omitted)
A. U.S. Treasury direct issue--________ $_______ $____________
B. U.S. Government agency------________ $_______ $____________
C. State and municipal tax-free________ $_______ $____________
D. Public utility debt---------________ $_______ $____________
E. Brokers or dealers debt
or debt of brokers'
or dealers'parent-----------________ $_______ $____________
F. All other corporate intermed.
& long-term debt------------________ $_______ $____________
<PAGE>
G. All other corporate
short-term debt-------------________ $_______ $____________
H. Equity securities of
brokers or dealers or
parents of brokers or
dealers---------------------________ $_______ $____________
I. Investment company
equity securities-----------________ $_______ $____________
J. All other equity
securities------------------___2____ $121,414 $3,342_______
K. Other securities------------________ $_______ $____________
L. Total assets of all
series of registrant--------___2____ $121,414 $3,342_______
For period ending: 12/31/95 If filing more than one
Page 51, "X" box: _____
File number: 811 - 7536
___
128. |_/_| Is the timely payment of principal and interest on any of the
portfolio securities held by any of Registrant's series at the
end of the current period insured or guaranteed by an entity
other than the issuer?(Y/N)--------------------------------- _______
[If answer is "N" (No), go to item 131.] Y/N
___
129. |_/_| Is the issuer of any instrument covered in item 128 delinquent
or in default as to payment of principal or interest at the end
of the current period? (Y/N)-------------------------------- _______
[If answer is "N" (No), go to item 131.] Y/N
___
130. |_/_| In computations of NAV or offering price per unit, is any
part of the value attributed to instruments identified in
item 129 derived from insurance or guarantees? -------------- _______
Y/N
131. Total expenses incurred by all series of Registrant during
the current reporting period ($000's omitted)---------------$ 2,336_
___
132. |_/_| List the "811" (Investment Company Act of 1940) registration
number for all Series of Registrant that are being included
in this filing:
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
<PAGE>
This report is signed on behalf of the registrant (or depositor or trustee).
City of: State: Date:
Weehawken New Jersey 02/21/96
Name of Registrant, Depositor, or Trustee:
PaineWebber Life Variable Annuity Account
By (Name and Title): Witness(Name and Title):
/s/ Richard J. Tucker /s/Allan P. Golotko
Richard J. Tucker Allan P. Golotko
Senior Vice President, Secretary Vice President
and Assistant Treasurer PaineWebber Life Insurance Company
PaineWebber Life Insurance Company
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT MONEY MARKET DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 6,765,008
<INVESTMENTS-AT-VALUE> 6,765,008
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,765,008
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,765,008
<SHARES-COMMON-STOCK> 63,995
<SHARES-COMMON-PRIOR> 785,921
<ACCUMULATED-NII-CURRENT> 88,756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,765,008
<DIVIDEND-INCOME> 412,580
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 215,030
<NET-INVESTMENT-INCOME> 197,550
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 197,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,637,416
<NUMBER-OF-SHARES-REDEEMED> 1,783,342
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,249,708)
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.20<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.57<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $10.17.
The corresponding ending unit value for the Milestones "D" contract is $10.53.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT STRATEGIC FIXED INCOME
DIVISION<F1>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 5,490,099
<INVESTMENTS-AT-VALUE> 5,115,364
<RECEIVABLES> 792,657
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,908,021
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,908,021
<SHARES-COMMON-STOCK> 546,464
<SHARES-COMMON-PRIOR> 421,612
<ACCUMULATED-NII-CURRENT> 918,101
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (374,735)
<NET-ASSETS> 5,908,021
<DIVIDEND-INCOME> 424,293
<INTEREST-INCOME> 0
<OTHER-INCOME> 368,364
<EXPENSES-NET> 93,694
<NET-INVESTMENT-INCOME> 698,963
<REALIZED-GAINS-CURRENT> (3,768)
<APPREC-INCREASE-CURRENT> 62,331
<NET-CHANGE-FROM-OPS> 757,526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219,231
<NUMBER-OF-SHARES-REDEEMED> 94,379
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,000,011)
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.27<F2>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.81<F2>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Formerly named Government Division
<F2>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.27.
The corresponding ending unit value for the Milestones "D" contract is $10.79.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT HIGH GRADE FIXED INCOME
DIVISION<F1>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 8,887,007
<INVESTMENTS-AT-VALUE> 9,192,931
<RECEIVABLES> 544,294
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,737,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,737,225
<SHARES-COMMON-STOCK> 970,469
<SHARES-COMMON-PRIOR> 889,512
<ACCUMULATED-NII-CURRENT> 441,092
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 305,924
<NET-ASSETS> 9,737,225
<DIVIDEND-INCOME> 544,294
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 189,106
<NET-INVESTMENT-INCOME> 355,188
<REALIZED-GAINS-CURRENT> 103,463
<APPREC-INCREASE-CURRENT> 750,921
<NET-CHANGE-FROM-OPS> 1,209,572
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,868,440
<NUMBER-OF-SHARES-REDEEMED> 1,787,483
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,883,563
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 8.83<F2>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.03<F2>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Formerly named Fixed Income Division
<F2>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $8.81.
The corresponding ending unit value for the Milestones "D" contract is $10.00.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT GLOBAL INCOME DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 13,792,634
<INVESTMENTS-AT-VALUE> 13,264,397
<RECEIVABLES> 1,243,609
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,508,006
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,508,006
<SHARES-COMMON-STOCK> 1,352,004
<SHARES-COMMON-PRIOR> 1,685,109
<ACCUMULATED-NII-CURRENT> 1,093,482
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (528,237)
<NET-ASSETS> 14,508,006
<DIVIDEND-INCOME> 1,376,489
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 308,077
<NET-INVESTMENT-INCOME> 1,068,412
<REALIZED-GAINS-CURRENT> (42,242)
<APPREC-INCREASE-CURRENT> 630,137
<NET-CHANGE-FROM-OPS> 1,656,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,001
<NUMBER-OF-SHARES-REDEEMED> 473,106
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,669,347)
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.61<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.74<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.44.
The corresponding ending unit value for the Milestones "D" contact is $12.22.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT BALANCED DIVISION<F1>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 12,333,411
<INVESTMENTS-AT-VALUE> 14,520,924
<RECEIVABLES> 152,285
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,673,209
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,673,209
<SHARES-COMMON-STOCK> 1,288,679
<SHARES-COMMON-PRIOR> 1,294,341
<ACCUMULATED-NII-CURRENT> (139,441)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,187,513
<NET-ASSETS> 14,673,209
<DIVIDEND-INCOME> 152,285
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 295,089
<NET-INVESTMENT-INCOME> (142,804)
<REALIZED-GAINS-CURRENT> 408,418
<APPREC-INCREASE-CURRENT> 2,573,533
<NET-CHANGE-FROM-OPS> 2,839,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 441,991
<NUMBER-OF-SHARES-REDEEMED> 447,653
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,513,606
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.40<F2>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39<F2>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Effective July 21, 1995, sales of units of the Balanced Division were
discontinued
<F2>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.38.
The corresponding ending unit value for the Milestones "D" contract is $11.35.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT ASSET ALLOCATION DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 8,228,991
<INVESTMENTS-AT-VALUE> 7,839,999
<RECEIVABLES> 780,378
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,620,377
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,620,377
<SHARES-COMMON-STOCK> 771,994
<SHARES-COMMON-PRIOR> 711,920
<ACCUMULATED-NII-CURRENT> 1,214,756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (388,992)
<NET-ASSETS> 8,620,377
<DIVIDEND-INCOME> 254,997
<INTEREST-INCOME> 0
<OTHER-INCOME> 525,381
<EXPENSES-NET> 150,064
<NET-INVESTMENT-INCOME> 630,314
<REALIZED-GAINS-CURRENT> (21,813)
<APPREC-INCREASE-CURRENT> 850,785
<NET-CHANGE-FROM-OPS> 1,459,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 237,336
<NUMBER-OF-SHARES-REDEEMED> 177,262
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,083,001
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.18<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.20.
The corresponding ending unit value for the Milestones "D" contract is $11.15.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT GROWTH AND INCOME
DIVISION<F1>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 5,994,416
<INVESTMENTS-AT-VALUE> 7,038,147
<RECEIVABLES> 74,847
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,112,994
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,112,994
<SHARES-COMMON-STOCK> 594,750
<SHARES-COMMON-PRIOR> 358,383
<ACCUMULATED-NII-CURRENT> (5,883)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,043,731
<NET-ASSETS> 7,112,994
<DIVIDEND-INCOME> 59,818
<INTEREST-INCOME> 0
<OTHER-INCOME> 15,029
<EXPENSES-NET> 90,249
<NET-INVESTMENT-INCOME> (15,402)
<REALIZED-GAINS-CURRENT> 28,880
<APPREC-INCREASE-CURRENT> 1,197,284
<NET-CHANGE-FROM-OPS> 1,210,762
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,372
<NUMBER-OF-SHARES-REDEEMED> 57,005
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,772,193
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.29<F2>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.93<F2>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Formerly named Dividend Growth Division.
<F2>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.53.
The corresponding ending unit value for the Milestones "D" contract is $12.22.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT GROWTH DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 17,790,176
<INVESTMENTS-AT-VALUE> 18,714,257
<RECEIVABLES> 1,749,787
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,464,044
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,464,044
<SHARES-COMMON-STOCK> 1,798,959
<SHARES-COMMON-PRIOR> 1,617,057
<ACCUMULATED-NII-CURRENT> 2,294,084
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 924,081
<NET-ASSETS> 20,464,044
<DIVIDEND-INCOME> 80,198
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,728,628
<EXPENSES-NET> 325,577
<NET-INVESTMENT-INCOME> 1,483,249
<REALIZED-GAINS-CURRENT> 15,779
<APPREC-INCREASE-CURRENT> 3,159,434
<NET-CHANGE-FROM-OPS> 4,658,462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,270,565
<NUMBER-OF-SHARES-REDEEMED> 2,088,663
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,362,302
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 8.72<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.37<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $8.64.
The corresponding ending unit value for the Milestones "D" contract is $11.25.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT AGGRESSIVE GROWTH DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 15,789,587
<INVESTMENTS-AT-VALUE> 17,664,753
<RECEIVABLES> 532,573
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,197,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,197,326
<SHARES-COMMON-STOCK> 1,608,457
<SHARES-COMMON-PRIOR> 1,433,601
<ACCUMULATED-NII-CURRENT> 55,377
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,875,166
<NET-ASSETS> 18,197,326
<DIVIDEND-INCOME> 37,373
<INTEREST-INCOME> 0
<OTHER-INCOME> 495,200
<EXPENSES-NET> 324,527
<NET-INVESTMENT-INCOME> 208,046
<REALIZED-GAINS-CURRENT> 216,219
<APPREC-INCREASE-CURRENT> 2,240,725
<NET-CHANGE-FROM-OPS> 2,664,990
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 523,457
<NUMBER-OF-SHARES-REDEEMED> 348,601
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,584,820
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.50<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.32<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.48.
The corresponding ending unit value for the Milestones "D" contract is $11.27.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> PAINEWEBBER LIFE VARIABLE ANNUITY ACCOUNT GLOBAL GROWTH DIVISION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18,018,202
<INVESTMENTS-AT-VALUE> 15,427,537
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,427,537
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,427,537
<SHARES-COMMON-STOCK> 1,600,733
<SHARES-COMMON-PRIOR> 2,074,174
<ACCUMULATED-NII-CURRENT> 490,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,590,665)
<NET-ASSETS> 15,427,537
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 344,314
<NET-INVESTMENT-INCOME> (344,314)
<REALIZED-GAINS-CURRENT> (1,236,823)
<APPREC-INCREASE-CURRENT> 408,972
<NET-CHANGE-FROM-OPS> (1,172,165)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287,133
<NUMBER-OF-SHARES-REDEEMED> 760,574
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,578,314)
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.19<F1>
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69<F1>
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The PaineWebber Life Variable Annuity Account offers two variable annuity
contracts. The unit values shown are for the Milestones "B" contract. The
corresponding beginning unit value for the Milestones "D" contract is $9.31.
The corresponding ending unit value for the Milestones "D" contract is $8.83.
</FN>
</TABLE>
