<PAGE> 1
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12 / 31/ 98 (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?------------------------------------------------- _____
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For period ending: 12/31/98 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:_________
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For period ending : 12/31/98 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:_______
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For period ending: 12/31/98 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------------------------------------------- ________
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For period ending: 12/31/98 If filing more than one
Page 50, "X" box: __X___
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):
<TABLE>
<CAPTION>
Number of Total Assets Total Income
Series (000's Distributions
Investing omitted) ($000's omitted)
<S> <C> <C> <C>
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--------------------------------- ________ $_______ $------------
G. All other corporate short-term debt------------ ________ $_______ $------------
</TABLE>
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For period ending: 12/31/98 If filing more than one
Page 50, "X" box: ______
File number: 811 - 7536
<TABLE>
<S> <C> <C> <C>
H. Equity securities of brokers or dealers
or parents of brokers or dealers-------------________ $_______ $____________
I. Investment company equity securities---------________ $_______ $____________
J. All other equity securities------------------___2____ $128,642 $2,109_______
K. Other securities-----------------------------________ $_______ $____________
L. Total assets of all series of registrant-----___2____ $128,642 $2,109_______
</TABLE>
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For period ending: 12/31/98 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)------------------------- ______
Y/N
131. Total expenses incurred by all series of Registrant during the
current reporting period ($000's omitted)-------------------$2,411_
132. [ / ] List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
<TABLE>
<S> <C> <C> <C> <C>
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
811 - _____ 811 - _____ 811 - _____ 811 - _____ 811 - _____
</TABLE>
This report is signed on behalf of the Registrant (or depositor or trustee).
City of: State: Date:
Weehawken New Jersey 02/17/99
Name of Registrant, Depositor, or Trustee:
PaineWebber Life Variable Annuity Account
By (Name and Title): Witness (Name and Title):
/s/ Geri Jasinkiewicz Silva /s/ Leigh Lotter
---------------------------- -----------------------
GERI JASINKIEWICZ SILVA LEIGH LOTTER
Vice President and Assistant Secretary Administrative Assistant
PaineWebber Life Insurance Company PaineWebber Life Insurance
Company
