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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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015 B000343 S
015 C010343 BANGKOK
015 D010343 THAILAND
015 D020343 10500
015 E040343 X
015 A000344 CITIBANK, N.A.
015 B000344 S
015 C010344 ISTANBUL
015 D010344 TURKEY
015 D020344 80200
015 E040344 X
015 A000345 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
015 B000345 S
015 C010345 LONDON
015 D010345 UNITED KINGDOM
015 D020345 EC4YOJT
015 E040345 X
015 A000346 CITIBANK, N.A.
015 B000346 S
015 C010346 MONTEVIDEO
015 D010346 URUGUAY
015 E040346 X
015 A000347 CITIBANK, N.A.
015 B000347 S
015 C010347 CARACAS
015 D010347 VENEZUELA
<PAGE> PAGE 20
015 D020347 1010
015 E040347 X
015 A000348 DELETE
015 A000349 DELETE
015 A000350 DELETE
015 A000351 DELETE
015 A000352 DELETE
015 A000353 DELETE
015 A000354 DELETE
015 A000355 DELETE
015 A000356 DELETE
028 A010300 104
028 A020300 0
028 A030300 0
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028 B010300 119
028 B020300 0
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028 B040300 1303
028 C010300 16
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028 D010300 53
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028 D030300 0
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028 F010300 149
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028 F040300 1447
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045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.750
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048 B020300 0.000
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<PAGE> PAGE 21
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
<PAGE> PAGE 22
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 49865
071 B000300 61013
071 C000300 31663
071 D000300 157
072 A000300 12
072 B000300 139
072 C000300 570
072 D000300 0
072 E000300 0
072 F000300 258
072 G000300 0
072 H000300 0
072 I000300 2
072 J000300 285
072 K000300 0
072 L000300 46
072 M000300 4
072 N000300 0
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072 P000300 0
<PAGE> PAGE 23
072 Q000300 0
072 R000300 26
072 S000300 50
072 T000300 0
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072 W000300 4
072 X000300 675
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072 Z000300 34
072AA000300 0
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072CC010300 2263
072CC020300 0
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073 A010300 0.0000
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073 C000300 0.0000
074 A000300 8
074 B000300 1390
074 C000300 150
074 D000300 0
074 E000300 700
074 F000300 26312
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074 J000300 315
074 K000300 0
074 L000300 39
074 M000300 39
074 N000300 28953
074 O000300 242
074 P000300 18
074 Q000300 0
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074 R020300 0
074 R030300 0
074 R040300 186
074 S000300 0
074 T000300 28507
074 U010300 2376
074 U020300 0
074 V010300 12.00
074 V020300 0.00
074 W000300 0.0000
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<PAGE> PAGE 24
075 A000300 0
075 B000300 34359
076 000300 0.00
008 A000401 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000401 A
008 C000401 801-13219
008 D010401 NY
008 D020401 NY
008 D030401 10019
015 A000401 BROWN BROTHERS HARRIMAN & CO
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02109
015 E020401 X
015 A000402 CITIBANK, N.A.
015 B000402 S
015 C010402 BUENOS AIRES
015 D010402 ARGENTINA
015 D020402 1036
015 E040402 X
015 A000403 NATIONAL AUSTRALIA BANK
015 B000403 S
015 C010403 MELBOURNE
015 D010403 AUSTRALIA
015 D020403 3000
015 E040403 X
015 A000404 CREDITANSTALT BANKVEREIN
015 B000404 S
015 C010404 VIENNA
015 D010404 AUSTRIA
015 D020404 A-1090
015 E040404 X
015 A000405 STANDARD CHARTERED BANK
015 B000405 S
015 C010405 DHAKA
015 D010405 BANGLADESH
015 D020405 1000
015 E040405 X
015 A000406 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000406 S
015 C010406 BRUSSELS
015 D010406 BELGIUM
015 D020406 B-1040
015 E040406 X
015 A000407 BANK OF BOSTON
015 B000407 S
015 C010407 SAO PAULO
015 D010407 BRAZIL
015 D020407 01009
015 E040407 X
<PAGE> PAGE 25
015 A000408 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000408 S
015 C010408 TORONTO
015 D010408 CANADA
015 D020408 M51 1A2
015 E040408 X
015 A000409 CITIBANK, N.A.
015 B000409 S
015 C010409 SANTIAGO
015 D010409 CHILE
015 E040409 X
015 A000410 STANDARD CHARTERED BANK
015 B000410 S
015 C010410 SHANGHAI
015 D010410 CHINA
015 D020410 2000085
015 E040410 X
015 A000411 CITITRUST COLOMBIA S.A.
015 B000411 S
015 C010411 BOGATA
015 D010411 COLOMBIA
015 E040411 X
015 A000412 DEN DANSKE BANK
015 B000412 S
015 C010412 COPENHAGEN
015 D010412 DENMARK
015 D020412 DK-1092
015 E040412 X
015 A000413 UNION BANK OF FINLAND
015 B000413 S
015 C010413 HELSINKI
015 D010413 FINLAND
015 D020413 SF-00101
015 E040413 X
015 A000414 MORGAN GUARANTY TRUST COMPANY OF NY
015 B000414 S
015 C010414 PARIS
015 D010414 FRANCE
015 D020414 75001
015 E040414 X
015 A000415 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
015 B000415 S
015 C010415 FRANKFURT
015 D010415 GERMANY
015 D020415 D-6000
015 E040415 X
015 A000416 CITIBANK, N.A.
015 B000416 S
015 C010416 ATHENS
015 D010416 GREECE
015 D020416 GR-10557
<PAGE> PAGE 26
015 E040416 X
015 A000417 CHASE MANHATTAN BANK
015 B000417 S
015 C010417 HONG KONG
015 D010417 HONG KONG
015 E040417 X
015 A000418 CITIBANK, N.A.
015 B000418 S
015 C010418 BUDAPEST
015 D010418 HUNGARY
015 D020418 H-1052
015 E040418 X
015 A000419 CITIBANK, N.A.
015 B000419 S
015 C010419 BOMBAY
015 D010419 INDIA
015 D020419 400-018
015 E040419 X
015 A000420 CITIBANK, N.A.
015 B000420 S
015 C010420 JAKARTA
015 D010420 INDONESIA
015 D020420 12910
015 E040420 X
015 A000421 ALLIED IRISH BANKS PLC
015 B000421 S
015 C010421 DUBLIN
015 D010421 IRELAND
015 D020421 1
015 E040421 X
015 A000422 BANK HAPOALIM, B.M.
015 B000422 S
015 C010422 TEL AVIV
015 D010422 ISRAEL
015 E040422 X
015 A000423 BANCA COMMERCIALE ITALIANA
015 B000423 S
015 C010423 MILAN
015 D010423 ITALY
015 D020423 20121
015 E040423 X
015 A000424 THE SUMITOMO TRUST & BANKING CO., LTD.
015 B000424 S
015 C010424 TOKYO
015 D010424 JAPAN
015 D020424 100
015 E040424 X
015 A000425 CITIBANK, N.A.
015 B000425 S
015 C010425 SEOUL
015 D010425 SOUTH KOREA
<PAGE> PAGE 27
015 D020425 110
015 E040425 X
015 A000426 HONG KONG & SHANGHAI BANKING CORP
015 B000426 S
015 C010426 KUALA LAMPUR
015 D010426 MALAYSIA
015 E040426 X
015 A000427 CITIBANK, N.A.
015 B000427 S
015 C010427 MEXICO CITY
015 D010427 MEXICO
015 D020427 06695
015 E040427 X
015 A000428 ABN AMRO BANK
015 B000428 S
015 C010428 BREDA
015 D010428 NETHERLANDS
015 E040428 X
015 A000429 NATIONAL AUSTRALIA BANK LTD.
015 B000429 S
015 C010429 AUCKLAND
015 D010429 NEW ZEALAND
015 D020429 1036
015 E040429 X
015 A000430 DEN NORSKE BANK
015 B000430 S
015 C010430 NORWAY
015 D010430 NORWAY
015 E040430 X
015 A000431 STANDARD CHARTERED BANK, LTD.
015 B000431 S
015 C010431 KARACHI
015 D010431 PAKISTAN
015 D020431 2
015 E040431 X
015 A000432 CITIBANK, N.A.
015 B000432 S
015 C010432 LIMA
015 D010432 PERU
015 D020432 27
015 E040432 X
015 A000433 CITIBANK, N.A.
015 B000433 S
015 C010433 MANILA
015 D010433 PHILIPPINES
015 E040433 X
015 A000434 BANK POLSKA KASA OPIEKI S.A.
015 B000434 S
015 C010434 WARSAW
015 D010434 POLAND
015 D020434 00-920
<PAGE> PAGE 28
015 E040434 X
015 A000435 BANCO ESPIRITO SANTO E COMERICAL DE LISBOA
015 B000435 S
015 C010435 LISBON
015 D010435 PORTUGAL
015 D020435 1200
015 E040435 X
015 A000436 HONGKONG & SHANGHAI BANKING CORP.
015 B000436 S
015 C010436 SINGAPORE
015 D010436 SINGAPORE
015 D020436 0104
015 E040436 X
015 A000437 FIRST NATIONAL BANK OF SOUTHERN AFRICA LTD
015 B000437 S
015 C010437 JOHANNESBURG
015 D010437 SOUTH AFRICA
015 D020437 2001
015 E040437 X
015 A000438 BANCO SANTANDER
015 B000438 S
015 C010438 MADRID
015 D010438 SPAIN
015 D020438 28022
015 E040438 X
015 A000439 HONGKONG & SHANGHAI BANKING CORP.
015 B000439 S
015 C010439 COLOMBO
015 D010439 SRI LANKA
015 E040439 X
015 A000440 SKANDINAVISKA ENSKILDA BANKEN
015 B000440 S
015 C010440 STOCKHOLM
015 D010440 SWEDEN
015 D020440 S-106 40
015 E040440 X
015 A000441 SWISS BANK CORPORATION
015 B000441 S
015 C010441 ZURICH
015 D010441 SWITZERLAND
015 D020441 CH-4002
015 E040441 X
015 A000442 STANDARD CHARTERED BANK PLC
015 B000442 S
015 C010442 TAIPEI
015 D010442 TAIWAN
015 E040442 X
015 A000443 HONGKONG & SHANGHAI BANKING CORP.
015 B000443 S
015 C010443 BANGKOK
015 D010443 THAILAND
<PAGE> PAGE 29
015 D020443 10500
015 E040443 X
015 A000444 CITIBANK, N.A.
015 B000444 S
015 C010444 ISTANBUL
015 D010444 TURKEY
015 E040444 X
015 A000445 MORGAN GUARANTY TRUST CO. OF NY
015 B000445 S
015 C010445 LONDON
015 D010445 UNITED KINGDOM
015 D020445 EC4YOJT
015 E040445 X
015 A000446 CITIBANK, N.A.
015 B000446 S
015 C010446 MONTEVIDEO
015 D010446 URUGUAY
015 E040446 X
015 A000447 CITIBANK, N.A.
015 B000447 S
015 C010447 CARACAS
015 D010447 VENEZUELA
015 D020447 1010
015 E040447 X
015 A000448 DELETE
015 A000449 DELETE
015 A000450 DELETE
015 A000451 DELETE
015 A000452 DELETE
015 A000453 DELETE
015 A000454 DELETE
015 A000455 DELETE
015 A000456 DELETE
028 A010400 33
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<PAGE> PAGE 30
028 E030400 0
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<PAGE> PAGE 31
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067 000400 N
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070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
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070 P020400 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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008 A000501 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000501 A
008 C000501 801-13219
008 D010501 NY
008 D020501 NY
008 D030501 10019
008 A000502 PACIFIC INVESTMENT MANAGEMENT COMPANY
008 B000502 S
008 C000502 801-00000
008 D010502 NEWPORT BEACH
008 D020502 CA
008 D030502 92658
015 A000501 STATE STREET BANK & TRUST CO.
015 B000501 C
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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066 A000500 N
067 000500 N
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069 000500 N
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070 I020500 N
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<PAGE> PAGE 36
070 Q010500 Y
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<PAGE> PAGE 37
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008 A000601 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000601 A
008 C000601 801-13219
008 D010601 NY
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008 D030601 10019
015 A000601 STATE STREET BANK & TRUST CO.
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 22,031
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<SHARES-COMMON-PRIOR> 25,057
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<ACCUMULATED-NET-GAINS> (16)
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,550
<OTHER-INCOME> 0
<EXPENSES-NET> 203
<NET-INVESTMENT-INCOME> 1,347
<REALIZED-GAINS-CURRENT> 1
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<NET-CHANGE-FROM-OPS> 1,347
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,375
<NUMBER-OF-SHARES-REDEEMED> 22,800
<SHARES-REINVESTED> 1,356
<NET-CHANGE-IN-ASSETS> (3,068)
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> (17)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203
<AVERAGE-NET-ASSETS> 25,755
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.79
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 2
<NAME> GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 32,184
<INVESTMENTS-AT-VALUE> 46,551
<RECEIVABLES> 294
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,864
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,080
<TOTAL-LIABILITIES> 4,080
<SENIOR-EQUITY> 28,463
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,435
<SHARES-COMMON-PRIOR> 2,688
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,367
<NET-ASSETS> 42,784
<DIVIDEND-INCOME> 200
<INTEREST-INCOME> 359
<OTHER-INCOME> 0
<EXPENSES-NET> 456
<NET-INVESTMENT-INCOME> 103
<REALIZED-GAINS-CURRENT> 4,014
<APPREC-INCREASE-CURRENT> 8,507
<NET-CHANGE-FROM-OPS> 12,623
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 190
<DISTRIBUTIONS-OF-GAINS> 3,972
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 395
<NUMBER-OF-SHARES-REDEEMED> 865
<SHARES-REINVESTED> 217
<NET-CHANGE-IN-ASSETS> 3,649
<ACCUMULATED-NII-PRIOR> (3)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 456
<AVERAGE-NET-ASSETS> 44,614
<PER-SHARE-NAV-BEGIN> 14.56
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 4.68
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 1.63
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.57
<EXPENSE-RATIO> 1.02
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> GLOBAL GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 27,438
<INVESTMENTS-AT-VALUE> 28,552
<RECEIVABLES> 353
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,953
<PAYABLE-FOR-SECURITIES> 242
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203
<TOTAL-LIABILITIES> 445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,582
<SHARES-COMMON-STOCK> 2,376
<SHARES-COMMON-PRIOR> 3,254
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,117
<NET-ASSETS> 28,507
<DIVIDEND-INCOME> 570
<INTEREST-INCOME> 139
<OTHER-INCOME> 0
<EXPENSES-NET> 675
<NET-INVESTMENT-INCOME> 34
<REALIZED-GAINS-CURRENT> (4,096)
<APPREC-INCREASE-CURRENT> 2,263
<NET-CHANGE-FROM-OPS> (1,798)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 242
<NUMBER-OF-SHARES-REDEEMED> (1,313)
<SHARES-REINVESTED> 193
<NET-CHANGE-IN-ASSETS> (11,986)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,058
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 258
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 675
<AVERAGE-NET-ASSETS> 34,359
<PER-SHARE-NAV-BEGIN> 12.44
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> 1.96
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 4
<NAME> GLOBAL INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 36,452
<INVESTMENTS-AT-VALUE> 37,382
<RECEIVABLES> 2,064
<ASSETS-OTHER> 1,156
<OTHER-ITEMS-ASSETS> 120
<TOTAL-ASSETS> 40,722
<PAYABLE-FOR-SECURITIES> 1,427
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,595
<TOTAL-LIABILITIES> 5,022
<SENIOR-EQUITY> 35,657
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 3,188
<SHARES-COMMON-PRIOR> 4,843
<ACCUMULATED-NII-CURRENT> (283)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (534)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 859
<NET-ASSETS> 35,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,948
<OTHER-INCOME> 0
<EXPENSES-NET> 559
<NET-INVESTMENT-INCOME> 3,389
<REALIZED-GAINS-CURRENT> 1,185
<APPREC-INCREASE-CURRENT> 1,394
<NET-CHANGE-FROM-OPS> 5,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,744
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113
<NUMBER-OF-SHARES-REDEEMED> 1,886
<SHARES-REINVESTED> 118
<NET-CHANGE-IN-ASSETS> (16,989)
<ACCUMULATED-NII-PRIOR> (458)
<ACCUMULATED-GAINS-PRIOR> (1,188)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 559
<AVERAGE-NET-ASSETS> 46,970
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (1.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.2
<EXPENSE-RATIO> 1.19
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 5
<NAME> STRATEGIC FIXED INCOME
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 19,615
<INVESTMENTS-AT-VALUE> 19,756
<RECEIVABLES> 115
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 19,889
<PAYABLE-FOR-SECURITIES> 3,979
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,170
<TOTAL-LIABILITIES> 6,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,510
<SHARES-COMMON-STOCK> 1,295
<SHARES-COMMON-PRIOR> 1,646
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2)
<ACCUM-APPREC-OR-DEPREC> 238
<NET-ASSETS> 13,741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,323
<OTHER-INCOME> 0
<EXPENSES-NET> 179
<NET-INVESTMENT-INCOME> 1,144
<REALIZED-GAINS-CURRENT> 983
<APPREC-INCREASE-CURRENT> 927
<NET-CHANGE-FROM-OPS> 3,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,140
<DISTRIBUTIONS-OF-GAINS> 989
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 264
<NUMBER-OF-SHARES-REDEEMED> (767)
<SHARES-REINVESTED> 152
<NET-CHANGE-IN-ASSETS> (3,279)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (5)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 90
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178
<AVERAGE-NET-ASSETS> 18,009
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> 0.88
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (0.88)
<PER-SHARE-DISTRIBUTIONS> (0.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 0.99
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 6
<NAME> ASSET ALLOCATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 23,282
<INVESTMENTS-AT-VALUE> 25,651
<RECEIVABLES> 159
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 25,827
<PAYABLE-FOR-SECURITIES> 43
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,371
<TOTAL-LIABILITIES> 2,414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,047
<SHARES-COMMON-STOCK> 2,187
<SHARES-COMMON-PRIOR> 2,437
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1)
<ACCUM-APPREC-OR-DEPREC> 2,369
<NET-ASSETS> 23,413
<DIVIDEND-INCOME> 151
<INTEREST-INCOME> 898
<OTHER-INCOME> 0
<EXPENSES-NET> 287
<NET-INVESTMENT-INCOME> 762
<REALIZED-GAINS-CURRENT> 1,787
<APPREC-INCREASE-CURRENT> 2,986
<NET-CHANGE-FROM-OPS> 5,535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (761)
<DISTRIBUTIONS-OF-GAINS> 1,568
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 313
<NUMBER-OF-SHARES-REDEEMED> (881)
<SHARES-REINVESTED> 317
<NET-CHANGE-IN-ASSETS> 150
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2)
<OVERDIST-NET-GAINS-PRIOR> (220)
<GROSS-ADVISORY-FEES> 198
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 287
<AVERAGE-NET-ASSETS> 26,450
<PER-SHARE-NAV-BEGIN> 9.54
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0.72
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.7
<EXPENSE-RATIO> 1.09
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 7
<NAME> GROWTH & INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 12,345
<INVESTMENTS-AT-VALUE> 14,959
<RECEIVABLES> 45
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 15,030
<PAYABLE-FOR-SECURITIES> 46
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190
<TOTAL-LIABILITIES> 233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,194
<SHARES-COMMON-STOCK> 1,251
<SHARES-COMMON-PRIOR> 1,406
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8)
<ACCUM-APPREC-OR-DEPREC> 2,614
<NET-ASSETS> 14,797
<DIVIDEND-INCOME> 221
<INTEREST-INCOME> 90
<OTHER-INCOME> 0
<EXPENSES-NET> 185
<NET-INVESTMENT-INCOME> 126
<REALIZED-GAINS-CURRENT> 592
<APPREC-INCREASE-CURRENT> 2,818
<NET-CHANGE-FROM-OPS> 3,536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (126)
<DISTRIBUTIONS-OF-GAINS> (32)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 490
<NUMBER-OF-SHARES-REDEEMED> (660)
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 1,925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2)
<OVERDIST-NET-GAINS-PRIOR> (569)
<GROSS-ADVISORY-FEES> 94
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 185
<AVERAGE-NET-ASSETS> 13,474
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> 0.10
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<PER-SHARE-NAV-END> 11.83
<EXPENSE-RATIO> 1.37
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 8
<NAME> AGGRESSIVE GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 16,115
<INVESTMENTS-AT-VALUE> 18,229
<RECEIVABLES> 492
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,736
<PAYABLE-FOR-SECURITIES> 412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 664
<TOTAL-LIABILITIES> 1,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,587
<SHARES-COMMON-STOCK> 1,557
<SHARES-COMMON-PRIOR> 1,408
<ACCUMULATED-NII-CURRENT> (4)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,114
<NET-ASSETS> 17,660
<DIVIDEND-INCOME> 33
<INTEREST-INCOME> 222
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<EXPENSES-NET> 216
<NET-INVESTMENT-INCOME> 39
<REALIZED-GAINS-CURRENT> 1,187
<APPREC-INCREASE-CURRENT> 1,761
<NET-CHANGE-FROM-OPS> 2,987
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<DISTRIBUTIONS-OF-INCOME> 37
<DISTRIBUTIONS-OF-GAINS> 495
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<NUMBER-OF-SHARES-SOLD> 358
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<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 4,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6)
<OVERDIST-NET-GAINS-PRIOR> (728)
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<GROSS-EXPENSE> 216
<AVERAGE-NET-ASSETS> 16,745
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.00
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<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 1.29
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 9
<NAME> BALANCED PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 185
<TOTAL-LIABILITIES> 383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,940
<SHARES-COMMON-STOCK> 1,259
<SHARES-COMMON-PRIOR> 1,272
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5)
<ACCUMULATED-NET-GAINS> (28)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,614
<NET-ASSETS> 14,521
<DIVIDEND-INCOME> 71
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<EXPENSES-NET> 183
<NET-INVESTMENT-INCOME> 153
<REALIZED-GAINS-CURRENT> 568
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 341
<NUMBER-OF-SHARES-REDEEMED> 366
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 2,476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6)
<OVERDIST-NET-GAINS-PRIOR> (596)
<GROSS-ADVISORY-FEES> 110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183
<AVERAGE-NET-ASSETS> 14,717
<PER-SHARE-NAV-BEGIN> 9.47
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.07
<PER-SHARE-DIVIDEND> 0.12
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 1.25
<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> 0000930007
<NAME> PAINEWEBBER SERIES TRUST
<SERIES>
<NUMBER> 10
<NAME> HIGH GRADE FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 9,104
<INVESTMENTS-AT-VALUE> 9,555
<RECEIVABLES> 118
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,695
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548
<TOTAL-LIABILITIES> 548
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8760
<SHARES-COMMON-STOCK> 963
<SHARES-COMMON-PRIOR> 876
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5)
<ACCUMULATED-NET-GAINS> (59)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 451
<NET-ASSETS> 9,147
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 642
<OTHER-INCOME> 0
<EXPENSES-NET> 99
<NET-INVESTMENT-INCOME> 543
<REALIZED-GAINS-CURRENT> 25
<APPREC-INCREASE-CURRENT> 832
<NET-CHANGE-FROM-OPS> 1,400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (544)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 347
<NUMBER-OF-SHARES-REDEEMED> (285)
<SHARES-REINVESTED> 25
<NET-CHANGE-IN-ASSETS> 1,509
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6)
<OVERDIST-NET-GAINS-PRIOR> (82)
<GROSS-ADVISORY-FEES> 49
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99
<AVERAGE-NET-ASSETS> 9,770
<PER-SHARE-NAV-BEGIN> 8.71
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.49
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 77(a)
The Board of Trustees and Shareholders
PaineWebber Series Trust
In planning and performing our audit of the financial statements of
PaineWebber Series Trust (comprising, respectively, the Money Market, Growth,
Global Growth, Global Income, Strategic Fixed Income, Asset Allocation,
Growth and Income, Aggressive Growth, Balanced and High Grade Fixed Income
Portfolios) (the "Fund") for the year ended December 31, 1995, we considered
its internal control structure, including procedures 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 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 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 December 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
February 7, 1996
Exhibit 77C
For period ending December 31, 1995
File Number 811-
PaineWebber Series Trust
Shareholder Information
A special meeting of shareholders of PaineWebber Series Trust - Government
Portfolio ("Fund") was held on September 21, 1995. At the meeting, shareholders
approved the following actions.
A new sub-advisory agreement between Mitchell Hutchins and Pacific Investment
Management Company in regard to the Government Portfolio. The votes were as
follows:
Shares Withhold
Shares Voted For Shares Voted Against Authority
- --------------- -------------------- ---------------
1,205,373.221 303,594.639 94,017.204
2. A change in the Government Portfolio's investment objective from "high
current income consistent with the preservation of capital and, secondarily,
capital appreciation" to "total return consisting of capital appreciation and
income." The votes were as follows:
Shares Withhold
Shares Voted For Shares Voted Against Authority
- --------------- -------------------- ---------------
1,244,583.629 302,866.955 55,534.480
3. An amendment to the Government Portfolio's fundamental investment
limitation governing borrowing to increase permissible borrowing from 10% to 33
1/3% of its assets and to permit the use of dollar rolls. The votes were as
follows:
Shares Withhold
Shares Voted For Shares Voted Against Authority
- --------------- -------------------- ---------------
1,084,818.107 394,857.951 123,309.006
Broker non-votes and abstentions are included within the "Shares Withhold
Authority" totals.
For the period ended December 31, 1995 Exhibit 77D(g)
File Number 811- --------------
At a special meeting of the Board of Trustees of PaineWebber Series Trust
(held on July 20, 1995) the Board approved changes in the nonfundamental
investment policies of the Portfolios, as follows:
All Portfolios
The following change to the nonfundamental investment policies of the
Portfolios became effective on July 21, 1995.
Adding Policy to Permit Lending of Portfolio Securities
Each Portfolio (except the Money Market Portfolio) may lend up to 10%
(33-1/3% for the Government Portfolio) of the total value of its
portfolio securities to broker dealers or institutional investors that
Mitchell Hutchins Asset Management Inc. or the applicable sub-adviser
deems qualified. Previously, the Portfolios were not authorized to
lend portfolio securities.
Strategic Fixed Income Portfolio
The following changes to the nonfundamental investment policies of
Strategic Fixed Income Portfolio (formerly Government Portfolio) became
effective on September 21, 1995.
Modifying Policy On U.S. Government Securities
The Portfolio is authorized to invest in U.S. government securities
but is not subject to specific percentage requirements. Previously,
the Portfolio was required to invest at least 65% of its assets in
U.S. government securities.
Adding Policy On Duration
The Portfolio can invest in fixed income securites with a
dollar-weighted average portfolio duration between three and eight
years. Previously, the Portfolio did not have a policy specifying the
duration of portfolio securities.
Modifying Policy On Foreign Securities
The Portfolio can invest in debt securities issued or guaranteed by
foreign governments, their agencies, instrumentalities, or political
subdivisions or by supranational organizations ("foreign government
securities"). Portfolio investments in securities denominated in
foreign currencies, however, are limited to 10% of the Portfolio's
assets. Combined Portfolio investments in Yankee bonds and Eurodollar
bonds can comprise another 10% of Portfolio assets. Previously,
Portfolio investments in foreign government securities were limited to
35% of the Portfolio's total assets and there were no specific
policies on securities denominated in foreign currencies, Yankee
bonds, or Eurodollar bonds.
<PAGE>
Permitting Investment In Additional Types Of Securities
The Portfolio can invest in corporate and other debt obligations,
convertible securities, non-government and mortgage backed securities,
asset backed securities, commercial paper, certificates of deposit,
money market instruments, foreign-currency exchange-related securities
and loan participations.
Modifying Policy on Debt Securities
The Portfolio may invest up to 20% of its total assets in securities
rated below investment grade but rated at least B by Standard & Poor's
("S&P") or Moody's Investors Service, Inc., ("Moody's"), assigned a
comparable rating by another nationally recognized statistical ratings
service ("NRSRO") or, if unrated, be determined by the sub-adviser to
be of comparable quality quality (commonly known as "junk bonds").
All other securities purchased for the Portfolio must be investment.
Previously, the Portfolio could invest in foreign government
securities only if they were rated within one of the two highest
grades by S&P or Moody's, assigned a comparable rating by another
NRSRO or, if unrated, determined by the Mitchell Hutchins to be of
comparable quality.
Modifying Policy On Illiquid Securities
Previously, the Portfolio could invest up to 10% of its net assets in
illiquid securities. Now the Portfolio may invest up to 15% of its
net assets in illiquid securities.
Balanced Portfolio
The following change to the nonfundamental investment policies of the
Balanced Portfolio (formerly the Asset Allocation Portfolio) became
effective on July 21, 1995.
Modifying Policy on Asset Allocation
Previously, the Portfolio could invest "in a combination of equity
securities, bonds and money market instruments." Now the Portfolio
can invest "primarily in a combination of equity securities,
investment grade debt obligations and money market instruments, based
on Mitchell Hutchins' assessment of the optimal allocation of the
Portfolio's assets."
Exhibit O
FORM 10f-3 FUND: PW Series Trust Growth
-----------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Anthony Indust. ANT #036798106
---------------------------------------------------------------
2. Date of Purchase: 5/25/95
-----------------------------------------------------
3. Date offering commenced: 5/25/95
----------------------------------------------
4. Underwriters from whom purchased: Salomon, AG Edwards, Smith Barney
-------------------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
Paine Webber
------------------------------------------------------------------------
6. Aggregate principal amount of purchase: $930,000.00
-------------------------------
7. Aggregate principal amount of offering: $62,000,000.00
-------------------------------
8. Purchase price (net of fees and expenses): $15.50
----------------------------
9. Initial public offering price: $15.50
-----------------------------------------
10. Commission, spread or profit: % $.465
------------- -----
<TABLE><CAPTION>
11. Have the following conditions been satisfied? YES NO
--- --
<S> <C> <C> <C> <C>
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 end 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: Ellen R. Harris Date: 9/5/95
--------------------- -----------------------
10/26/95
<PAGE>
FORM 10f-3 FUND: PW Series Trust Growth
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Railtex RTEX
---------------------------------------------------------------
2. Date of Purchase: 3/7/95
-----------------------------------------------------
3. Date offering commenced: 3/7/95
----------------------------------------------
4. Underwriters from whom purchased: Morgan Stanley & Werthiem
-------------------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
------------------------------------------------------------------------
6. Aggregate principal amount of purchase: $1,080,000.00
-------------------------------
7. Aggregate principal amount of offering: $51,960,000.00
-------------------------------
8. Purchase price (net of fees and expenses): $24.00
----------------------------
9. Initial public offering price: $24.00
----------------------------------------
10. Commission, spread or profit: % $.74
----------- ----
</TABLE>
<TABLE><CAPTION>
11. Have the following conditions been satisfied? YES NO
--- --
<S> <C> <C> <C> <C>
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 end 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: Ellen R. Harris Date: 9/9/95
--------------------------- ----------------------
10/26/95
<PAGE>
FORM 10f-3 FUND: PW Series Trust Growth
-----------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Act Manufacturing ACTM 000973107
---------------------------------------------------------------
2. Date of Purchase: 3/30/95
-----------------------------------------------------
3. Date offering commenced: 3/30/95
----------------------------------------------
4. Underwriters from whom purchased: Alex Brown, AG Edwards, Adams Harkness
-------------------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
------------------------------------------------------------------------
6. Aggregate principal amount of purchase: $60,000.00
-------------------------------
7. Aggregate principal amount of offering: $31,200,000.00
-------------------------------
8. Purchase price (net of fees and expenses): $12.00
----------------------------
9. Initial public offering price: $12.00
----------------------------------------
10. Commission, spread or profit: % $.48
------------- ----
</TABLE>
<TABLE><CAPTION>
11. Have the following conditions been satisfied? YES NO
--- --
<S> <C> <C> <C> <C>
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 end 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: Ellen R. Harris Date: 9/9/95
------------------------------- -----------------
10/26/95
<PAGE>
FORM 10f-3 FUND: PW Series Trust Growth
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Easco ESCO 27033e103
---------------------------------------------------------------
2. Date of Purchase: 4/13/95
-----------------------------------------------------
3. Date offering commenced: 4/13/95
----------------------------------------------
4. Underwriters from whom purchased: First Boston & Oppenheimer
-------------------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
------------------------------------------------------------------------
6. Aggregate principal amount of purchase: $700,000.00
-------------------------------
7. Aggregate principal amount of offering: $56,000,000.00
-------------------------------
8. Purchase price (net of fees and expenses): $14.00
----------------------------
9. Initial public offering price: $14.00
----------------------------------------
10. Commission, spread or profit: % $.58
------------ ----
</TABLE>
<TABLE><CAPTION>
11. Have the following conditions been satisfied? YES NO
--- --
<S> <C> <C> <C> <C>
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 end 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: Ellen R. Harris Date: 9/9/95
---------------------------- -------------
10/26/95
<PAGE>
FORM 10f-3 FUND: PW Series Trust Growth
---------------------------------------------------------
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Data Stream DSTM 238124101
---------------------------------------------------------------
2. Date of Purchase: 3/29/95
-----------------------------------------------------
3. Date offering commenced: 3/29/95
--------------------------------------------------
4. Underwriters from whom purchased: Robinson Humphrey & Raymond James
-------------------------------------
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
------------------------------------------------------------------------
6. Aggregate principal amount of purchase: $37,500.00
-------------------------------
7. Aggregate principal amount of offering: $21,000,000.00
-------------------------------
8. Purchase price (net of fees and expenses): $15.00
----------------------------
9. Initial public offering price: $15.00
----------------------------------------
10. Commission, spread or profit: % $.60
--------- ----
11. Have the following conditions been satisfied?
</TABLE>
<TABLE><CAPTION>
YES NO
--- --
<S> <C> <C> <C> <C>
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 end 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.
Approved: Ellen R. Harris Date: 9/9/95
------------------------------ ------------------
10/26/95
</TABLE>
