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                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549


                                  SCHEDULE 13G

                  UNDER THE SECURITIES AND EXCHANGE ACT OF 1934

                               (AMENDMENT NO. 1 )

                              WABASH NATIONAL CORP.
                                (NAME OF ISSUER)

                                  COMMON STOCK
                         (TITLE OF CLASS OF SECURITIES)

                                    929566107
                                 (CUSIP NUMBER)


(1)   Name of Reporting Persons                    PaineWebber Group Inc.
      S.S. or I.R.S. Identification                13-2760086
      Nos. of Above Persons

(2)   Check the Appropriate Box if a Member of     (a)
      Group                                        (b)   X
      (See Instructions)

(3)   SEC Use Only

                                                                               
(4)   Citizenship of Place of Organization         State of Delaware
      Number of Shares Beneficially Owned by       (5)  Sole Voting Power            371,400
      Reporting Person With                        (6)  Shared Voting Power                0
                                                   (7)  Sole Dispositive                   0
                                                   (8)  Shared Dispositive Power     371,400



(9)   Aggregate Amount Beneficially Owned by             371,400
      Each Reporting Person

(10)  Check if the Aggregate Amount in Row 9
      Excludes Certain Shares (See
      Instructions)

(11)  Percent of Class Represented by Amount                1.9%
      in Row 9

(12)  Type of Reporting Person (See                         CO, HC
      Instructions)
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Item 1 (a)  Name of Issuer
            WABASH NATIONAL CORP.


Item 1 (b)  Address of Issuer's Principal Executive Offices
            1000 Sagamore Parkway South
            Lafayette, IN 47905

Item 2 (a)  Name of Person Filing

            PaineWebber Group Inc.

Item 2 (b)  Address of Principal Business office:

            1285 Avenue of the Americas
            New York, N.Y. 10019-6028

Item 2 (c)  Citizenship:

            State of Delaware

Item 2 (d)  Title of Class of Securities.
            COMMON STOCK


Item 2 (e)  CUSIP Number.
            929566107

Item 3      The person filing this statement pursuant to Rule 13-1 (b) or
            13-d-2 is:
            (g)   Parent Holding Company, in accordance with 240.13d-1(b) ii(g)

Item 4      Ownership
(a)         Amount Beneficially
            Owned                                                     371,400
(b)         Percent of
            Class
            1.9%
(c)         Number of shares as to which such person has:
            (i)   sole power to vote or to direct the
            vote                          371,400
            (ii)  shared power to vote or to direct the
            vote                      0
            (iii) sole power to dispose or to direct the disposition of      0
            (iv)  shared power to dispose or to direct the disposition of
            371,400
Item 5      Ownership of Five Percent or Less of a Class.

                        |X|

Item 6      Ownership of More than Five Percent on Behalf of Another Person

            Inapplicable
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Item 7      Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported on by the Parent Holding Company
                                MHAM-        371,400

            Mitchell Hutchins Institutional Investors Inc. ("MHII") and
            Financial Counselors, Inc. ("FCI") are wholly-owned subsidiaries
            of Mitchell Hutchins Asset Management Inc. ("MHAM"), which in turn
            is a wholly-owned subsidiary of PaineWebber Incorporated ("PWI"),
            which is in turn a wholly-owned subsidiary of PaineWebber Group
            Inc. ("PWG").  PWG is a parent holding company as that term is
            defined by Rule 13d-1(b) (1) (ii) (G) of the Securities Exchange
            Act of 1934 (the "Act").  PWI and MHAM are broker-dealers
            registered under Section 15 of the Act.  PWI, MHAM, and FCI are
            investment advisers registered under Section 203 of the Investment
            Advisers Act of 1940.

Item 8      Identification and Classification of Members of the Group

            Inapplicable

Item 9      Notice of Dissolution of the Group.

            Inapplicable

Item 10     Certification

            By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transactions having
such purposes or effect.

            After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.


                                  Date:            February 12, 1998
                                        ----------------------------------------


                             Signature: /s/ Regina Dolan
                                        ----------------------------------------

                        Name and Title:              Regina Dolan
                                          Vice President and Chief Financial
                                                        Officer