<PAGE> PAGE 1
000 B000000 10/31/96
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002 C000000 NY
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC INC.
012 B00AA01 84-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 BROWN BROTHER HARRIMAN & CO.
<PAGE> PAGE 2
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
015 A00AA02 CITIBANK N.A. BUENOS AIRES
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LTD
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 CREDITANSTALT BANKVEREIN'
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
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015 B00AA06 S
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015 D01AA06 BELGIUM
015 E04AA06 X
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015 C01AA07 BOTSWANA
015 D01AA07 AFRICA
015 E04AA07 X
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015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA09 S
015 C01AA09 MONTREAL
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
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<PAGE> PAGE 3
015 B00AA11 S
015 C01AA11 SHANGAI
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 STANDARD CHARTERED BANK
015 B00AA12 S
015 C01AA12 SHENZHEN
015 D01AA12 CHINA
015 E04AA12 X
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015 B00AA13 S
015 C01AA13 BOGATA
015 D01AA13 COLOMBIA
015 E04AA13 X
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015 B00AA14 S
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015 D01AA14 CZECHOSLOVKIA
015 E04AA14 X
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015 E04AA15 X
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015 E04AA16 X
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015 E04AA17 X
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015 B00AA18 S
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015 B00AA20 S
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<PAGE> PAGE 4
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015 D01AA21 GREECE
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015 D01AA22 HONG KONG
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015 B00AA23 S
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015 E04AA24 X
015 A00AA25 CITIBANK N.A.
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015 D01AA25 INDONESIA
015 E04AA25 X
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015 B00AA26 S
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015 E04AA26 X
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015 B00AA27 S
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015 D01AA29 JAPAN
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015 B00AA30 S
015 C01AA30 KENYA
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<PAGE> PAGE 5
015 D01AA31 KOREA
015 E04AA31 X
015 A00AA32 CITIBANK MEXICO, S.A.
015 B00AA32 S
015 C01AA32 MEXICO CITY
015 D01AA32 MEXICO
015 E04AA32 X
015 A00AA33 HONG KONG BANK MALAYSIA BERHAD
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015 D01AA33 MALAYSIA
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015 B00AA37 S
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015 E04AA37 X
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<PAGE> PAGE 6
015 E04AA41 X
015 A00AA42 CITIBANK, N.A.
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015 E04AA46 X
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<PAGE> PAGE 7
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015 D01AA53 SRILANKA
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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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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> PAINEWEBBER INVESTMENT SERIES
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<NAME> GLOBAL INCOME FUND A
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000808424
<NAME> PAINEWEBBER INVESTMENT SERIES
<SERIES>
<NUMBER> 1
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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December 23, 1996
To the Board of Directors of
PaineWebber Global Income Fund
In planning and performing our audit of the financial statements of
PaineWebber Global Income Fund (the "Fund") for the year ended
October 31, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and 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 appropriately 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 may 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 October 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
