<PAGE> PAGE 1
000 B000000 08/31/96
000 C000000 0000873803
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PAINEWEBBER INVESTMENT TRUST
001 B000000 811-6292
001 C000000 2127132000
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NY
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 PAINEWEBBER GLOBAL EQUITY FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 PAINEWEBBER TACTICAL ALLOCATION FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 MITCHELL HUTCHINS ASSET MANAGEMENT INC
010 B00AA01 13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INCORPORATED
011 B00AA01 8-16267
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-0000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
<PAGE> PAGE 2
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INCORPORATED
014 B00AA01 8-16267
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 66
019 C00AA00 PAINEWEBBE
020 A000001 GOLDMAN SACHS
020 B000001 13-5108880
020 C000001 219
020 A000002 CREDIT LYONAISE
020 B000002 00-0000000
020 C000002 122
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 92
020 A000004 BARCLAYS DE ZOETE WEDD
020 B000004 13-3551367
020 C000004 79
020 A000005 JP MORGAN
020 B000005 13-3224016
020 C000005 69
020 A000006 ROBERT FLEMING
020 B000006 13-3298866
020 C000006 68
020 A000007 WARBURG, S.G. & COMPANY
020 B000007 13-3340045
020 C000007 63
020 A000008 SMITH BARNEY
020 B000008 13-1912900
020 C000008 60
020 A000009 CROSBY SECURITIESA
020 B000009 13-3431728
020 C000009 40
020 A000010 KANKAKU SECURITIES
020 B000010 13-2882682
020 C000010 40
021 000000 1514
022 A000001 STATE STREET BANK & TRUST
022 B000001 04-1867445
022 C000001 2950975
022 D000001 0
022 A000002 MORGAN STANLEY AND CO, INC
022 B000002 13-2655998
022 C000002 42962
022 D000002 0
022 A000003 CS FIRST BOSTON
022 B000003 13-5659485
<PAGE> PAGE 3
022 C000003 22963
022 D000003 0
022 A000004 MERGER
022 B000004 00-0000000
022 C000004 7718
022 D000004 8116
022 A000005 SMITH BARNEY INC
022 B000005 13-1912900
022 C000005 10851
022 D000005 264
022 A000006 CHASE SECURITIES
022 B000006 13-3112953
022 C000006 9972
022 D000006 0
022 A000007 SALOMAN BROTHERS
022 B000007 13-3082694
022 C000007 7573
022 D000007 0
022 A000008 FIRST CHICAGO CAPITAL CORP
022 B000008 36-3595942
022 C000008 7099
022 D000008 0
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 3209
022 D000009 3121
022 A000010 SSGA INTERNAL SWAP
022 B000010 00-0000000
022 C000010 0
022 D000010 5937
023 C000000 3082361
023 D000000 29631
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
<PAGE> PAGE 4
055 A00AA00 Y
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 GE INVESTMENT MANAGEMENT, INC.
008 B000101 A
008 C000101 801-31947
008 D010101 STAMFORD
008 D020101 CT
<PAGE> PAGE 5
008 D030101 06904
015 A000101 STATE STREET BANK & TRUST COMPANY
015 B000101 C
015 C010101 NORTH QUINCY
015 C020101 MA
015 C030101 02171
015 E010101 X
015 A000102 CITIBANK N.A., BUENOS AIRES
015 B000102 S
015 C010102 BUENOS AIRES
015 D010102 ARGENTINA
015 E040102 X
015 A000103 GIROCREDIT BANK
015 B000103 S
015 C010103 VIENNA
015 D010103 AUSTRIA
015 E040103 X
015 A000104 WESTPAC BANKING CORP
015 B000104 S
015 C010104 SYDNEY
015 D010104 AUSTRALIA
015 E040104 X
015 A000105 CITIBANK, N.A. SAO PAULO
015 B000105 S
015 C010105 SAO PAULO
015 D010105 BRAZIL
015 E040105 X
015 A000106 CANADIAN TRUST COMPANY
015 B000106 S
015 C010106 TORONTO
015 D010106 CANADA
015 E040106 X
015 A000107 UNION BANK OF SWITZERLAND
015 B000107 S
015 C010107 ZURICH
015 D010107 SWITZERLAND
015 E040107 X
015 A000108 BHF BANK
015 B000108 S
015 C010108 FRANKFURT
015 D010108 GERMANY
015 E040108 X
015 A000109 DEN DANSKE BANK
015 B000109 S
015 C010109 COPENHAGEN
015 D010109 DENMARK
015 E040109 X
015 A000110 BANCO CENTRAL HISPANO AMERICANO
015 B000110 S
015 C010110 MADRID
015 D010110 SPAIN
<PAGE> PAGE 6
015 E040110 X
015 A000111 BANCO SANTANDER
015 B000111 S
015 C010111 MADRID
015 D010111 SPAIN
015 E040111 X
015 A000112 EUROCLEAR
015 B000112 S
015 C010112 BRUSSELS
015 D010112 BELGIUM
015 E040112 X
015 A000113 KANSALLIS-OSAKE-PANKKI
015 B000113 S
015 C010113 HELSINKI
015 D010113 FINLAND
015 E040113 X
015 A000114 STANDARD CHARTERED BANK
015 B000114 S
015 C010114 HONG KONG
015 D010114 HONG KONG
015 E040114 X
015 A000115 STANDARD CHARTERED BANK
015 B000115 S
015 C010115 JAKARTA
015 D010115 INDONESIA
015 E040115 X
015 A000116 MORGAN GUARANTY TRUST COMPANY, MILAN
015 B000116 S
015 C010116 MILAN
015 D010116 ITALY
015 E040116 X
015 A000117 SUMITOMO TRUST & BANKING COMPANY
015 B000117 S
015 C010117 TOKYO
015 D010117 JAPAN
015 E040117 X
015 A000118 STATE STREET BANK & TRUST, LONDON
015 B000118 S
015 C010118 LONDON
015 D010118 UNITED KINGDOM
015 E040118 X
015 A000119 CITIBANK N.A.
015 B000119 S
015 C010119 MEXICO CITY
015 D010119 MEXICO
015 E040119 X
015 A000120 STANDARD CHARTERED BANK, KAULA LUMPUR
015 B000120 S
015 C010120 KAULA LUMPAR
015 D010120 MALAYSIA
015 E040120 X
<PAGE> PAGE 7
015 A000121 MEESPIERSON NV
015 B000121 S
015 C010121 AMSTERDAM
015 D010121 NETHERLANDS
015 E040121 X
015 A000122 CHRISTIANIA BANK OG KREDITKASSE
015 B000122 S
015 C010122 OSLO
015 D010122 NORWAY
015 E040122 X
015 A000123 ANZ BANKING GROUP, LTD
015 B000123 S
015 C010123 WELLINGTON
015 D010123 NEW ZEALAND
015 E040123 X
015 A000124 STANDARD CHARTERED BANK, MANILA
015 B000124 S
015 C010124 MANILA
015 D010124 PHILIPPINES
015 E040124 X
015 A000125 DBS BANK
015 B000125 S
015 C010125 SINGAPORE
015 D010125 SINGAPORE
015 E040125 X
015 A000126 STANDARD CHARTERED BANK, BANGKOK
015 B000126 S
015 C010126 BANGKOK
015 D010126 THAILAND
015 E040126 X
015 A000127 CITIBANK N.A., ISTANBUL
015 B000127 S
015 C010127 ISTANBUL
015 D010127 TURKEY
015 E040127 X
015 A000128 OTTOMAN BANK
015 B000128 S
015 C010128 ISTANBUL
015 D010128 TURKEY
015 E040128 X
015 A000129 STANDARD BANK OF SOUTH AFRICA
015 B000129 S
015 C010129 JOHANNESBURG
015 D010129 SOUTH AFRICA
015 E040129 X
015 A000130 SKANDINAVISKA ENSKILDA BANKEN
015 B000130 S
015 C010130 STOCKHOLM
015 D010130 SWEDEN
015 E040130 X
028 A010100 9405
<PAGE> PAGE 8
028 A020100 0
028 A030100 0
028 A040100 19188
028 B010100 15975
028 B020100 0
028 B030100 0
028 B040100 30755
028 C010100 12654
028 C020100 0
028 C030100 0
028 C040100 21783
028 D010100 15075
028 D020100 0
028 D030100 0
028 D040100 22971
028 E010100 16188
028 E020100 0
028 E030100 0
028 E040100 24375
028 F010100 17178
028 F020100 0
028 F030100 0
028 F040100 27044
028 G010100 86475
028 G020100 0
028 G030100 0
028 G040100 146116
028 H000100 56200
029 000100 Y
030 A000100 230
030 B000100 4.50
030 C000100 0.00
031 A000100 220
031 B000100 0
032 000100 0
033 000100 10
034 000100 Y
035 000100 607
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
<PAGE> PAGE 9
042 G000100 0
042 H000100 100
043 000100 2814
044 000100 0
045 000100 Y
046 000100 Y
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 0.850
048 B010100 500000
048 B020100 0.830
048 C010100 500000
048 C020100 0.805
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
062 A000100 N
<PAGE> PAGE 10
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
<PAGE> PAGE 11
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 191440
071 B000100 309980
071 C000100 575156
071 D000100 33
072 A000100 12
072 B000100 601
072 C000100 8722
072 D000100 0
072 E000100 0
072 F000100 4991
072 G000100 0
072 H000100 0
072 I000100 790
072 J000100 645
072 K000100 194
072 L000100 200
072 M000100 16
072 N000100 59
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 50
072 S000100 85
072 T000100 2814
072 U000100 65
072 V000100 0
072 W000100 159
072 X000100 10068
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072 Z000100 -745
072AA000100 40977
072BB000100 0
072CC010100 4427
072CC020100 0
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<PAGE> PAGE 12
072EE000100 20882
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.5743
073 C000100 0.0000
074 A000100 201
074 B000100 0
074 C000100 30073
074 D000100 0
074 E000100 21524
074 F000100 521717
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074 K000100 0
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074 M000100 223
074 N000100 575347
074 O000100 3359
074 P000100 620
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 24594
074 S000100 0
074 T000100 546774
074 U010100 18160
074 U020100 14636
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 48449
074 Y000100 0
075 A000100 0
075 B000100 588656
076 000100 0.00
008 A000301 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000301 A
008 C000301 801-13219
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10019
015 A000301 STATE STREET BANK & TRUST COMPANY
015 B000301 C
015 C010301 NORTH QUINCY
015 C020301 MA
015 C030301 02171
015 E010301 X
028 A010300 9943
<PAGE> PAGE 13
028 A020300 0
028 A030300 0
028 A040300 1228
028 B010300 13943
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028 B030300 0
028 B040300 3114
028 C010300 12002
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028 C040300 4296
028 D010300 16422
028 D020300 0
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028 D040300 2240
028 E010300 12154
028 E020300 0
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028 E040300 2063
028 F010300 19313
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028 F040300 5459
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028 G040300 18400
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029 000300 Y
030 A000300 474
030 B000300 4.50
030 C000300 0.00
031 A000300 289
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032 000300 0
033 000300 185
034 000300 Y
035 000300 7
036 A000300 N
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037 000300 N
038 000300 0
039 000300 N
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041 000300 Y
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<PAGE> PAGE 14
042 G000300 0
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043 000300 659
044 000300 0
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048 B020300 0.450
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050 000300 N
051 000300 N
052 000300 N
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054 D000300 N
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<PAGE> PAGE 15
062 B000300 0.0
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066 A000300 Y
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066 E000300 N
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070 E020300 N
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<PAGE> PAGE 16
070 K020300 N
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<PAGE> PAGE 17
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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
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER GLOBLA EQUITY FUND A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,075
<TOTAL-LIABILITIES> 15,950
<SENIOR-EQUITY> 0
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<ACCUMULATED-NII-CURRENT> (295)
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<ACCUMULATED-NET-GAINS> (1,284)
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<OTHER-INCOME> 0
<EXPENSES-NET> 5,620
<NET-INVESTMENT-INCOME> (416)
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<NET-CHANGE-FROM-OPS> 24,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 11,751
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,773
<NUMBER-OF-SHARES-REDEEMED> (8,830)
<SHARES-REINVESTED> 708
<NET-CHANGE-IN-ASSETS> (69,816)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11,754)
<OVERDISTRIB-NII-PRIOR> 246
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<EXPENSE-RATIO> 1.48
<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
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER GLOBAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 108,767
<INVESTMENTS-AT-VALUE> 118,732
<RECEIVABLES> 333
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 696
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,905
<SHARES-COMMON-STOCK> 6,925
<SHARES-COMMON-PRIOR> 9,032
<ACCUMULATED-NII-CURRENT> (109)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (476)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 113,235
<DIVIDEND-INCOME> 1,806
<INTEREST-INCOME> 125
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<EXPENSES-NET> 2,085
<NET-INVESTMENT-INCOME> (154)
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<NET-CHANGE-FROM-OPS> 9,249
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<NUMBER-OF-SHARES-SOLD> 996
<NUMBER-OF-SHARES-REDEEMED> (3,236)
<SHARES-REINVESTED> 271
<NET-CHANGE-IN-ASSETS> (33,771)
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NII> (0.12)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER GLOBAL EQUITY FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER GLOBAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
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<INVESTMENTS-AT-VALUE> 64,732
<RECEIVABLES> 182
<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,962
<PAYABLE-FOR-SECURITIES> 379
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,649
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<SHARES-COMMON-PRIOR> 3,523
<ACCUMULATED-NII-CURRENT> (60)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (259)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 61,736
<DIVIDEND-INCOME> 985
<INTEREST-INCOME> 68
<OTHER-INCOME> 0
<EXPENSES-NET> 1,137
<NET-INVESTMENT-INCOME> (84)
<REALIZED-GAINS-CURRENT> 4,627
<APPREC-INCREASE-CURRENT> 500
<NET-CHANGE-FROM-OPS> 5,043
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<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 519
<NUMBER-OF-SHARES-REDEEMED> (526)
<SHARES-REINVESTED> 122
<NET-CHANGE-IN-ASSETS> 1,792
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000873803
<NAME> PAINEWEBBER INVESTMENT TRUST
<SERIES>
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<NAME> TACTICAL ALLOCATION FUND CLASS A
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000873803
<NAME> PAINEWEBBER INVESTMENT TRUST
<SERIES>
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<NAME> TACTICAL ALLOCATION FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
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<ACCUM-APPREC-OR-DEPREC> 3432
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<OTHER-INCOME> 0
<EXPENSES-NET> (218)
<NET-INVESTMENT-INCOME> 164
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<APPREC-INCREASE-CURRENT> 1476
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<NUMBER-OF-SHARES-REDEEMED> (139)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000873803
<NAME> PAINEWEBBER INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> TACTICAL ALLOCATION CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1996
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<INVESTMENTS-AT-VALUE> 73890
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<ACCUMULATED-NET-GAINS> 215
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8869
<NET-ASSETS> 73630
<DIVIDEND-INCOME> 972
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> (978)
<NET-INVESTMENT-INCOME> 9
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> 3814
<NET-CHANGE-FROM-OPS> 4163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (232)
<DISTRIBUTIONS-OF-GAINS> (3334)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1801
<NUMBER-OF-SHARES-REDEEMED> (700)
<SHARES-REINVESTED> 233
<NET-CHANGE-IN-ASSETS> 44220
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3144
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</TABLE>
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<CIK> 0000873803
<NAME> PAINEWEBBER INVESTMENT TRUST
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<MULTIPLIER> 1000
<S> <C>
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<PAID-IN-CAPITAL-COMMON> 11214
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<ACCUMULATED-NII-CURRENT> 10
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1542
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<OTHER-INCOME> 0
<EXPENSES-NET> (70)
<NET-INVESTMENT-INCOME> 102
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<APPREC-INCREASE-CURRENT> 663
<NET-CHANGE-FROM-OPS> 824
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<DISTRIBUTIONS-OF-GAINS> (172)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (54)
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 8111
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 164
<OVERDISTRIB-NII-PRIOR> (3)
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<GROSS-EXPENSE> 70
<AVERAGE-NET-ASSETS> 8425
<PER-SHARE-NAV-BEGIN> 14.88
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.24
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (1.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.20
<EXPENSE-RATIO> 0.95
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</TABLE>
Board of Trustees
PaineWebber Global Equity Fund
In planning and performing our audit of the financial statements of
PaineWebber Global Equity Fund for the year ended August 31, 1996,
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 PaineWebber Global Equity 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 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 August 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 17, 1996
Board of Trustees
PaineWebber Tactical Allocation Fund
In planning and performing our audit of the financial statements of
PaineWebber Tactical Allocation Fund for the year ended August 31, 1996,
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 PaineWebber Tactical Allocation 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 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 August 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 17, 1996
For period ending August 31, 1996 Attachment 77
File Number 811-6292
PaineWebber Investment Trust - Global Equity Fund
A special meeting of shareholders was held on April 15, 1996, at
which the following proposals were approved:
To vote for or against the following changes to the Fund's fundamental
investment restrictions and policies (the enumeration below follows
that used in the related proxy statement):
1. Modification of Fundamental Restriction on Portfolio Diversification for
Diversified Funds
2. Modification of Fundamental Restriction on Concentration
3. Modification of Fundamental Restriction on Senior Securities and
Borrowing
4. Modification of Fundamental Restriction on Making Loans
5. Modification of Fundamental Restriction on Underwriting Securities
6. Modification of Fundamental Restriction on Real Estate Investments
7. Modification of Fundamental Restriction on Investing in Commodities
8. Elimination of Fundamental Restriction on Margin Transactions
9. Elimination of Fundamental Restriction on Short Sales
For each of the above proposals, the votes were as follows:
Shares Voted For
Shares Against
Shares Abstain
17,673,371
249,336
1,162,571
In addition to the item noted above, the Fund's shareholders elected
board members. Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR,
it is not necessary to provide in this exhibit details concerning
shareholder action on this proposal since there were no solicitations
in opposition to the registrant's nominees and all of the nominees were
elected.
A more complete description of the proposal referred to above is hereby
incorporated by reference to the Fund's proxy materials dated February 28, 1996
relating to the Special Meeting of Shareholders. These Schedule 14A materials
were filed with the Securities and Exchange Commission via EDGAR on
February 28, 1996; the accession code number was 0000950112-96-000634.
For period ending August 31, 1996 Attachment 77C
File Number 811-6292
PaineWebber Investment Trust - Tactical Allocation Fund
A special meeting of shareholders was held on April 15, 1996,
at which the following proposals were approved:
To vote for or against the following
changes to the Fund's fundamental
investment restrictions and policies
(the enumeration below follows that
used in the related proxy statement): Shares Voted Shares Voted Shares
For Against Abstain
1. Modification of Fundamental
Restriction on Portfolio
Diversification for Diversified
Funds 2,146,364 59,896 61,352
2. Modification of Fundamental
Restriction on Concentration 2,146,364 2,146,364 61,352
3. Modification of Fundamental
Restriction on Senior Securities
and Borrowing 2,146,364 2,146,364 61,352
4. Modification of Fundamental
Restriction on Making Loans 2,146,364 2,146,364 61,352
5. Modification of Fundamental
Restriction on Underwriting
Securities 2,146,364 2,146,364 61,352
6. Modification of Fundamental
Restriction on Real Estate
Investments 2,146,364 2,146,364 61,352
7. Modification of Fundamental
Restriction on Investing in
Commodities 2,146,364 2,146,364 61,352
8. Elimination of Fundamental
Restriction on Margin
Transactions 2,146,364 2,146,364 61,352
9. Elimination of Fundamental
Restriction on Short Sales 2,146,364 2,146,364 61,352
In addition to the item noted above, the Fund s shareholders elected
board members. Pursuant to Instruction 2 of SubItem 77C of Form N-SAR,
it is not necessary to provide in this exhibit details concerning shareholder
action on this proposal since there were no solicitations in opposition to
the registrant's nominees and all of the nominees were elected.
A more complete description of the proposal referred to above is hereby
incorporated by reference to the Fund's proxy materials dated February 28, 1996
relating to the Special Meeting of Shareholders. These Schedule 14A
materials were filed with the Securities and Exchange Commission via EDGAR on
February 28, 1996; the accession code number was 0000950112-96-000634.
