<PAGE> PAGE 1
000 B000000 10/31/99
000 C000000 0000873803
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000 H000000 N
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001 C000000 2127133041
002 A000000 51 WEST 52ND STREET
002 B000000 NY
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C020100 PAINEWEBBER GLOBAL EQUITY FUND
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007 C010400 4
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010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INCORPORATED
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011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-0000
012 C01AA01 WILMINGTON
012 C02AA01 DE
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013 A00AA01 ERNST & YOUNG LLP
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<PAGE> PAGE 2
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INCORPORATED
014 B00AA01 8-16267
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 72
019 C00AA00 PAINEWEBBE
020 A000001 CS FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001 260
020 A000002 MERRILL LYNCH, PIERCE,FENNER SMITH INC.
020 B000002 13-5674085
020 C000002 157
020 A000003 MORGAN STANLEY & CO., INC
020 B000003 13-2655998
020 C000003 87
020 A000004 WARBURG
020 B000004 13-3340045
020 C000004 66
020 A000005 SALOMON SMITH BARNEY INC.
020 B000005 13-3082694
020 C000005 54
020 A000006 BRIDGE TRADING
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020 A000007 GOLDMAN SACHS
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020 A000009 DONALDSON, LUFKIN, & JENRETTE
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020 B000010 13-3224016
020 C000010 31
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022 A000001 STATE STREET BANK & TRUST
022 B000001 04-1867445
022 C000001 1780440
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<PAGE> PAGE 3
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022 B000004 13-2655998
022 C000004 315865
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022 A000005 WARBURG
022 B000005 13-3340045
022 C000005 283242
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022 C000006 270283
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022 B000008 13-3082694
022 C000008 68655
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022 C000009 43589
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026 F000000 N
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<PAGE> PAGE 4
060 A00AA00 Y
060 B00AA00 Y
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077 A000000 Y
077 B000000 Y
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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
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086 A020000 0
086 B010000 0
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086 C020000 0
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008 C000101 801-13219
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008 D020101 NY
008 D030101 10019
008 A000102 INVISTA CAPITAL MANAGEMENT INC.
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015 A000101 STATE STREET BANK & TRUST COMPANY
015 B000101 C
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<PAGE> PAGE 5
015 C030101 02171
015 E010101 X
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015 D010108 GERMANY
015 E040108 X
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015 D010109 FRANCE
015 E040109 X
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015 B000110 S
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015 D010110 PERU
015 E040110 X
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015 B000111 S
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015 D010111 SPAIN
<PAGE> PAGE 6
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015 A000112 EUROCLEAR
015 B000112 S
015 C010112 BRUSSELS
015 D010112 BELGIUM
015 E040112 X
015 A000113 DELETE
015 A000114 STANDARD CHARTERED BANK
015 B000114 S
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015 D010114 HONG KONG
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015 B000115 S
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015 D010115 INDONESIA
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015 A000116 BANQUE PARIBAS
015 B000116 S
015 C010116 MILAN
015 D010116 ITALY
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015 D010117 JAPAN
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015 B000119 S
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015 D010121 NETHERLANDS
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<PAGE> PAGE 7
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015 D010123 PAKISTAN
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015 C010124 MANILA
015 D010124 PHILIPPINES
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015 C010125 SINGAPORE
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015 A000130 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 8
015 A000133 BANK HAPOALIM
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015 C010133 TEL AVIV
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015 A000134 BANCO COMMERCIALE PORTUGEUS
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028 A010100 47971
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<PAGE> PAGE 9
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052 000100 N
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054 C000100 Y
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054 E000100 N
<PAGE> PAGE 10
054 F000100 N
054 G000100 Y
054 H000100 Y
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054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
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066 D000100 N
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066 F000100 N
066 G000100 N
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068 A000100 N
068 B000100 Y
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<PAGE> PAGE 11
070 D010100 Y
070 D020100 N
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070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
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070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
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<PAGE> PAGE 12
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<PAGE> PAGE 13
075 B000100 382861
076 000100 0.00
080 A000100 ICI MUTUAL INSURANCE CO.
080 C000100 50000
081 A000100 Y
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of Trustees
of
PaineWebber Global Equity Fund
In planning and performing our audit of
the financial
statements of PaineWebber Global Equity
Fund for
the year ended October 31, 1999, we
considered its
internal control, including control
activities 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 internal control.
The management of PaineWebber Global
Equity Fund
is responsible for establishing and
maintaining
internal control. In fulfilling this
responsibility,
estimates and judgments by management are
required
to assess the expected benefits and
related costs of
controls. Generally, controls that are
relevant to an
audit pertain to the entity objective of
preparing
financial statements for external purposes
that are
fairly presented in conformity with
generally accepted
accounting principles. Those controls
include the
safeguarding of assets against
unauthorized
acquisition, use or disposition.
Because of inherent limitations in
internal control,
error or fraud may occur and not be
detected. Also,
projection of any evaluation of internal
control 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 internal control
would not
necessarily disclose all matters in
internal control 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 one or
more of the internal control components
does not
reduce to a relatively low level the risk
that
misstatements caused by error or fraud 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
internal
control and its operation, including
controls for
safeguarding securities, that we consider
to be
material weaknesses as defined above at
October 31,
1999.
This report is intended solely for the
information and
use of management, the Board of Trustees
of
PaineWebber Global Equity Fund, and the
Securities
and Exchange Commission and is not
intended to be
and should not be used by anyone other
than these
specified parties.
ERNST & YOUNG LLP
December 17,1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
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<INVESTMENTS-AT-VALUE> 255895
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<INTEREST-INCOME> 685
<OTHER-INCOME> 0
<EXPENSES-NET> 4365
<NET-INVESTMENT-INCOME> 819
<REALIZED-GAINS-CURRENT> 33853
<APPREC-INCREASE-CURRENT> 4643
<NET-CHANGE-FROM-OPS> 39315
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 270
<DISTRIBUTIONS-OF-GAINS> 11887
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<NUMBER-OF-SHARES-SOLD> 28421
<NUMBER-OF-SHARES-REDEEMED> 32560
<SHARES-REINVESTED> 697
<NET-CHANGE-IN-ASSETS> (34516)
<ACCUMULATED-NII-PRIOR> 254
<ACCUMULATED-GAINS-PRIOR> 9848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4368
<AVERAGE-NET-ASSETS> 245823
<PER-SHARE-NAV-BEGIN> 16.27
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.90
<EXPENSE-RATIO> 1.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 26036
<INVESTMENTS-AT-VALUE> 29831
<RECEIVABLES> 1781
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<OTHER-ITEMS-ASSETS> 17
<TOTAL-ASSETS> 31936
<PAYABLE-FOR-SECURITIES> 86
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4415
<TOTAL-LIABILITIES> 4501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19737
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<SHARES-COMMON-PRIOR> 3415
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 13
<ACCUMULATED-NET-GAINS> 3769
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3942
<NET-ASSETS> 27435
<DIVIDEND-INCOME> 524
<INTEREST-INCOME> 80
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<EXPENSES-NET> 509
<NET-INVESTMENT-INCOME> 95
<REALIZED-GAINS-CURRENT> 3947
<APPREC-INCREASE-CURRENT> 541
<NET-CHANGE-FROM-OPS> 4583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2647
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123
<NUMBER-OF-SHARES-REDEEMED> 869
<SHARES-REINVESTED> 158
<NET-CHANGE-IN-ASSETS> (7848)
<ACCUMULATED-NII-PRIOR> 53
<ACCUMULATED-GAINS-PRIOR> 2063
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 256
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 509
<AVERAGE-NET-ASSETS> 43212
<PER-SHARE-NAV-BEGIN> 15.43
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.81
<EXPENSE-RATIO> 2.42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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