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<PAGE> PAGE 5
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.85
<EXPENSE-RATIO> 2.32
[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> 0000873803
<NAME> PAINEWEBBER INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> PAINEWEBBER GLOBAL EQUITY CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 55331
<INVESTMENTS-AT-VALUE> 64210
<RECEIVABLES> 580
<ASSETS-OTHER> 1499
<OTHER-ITEMS-ASSETS> 34
<TOTAL-ASSETS> 66323
<PAYABLE-FOR-SECURITIES> 2501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7301
<TOTAL-LIABILITIES> 9802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42377
<SHARES-COMMON-STOCK> 3103
<SHARES-COMMON-PRIOR> 3076
<ACCUMULATED-NII-CURRENT> 64
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8925
<NET-ASSETS> 56521
<DIVIDEND-INCOME> 89
<INTEREST-INCOME> 463
<OTHER-INCOME> 0
<EXPENSES-NET> 488
<NET-INVESTMENT-INCOME> 64
<REALIZED-GAINS-CURRENT> 5686
<APPREC-INCREASE-CURRENT> 2588
<NET-CHANGE-FROM-OPS> 8338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131
<DISTRIBUTIONS-OF-GAINS> 2546
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 961
<NUMBER-OF-SHARES-REDEEMED> 1091
<SHARES-REINVESTED> 158
<NET-CHANGE-IN-ASSETS> 6047
<ACCUMULATED-NII-PRIOR> 52
<ACCUMULATED-GAINS-PRIOR> 1997
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 246
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488
<AVERAGE-NET-ASSETS> 55337
<PER-SHARE-NAV-BEGIN> 16.59
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.41
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.21
<EXPENSE-RATIO> 1.21
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
FORM 10f-3
Registered Domestic Securities
Fund: ___PaineWebber Global Equity Fund
____________________________________
1. Issuer:. Fox Entertainment
2. Date of Purchase: 11/10/98
3. Date offering commenced: 11/10/98
4. Underwriters from whom purchased: Merrill
Lynch
5. "Affiliated Underwriter" managing or participating
in syndicate: PaineWebber
6. Aggregate principal amount of purchase: $
270,000
7. Aggregate principal amount of offering: $
2,808,000,000
8. Purchase price (net of fees and expenses): $
22.50
9. Initial public offering price: $ 22.50
10. Commission, spread or profit: % $_0.55_________
11. Have the following conditions been satisfied?
YES
NO
a. The
securities are
part of an issue
registered
under the
Securities Act
of 1933 that is
being offered to
the public. __X__ _____
b. The
securities
were
purchased
prior to the
end of the
first day on
which any
sales are
made (of, 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
securities
were
purchased
at a price
not more
than the
price paid
by each
purchaser
in the
offering. _x ______
d. The underwriting was a firm commitment
underwriting. ___X___ ______
e. 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__ _______
f. The
issuer of
the
securitie
s and
any
predece
ssor
have
been in
continuo
us
operatio
n for not
less
than
three
years. ____x___ ________
g. T
he
amo
unt
of
such
secur
ities
purc
hase
d by
all of
the
inves
tmen
t
comp
anies
advis
ed by
Mitch
ell
Hutc
hins
(or
the
Fund
's
Sub-
Advis
er, if
appli
cable
) did
not
exce
ed
25%
of
the
princi
pal
amo
unt
of
the
offeri
ng.
____X___ ________
h. No Affiliated Underwriter was a direct or
indirect participant in or beneficiary
of the sale. ___X____ _______
Note: Refer to the Rule 10f-3 Procedures for the definitions of
the capitalized terms above. In particular, "Affiliated
Underwriter" is defined as Paine Webber Group Inc. and any
of its affiliates, including PaineWebber Incorporated. In the
cash of a fund advised by a Sub-Adviser, "Affiliated
Underwriter" shall also include any brokerage affiliate of the
Sub-Adviser.
Approved: Mark Tincher Date: 12/16/98
