For period ending April 30, 2000
Exhibit No. 77 M
File number 811-6292
Effective as of the close of business on January 28,
2000 (the "Reorganization
Date"), PaineWebber Global Equity Fund, a series of
PaineWebber Investment
Trust (the "Fund"), acquired all of the assets and
assumed all of the liabilities of
Global Small Cap Fund Inc. ("GSG"). The acquisition
was accomplished by a
tax-free exchange of 5,257,445 Class A shares of the
Fund for 3,801,667 shares
of GSG outstanding on the Reorganization Date. GSG's
net assets at that date,
valued at $85,973,872, including net unrealized
appreciation of investments of
$35,296,466, were combined with those of the Fund.
This transaction was
approved by GSG shareholders at a Special Meeting of
Shareholders. Further
information regarding the circumstances and details of
the transaction is
incorporated herein in response to this sub-item by
reference to the definitive
Combined Proxy Statement and Prospectus dated November
19, 1999, filed with
the SEC on December 2, 1999. (Accession Number:
0000950117-99-002506;
SEC File No. 333-89253).
