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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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048 J010400 0
<PAGE> PAGE 21
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 Y
054 M000400 Y
054 N000400 N
054 O000400 Y
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 N
067 000400 Y
068 A000400 N
068 B000400 N
<PAGE> PAGE 22
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 18280
071 B000400 36467
071 C000400 60099
071 D000400 30
072 A000400 12
072 B000400 2168
072 C000400 1951
072 D000400 0
072 E000400 0
072 F000400 437
072 G000400 0
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<PAGE> PAGE 23
072 K000400 13
072 L000400 50
072 M000400 6
072 N000400 58
072 O000400 0
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072 Q000400 0
072 R000400 21
072 S000400 28
072 T000400 539
072 U000400 28
072 V000400 0
072 W000400 3
072 X000400 1307
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072 Z000400 2812
072AA000400 0
072BB000400 248
072CC010400 10159
072CC020400 0
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072DD020400 2198
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
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074 A000400 274
074 B000400 415
074 C000400 0
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074 E000400 0
074 F000400 34523
074 G000400 0
074 H000400 0
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074 J000400 7866
074 K000400 0
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074 M000400 110
074 N000400 62582
074 O000400 1681
074 P000400 80
074 Q000400 0
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074 R040400 295
074 S000400 0
074 T000400 60526
074 U010400 1100
<PAGE> PAGE 24
074 U020400 5095
074 V010400 9.77
074 V020400 9.77
074 W000400 0.0000
074 X000400 5538
074 Y000400 0
075 A000400 0
075 B000400 62373
076 000400 0.00
028 A010500 5299
028 A020500 854
028 A030500 0
028 A040500 15499
028 B010500 643
028 B020500 840
028 B030500 0
028 B040500 10592
028 C010500 1179
028 C020500 758
028 C030500 0
028 C040500 16006
028 D010500 779
028 D020500 786
028 D030500 0
028 D040500 12467
028 E010500 24601
028 E020500 790
028 E030500 0
028 E040500 17213
028 F010500 756
028 F020500 793
028 F030500 0
028 F040500 10932
028 G010500 33257
028 G020500 4821
028 G030500 0
028 G040500 82709
028 H000500 7851
029 000500 Y
030 A000500 6
030 B000500 3.00
030 C000500 0.00
031 A000500 4
031 B000500 0
032 000500 0
033 000500 2
034 000500 Y
035 000500 74
036 A000500 Y
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037 000500 N
<PAGE> PAGE 25
038 000500 0
039 000500 Y
040 000500 Y
041 000500 Y
042 A000500 0
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042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 100
043 000500 2095
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
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048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
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048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
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054 F000500 N
<PAGE> PAGE 26
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.6
062 D000500 1.3
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 8.3
062 J000500 0.0
062 K000500 0.0
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062 M000500 1.6
062 N000500 88.5
062 O000500 0.0
062 P000500 25.8
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 1.9
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
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070 D020500 N
070 E010500 Y
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070 F010500 N
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<PAGE> PAGE 27
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 N
070 J020500 N
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070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 Y
070 O020500 Y
070 P010500 N
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070 Q020500 Y
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071 A000500 954904
071 B000500 1023216
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072 A000500 12
072 B000500 25761
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<PAGE> PAGE 28
072 Y000500 0
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028 A010600 0
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<PAGE> PAGE 29
028 B020600 0
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028 G020600 2
028 G030600 0
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028 H000600 0
029 000600 N
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031 A000600 0
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032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
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039 000600 N
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<PAGE> PAGE 30
046 000600 N
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049 000600 N
050 000600 N
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052 000600 N
053 A000600 N
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054 H000600 N
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056 000600 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
028 E040700 0
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SIGNATURE JULIAN SLUYTERS
TITLE VICEPRESIDENT
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FOR LOW DURATION FUND
For filing period ended November 30, 1995 Exhibit 77M
File number 811-4040
The Combined Proxy Statement and Prospectus (the "Proxy Statement") included in
the Registrant's Registration Statement on Form N-14 filed with the Securities
and Exchange Commission through EDGAR on September 19, 1995, (Accession No. :
0000889812-95-000519), is incorporated herein by reference in response to this
Sub-Item. The transaction described in the Proxy Statement was consummated on
October 20, 1995. Pursuant to state law, no vote of the Registrant's
shareholders was required. Actions required by applicable state law, such as the
registration of additional shares of the Registrant under certain Blue Sky laws,
either have been or will be effected in accordance with such laws. Another
registered investment company party to the transaction, Mitchell
Hutchins/Kidder, Peabody Adjustable Rate Government Fund, described in the Proxy
Statement was a series of Mitchell Hutchins/Kidder, Peabody Investment Trust,
the other series or portfolios of which continue to exist; therefore, Mitchell
Hutchins/Kidder, Peabody Investment Trust, does not intend to deregister with
the Commission pursuant to the Investment Company Act of 1940, as amended.
<PAGE>
FOR U.S. GOVERNMENT INCOME FUND
For filing period ended November 30, 1995 Exhibit 77M
File number 811-4040
The Combined Proxy Statement and Prospectus (the "Proxy Statement") included in
the Registrant's Registration Statement on Form N-14 filed with the Securities
and Exchange Commission through EDGAR on September 20, 1995 (Accession No. :
0000950136-95-000305), is incorporated herein by reference in response to this
Sub-Item. The transaction described in the Proxy Statement was consummated on
October 20, 1995. Pursuant to state law, no vote of the Registrant's
shareholders was required. Actions required by applicable state law, such as the
registration of additional shares of the Registrant under certain Blue Sky laws,
either have been or will be effected in accordance with such laws. Another
registered investment company party to the transaction, Mitchell
Hutchins/Kidder, Peabody Government Income Fund Inc., described in the Proxy
Statement intends to deregister with the Commission under the Investment Company
Act of 1940, as amended ("1940 Act"). Another registered investment company
party to the transaction, Mitchell Hutchins/Kidder, Peabody Intermediate Fixed
Income Fund, described in the Proxy Statement was a series of Mitchell
Hutchins/Kidder, Peabody Investment Trust;, the other series or portfolios of
which continue to exist; therefore, Mitchell Hutchins/Kidder, Peabody Investment
Trust, does not intend to deregister with the Commission pursuant to the
Investment Company Act of 1940, as amended.
The Board of Trustees and Shareholders
PaineWebber Managed Investments Trust (comprising, respectively,
PaineWebber U.S. Government Income Fund, PaineWebber
Investment Grade Income Fund, PaineWebber High Income Fund
In planning and performing our audit of the financial statements of
PaineWebber Managed Investments Trust (comprising, respectively,
PaineWebber U.S. Government Income Fund, PaineWebber Investment Grade Income
Fund, PaineWebber High Income Fund for the year ended November 30, 1995, 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 the Trust 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 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 November 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
January 25, 1996
