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<PAGE> PAGE 2
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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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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<PAGE> PAGE 21
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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
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
<PAGE> PAGE 22
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 468346
071 B000400 567257
071 C000400 319537
071 D000400 147
072 A000400 6
072 B000400 10023
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 710
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 163
072 K000400 33
072 L000400 85
072 M000400 4
072 N000400 50
072 O000400 0
072 P000400 109
072 Q000400 0
072 R000400 29
072 S000400 41
072 T000400 796
072 U000400 24
072 V000400 0
072 W000400 569
072 X000400 2613
072 Y000400 0
072 Z000400 7410
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<PAGE> PAGE 23
072BB000400 53
072CC010400 0
072CC020400 4844
072DD010400 3135
072DD020400 4274
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 16
074 B000400 2449
074 C000400 1578
074 D000400 267126
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 419
074 K000400 0
074 L000400 243
074 M000400 1902
074 N000400 273733
074 O000400 25204
074 P000400 235
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 4557
074 S000400 0
074 T000400 243737
074 U010400 38686
074 U020400 101014
074 V010400 2.30
074 V020400 2.30
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 0
075 B000400 283917
076 000400 0.00
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
<PAGE> PAGE 24
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 0
028 G020500 0
028 G030500 0
028 G040500 0
028 H000500 0
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
035 000500 0
036 B000500 0
038 000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 N
048 000500 0.000
048 A010500 0
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048 B010500 0
048 B020500 0.000
048 C010500 0
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<PAGE> PAGE 25
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
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
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
<PAGE> PAGE 26
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
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072 A000500 1
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<PAGE> PAGE 27
072 T000500 0
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072AA000500 0
072BB000500 0
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072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
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073 C000500 0.0000
074 A000500 0
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074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 0
074 N000500 0
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 0
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074 W000500 0.0000
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<PAGE> PAGE 28
028 A010600 0
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028 E040600 0
028 F010600 0
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032 000600 0
033 000600 0
035 000600 0
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042 A000600 0
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<PAGE> PAGE 29
048 A010600 0
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048 H010600 0
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048 I010600 0
048 I020600 0.000
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048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
062 A000600 N
062 B000600 0.0
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062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
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062 O000600 0.0
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062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 N
067 000600 N
068 A000600 N
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070 A010600 N
<PAGE> PAGE 30
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
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071 A000600 0
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE JULIAN SLUYTERS
TITLE VICEPRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PW HIGH INCOME FUND CLASS B
<SERIES>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PW HIGH INCOME FUND CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PW INVESTMENT GRADE INCOME FUND CLASS A
<SERIES>
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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.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> PW US GOV'T INCOME FUND CLASS B
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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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<NAME> PW LOW DURATION US GOV'T INCOME FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PW LOW DURATION US GOV'T INCOME FUND CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PW LOW DURATION US GOV'T INCOME FUND CLASS C
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (850)
<NET-ASSETS> 145488
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5726
<OTHER-INCOME> 0
<EXPENSES-NET> (1685)
<NET-INVESTMENT-INCOME> 4041
<REALIZED-GAINS-CURRENT> (31)
<APPREC-INCREASE-CURRENT> (2892)
<NET-CHANGE-FROM-OPS> 1118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4040)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1778
<NUMBER-OF-SHARES-REDEEMED> (1668)
<SHARES-REINVESTED> 1240
<NET-CHANGE-IN-ASSETS> (34776)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 406
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1685
<AVERAGE-NET-ASSETS> 162417
<PER-SHARE-NAV-BEGIN> 2.34
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.30
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PW LOW DURATION US GOV'T INCOME FUND CLASS Y
<SERIES>
<NUMBER> 4
<NAME> PW MANAGED INVESTMENTS TRUST
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 342
<INVESTMENTS-AT-VALUE> 340
<RECEIVABLES> 3
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344
<PAYABLE-FOR-SECURITIES> 32
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6
<TOTAL-LIABILITIES> 38
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 461
<SHARES-COMMON-STOCK> 133
<SHARES-COMMON-PRIOR> 137
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2)
<NET-ASSETS> 306
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> (2)
<NET-INVESTMENT-INCOME> 9
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (6)
<NET-CHANGE-FROM-OPS> 3
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21
<NUMBER-OF-SHARES-REDEEMED> (29)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (15)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2
<AVERAGE-NET-ASSETS> 319
<PER-SHARE-NAV-BEGIN> 2.34
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.30
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For the period ended May 31, 1996 Attachment 77C
File Number 811-7286 --------------
2002 Target Term Trust Inc.
---------------------------
An annual meeting of shareholders was held on April 11, 1996, at which the
following proposal was approved:
<TABLE>
<CAPTION>
To vote for or against the following changes to the Fund's fundamental Shares
investment restrictions and policies (the enumeration below follows that Shares Voted Voted
Shares
used in the related proxy statement): For Against Abstain
--- ------- -------
<S> <C> <C> <C>
1. Modification of Fundamental Restriction on Portfolio Diversification 3,278,341 95,016
302,935
for Diversified Funds:
2. Modification of Fundamental Restriction on Concentration 3,267,219 99,812
309,261
3. Modification of Fundamental Restriction on Senior Securities and 3,262,079 116,594
297,619
Borrowing
4. Modification of Fundamental Restriction on Making Loans 3,258,486 119,869
297,937
5. Modification of Fundamental Restriction on Underwriting Securities 3,263,599 105,514
307,179
6. Modification of Fundamental Restriction on Real Estate 3,243,490 134,473
298,329
Investments
7. Modification of Fundamental Restriction on Investing in 3,235,377 138,134
302,781
Commodities
9. Elimination of Fundamental Restriction on Margin Transactions 3,206,479 158,562
311,251
10. Elimination of Fundamental Restriction on Short Sales 3,218,637 152,697
304,958
</TABLE>
In addition to the item noted above, the Fund's shareholders (i)
elected board members and (ii) ratified the selection of independent auditors.
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 these two
proposals since there were no solicitations in opposition to the registrant's
nominees and all of the nominees were elected.
A more complete description of each of the proposals referred to above
is hereby incorporated by reference to the Fund's proxy materials relating to
the Special Meeting of Shareholders dated February 28, 1996. These Schedule 14A
materials were filed with the Securities and Exchange Commission via EDGAR on
February 29, 1996; the accession code number was 0000950112-96-000633.
<PAGE>
For the period ended May 31, 1996 Exhibit 77Q(2)
File Number 811-7286 --------------
2002 Target Term Trust Inc.
---------------------------
A Form 3 required by Section 16(a) of the Exchange Act was filed late by the
following directors and officers during the most recent or prior fiscal years.
<TABLE>
<CAPTION>
Number of Number of Transactions Not
Name Position with Fund Late Reports* Reported on Timely Basis
- ---- ------------------ ------------- --------------------------
<S> <C> <C> <C>
Gigi L. Capes Vice President & 1 0
Asst. Treasurer
Richard Q. Armstrong Director 1 1
Richard R. Burt Director 1 1
</TABLE>
- ----------
* Each report related solely to such person having been elected a director or
officer of the Fund.
A Form 4 required by Section 16(a) of the Exchange Act was filed late by the
following directors during the most recent or prior fiscal years.
<TABLE>
<CAPTION>
Number of Number of Transactions Not
Name Position with Fund Late Reports Reported on Timely Basis
- ---- ------------------ ------------ ------------------------
<S> <C> <C> <C>
John R. Torell III Director 1 1
</TABLE>
