<PAGE> PAGE 1
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010 B00AA01 801-13219
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INC.
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011 C02AA01 NY
011 C03AA01 10019
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<PAGE> PAGE 2
012 B00AA01 85-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
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019 B00AA00 69
019 C00AA00 PAINEWEBBE
020 A000001 DUFF & PHELPS INV. MGMT.
020 B000001 00-0000000
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020 B000008 13-3082694
020 C000008 2
020 A000009 PAINEWEBBER INCORPORATED
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<PAGE> PAGE 3
022 A000001 DAIWA
022 B000001 13-5680329
022 C000001 48063
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022 B000009 13-2961436
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 10
SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
<SERIES> PAINEWEBBER UTILITY INCOME FUND
<NUMBER> 1
<NAME> UTILITY INCOME CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-31-1996
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<PAID-IN-CAPITAL-COMMON> 10245
<SHARES-COMMON-STOCK> 965
<SHARES-COMMON-PRIOR> 1100
<ACCUMULATED-NII-CURRENT> 4
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<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> (901)
<ACCUMULATED-NII-PRIOR> 18
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (1646)
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<AVERAGE-NET-ASSETS> 10285
<PER-SHARE-NAV-BEGIN> 9.77
<PER-SHARE-NII> 0.15
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<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 1.09
<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> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
<SERIES> PAINEWEBBER UTILITY INCOME FUND
<NUMBER> 2
<NAME> PAINEWEBBER UTILITY INCOME FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 31782
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<SHARES-COMMON-PRIOR> 3845
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<OVERDISTRIBUTION-GAINS> (5906)
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<DISTRIBUTIONS-OF-GAINS> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
<SERIES> PAINEWEBBER UTILITY INCOME FUND
<NUMBER> 3
<NAME> PAINEWEBBER UTILITY INCOME FUND CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-31-1996
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<EXPENSES-NET> (74)
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<DISTRIBUTIONS-OF-GAINS> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 88
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<PER-SHARE-NAV-BEGIN> 9.77
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<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.13)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
FORM 10f-3 FUND: PaineWebber Utility Income Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
<TABLE>
<S> <C> <C> <C>
1. Issuer: Oakley
2. Date of Purchase: 08-09-95 3. Date offering commenced: 08-09-95
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
6. Aggregate principal amount of purchase: $23,000
7. Aggregate principal amount of offering: $230,000,000
8. Purchase price (net of fees and expenses): 23
9. Initial public offering price: 23
10. Commission, spread or profit: % $0.875
11. Have the following conditions been satisfied? YES NO
a. The securities are part of an issue registered under the
Securities Act of 1933 which is being offered to the
public or are "municipal securities" as defined in
Section 3(a)(29) of the Securities Exchange Act of 1934. X _______
b. The securities were purchased prior to the end of the
first full business day of the offering at not more than
the initial offering price (or, 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 underwriting was a firm commitment underwriting. X _______
d. 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 _______
e. (1) If securities are registered under the Securities
Act of 1933, the issuer of the securities and its
predecessor have been in continuous operation for not X _______
less than three years.
(2) If securities are municipal securities, the issue of
securities has received an investment grade rating from a
nationally recognized statistical rating organization or,
if the issuer or entity supplying the revenues from which
the issue is to be paid shall have been in continuous
operation for less than three years (including any
predecessor), the issue has received one of the three
highest ratings from at least one such rating N/A _______
organization.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
f. The amount of such securities purchased by all of the
investment companies advised by Mitchell Hutchins did not
exceed 4% of the principal amount of the offering or
$500,000 in principal amount, whichever is greater,
provided that in no event did such amount exceed 10% of
the principal amount of the offering. X _______
g. The purchase price was less than 3% of the Fund's total
assets. X _______
h. No Affiliated Underwriter was a direct or indirect
participant in or beneficiary of the sale or, with
respect to municipal securities, no purchases were
designated as group sales or otherwise allocated to the
account of any Affiliated Underwriter. X _______
Approved: Karen Finkel Date: 11-03-95
10/26/95
</TABLE>
Board of Trustees
PaineWebber Utility Income Fund
In planning and performing our audit of the financial statements of
PaineWebber Utility Income Fund for the period ended March 31, 1996,
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 PaineWebber Utility Income Fund 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 March 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
May 14, 1996
