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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 9
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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
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070 A020400 Y
070 B010400 N
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070 C010400 Y
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070 D020400 N
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070 F020400 N
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<PAGE> PAGE 22
070 H010400 N
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 Y
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070 Q010400 Y
070 Q020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE JULIAN SLUYTERS
TITLE VICEPRESIDENT
PW Managed Investments Trust -PW Investment Grade Income Fund
At a board of trustees meeting held on February 13, 1997, the
board approved an investment policy change to include
mortgage-backed securities in the Fund's 65% or greater
allowable investment basket of U.S. government and investment
grade corporate bonds. Previously, mortgage-backed securities
were included in the Fund's 35% allowable investment basket of
certain other types of bonds.
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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> PAINEWEBBER MANAGED INVESTMENT TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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