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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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054 I000400 N
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056 000400 Y
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062 A000400 Y
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064 A000400 Y
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066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
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070 A010400 Y
070 A020400 Y
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070 B020400 N
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070 D020400 N
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<PAGE> PAGE 22
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
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
070 P010400 Y
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070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
070 A010500 N
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070 H020500 N
070 I010500 N
070 I020500 N
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<PAGE> PAGE 25
072 L000500 0
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<PAGE> PAGE 26
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066 A000600 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE JULIAN SLUYTERS
TITLE VICEPRESIDENT
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<ARTICLE> 6
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<NAME> PAINEWEBBER INVESTMENT GRADE INCOME FUND CLASS A
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<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MANAGED INVESTMENTS TRUST
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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 INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINE WEBBER MANAGED INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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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,
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 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, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
January 22, 1997
For period ending November 30, 1996 Attachment 77Q(1)
File number 811-4040
An amendment to the Declaration of Trust for Managed Investments Trust
included in the Trust's Post-Effective Amendment No. 36 filed with the
Securities and Exchange Commission through EDGAR on October 4, 1996,
(Accession No. : 0000950109-96-006516), is incorporated herein by
reference in response to this Sub-Item.
