<PAGE> PAGE 1
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010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER INC.
011 B00AA01 8-16267
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<PAGE> PAGE 2
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012 C02AA01 DE
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014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK & TRUST CO.
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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
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGEMENT INVESTMENT TRUST
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber Utility Income Fund
In planning and performing our audit of the
financial
statements of PaineWebber Utility Income
Fund for the year
ended March 31, 1999, we considered its
internal control,
including control activities 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,
and not to
provide assurance on the internal control.
The management of PaineWebber Utility Income
Fund is
responsible for establishing and maintaining
internal control.
In fulfilling this responsibility, estimates
and judgments by
management are required to assess the
expected benefits and
related costs of controls. Generally,
controls that are relevant
to an audit pertain to the entities
objective of preparing
financial statements for external purposes
that are fairly
presented in conformity with generally
accepted accounting
principles. Those controls include the
safeguarding of assets
against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal
control, errors or
fraud may occur and not be detected. Also,
projection of any
evaluation of internal control 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 internal control would
not necessarily
disclose all matters in internal control
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
one or more of the specific internal control
components does
not reduce to a relatively low level the
risk that errors or fraud
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 internal control and its
operation, including
controls for safeguarding securities, that
we consider to be
material weaknesses as defined above at
March 31, 1999.
This report is intended solely for the
information and use of
the shareholders, board of trustees and
management of
PaineWebber Utility Income Fund and the
Securities and
Exchange Commission and is not intended to
be and should
not be used by anyone other than these
specified parties.
ERNST & YOUNG LLP
May 14, 1999
