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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 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 22
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070 D020400 N
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070 L020400 N
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070 M020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE PAUL SHUBERT
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of Trustees of
PaineWebber Managed Investments Trust
In planning and performing our audit of the financial
statements of PaineWebber Managed Investments Trust
(comprising,respectively, PaineWebber U.S. Government
Income Fund, PaineWebber Low Duration U.S. Government
Income Fund, PaineWebber Investment Grade Income Fund
and PaineWebber High Income Fund) for the year ended
November 30, 1998, 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 Managed Investments Trust 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 entity's 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
November 30, 1998.
This report is intended solely for the information and use
of the board of trustees and management of PaineWebber
Managed Investments Trust 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
January 20, 1999
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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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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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<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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<NAME> PAINEWEBBER HIGH INCOME FUND - CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000746703
<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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<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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<NAME> PAINEWEBBER HIGH INCOME FUND - CLASS Y
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