WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> PAINEWEBBER HIGH INCOME FUND - B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-2000
<PERIOD-START> DEC-01-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 65573
<INVESTMENTS-AT-VALUE> 51244
<RECEIVABLES> 1394
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52640
<PAYABLE-FOR-SECURITIES> 235
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 490
<TOTAL-LIABILITIES> 725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103961
<SHARES-COMMON-STOCK> 10462
<SHARES-COMMON-PRIOR> 15283
<ACCUMULATED-NII-CURRENT> 288
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (38005)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14330)
<NET-ASSETS> 51914
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3858
<OTHER-INCOME> 0
<EXPENSES-NET> 631
<NET-INVESTMENT-INCOME> 3227
<REALIZED-GAINS-CURRENT> (10981)
<APPREC-INCREASE-CURRENT> (1363)
<NET-CHANGE-FROM-OPS> (9117)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3846)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3916
<NUMBER-OF-SHARES-REDEEMED> 23284
<SHARES-REINVESTED> 1290
<NET-CHANGE-IN-ASSETS> (31041)
<ACCUMULATED-NII-PRIOR> 694
<ACCUMULATED-GAINS-PRIOR> (31839)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 631
<AVERAGE-NET-ASSETS> 74801
<PER-SHARE-NAV-BEGIN> 6.11
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> (1.13)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.96
<EXPENSE-RATIO> 1.77
</TABLE>