Exhibit No. 10
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Financial
Highlights" in the Prospectus and "Auditors" in the Statement of Additional
Information and to the incorporation by reference of our report dated October
17, 2000 for PaineWebber Tax-Managed Equity Fund in this Registration Statement
(Form N-1A No. 2-91362) of PaineWebber Managed Investments Trust.
/s/ ERNST & YOUNG LLP
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ERNST & YOUNG LLP
New York, New York
December 21, 2000
