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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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050 000400 N
051 000400 N
052 000400 N
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054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
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054 J000400 Y
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054 O000400 Y
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055 B000400 N
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057 000400 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE PAUL SHUBERT
TITLE TREASURER
FORM 10f-3
Registered Domestic Securities
Fund: PaineWebber Investment Grade Income
1. Issuer: NJ Trans
2. Date of Purchase: 7/9/99
3. Date offering commenced: 7/8/99
4. Underwriters from whom purchased: Merrill Lynch
5. "Affiliated Underwriter" managing or participating in
syndicate: PaineWebber
6. Aggregate principal amount of purchase: $2,000,000
7. Aggregate principal amount of offering: $450,000,000
8. Purchase price (net of fees and expenses): $5.20
9. Initial public offering price: $5.20
10. Commission, spread or profit: %
$.42_________
11. Have the following conditions been satisfied?
YES NO
a. The securities are
part of an issue
registered under the
Securities Act of 1933
that is being offered to
the public. __X___ _____
b. The securities
were purchased
prior to the end of
the first day on
which any sales
are made (of, if a
rights offering, the
securities were
purchased on or
before the fourth
day preceding the
day on which the
offering
terminated). ___X___ ______
c. The securities
were purchased at
a price not more
than the price paid
by each purchaser
in the offering. ___X___ ______
d. The underwriting was a firm commitment underwriting.
___X___ ______
e. The commission,
spread or profit was
reasonable and fair in
relation to that being
received by others for
underwriting similar
securities during the
same period. ___X___ _______
f. The issuer of
the securities
and any
predecessor
have been in
continuous
operation for
not less than
three years. ___X___ _______
g. The amount
of such
securities
purchased by all
of the investment
companies
advised by
Mitchell Hutchins
(or the Funds
Sub-Adviser, if
applicable) did
not exceed 25%
of the principal
amount of the
offering. ___X___ _______
h. No Affiliated
Underwriter was a
direct or indirect
participant in or
beneficiary of the
sale. ___X___ _______
Note: Refer to the Rule 10f-3 Procedures for the
definitions of the
capitalized terms above. In particular, Affiliated
Underwriter is
defined as Paine Webber Group Inc. and any of its
affiliates, including
PaineWebber Incorporated. In the cash of a fund advised by
a Sub-
Adviser, Affiliated Underwriter shall also include any
brokerage
affiliate of the Sub-Adviser.
Approved: /s/ Richard S. Murphy Date:
7/7/99
Report of Independent Auditors
To the Shareholders and Board of Directors 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, 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, not to provide
assurance on 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, error 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 internal control
components does not reduce to a relatively low
level the risk that misstatements caused by
error 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, 1999.
This report is intended solely for the
information and use of management, the Board of
Directors 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 14, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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[AVG-DEBT-OUTSTANDING] 0
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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>
<ARTICLE> 6
<CIK> 0000746703
<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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<NAME> LOW DURATION US GOVERNMENT 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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<NAME> LOW DURATION US GOVERNMENT INCOME FUND-CLASS B
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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> LOW DURATION US GOVERNMENT INCOME FUND-CLASS C
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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>
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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.
<TABLE> <S> <C>
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<NAME> PAINEWEBBER MANAGED INVESTMENTS TRUST
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