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> 2
<NAME> INVESTMENT GRADE 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> 22269
<INVESTMENTS-AT-VALUE> 20475
<RECEIVABLES> 2352
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22830
<PAYABLE-FOR-SECURITIES> 1689
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1956
<TOTAL-LIABILITIES> 3645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22999
<SHARES-COMMON-STOCK> 2029
<SHARES-COMMON-PRIOR> 2657
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 25
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1995
<ACCUM-APPREC-OR-DEPREC> (1794)
<NET-ASSETS> 19185
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 824
<OTHER-INCOME> 0
<EXPENSES-NET> 196
<NET-INVESTMENT-INCOME> 628
<REALIZED-GAINS-CURRENT> (264)
<APPREC-INCREASE-CURRENT> (755)
<NET-CHANGE-FROM-OPS> (391)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155
<NUMBER-OF-SHARES-REDEEMED> 823
<SHARES-REINVESTED> 40
<NET-CHANGE-IN-ASSETS> (7230)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 36
<OVERDIST-NET-GAINS-PRIOR> 2138
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 22227
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.46
<EXPENSE-RATIO> 1.75
</TABLE>