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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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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000907015
<NAME> PAINEWEBBER MANAGED HIGH YIELD FUND INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 80,188
<INVESTMENTS-AT-VALUE> 79,695
<RECEIVABLES> 1,832
<ASSETS-OTHER> 3
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<TOTAL-ASSETS> 81,631
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<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 9,374
<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> (5,670)
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<NET-CHANGE-IN-ASSETS> (1,914)
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<ACCUMULATED-GAINS-PRIOR> (3,403)
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</TABLE>
The Board of Directors and Shareholders
PaineWebber Premier High Income Trust, Inc.
In planning and performing our audit of the financial statements of
PaineWebber Premier High Income Trust, Inc. for the year ended
July 31, 1995, we considered its internal control structure, including
procedures 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 the internal control structure.
The management of PaineWebber Premier High Income Trust, Inc. is
responsible for establishing and maintaining an internal controlstructure.
In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of July 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
September 21, 1995
