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<PAGE> PAGE 2
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008 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000907015
<NAME> PAINEWEBBER MANAGED HIGH YIELD FUND INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 76740
<INVESTMENTS-AT-VALUE> 75508
<RECEIVABLES> 3619
<ASSETS-OTHER> 1017
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80144
<PAYABLE-FOR-SECURITIES> 668
<SENIOR-LONG-TERM-DEBT> 147
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 6032
<SHARES-COMMON-PRIOR> 6032
<ACCUMULATED-NII-CURRENT> (25)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9889)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1232)
<NET-ASSETS> 79329
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4427
<OTHER-INCOME> 0
<EXPENSES-NET> (492)
<NET-INVESTMENT-INCOME> 3935
<REALIZED-GAINS-CURRENT> (817)
<APPREC-INCREASE-CURRENT> (739)
<NET-CHANGE-FROM-OPS> 2379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4132)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1752)
<ACCUMULATED-NII-PRIOR> 72
<ACCUMULATED-GAINS-PRIOR> (3403)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 492
<AVERAGE-NET-ASSETS> 77322
<PER-SHARE-NAV-BEGIN> 13.44
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> (0.25)
<PER-SHARE-DIVIDEND> (0.69)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.15
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For period ending January 31, 1996 Exhibit 77C
File Number 811-7804
Managed High Yield Fund Inc.
An annual meeting of shareholders was held on November 16, 1995, at which the
following proposals were approved:
PROPOSAL 1
Shares For
as a %
Shares of Total Shares Shares
Voted Shares Voted Withhold
For Voted Against Authority
------ ----------- ------- ---------
To vote for or against
the amendment of the
Fund's Articles of
Incorporation to change
the name of the Fund from
"PaineWebber Premier High
Income Trust Inc." to
"Managed High Yield
Fund Inc." 5,396,302 92.95% 35,647 373,362
PROPOSAL 2
Shares For
as a %
Shares of Total Shares
Voted Shares Withhold
For Voted Authority
------ ----------- ---------
To vote for or against
the election of:
Richard Q. Armstrong 5,446,712 93.82% 358,600
E. Garrett Bewkes, Jr. 5,446,200 93.81% 359,112
Richard R. Burt 5,450,242 93.88% 355,070
John R. Torell III 5,450,886 93.89% 354,426
William D. White 5,447,265 93.83% 358,047
PROPOSAL 3
<PAGE>
Shares For
as a %
Shares of Total Shares Shares
Voted Shares Voted Withhold
For Voted Against Authority
------ ----------- ------- ---------
To vote for or against
the ratification of the
selection of ERNST & YOUNG
LLP as the Fund's independent
auditors for the fiscal year
ending July 31, 1996 5,460,695 94.06% 22,795 321,821
For the period ended January 31, 1996 Exhibit 77Q(2)
File Number 811-7804
Managed High Yield Fund Inc.
A Form 3 was filed late by the following officers as required by Section 16(a)
of the Exchange Act during the most recent or prior fiscal years.
Number of
Transactions Not
Number of Reported on
Name Position with Fund Late Reports* Timely Basis
---- ------------------ ------------- ----------------
Margo N. Alexander President 1 0
Richard Q. Armstrong Director 1 0
Richard R. Burt Director 1 0
C. William Maher Vice President & 1 0
Asst. Treasurer
Mark Tincher Vice President 1 0
Paul H. Schubert Vice President & 1 0
Asst. Treasurer
- ---------------
* Each report related solely to such person having been elected an officer of
the Fund.
A Form 4 was filed late by the following officers as required by Section 16(a)
of the Exchange Act during the most recent or prior fiscal years.
Number of
Transactions Not
Number of Reported on
Name Position with Fund Late Reports* Timely Basis
---- ------------------ ------------- ----------------
John R. Torell III Director 1 1
Exhibit 77Q1
STATE DEPARTMENT OF ASSESSMENTS
AND TAXATION
APPROVED FOR RECORD
11/29/95 at 1:08 p.m.
ARTICLES OF AMENDMENT
OF
PAINEWEBBER PREMIER HIGH INCOME TRUST INC.
Pursuant to Section 2-607 of the Maryland General Corporation Law,
PaineWebber Premier High Income Trust Inc. ("Corporation") adopts the
following Articles of Amendment to the Corporation's Articles of
Incorporation.
FIRST: Article SECOND is hereby deleted and the following is inserted
in lieu thereof:
Name of the Corporation: The name of the corporation is Managed High
Yield Fund Inc. ("Corporation").
SECOND: These Articles of Amendment have been advised by the
Corporation's board of directors and approved by a vote of the shareholders
of the Corporation, all pursuant to the charter amendment procedure
described in Section 2-604 of the Maryland General Corporation Law and
Article TENTH of the Corporation's Articles of Incorporation, as amended.
IN WITNESS WHEREOF, PAINEWEBBER PREMIER HIGH INCOME TRUST INC. has
caused these presents to be signed in its name and on its behalf by the
Vice President of the Corporation and attested by the Corporation's
Assistant Secretary on this 27th day of November, 1995, who swear under
penalty of perjury to the best of their knowledge, information, and belief,
the matters set forth in the articles are true in all material respects.
By: /s/ Gregory K. Todd
---------------------------------
Gregory K. Todd
Vice President
Attest: /s/ Joan L. Cohen
-----------------------------------
Joan L. Cohen
Assistant Secretary
STATE OF MARYLAND
I hereby certify that this is a true and complete copy of the 2 page document on
file in this office. DATED: 11-29-95
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
BY: /s/ Gloria J. Watson,
-------------------------
This stamp replaces our previous certification system. Effective
