<PAGE> PAGE 1
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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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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 18
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<PAGE> PAGE 19
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034 000300 N
035 000300 0
036 B000300 0
037 000300 Y
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
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<PAGE> PAGE 20
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 517
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
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048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
<PAGE> PAGE 21
054 O000300 Y
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
<PAGE> PAGE 22
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 29951
071 B000300 56597
071 C000300 56490
071 D000300 53
072 A000300 12
072 B000300 284
072 C000300 1429
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<PAGE> PAGE 23
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<PAGE> PAGE 24
008 C000401 801-83734
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010 A000401 MITCHELL HUTCHINS ASSET MANAGEMENT INC
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011 A000401 PAINEWEBBER, INC.
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<PAGE> PAGE 25
015 A000406 DEN DANSKE BANK
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<PAGE> PAGE 26
015 B000416 S
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<PAGE> PAGE 27
034 000400 N
035 000400 0
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039 000400 N
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048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
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048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
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048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
053 A000400 N
054 A000400 Y
054 B000400 Y
<PAGE> PAGE 28
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 Y
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
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062 G000400 0.0
062 H000400 0.0
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062 L000400 5.8
062 M000400 17.5
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062 O000400 0.0
062 P000400 0.0
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062 R000400 0.0
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064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
<PAGE> PAGE 29
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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068 A000500 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST
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<PERIOD-END> AUG-31-1995
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<INVESTMENTS-AT-VALUE> 13690
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<PAID-IN-CAPITAL-COMMON> 14286
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<SHARES-COMMON-PRIOR> 1639
<ACCUMULATED-NII-CURRENT> 668
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 497
<ACCUM-APPREC-OR-DEPREC> 75
<NET-ASSETS> 14532
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<INTEREST-INCOME> 1388
<OTHER-INCOME> 0
<EXPENSES-NET> (381)
<NET-INVESTMENT-INCOME> 1007
<REALIZED-GAINS-CURRENT> 2306
<APPREC-INCREASE-CURRENT> 188
<NET-CHANGE-FROM-OPS> 3501
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<DISTRIBUTIONS-OF-INCOME> (1007)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (517)
<NUMBER-OF-SHARES-SOLD> 1733
<NUMBER-OF-SHARES-REDEEMED> (16775)
<SHARES-REINVESTED> 1410
<NET-CHANGE-IN-ASSETS> (11655)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1243)
<OVERDIST-NET-GAINS-PRIOR> (1147)
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<GROSS-EXPENSE> 381
<AVERAGE-NET-ASSETS> 21065
<PER-SHARE-NAV-BEGIN> 11.93
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> 0.81
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY GLOBAL FIXED INCOME FUND
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<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 7907
<INVESTMENTS-AT-VALUE> 7925
<RECEIVABLES> 180
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<TOTAL-ASSETS> 9648
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 288
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<NET-ASSETS> 8413
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<INTEREST-INCOME> 893
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<EXPENSES-NET> (142)
<NET-INVESTMENT-INCOME> 751
<REALIZED-GAINS-CURRENT> 1335
<APPREC-INCREASE-CURRENT> 109
<NET-CHANGE-FROM-OPS> 2195
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<DISTRIBUTIONS-OF-INCOME> (751)
<DISTRIBUTIONS-OF-GAINS> 0
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<PER-SHARE-DIVIDEND> (0.70)
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<PER-SHARE-NAV-END> 12.69
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST
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<SHARES-COMMON-PRIOR> 5449
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<OVERDISTRIBUTION-NII> (225)
<ACCUMULATED-NET-GAINS> (2997)
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<ACCUM-APPREC-OR-DEPREC> 213
<NET-ASSETS> 23199
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<EXPENSES-NET> (344)
<NET-INVESTMENT-INCOME> 1717
<REALIZED-GAINS-CURRENT> (1407)
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<OVERDIST-NET-GAINS-PRIOR> (1567)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 471
<AVERAGE-NET-ASSETS> 32665
<PER-SHARE-NAV-BEGIN> 11.82
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.59
<EXPENSE-RATIO> 1.03
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST
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<NET-INVESTMENT-INCOME> 151
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<SHARES-REINVESTED> 121
<NET-CHANGE-IN-ASSETS> (4372)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188)
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<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.22)
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<EXPENSE-RATIO> 1.55
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<NAME> MITCHELL HUTCHINS/KIDDER PEABODY ADJUSTABLE RATE GOVERNMENT
<MULTIPLIER> 1000
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<PERIOD-END> AUG-31-1995
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<SHARES-REINVESTED> 31
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (6)
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<GROSS-ADVISORY-FEES> 4
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10
<AVERAGE-NET-ASSETS> 894
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.62)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.59
<EXPENSE-RATIO> 0.78
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</TABLE>
October 24, 1995
To the Board of Trustees of
Mitchell Hutchins/Kidder, Peabody
Global Fixed Income Fund
In planning and performing our audit of the financial statements of
Mitchell Hutchins/Kidder, Peabody Global Fixed Income Fund (the "Fund")
for the year ended August 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. 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 appropriately 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 may 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 August 31,
1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
October 24, 1995
To the Board of Trustees of
Mitchell Hutchins/Kidder, Peabody
Global Fixed Income Fund
In planning and performing our audit of the financial statements of Mitchell
Hutchins/Kidder, Peabody Global Fixed Income Fund (the "Fund") for the year
ended August 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. 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 appropriately
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 may 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 August 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
The Board of Trustees and Shareholders
Mitchell Hutchins/Kidder Peabody Asset Allocation Fund
In planning and performing our audit of the financial statements of
Mitchell Hutchins/Kidder Peabody Asset Allocation Fund for the
year ended August 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 Mitchell Hutchins/Kidder Peabody Asset Allocation Fund is
responsible for establishing and maintaining an internal control structure.
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 August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 23, 1995
The Board of Directors and Stockholders
Mitchell Hutchins/Kidder Peabody Adjustable Rate Government Fund
In planning and performing our audit of the financial statements of
Mitchell Hutchins/Kidder Peabody Adjustable Rate Government Fund for the
year ended August 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 Mitchell Hutchins/Kidder Peabody Adjustable Rate Government
Fund is responsible for establishing and maintaining an internal control
structure. 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 August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 18, 1995
The Board of Trustees and Stockholders
Mitchell Hutchins/Kidder Peabody Global Equity Fund
In planning and performing our audit of the financial statements of
Mitchell Hutchins/Kidder Peabody Global Equity Fund for the
year ended August 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 Mitchell Hutchins/Kidder Peabody Global Equity Fund is
responsible for establishing and maintaining an internal control structure.
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 August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 27, 1995
The Board of Directors and Stockholders
Mitchell Hutchins/Kidder Peabody Intermediate Fixed Income Fund
In planning and performing our audit of the financial statements of
Mitchell Hutchins/Kidder Peabody Intermediate Fixed Income Fund for the
year ended August 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 Mitchell Hutchins/Kidder Peabody Intermediate Fixed Income
Fund is responsible for establishing and maintaining an internal control
structure. 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 August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 18, 1995
