<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 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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<PAGE> PAGE 20
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SIGNATURE JULIAN SLUYTERS
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<PAGE>
Deloitte &
Touche LLP
- ------------ --------------------------------------------------------------
Two World Financial Center Telephone: (212) 436-2000
New York, New York 10281 1414 Facsimile: (212) 436-5000
The Board of Trustees
Mitchell Hutchins/Kidder, Peabody Municipal Bond Fund
(One of the portfolios constituting the Mitchell Hutchins/
Kidder, Peabody Investment Trust II):
In planning and performing our audit of the financial statements of the Mitchell
Hutchins/Kidder, Peabody Municipal Bond Fund for the year ended June 30, 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. 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 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 conditions or that the effectiveness of the design
and operations 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.
- ----------------
Deloitte Touche
Tohmatsu
International
- ----------------
<PAGE>
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 June 30, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
August 16, 1995
<PAGE>
For the year ended June 30, 1995
File Number 811-7104 Exhibit 77c
-----------
A special meeting of shareholders of the Mitchell Hutchins/Kidder, Peabody
Municipal Bond Fund ("Fund") a series of Mitchell Hutchins/Kidder, Peabody
Investment Trust II was held on April 13, 1995. At the meeting the following
agreements were approved for the Fund:
1) An interim investment advisory agreement between the Fund and Mitchell
Hutchins Asset Management Inc. ("Mitchell Hutchins") containing substantially
the same terms, conditions and fees as the previous investment advisory
agreement with Kidder Peabody Asset Management, Inc. ("KPAM").
The votes were as follows:
All Shares Voting as a Single Class
----------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
909,481 13,242 14,572
2) An interim investment advisory agreement with GE Investment Management
Incorporated, the Fund's current investment adviser, containing substantially
the same terms, conditions and fees as its current investment advisory agreement
with that investment adviser.
The votes were as follows:
All Shares Voting as a Single Class
----------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
909,481 13,242 14,572
3) A new investment advisory and administration agreement between the Fund
and Mitchell Hutchins containing the same fees and substantively similar
material terms and condition as the previous investment advisory agreement with
KPAM to commence on the termination of the interim agreement.
The votes were as follows:
All Shares Voting as a Single Class
----------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
909,481 13,242 14,572
<PAGE>
EXHIBIT 77(c)
------------
For the year ended June 30, 1995
File Number 811-7104
A special meeting of shareholders of the Mitchell Hutchins/Kidder, Peabody
Emerging Markets Equity Fund ("Fund") a series of Mitchell Hutchins/Kiddler,
Peabody Investment Trust II was held on April 13, 1995. At the meeting the
following agreements were approved for the Fund:
1) An interim investment advisory agreement between the Fund and Mitchell
Hutchins Asset Management Inc. ("Mitchell Hutchins") containing substantially
the same terms, conditions and fees as the previous investment advisory
agreement with Kidder Peabody Asset Management, Inc. ("KPAM").
The votes were as follows:
All Shares Voting as a Single Class
--------------------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
----------- --------------- --------------------
4,082,804 23,386 108,005
2) An interim investment advisory agreement with the Fund's current
investment adviser containing substantially the same terms, conditions
and fees as its current investment advisory agreement with that investment
adviser.
The votes were as follows:
All Shares Voting as a Single Class
--------------------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
----------- --------------- --------------------
4,080,049 27,561 106,585
3) A new investment advisory and administration agreement between the Fund
and Mitchell Hutchins containing the same fees and substantively similar
material terms and conditions as the previous investment advisory agreement
with KPAM to commence on the termination of the interim agreement.
The votes were as follows:
All Shares Voting as a Single Class
--------------------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
----------- --------------- --------------------
4,082,135 24,832 107,228
<PAGE>
4) An new sub-investment advisory agreement with Fund's current investment
adviser containing substantially the same terms, conditions and fees as its
current investment advisory agreement with that investment adviser.
The votes were as follows:
All Shares Voting as a Single Class
--------------------------------------------------------
Shares Shares Shares
Voted For Voted Against Withhold Authority
----------- --------------- --------------------
4,080,572 26,642 106,981
