<PAGE> PAGE 1
000 B000000 06/30/96
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011 A00AA01 PAINEWEBBER INC.
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011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 84-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG LLP
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<PAGE> PAGE 2
013 B02AA01 NY
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014 A00AA01 PAINEWEBBER INC.
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020 A000006 NOMURA SECURITIES INTERNATIONAL INC.
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<PAGE> PAGE 3
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049 00AA00 N
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051 00AA00 N
052 00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
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054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
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054 N00AA00 Y
<PAGE> PAGE 4
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
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060 B00AA00 Y
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077 A000000 Y
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015 A000201 STATE STREET BANK & TRUST CO.
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<PAGE> PAGE 5
015 C010202 BUENOS AIRES
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<PAGE> PAGE 6
015 D010212 CHINA
015 E040212 X
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015 E040221 X
015 A000222 MERITA BANK LTD.
015 B000222 S
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<PAGE> PAGE 7
015 E040222 X
015 A000223 BANQUE PARIBAS
015 B000223 S
015 C010223 PARIS
015 D010223 FRANCE
015 E040223 X
015 A000224 DELETE
015 A000225 BARCLAYS BANK OF GHANA
015 B000225 S
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015 A000226 NATIONAL BANK OF GREECE
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015 C010226 ATHENS
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015 A000227 STANDARD CHARTERED BANK
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015 C010230 BOMBAY
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015 C010231 JAKARTA
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015 A000232 BANK OF IRELAND
015 B000232 S
015 C010232 DUBLIN
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015 B000233 S
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<PAGE> PAGE 8
015 E040233 X
015 A000234 MORGAN GUARANTY TRUST CO.
015 B000234 S
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015 E040234 X
015 A000235 SOCIETE GENERALE DE BANQUE DE COTE D'IVOIRE
015 B000235 S
015 C010235 ABIDJAN
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015 C010236 KINGSTON
015 D010236 JAMAICA
015 E040236 X
015 A000237 THE SUMITOMO TRUST & BANKING CO.
015 B000237 S
015 C010237 TOKYO
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015 A000238 THE DAIWA BANK LTD
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015 C010238 TOKYO
015 D010238 JAPAN
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015 C010239 AMMAN
015 D010239 JORDAN
015 E040239 X
015 A000240 BARCLAYS BANK OF KENYA LTD
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015 C010240 NAIROBI
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015 A000241 SEOULBANK
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<PAGE> PAGE 9
015 A000244 HONGKONG & SHANGHAI BANKING CORP.
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015 A000245 CITIBANK MEXICO S.A.
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015 C010246 CASABLANCA
015 D010246 MOROCCO
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015 A000247 STANDARD BANK OF SOUTH AFRICA LTD
015 B000247 S
015 C010247 NAMIBIA
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015 E040247 X
015 A000248 MEESPIERSON N.V.
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015 D010248 NETHERLANDS
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015 A000249 ANZ BANKING GROUP (NZ) LTD
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015 D010249 NEW ZEALAND
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015 A000250 CHRISTIANA BANK OG KREDITKASSE
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015 D010250 NORWAY
015 E040250 X
015 A000251 DEUTSCHE BANK A.G.
015 B000251 S
015 C010251 KARACHI
015 D010251 PAKISTAN
015 E040251 X
015 A000252 CITIBANK N.A.
015 B000252 S
015 C010252 LIMA
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015 E040252 X
015 A000253 STANDARD CHARTERED BANK
015 B000253 S
015 C010253 MANILA
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015 E040253 X
015 A000254 BANK POLSKA KASA POIEKI S.A.
<PAGE> PAGE 10
015 B000254 S
015 C010254 WARSAW
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015 E040254 X
015 A000255 CITIBANK (POLAND) S.A.
015 B000255 S
015 C010255 WARSAW
015 D010255 POLAND
015 E040255 X
015 A000256 DBS BANK
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015 C010256 SINGAPORE
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015 E040256 X
015 A000257 CESKOSLOVENSKA OBCHODNA BANKA
015 B000257 S
015 C010257 BRATISLAVA
015 D010257 SLOVAK REPUBLIC
015 E040257 X
015 A000258 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000258 S
015 C010258 JOHANNESBURG
015 D010258 SOUTH AFRICA
015 E040258 X
015 A000259 BANCO SANTANDER
015 B000259 S
015 C010259 MADRID
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015 A000260 HONGKONG & SHANGHAI BANKING CORP.
015 B000260 S
015 C010260 COLOMBO
015 D010260 SRI LANKA
015 E040260 X
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<PAGE> PAGE 11
015 C010264 ZURICH
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<PAGE> PAGE 12
015 D010274 ZAMBIA
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015 A000284 CHASE MANHATTAN BANK
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<PAGE> PAGE 13
015 E040284 X
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028 A010200 1557
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<PAGE> PAGE 14
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<PAGE> PAGE 15
062 O000200 0.0
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062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
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070 O010200 Y
070 O020200 N
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070 Q010200 N
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE JULIAN SLUYTERS
TITLE SR. V.P./TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 20680
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<EXPENSES-NET> 591
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 832
<AVERAGE-NET-ASSETS> 26264
<PER-SHARE-NAV-BEGIN> 9.73
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<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890567
<NAME> PW EMERGING MARKETS EQUITY FUND-CLASS B
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<NAME> MH/KP INVESTMENT TRUST II
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<S> <C>
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<REALIZED-GAINS-CURRENT> (139)
<APPREC-INCREASE-CURRENT> 173
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<DISTRIBUTIONS-OF-INCOME> 0
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<PER-SHARE-GAIN-APPREC> .82
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<PER-SHARE-NAV-END> 9.94
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000890567
<NAME> PW EMERGING MARKETS EQUITY FUND-CLASS C
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<NAME> MH/KP INVESTMENT TRUST II
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<PAID-IN-CAPITAL-COMMON> 15275
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<SHARES-COMMON-PRIOR> 1918
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<EXPENSES-NET> 438
<NET-INVESTMENT-INCOME> (177)
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<APPREC-INCREASE-CURRENT> 2134
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<ACCUMULATED-NII-PRIOR> 0
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<TABLE> <S> <C>
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<CIK> 0000890567
<NAME> PW EMERGING MARKETS EQUITY FUND-CLASS Y
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<NAME> MH/KP INVESTMENT TRUST II
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<OTHER-ITEMS-LIABILITIES> 154
<TOTAL-LIABILITIES> 338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17149
<SHARES-COMMON-STOCK> 1284
<SHARES-COMMON-PRIOR> 1265
<ACCUMULATED-NII-CURRENT> (35)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4307)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172
<NET-ASSETS> 12979
<DIVIDEND-INCOME> 239
<INTEREST-INCOME> 54
<OTHER-INCOME> 0
<EXPENSES-NET> 330
<NET-INVESTMENT-INCOME> (36)
<REALIZED-GAINS-CURRENT> (1925)
<APPREC-INCREASE-CURRENT> 2396
<NET-CHANGE-FROM-OPS> 435
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 481
<AVERAGE-NET-ASSETS> 12444
<PER-SHARE-NAV-BEGIN> 9.75
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
For period ending June 30, 1996 Attachment 77C
File Number 811-7104
PW Investment Trust II - Emerging Markets Equity Fund
Special Meeting of Shareholders held April 10, 1996
To vote for or against each of the following changes to the Fund s fundamental
investment restrictions and policies:
Modification of Fundamental Restriction on Portfolio Diversification for
Diversified Funds:
Modification of Fundamental Restriction on Concentration:
Modification of Fundamental Restriction on Senior Securities and Borrowing:
Modification of Fundamental Restriction on Making Loans:
Modification of Fundamental Restriction on Underwriting Securities:
Modification of Fundamental Restriction on Real Estate Investments:
Modification of Fundamental Restriction on Investing in Commodities:
Elimination of Fundamental Restriction on Margin Transactions:
Elimination of Fundamental Restriction on Short Sales:
Elimination of Fundamental Restriction on Investments in Oil, Gas and Mineral
Leases and Programs:
Shares Voted
For
Shares Voted
Against
Shares
Abstain
2,496,329
32,342
121,164
(Broker non-votes and abstentions are included within the Shares Withhold
Authority and Shares Abstain totals.)
In addition to the item noted above, the Fund s shareholders (i) elected
board members and (ii) ratified the selection of independent auditors.
Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR, it is not necessary
to provide in this exhibit details concerning shareholder action on these two
proposals since there were no solicitations in opposition to the registrant s
nominees and all of the nominees were elected.
A more complete description of each of the proposals referred to above
is hereby incorporated by referenced to the Fund s proxy materials dated
February 28, 1996 relating to the Special Meeting of Shareholders.
These Schedule 14A materials were filed with the Securities and Exchange
Commission via EDGAR on February 28, 1996; the accession code number was
0000950112-96-000634.
EXHIBIT 77q1(a)
PAINEWEBBER INVESTMENT TRUST II
CERTIFICATE OF VICE PRESIDENT AND SECRETARY
I, Dianne E. O'Donnell, Vice President and Secretary of PaineWebber
Investment Trust II ("Trust"), hereby certify that the board of trustees of the
Trust, by vote at a meeting held April 18, 1996, adopted the following
resolutions, which became effective on that date:
RESOLVED, that Section 8.2(b) of Article VIII of the Trust's
Declaration of Trust be, and it hereby is, amended to read, in its
entirety, as follows:
Section 8.2(b). After termination of the Trust or the Series and
--------------
distribution to the Shareholders as herein provided, a majority
of the Trustees (or an officer of the Trust pursuant to a vote of
a majority of the Trustees) shall execute and lodge among the
records of the Trust and file with the Office of the Secretary of
the Commonwealth of Massachusetts an instrument in writing
setting forth the fact of such termination, and the Trustees
shall thereupon be discharged form all further liabilities and
duties with respect to the Trust or the terminated Series, and
the rights and interests of all Shareholders of the Trust or the
terminated Series shall thereupon cease.
RESOLVED, that Section 8.3(c) of ARTICLE VIII of the Trust's
Declaration of Trust be, and it hereby is, amended to read, in its
entirety, as follows:
Section 8.3(c). Subject to the foregoing, any amendment shall be
--------------
effective as provided in the instrument containing the terms of
such amendment or, if there is no provision therein with respect
to effectiveness, upon the execution of such instrument and of a
certificate (which may be a part of such instrument) executed by
a Trustee or officer to the effect that such amendment has been
duly adopted. Copies of the amendment to this Declaration shall
be filed as specified in Section 1 of ARTICLE X. A restated
Declaration, integrating into a single instrument all of the
provisions of the Declaration which are then in effect and
operative, may be executed from time to time by a majority of the
Trustees and shall be effective upon filing as specified in
Section 1 of ARTICLE X.
<PAGE>
RESOLVED, that Section 10.1 of ARTICLE X of the Trust's
Declaration of Trust be, and it hereby is, amended to read, in its
entirety, as follows:
Section 10.1. A copy of this Declaration and of each amendment
------------
hereto shall be filed by the Trustees with the Secretary of the
Commonwealth of Massachusetts and the Boston City Clerk, as well
as any other governmental office where such filing may from time
to time be required. Anyone dealing with the Trust may rely on a
certificate by an officer or Trustee of the Trust as to whether
or not any such amendments to this Declaration have been made and
as to any matters in connection with the Trust hereunder, and
with the same effect as if it were the original, may rely on a
copy certified by an officer or Trustee of the Trust to be a copy
of this Declaration or of any such amendments.
Dated: May 20, 1996 By: /s/ Dianne E. O'Donnell
------------------------
Dianne E. O'Donnell
Vice President and Secretary
PaineWebber Investment Trust II
New York, New York (ss)
Subscribed and sworn to before me this 20th day of May, 1996.
----
/s/ Ilene Shore
- --------------------------
Notary Public
ILENE SHORE
Notary Public, State of New York
No. 31-4872108
Qualified in New York County
Commission Expires Nov. 28, 1996
--
<PAGE>
CERTIFICATE OF AMENDMENT
OF
DECLARATION OF TRUST
OF
MITCHELL HUTCHINS/KIDDER, PEABODY INVESTMENT TRUST II
The undersigned, being a Trustee of Mitchell Hutchins/Kidder, Peabody
Investment Trust II ("Trust"), hereby certifies, pursuant to Section 10.1 of
Article X of the Trust's Declaration of Trust, that the Trustees of the Trust
duly adopted the following resolution, which amended the Declaration of Trust in
the manner provided in such Declaration of Trust, at a meeting held on February
28, 1996, and that the amendment was effective on that date.
RESOLVED, that the Declaration of Trust dated August 10, 1992, as amended,
be, and it hereby is, amended to change the name of the Trust, from
"MITCHELL HUTCHINS/KIDDER, PEABODY INVESTMENT TRUST II" to
"PAINEWEBBER
INVESTMENT TRUST II" in the following manner:
Section 1.1 and Section 1.2(q) of Article I of the Declaration of
Trust are hereby amended to read as follows:
Section 1.1 Name. The name of the trust created hereby is
----
"PaineWebber Investment Trust II."
Section 1.2(q) "Trust" means "PaineWebber Investment Trust II."
-----
Dated: March 24, 1996 /s/ Margo N. Alexander
--- ----------------------
Margo N. Alexander
New York, New York (ss)
On this 24th day of March, 1996, before me personally appeared Margo N.
-----
Alexander, to me personally known, who, being by me duly sworn, did say that she
is a Trustee of the above-referenced Trust and acknowledged that she executed
the foregoing instrument as her free act and deed.
/s/ Ilene Shore
--------------------------
Notary Public
ILENE SHORE
Notary Public, State of New York
No. 31-4872108
Qualified in New York County
Commission Expires Nov. 28, 1996
--
Board of Trustees
PaineWebber Investment Trust II
In planning and performing our audit of the financial statements of
PaineWebber Emerging Markets Equity Fund (a series of PaineWebber Investment
Trust II) for the year ended June 30, 1996, 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 Emerging Markets 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
August 15, 1996
