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<PAGE> PAGE 2
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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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TITLE TREASURER
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Exhibit No. 2
AMENDED AND RESTATED BY-LAWS
OF
PAINEWEBBER INVESTMENT TRUST
ARTICLE I
DEFINITIONS
The terms "By-laws", "Commission", "Custodian",
"Declaration", "1940 Act",
Series", "Shareholder", "Shares" "Transfer Agent",
"Trust", "Trust
Property" and "Trustees" have the respective meanings given
them in the Declaration of Trust of PaineWebber Investment Trust, as
amended and restated
on February 11, 1998 and amended from time to time thereafter.
ARTICLE II
SHAREHOLDERS
Section 1. Meetings. Meetings of the Shareholders of the Trust or a Series
thereof shall be held as provided in the Declaration at such place within or
without the Commonwealth of Massachusetts as the Trustees shall designate.
Section 2. Notice of Meetings. Notice of all meetings of the
Shareholders, stating the time, place and purposes of the meeting,
shall be given by the Trustees by mail to each Shareholder at his address
as recorded on the register of the Trust mailed at least (10) days and not
more than ninety (90) days before the meeting; provided, however, that
notice of a meeting need not be given to a shareholder to whom such
notice need not be given under the proxy rules of the Commission under
the 1940 Act and the Securities Exchange Act of 1934. Only the business
stated in the notice of the meeting shall be considered at such meeting.
No notice need be given to any
Shareholder who shall have failed to inform the Trust of his current
address or if a written waiver of notice is executed by the Shareholder,
or his attorney thereunto
authorized, before or after the meeting and which waiver is filed with
the records of the meeting.
Section 3. Quorum and Adjournment of Meetings. The holders of
record of thirty percent (30%) of the outstanding Shares of the T
rust or a Series thereof present in person or by proxy shall constitute
a quorum at any meeting of the Shareholders of the Trust or a Series
thereof, except as otherwise provided in the Declaration. If,
however, such quorum shall not be present or represented at any
meeting of Shareholders, the holders of a majority of the Shares
present in person or by proxy shall have the power to adjourn the
meeting from time to time, without notice other than announcement
at the meeting, until the requisite number of Shares entitled to
vote at such meeting shall be present. At such adjourned meeting,
any business may be transacted that might have been transacted at
the meeting as originally notified.
Section 4. Record Date for Meetings and Other Purposes.
For the purpose of determining the Shareholders who are
entitled to notice of and to vote at any meeting, or to
participate in any distribution, or for the purpose of any ot
her action, the Trustees may fix in advance, as a record date,
a date not more than ninety (90) or less than ten (10) days prior
to the date of any meeting of Shareholders or distribution or other
action, for the determination of the persons to be treated as
Shareholders of record for such purposes, except for dividend
payments, which shall be governed by the Trust's Prospectus(es
) and Statement(s) of Additional Information as in effect from
time to time.
Section 5. Voting; Proxies. Shareholders entitled to vote may
vote either in person or by proxy, provided that such proxy to
act is authorized to act by (1) a written instrument, dated not
more than eleven months before the meeting and executed either by
the Shareholder or by his or her duly authorized attorney in fact
(who may be so authorized by a writing or by any non-written means
permitted by the laws of the Commonwealth of Massachusetts) or (2)
such electronic, telephonic, computerized or other alternative means
as may be approved by a resolution adopted by the Trustees.
Proxies shall be delivered to the secretary of the Trust or
other person responsible for recording the proceedings before
being voted. A proxy with respect to shares held in the name
of two or more persons shall be valid if executed by one of
them unless at or prior to exercise of such proxy the Trust
receives a specific written notice to the contrary from any o
ne of them. Unless otherwise specifically limited by their terms,
proxies shall entitle the holder thereof to vote at any adjournment of
a meeting. A proxy purporting to be exercised by or on behalf
of a Shareholder shall be deemed valid unless challenged
at or prior to its exercise and the burden of proving
invalidity shall rest on the challenger. At all
meetings of the Shareholders, unless the voting is
conducted by inspectors, all questions relating to
the qualifications of voters, the validity of proxies,
and the acceptance or rejection of votes shall be decided
by the chairman of the meeting. Each whole share shall be
entitled to one vote as to any matter on which it is
entitled by the Declaration to vote and each fractional
Share shall be entitled to a proportionate fractional vote.
Section 6. Inspection of Records. The records of the Trust
shall be open to inspection by Shareholders to the same
extent as is permitted shareholders of a Massachusetts
business corporation.
Section 7. Action without Meeting. Any action which
may be taken by Shareholders may be taken without a meeting if
a majority of Shareholders entitled to vote on the matter
(or such larger proportion thereof as shall be required
by law, the Declaration or these By-laws for approval of
such matter) consent to the action in writing and the
written consents are filed with the records of the
meetings of Shareholders. Such consents shall
be treated for all purposes as a vote taken at a meeting of
Shareholders.
ARTICLE III
TRUSTEES
Section 1. Meetings of the Trustees.
Regular meetings of the Trustees shall be held
at such time and on such notice as the Trustees may from
time to time determine. Special meetings of the Trustees
shall be held whenever called by the Chairman, the Secretary,
or by two or more of the Trustees, at the time being in office.
Section 2. Notice of Special Meetings. Notice of the time and place
of each special meeting shall be given by the Secretary or an
Assistant Secretary or by the officer or Trustees calling the
meeting and shall be mailed to each Trustee at least one day before
the meeting, or shall be telegraphed, cabled, or wirelessed to
each Trustee at his business address, or personally delivered to
him at least one day before the meeting. Such notice may,
however, be waived by any Trustee. Notice of a meeting need
not be given to any Trustee if a written waiver of notice, e
xecuted by him before or after the meeting, is filed with the records
of the meeting, or to any Trustee who attends the meeting without
protesting prior thereto or at its commencement the lack of
notice to him. A notice or waiver of notice need not specify
the purpose of any meeting.
Section 3. Quorum and Adjournment of Meetings. A majority of the
Trustees shall be present in person at any regular or special
meeting of the Trustees in order to constitute a quorum for the
transaction of business at such meeting and, except as otherwise
required by law, the Declaration or these By-laws, the act of a
majority of the Trustees present at any such meeting at which a
quorum is present, shall be the act of the Trustees. In the
absence of a quorum, a majority of the Trustees present may
adjourn the meeting from time to time until a quorum shall
have been obtained. Notice of an adjourned meeting need not
be given.
Section 4. Committees. The Trustees, by vote of a majority of
all the Trustees, may elect from their own number committees
to consist of not less than two (2) members to hold office
at the pleasure of the Trustees, and shall have such powers
as the Trustees may, from time to time, delegate to them
by resolution, except those powers which by law, the
Declaration or these By-laws they are prohibited from
delegating. A majority of all members of any such committe
e may determine its action and fix the time and place of its
meetings, unless the Trustees shall otherwise provide. The
Trustees shall have the power at any time to change the
members and powers of any such committee, to fill vacancies
and to discharge any such committee.
Section 5. Telephone Meetings. The Trustees or
a committee of the Trustees may meet by means of a telephon
e conference circuit or similar communications equipment
by means of which all persons participating in the meeting
can hear each other at the same time and participation by such
means shall be deemed to have been held at a place designated
by the Trustees at the meeting. Participation in a telephone
conference meeting shall constitute presence in person at
such meeting.
Section 6. Action Without Meeting. Any action required
or permitted to be taken at any meeting of the Trustees
or any committee thereof may be taken by the Trustees
without a meeting if all the Trustees consent to the
action in writing and the written consents are filed w
ith the records of the Trustees' meetings. Such consents
shall be treated as a vote for all purposes.
ARTICLE IV
OFFICERS
Section 1. General Provisions. The executive officers
of the Trust shall be a Chairman, a President, a Vice C
hairman, a Treasurer, one or more Vice Presidents and
a Secretary, each of whom shall be elected by the Trustees.
The Trustees may elect or appoint such other officers, agents
or employees as the business of the Trust may require,
including one or more Assistant Secretaries and one or
more Assistant Treasurers. The Trustees may delegate to
any officer or committee the power to appoint any
subordinate officers, agents or employees.
Section 2. Term of Office and Qualifications.
Except as otherwise provided by law, the Declaration
or these By-laws, the Chairman, the President, the
Vice Chairman, the Vice President(s), the Treasurer
and the Secretary shall each hold office until his
successor shall have been duly elected and qualified,
and all other officers shall hold office at the
pleasure of the Trustees. Any two offices may
be held by the same person, except that the
Chairman or the President may not be the same
person as the Treasurer. Any officer may be but,
except for the Chairman and the Vice Chairman,
none need be, a Trustee or Shareholder.
Section 3. Removal. The Trustees, at any regular or special meeting
of the Trustees, may remove any officer with or without cause, by
a vote of a majority of the Trustees then in office.
Any officer or agent appointed by an officer or committee
may be removed with or without cause by such appointing
officer or committee.
Sect
ion 4. Powers and Duties. The officers of the Trust
shall have such powers and duties as generally pertain
to their respective offices, as well as such powers and
duties as may from time to time be conferred by the Trustees.
Section 5. Compensation of Officers and Trustees.
Subject to any applicable provisions of the Declaration,
the compensation of the officers and Trustees shall be
fixed from time to time by the Trustees or, in the
case of officers, by any committee or officer upon whom
such power may be conferred by the Trustees. No
officer shall be prevented from receiving such
compensation as such officer by reason of the fact
that he is also a Trustee.
A
RTICLE V
FISCAL YEAR
The fiscal year of the Trust or, if applicable,
each Series of the Trust shall be fixed by resolution
of the Trustees and shall be the taxable year of
the Trust or Series.
ARTICL
E VI
SEAL
The Trustees may adopt a seal which shall be
in such form and shall have such inscription
thereon as the Trustees may from time to time prescribe.
ARTICLE VII
SUFFICIENCY AND WAIVERS OF NOTICE
Whenever any notice whatever is required to be
given by law, the Declaration or these By-laws,
a waiver thereof in writing, signed by the person or
persons entitled to said notice, whether before
or after the time stated therein, shall be deemed
equivalent thereto. Notice, if mailed for the purposes
of these By-laws, shall be deemed to have been given
when deposited in the U.S. mail. Notice, if telegraphed, c
abled or wirelessed for the purposes of these By-laws,
shall be deemed to have been given when delivered to a
representative of any telegraph, cable or wireless company w
ith instructions that it be telegraphed, cabled or wirelessed.
ARTICLE VIII
CUSTODY OF SECURITIES
Section 1. Employment of a Custodian.
The Trust shall place and at all times maintain
in the custody of one or more Custodians
(including any sub-custodian for the Custodian),
to the extent required by and in a manner consistent
with the 1940 Act and the rules thereunder, all funds,
securities and similar investments included in the Trust
Property or the Trust Property allocated or belonging
to a Series thereof.
Section 2. Action Upon Termination of Custodian Agreement.
Upon termination of a Custodian Agreement or inability of
the Custodian to continue to serve, the Trustees shal
l promptly appoint a successor custodian and require that
the cash and securities owned by the Trust be delivered
directly to the successor custodian.
ARTICLE IX
AMENDMENTS
These By-laws, or any of them, may be altered,
amended or repealed, or new By-laws may be adopte
d by (a) vote of a majority of the Shares outstanding and
entitled to vote or (b) by a majority of
the Trustees, provided, however, that no By-laws
may be amended, adopted or repealed by the
Trustees, if such amendment, adoption or repeal requires,
pursuant to laws, the Declaration of these By-laws,
a vote of the Shareholder
s.
As amended and restated February 11, 1998
- -2-
DC-216640.02
Exhibit No. 2
Y-LAWS
F
PAINEWEBBER INVESTMENT TRUST II
ARTICLE I
DEFINITIONS
the terms "By-laws", "Commission", "Custodian", "Declaration",
"1940 Act", "Series", "Shareholder", "Shares" "Transfer Agent"
, "Trust",
"Trust Property" and "Trustees" have the respective meanings
given them in the Declaration of
Trust of PaineWebber Investment Trust II as
amended and restated on February 11, 1998 and amended from
time to time thereafter.
ARTICLE II
SHAREHOLDERS
Section 1. Meetings. Meetings of the Shareholders of the
Trust or a Series thereof shall be held as provided in the
Declaration at such place within or without the Commonwealth
of Massachusetts as the Trustees shall designate.
Section 2. Notice of Meetings. Notice of all meetings
of the Shareholders, stating the time, place and purposes
of the meeting, shall be given by the Trustees by mail to
each Shareholder at his address as recorded on the register
of the Trust mailed at least (10) days and not more than ninety
(90) days before the meeting; provided, however, that notice
of a meeting need not be given to a shareholder to whom such
notice need not be given under the proxy rules of the
Commission under the 1940 Act and the Securities Exchange
Act of 1934. Only the business sta
ted in the notice of the meeting shall be considered at such
meeting. No notice need be given to
any Shareholder who shall have failed to inform the Trust
of his current address or if a written waiver of notice is
executed by the Shareholder, or his attorney thereunto
authorized, before or
after the meeting and which waiver is filed with the records of the
meeting.
Section 3. Quorum and Adjournment of Meetings. The holders of record
of thirty percent (30%) of the outstanding Shares of the Trust or a
Series thereof present in person or by proxy shall constitute a
quorum at any meeting of the Shareholders of the Trust or a
Series thereof, except as otherwise provided in the Declaration.
If, however, such quorum shall not be present or represented at any
meeting of Shareholders, the holders of a majority of the Shares
present in person or by proxy shall have the power to adjourn
the meeting from time to time, without notice other than
announcement at the meeting, until the requisite number o
f Shares entitled to vote at such meeting shall be present.
At such adjourned meeting, any business may be transacted
that might have been transacted at the meeting as originally notified.
Section 4. Record Date for Meetings and Other Purposes. For the
purpose of determining the Shareholders who are entitled to notice
of and to vote at any meeting, or to participate in any distribution,
or for the purpose of any other action, the Trustees may fix in advance
, as a record date, a date not more than ninety (90) or less than ten
(10) days prior to the date of any meeting of Shareholders or
distribution or other action, for the determination of the persons to
be treated as Shareholders of record for such purposes, except
for dividend payments, which shall be governed by the Trust's
Prospectus(es) and Statement(s) of Additional Information as
in effect from time to time.
Section 5. Voting; Proxies. Shareholders entitled to vot
e may vote either in person or by proxy, provided that
such proxy to act is authorized to act by (1) a written
instrument, dated not more than eleven months
before
the
meeting and executed either by the Shareholder or
by his
or her duly authorized attorney in fact (who may be so
authorized by a writing or by any non-written means
permitted by the laws of the Commonwealth of Massachusetts)
or (2) such electronic, telephonic, computerized or other
lternative means as may be approved by a resolution adopted
by the Trustees. Proxies shall be delivered to the secretary
of the Trust or other person responsible for recording the
proceedings before being voted. A proxy with respect
to shares held in the name of two or more persons shall
be valid if executed by one of them unless at or prior
to exercise of such proxy the Trust receives a specific
written notice to the contrary from any one of them
. Unless otherwise specifically limited by their terms,
proxies shall entitle the holder thereof to vote at any a
djournment of a meeting. A proxy purporting to be exercised
by or on behalf of a Shareholder shall be deemed valid unless ch
allenged at or prior to its exercise and the burden of proving invalidit
y shall rest on the challenger. At all meetings of the Shareholders,
unless the voting is conducted by inspectors, all questions relating
to the qualifications of voters, the validity of proxies, and the
acceptance or rejection of votes shall be decided by the chairman
of the meeting. Each whole share shall be entitled to one vote as
to any matter on which it is entitled by the Declaration to vote
and each fractional Share shall be entitled to a proportionate
fractional v
ote.
Section 6. Inspection of Records. The records of the Trust
shall be open to inspection by Shareholders to the same extent as is
permitted shareholders of a Massachusetts business corporation.
Section 7. Action without Meeting. Any action which may be taken
by Shareholders may be taken without a meeting if a majority of
Shareholders entitled to vote on the matter (or such larger
proportion thereof as shall be required by law, the Declaration
or these By-laws for approval of such matter) consent to
the action in writing and the written consents are filed
with the records of the meetings of Shareholders.
Such consents shall be treated for all purposes
as a vote taken at a meeting of Shareholders.
ARTICLE III
TRUSTEES
Section 1. Meetings of the Trustees
. Regular meetings of the Trustees
shall be held at such time and on such notice as the Trustees
may from time to time determine. Special meetings of
the Trustees shall be held whenever called by the Chairman,
the Secretary, or by two or more of the Trustees, at the time b
eing in office.
Section 2. Notice of Special Meetings.
Notice of the time and place of each special meeting
shall be given by the Secretary or an Assistant Secretary or
by the officer or Trustees calling the meeting and shall be
mailed to each Trustee at least one day before the meeting,
or shall be telegraphed, cabled, or wirelessed to each Trustee
at his business address, or personally delivered to him at least
one day before the meeting. Such notice may, however, be waived
by any Trustee. Notice of a meeting need not be given t
o any Trustee if a written waiver of notice, executed by him
before or after the meeting, is filed with the records o
f the meeting, or to any Trustee who attends the meeting without
protesting prior thereto or at its commencement the lack of
notice to him. A notice or waiver of notice need not specify
the purpose of any meeting.
Section 3. Quorum and Adjournment of Meetings. A
majority of the Trustees shall be present in person at any
regular or special meeting of the Trustees in order to
constitute a quorum for the transaction of business at such
meeting and, except as otherwise required by law, the Declaration
or these By-laws, the act of a majority of the Trustees present
at any such meeting at which a quorum is present, shall be the act
of the Trustees. In the absence of a quorum, a majority of the
Trustees present may adjourn the meeting from time to time until a
quorum shall have been obtained. Notice of an adjourned meeting
need not be given.
Section 4. Committees. The Trustees, by vote of a majority of all
the Trustees, may elect from their own number committees to consist of
not less than two (2) members to hold office at the pleasure of
the Trustees, and shall have such powers as the Trustees may,
from time to time, delegate to them by resolution, except
those powers which by law, the Declaration or these By-laws t
hey are prohibited from delegating. A majority of
all members of any such committee may determine its action
and fix the time and place of its meetings, unless the Trustees
shall otherwise provide. The Trustees shall have the power a
t any time to change the members and powers of any such
committee, to fill vacancies and to discharge any such committee.
Section 5. Telephone Meetings. The Trustees or a committee
of the Trustees may meet by means of a telephone conference
circuit or similar communications equipment by means of
which all persons participating in the meeting can hear
each other at the same time and participation by such mean
s shall be deemed to have been held at a place designated by
the Trustees at the meeting. Participation in a telephone
conference meeting shall constitute presence in person at
such meeting.
Section 6. Action Without Meeting. Any action required or
permitted to be taken at any meeting of the Trustees or any
committee thereof may be taken by the Trustees without a meeting
if all the Trustees consent to the action in writing and the
written consents are filed with the records of the Trustees'
meetings. Such consents shall be treated as a vote for all
purposes.
AR
TICLE IV
OFFICERS
Section 1. General Provisions. The executive officers of the
Trust shall be a Chairman, a President, a Vice Chairman, a
Treasurer, one or more Vice Presidents and a Secretary, each of
whom shall be elected by the Trustees. The Trustees may elect
or appoint such other officers, agents or employees as the
business of the Trust may require, including one or more Assistan
t Secretaries and one or more Assistant Treasurers.
The Trustees may delegate to any officer or committee
the power to appoint any subordinate officers, agents or employees.
Section 2. Term of Office and Qualifications. Except as otherwis
e provided by law, the Declaration or these By-laws, the Chairman,
the President, the Vice Chairman, the Vice President(s), the
Treasurer and the Secretary shall each hold office until his
successor shall have been duly elected and qualified, and all other
officers shall hold office at the pleasure of the Trustees.
Any two offices may be held by the same person, except that the
Chairman or the President may not be the same person as the Treasurer.
Any officer may be but, except for the Chairman and the Vice Chairman,
none need be, a Trustee or Shareholder.
Sec
tion 3. Removal. The Trustees, at any regular or special
meeting of the Trustees, may remove any officer with or without
cause, by a vote of a majority of the Trustees then in office.
Any officer or agent appointed by an officer or committee may be
removed with or without cause by such appointing officer or committee.
Section 4. Powers and Duties. The officers of the Trust shall
have such powers and duties as generally pertain to their respective
offices, as well as such powers and duties as may from time to time be
conferred by the Trustees.
S
ection 5. Compensation of Officers and Trustees.
Subject to any applicable provisions of the Declaration,
the compensation of the officers and Trustees shall be
fixed from time to time by the Trustees or, in the case of
officers, by any committee or officer upon whom such power may
be conferred by the Trustees. No officer shall be prevented
from receiving such compensation as such officer by reason of
the fact that he is also a Trustee.
ARTICLE V
FISCAL YEAR
The fiscal year of the Trust or, if applicable, each Series of the Trust,
shall be fixed by resolution of the Trustees and shall be the taxable year
of each Series of the Trust or Series.
ARTICLE VI
SEAL
The Trustees may adopt a seal which shall be in such form and
shall have such inscription thereon as the Trustees may from time
to time prescribe.
ARTICLE VII
SUFFICIENCY AND WAIVERS OF NOTICE
Whenever any notice whatever is required to be given by law, the
Declaration or these By-laws, a waiver thereof in writing,
signed by the person or persons entitled to said notice, whether
before or after the time stated therein, shall be deemed equivalent
thereto. Notice, if mailed for the purposes of these By-laws,
shall be deemed to have been given when deposited in the U.S. mail.
Notice, if telegraphed, cabled or wirelessed for the purposes of these
By-laws, shall be deemed to have been given when delivered to a
representative of any telegraph, cable or wireless company with
instructions that it be telegraphed, cabled or wirelessed.
ARTICLE VIII
CUSTODY OF SECURITIES
Section 1. Employment of a Custodian. The Trust shall place
and at all times maintain in the custody of one or more Custodians
(including any sub-custodian for the Custodian), to the extent
required by and in a manner consistent with the 1940 Act and the
rules thereunder, all funds, securities and similar investments
included in the Trust Property or the Trust Property allocated
or belonging to a Series thereof.
Section 2. Action Upon Termination of Custodian Agreement.
Upon termination of a Custodian Agreement or inability of the Cu
stodian to continue to serve, the Trustees shall promptly
appoint a successor custodian and require that the cash and
securities owned by the Trust be delivered directly to the
successor custodian.
A
RTICLE IX
AMENDMENTS
These By-laws, or any of them, may be altered,
amended or repealed, or new By-laws may be adopted by (a)
vote of a majority of the Shares outstanding and entitled
to vote or (b) by a majority of the Trustees, provided,
however, that no By-laws may be amended, adopted or repealed by
the Trustees, if such amendment, adoption or repeal requires,
pursuant to laws, the Declaration of these By-laws, a vote of
the Shareholders.
As amended and restated February 11, 1998
- -6-
DC-216719.02
Form N-SAR Exhibit
File # 811-7104
Emerging Markets EquityFund
Item 77D. Policies with respect to security investments
The Fund's policies with respect to security
investments were revised by its Board to permit
investment in a wider variety of money market instruments.
These changes were disclosed in the Fund's
prospectus dated March 1, 1998.
FORM 10f-3
Eligible Foreign Offering
FUND: PaineWebber Emerging Markets Equity Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Gulf Indonesia
2. Date of Purchase: 9/30/97
3. Date offering commenced: 9/29/97
4. Underwriters from whom purchased: Goldman Sachs International
5. "Affiliated Underwriter" managing or participating in
syndicate: Schroder Securities
6. Aggregate principal amount or number of shares purchased:
2,000
7. Aggregate principal amount or total number of shares of
offering: US $471,000
8. Purchase price (net of fees and expenses): US$ 19.50
9. Initial public offering price: US$19.50
10. Commission, spread or profit: 3.3% % $ 0.06
11. Have the following conditions been satisfied?
YES
NO
a. The offering is subject to regulation by a foreign
financial regulatory authority.
X
___
b. The securities are offered at a fixed price to all purchasers
in the offering (except for any rights that are required by law to
be granted to existing security holders).
X
___
c. Financial statements of the issuer, prepared and audited
in accordance with the standards of the appropriate foreign financial
regulatory authority, for the two years prior to the
offering, are made available to prospective purchasers.
X
___
d. The issuer is a foreign government, a foreign national or an
entity organized under the laws of a foreign country.
X
__
e. If the answer to (d) is no, the issuer is a reporting company
in the U.S. and has made all required filings during the past 12 months.
__
__
f. The securities were purchased prior to the end of the
first day on which any sales are made (or, if a rights offering,
the securities were purchased on or before the fourth
day preceding the day on which the offering terminated.).
X
___
g. The securities were purchased at a price not more
than the price paid by each other purchaser in the offering or
any concurrent offering (except for any rights to purchase req
uired by law to be granted to existing security holders).
X
___
h. The underwriting was a firm commitment underwriting.
X
___
i. The commission, spread or profit was reasonable and
fair in relation to that being received by others for
underwriting similar securities during the same period.
X
___
j. The issuer of the securities and any predecessor
have been in continuous operation for not less than three years.
X
___
k. The amount of such securities purchased by all of the
investment companies advised by Mitchell Hutchins (or the Fund's
Sub-Adviser, if applicable) did not exceed 25% of the principal
amount of the offering.
X
___
l. No Affiliated Underwriter was a direct or indirect
participant in or beneficiary of the sale..
X
___
Approved: Date: 12/18/97
