WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890567
<NAME> PAINEWEBBER INVESTMENT TRUST II
<SERIES>
<NUMBER> 2
<NAME> PAINEWEBBER EMERGING MARKETS EQUITY FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> NOV-1-1999
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 945
<INVESTMENTS-AT-VALUE> 1028
<RECEIVABLES> 15
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 24
<TOTAL-ASSETS> 1076
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 35
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3163
<SHARES-COMMON-STOCK> 110
<SHARES-COMMON-PRIOR> 54
<ACCUMULATED-NII-CURRENT> (8)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2196)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82
<NET-ASSETS> 1041
<DIVIDEND-INCOME> 8
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> (8)
<REALIZED-GAINS-CURRENT> 98
<APPREC-INCREASE-CURRENT> 32
<NET-CHANGE-FROM-OPS> 123
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67
<NUMBER-OF-SHARES-REDEEMED> 8
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1018)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16
<AVERAGE-NET-ASSETS> 860
<PER-SHARE-NAV-BEGIN> 8.52
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.45
<EXPENSE-RATIO> 3.19
</TABLE>
