<PAGE> PAGE 1
000 A000000 01/31/95
000 C000000 0000900428
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT
001 B000000 811-7630
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 MITCHELL HUTCHINS/KIDDER PEABODY SMALL CAP GR
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 KIDDER PEABODY & CO
020 B000001 13-5650440
020 C000001 16
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 16
022 A000001 MORGAN STANLEY & CO., INC.
022 B000001 13-2655998
022 C000001 91643
022 D000001 1871
<PAGE> PAGE 2
022 A000002 CARROLL MCENTEE & MCGINLEY, INC.
022 B000002 13-2650272
022 C000002 42420
022 D000002 1599
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 1273
022 D000003 2720
022 A000004 PAINEWEBBER, INC.
022 B000004 13-2638166
022 C000004 3597
022 D000004 0
022 A000005 BEAR, STEARNS & CO., INC.
022 B000005 13-4946705
022 C000005 1875
022 D000005 1693
022 A000006 MONTGOMERY SECURITIES, INC.
022 B000006 94-1701676
022 C000006 1690
022 D000006 1802
022 A000007 HAMBRECHT & QUIST, INC.
022 B000007 94-2856935
022 C000007 1331
022 D000007 1412
022 A000008 SMITH BARNEY & CO.
022 B000008 13-1912900
022 C000008 1362
022 D000008 741
022 A000009 MAYER & SCHWEITZER, INC.
022 B000009 13-2598328
022 C000009 1685
022 D000009 290
022 A000010 DONALDSON, LUFKIN, JENRETTE, INC.
022 B000010 13-2741729
022 C000010 1180
022 D000010 774
023 C000000 155551
023 D000000 20887
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 3
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 GEORGE D BJURMAN AND ASSOCIATES
008 B000101 A
008 C000101 801-06776
008 D010101 LOS ANGELES
008 D020101 CA
008 D030101 90067
010 A000101 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000101 801-13219
010 C010101 NEW YORK
010 C020101 NY
010 C030101 10019
011 A000101 PAINEWEBBER INC
011 B000101 8-16267
011 C010101 NEW YORK
011 C020101 NY
011 C030101 10019
012 A000101 PFPC INC
012 B000101 84-00000
012 C010101 WILMINGTON
012 C020101 DE
012 C030101 19809
013 A000101 DELOITTE & TOUCHE LLP
013 B010101 NEW YORK
013 B020101 NY
013 B030101 10281
014 A000101 PAINEWEBBER INC.
014 B000101 8-16267
014 A000102 DELETE
015 A000101 INVESTORS FIDUCIARY TRUST COMPANY
015 B000101 C
015 C010101 KANSAS CITY
015 C020101 MO
015 C030101 64105
015 E010101 X
018 000100 Y
019 A000100 Y
019 B000100 22
019 C000100 PAINEWEBBE
024 000100 N
025 D000101 0
025 D000102 0
<PAGE> PAGE 4
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 2917
028 A020100 0
028 A030100 0
028 A040100 1673
028 B010100 1263
028 B020100 0
028 B030100 0
028 B040100 1694
028 C010100 567
028 C020100 0
028 C030100 0
028 C040100 1958
028 D010100 828
028 D020100 0
028 D030100 0
028 D040100 3083
028 E010100 1030
028 E020100 0
028 E030100 0
028 E040100 2332
028 F010100 442
028 F020100 0
028 F030100 0
028 F040100 2275
028 G010100 7047
028 G020100 0
028 G030100 0
028 G040100 13015
028 H000100 4034
029 000100 Y
030 A000100 77
030 B000100 5.75
030 C000100 0.00
031 A000100 42
031 B000100 0
032 000100 0
033 000100 35
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
<PAGE> PAGE 5
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 121
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 25000
048 A020100 1.000
048 B010100 0
048 B020100 0.900
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
<PAGE> PAGE 6
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
<PAGE> PAGE 7
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 22617
071 B000100 26489
071 C000100 117380
071 D000100 19
072 A000100 6
072 B000100 48
072 C000100 108
072 D000100 0
072 E000100 0
072 F000100 258
072 G000100 0
072 H000100 0
072 I000100 32
072 J000100 16
072 K000100 0
072 L000100 17
072 M000100 5
072 N000100 22
072 O000100 0
072 P000100 0
072 Q000100 0
<PAGE> PAGE 8
072 R000100 10
072 S000100 13
072 T000100 120
072 U000100 21
072 V000100 0
072 W000100 1
072 X000100 515
072 Y000100 0
072 Z000100 -359
072AA000100 0
072BB000100 1782
072CC010100 5651
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 9
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 46382
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1598
074 K000100 10
074 L000100 47
074 M000100 179
074 N000100 48225
074 O000100 0
074 P000100 59
074 Q000100 0
074 R010100 109
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 48057
074 U010100 2711
074 U020100 1913
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
075 A000100 0
<PAGE> PAGE 9
075 B000100 54019
076 000100 0.00
080 C000100 0
081 B000100 0
082 B000100 0
083 B000100 0
084 B000100 0
SIGNATURE JULIAN SLUYTERS
TITLE TREASUER
[ARTICLE] 6
[CIK] 0000900428
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST III
[SERIES]
[NUMBER] 101
[NAME] CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] JUL-31-1995
[PERIOD-START] AUG-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 24,814,270
[INVESTMENTS-AT-VALUE] 27,262,701
[RECEIVABLES] 973,248
[ASSETS-OTHER] 110,251
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 28,346,200
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 98,543
[TOTAL-LIABILITIES] 98,543
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 32,991,711
[SHARES-COMMON-STOCK] 2,710,838
[SHARES-COMMON-PRIOR] 3,016,180
[ACCUMULATED-NII-CURRENT] (525,957)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (6,666,528)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,448,431
[NET-ASSETS] 28,247,657
[DIVIDEND-INCOME] 63,710
[INTEREST-INCOME] 28,046
[OTHER-INCOME] 0
[EXPENSES-NET] (272,348)
[NET-INVESTMENT-INCOME] (180,592)
[REALIZED-GAINS-CURRENT] (1,047,188)
[APPREC-INCREASE-CURRENT] 3,321,787
[NET-CHANGE-FROM-OPS] 2,094,007
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 376,314
[NUMBER-OF-SHARES-REDEEMED] (681,656)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (1,247,376)
[ACCUMULATED-NII-PRIOR] (313,055)
[ACCUMULATED-GAINS-PRIOR] (5,588,301)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 151,524
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 272,348
[AVERAGE-NET-ASSETS] 31,723,773
[PER-SHARE-NAV-BEGIN] 9.79
[PER-SHARE-NII] (.11)
[PER-SHARE-GAIN-APPREC] .74
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.42
[EXPENSE-RATIO] 1.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000900428
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST III
[SERIES]
[NUMBER] 102
[NAME] CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] JUL-31-1995
[PERIOD-START] AUG-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 12,401,430
[INVESTMENTS-AT-VALUE] 13,625,083
[RECEIVABLES] 486,400
[ASSETS-OTHER] 55,100
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 14,166,583
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 49,249
[TOTAL-LIABILITIES] 49,249
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 16,488,270
[SHARES-COMMON-STOCK] 1,367,535
[SHARES-COMMON-PRIOR] 1,557,138
[ACCUMULATED-NII-CURRENT] (262,858)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,331,731)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,223,653
[NET-ASSETS] 14,117,334
[DIVIDEND-INCOME] 31,840
[INTEREST-INCOME] 14,017
[OTHER-INCOME] 0
[EXPENSES-NET] (196,182)
[NET-INVESTMENT-INCOME] (150,325)
[REALIZED-GAINS-CURRENT] (523,353)
[APPREC-INCREASE-CURRENT] 1,660,130
[NET-CHANGE-FROM-OPS] 986,452
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 143,170
[NUMBER-OF-SHARES-REDEEMED] (332,773)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (1,084,384)
[ACCUMULATED-NII-PRIOR] (160,717)
[ACCUMULATED-GAINS-PRIOR] (2,868,937)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 75,727
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 196,182
[AVERAGE-NET-ASSETS] 15,876,067
[PER-SHARE-NAV-BEGIN] 9.74
[PER-SHARE-NII] (.15)
[PER-SHARE-GAIN-APPREC] .73
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.32
[EXPENSE-RATIO] 2.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000900428
[NAME] MITCHELL HUTCHINS/KIDDER PEABODY INVESTMENT TRUST III
[SERIES]
[NUMBER] 103
[NAME] CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] JUL-31-1995
[PERIOD-START] AUG-01-1994
[PERIOD-END] JAN-31-1995
[INVESTMENTS-AT-COST] 5,000,399
[INVESTMENTS-AT-VALUE] 5,493,790
[RECEIVABLES] 196,122
[ASSETS-OTHER] 22,217
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,712,129
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 19,857
[TOTAL-LIABILITIES] 19,857
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 6,648,261
[SHARES-COMMON-STOCK] 544,608
[SHARES-COMMON-PRIOR] 594,213
[ACCUMULATED-NII-CURRENT] (105,987)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (1,343,393)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 493,391
[NET-ASSETS] 5,692,272
[DIVIDEND-INCOME] 12,838
[INTEREST-INCOME] 5,652
[OTHER-INCOME] 0
[EXPENSES-NET] (46,821)
[NET-INVESTMENT-INCOME] (28,331)
[REALIZED-GAINS-CURRENT] (211,022)
[APPREC-INCREASE-CURRENT] 669,383
[NET-CHANGE-FROM-OPS] 430,030
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 140,250
[NUMBER-OF-SHARES-REDEEMED] (189,855)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (125,333)
[ACCUMULATED-NII-PRIOR] (61,782)
[ACCUMULATED-GAINS-PRIOR] (1,102,851)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 30,534
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 46,821
[AVERAGE-NET-ASSETS] 6,419,209
[PER-SHARE-NAV-BEGIN] 9.81
[PER-SHARE-NII] (.06)
[PER-SHARE-GAIN-APPREC] .70
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.45
[EXPENSE-RATIO] 1.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
