<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001094646
000 D000000 N
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000 F000000 Y
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000 J000000 A
001 A000000 PW ASPEN FUND, LLC
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001 C000000 8004862608
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
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002 D020000 6028
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008 A000001 PW ASPEN MANAGEMENT, LLC
008 B000001 A
008 C000001 801-55537
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 PFPC INC.
010 B000001 85-1196
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19809
011 A000001 PAINEWEBBER, INC.
011 B000001 8-1626700
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PFPC INC.
012 B000001 85-1196
<PAGE> PAGE 2
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 ERNST & YOUNG LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 PAINEWEBBER INC.
014 B000001 8-16267
015 A000001 PNC BANK, N.A.
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19113
015 E010001 X
018 000000 Y
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020 A000001 BRIDGE TRADING COMPANY
020 B000001 43-1450530
020 C000001 7
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 13-2518466
020 C000002 7
020 A000003 C.E. UNTERBERG, TOWBIN
020 C000003 5
020 A000004 SALOMON SMITH BARNEY, INC.
020 B000004 13-3082694
020 C000004 4
020 A000005 OPPENHEIMER FUNDS DISTRIBUTOR, INC.
020 B000005 13-2798343
020 C000005 2
020 A000006 JEFFERIES & COMPANY, INC.
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020 C000006 2
020 A000007 SANFORD C. BERNSTEIN & CO. INC.
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020 C000007 2
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020 C000008 2
020 A000009 WARBURG DILLON READ, LLC
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020 C000009 2
020 A000010 ALLEN & COMPANY INC.
020 B000010 13-6176976
020 C000010 2
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022 A000001 MONTGOMERY SECURITIES
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022 C000001 9032
<PAGE> PAGE 3
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022 A000002 BEAR, STERNS & CO., INC.
022 B000002 13-3299429
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022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 3158
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022 C000004 3142
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022 C000005 1167
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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SIGNATURE MARY JANE MALONEY
TITLE REGULATORY MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001094646
<NAME> PW ASPEN FUND, LLC
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> NOV-22-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 42320031
<INVESTMENTS-AT-VALUE> 53455647
<RECEIVABLES> 303871
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 53759518
<PAYABLE-FOR-SECURITIES> 3447960
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<OTHER-ITEMS-LIABILITIES> 1722694
<TOTAL-LIABILITIES> 5170654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37363827
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (260444)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 349865
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11135616
<NET-ASSETS> 48588864
<DIVIDEND-INCOME> 26582
<INTEREST-INCOME> 37566
<OTHER-INCOME> 0
<EXPENSES-NET> (324592)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 349865
<APPREC-INCREASE-CURRENT> 11135616
<NET-CHANGE-FROM-OPS> 11485481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (0)
<DISTRIBUTIONS-OF-GAINS> (0)
<DISTRIBUTIONS-OTHER> (0)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (0)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 48588864
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46849
<INTEREST-EXPENSE> 5652
<GROSS-EXPENSE> 318940
<AVERAGE-NET-ASSETS> 48588864
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
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<EXPENSE-RATIO> .30
</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77I:
Terms of new or amended securities
- ------------------------------------------------------------------
EXHIBIT A:
Report of Independent Auditors
To the Members
of PW Aspen Fund, L.L.C.
In planning and performing our audit of the financial
statements of PW Aspen Fund, L.L.C. (the "Fund") for the
period from November 22, 1999 (commencement of operations)
to December 31, 1999, we considered its internal control,
including control activities for safeguarding securities, 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 internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of internal control. Generally, internal controls that are
relevant to an audit pertain to the Fund's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those internal controls include the
safeguarding of assets against unauthorized acquisition,
use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that
internal control may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control 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 one or more of the specific internal control
components does not reduce to a relatively low level the
risk that errors or fraud 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 internal
control, including control activities for safeguarding
securities, and its operation that we consider to be
material weaknesses as defined above as of December 31,
1999.
This report is intended solely for the information and use
of the Members, Directors and management of PW Aspen Fund,
L.L.C. and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
ERNST & YOUNG LLP
New York, New York
February 25, 2000
EXHIBIT B:
PW ASPEN FUND, L.L.C.
Responses to Form N-SAR Sub-Item 77I(a)
The information set forth below supplemented the Confidential
Memorandum dated September 1999 (the "Memorandum") of PW Aspen
Fund, L.L.C. (the "Fund"). Capitalized terms not otherwise
defined herein have the same meaning as provided in the
Memorandum.
"Incentive Allocation:
Commencing with February 2000 subscriptions and for all
subscriptions thereafter, Interests that are repurchased in whole
or part by the Fund prior to an Investor having been invested in
the Fund for a full 12 month period will be charged an Incentive
Allocation.
Set forth below is the amended and restated definition of
Allocation Period in the Agreement which supersedes the
definition printed in the Memorandum and Agreement.
Allocation Period means, with respect to each Member, the period
commencing as of the date of admission of such Member to the Fund
and ending at the close of business on the first to occur of the
following:
(1) the last day of the twelfth complete calendar month since
the admission of such Member to the Fund;
(2) the last day of a Fiscal Year subsequent to a Member having
been admitted to the Fund for twelve complete calendar months,
and the last day of each Fiscal Year thereafter;
(3) the day as of which the Fund repurchases any Interest or
portion of an Interest of such Member;
(4) the day as of which the Fund admits as a substituted Member
a person to whom the Interest (or a portion thereof) of such
Member has been Transferred (unless there is no change in
beneficial ownership); and
(5) the day as of which the authority of the Manager to provide
Advice and Management is terminated pursuant to Section 3.4(a)
hereof."
