<PAGE> PAGE 1
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008 B000001 A
008 C000001 801-55537
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 PFPC INC.
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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
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014 A000001 PAINEWEBBER INC.
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015 A000001 PNC BANK, N.A.
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020 A000002 INSTINET CORP.
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020 A000003 NOMURA SECURITIES INTERNATIONAL CORP.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 9
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SIGNATURE MARY JANE MALONEY
TITLE REGULATORY MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001094647
<NAME> PW EUCALYPTUS FUND, LLC
<S> <C>
<PERIOD-TYPE> OTHER
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<PERIOD-START> NOV-22-1999
<PERIOD-END> DEC-31-1999
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<INVESTMENTS-AT-VALUE> 42864280
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</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 Eucalyptus Fund, L.L.C.
In planning and performing our audit of the financial
statements of PW Eucalyptus 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 Eucalyptus
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 EUCALYPTUS 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
Eucalyptus 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."
